How to Finance Your Graduate Education

Congratulations, you have officially been accepted into Graduate School and are on your way to the next chapter in your life! Now you are probably thinking to yourself, how the heck am I going to afford this? Have no fear, there are many ways to help reduce the cost of Graduate School and help with payments!

Ways to cut the cost of Graduate School

• Graduate Assistant Positions- Every college/university is different however, a Graduate Assistant usually is a person who serves in a support role (assistantship) while completing post-graduate education.  The individual typically assists professors with instructional responsibilities as teaching assistants, obtain academic research responsibilities as research assistants, aids coaches with an athletic team, or is employed by other university departments (such as housing, academic advising, or other offices) in an entry-level capacity. Rather than receive an hourly wage a Graduate Assistant may work hours that will go towards paying their tuition, receive a stipend, a reduction on tuition, or a reduction/free housing.  It is important to note each school and each program are different. A Graduate Assistantship is also a great resume booster and networking tool for a student. Here is how to apply for a Graduate Assistant Position at The Richard Stockton College of New Jersey, http://intraweb.stockton.edu/eyos/page.cfm?siteID=73&pageID=273.

• Scholarships/Grants/Fellowships- Do your research and look for scholarships and different grant programs that you may be eligible for.                                                                                                                                     
• Stockton offers Foundation Scholarships- The scholarship program, made possible by both College funding and private donations to the Stockton College Foundation, provides awards to outstanding freshmen, upperclassmen and graduate students. Awards to upperclassmen and graduate students are determined by a presidential-appointed Scholarship Selection Committee. This Committee includes representatives of the faculty, administration, and Board of Directors of the Stockton College Foundation. Students may apply to the Scholarship Program on an annual basis. Successful applicants exhibit high academic achievement as well as leadership and service to the College and community. Award recipients maintain a minimum grade point average of 3.0 and are fully matriculated students. To apply for scholarships, please fill out the General Scholarship Application found by visiting the College Foundation. 

Ways to Pay for Graduate School

• Out of pocket/payment plans- this is an option for people who can afford to either pay the whole payment for each semester, or pay in monthly increments.

•  State/Federal Loans- When you fill out your FAFSA it is important to be 100% honest! At the Graduate level you will fill out your FAFSA with YOUR INFORMATION, this will help to greatly increase the aid you receive. www.fafsa.ed.gov

• Private Loans- Private Loans sometimes have lower interest rates then State/federal. However, you usually need a cosigner for a private loan and should do your homework first.

Last but not least…….

Ways to stay on a budget while in Graduate School 

1.    Bring your lunch/dinner/snacks instead of buying them at school.
2.    Stay at school and do your homework instead of driving home excess amounts. (You will save gas this way, which means more money in your pocket).
3. Go to Stockton’s gym instead of paying for a membership somewhere, (ITS FREE)!
4. Rent your books from the bookstore/online and be sure to shop around for deals. 
5.   Have nights in with your friends instead of going out all the time.
6. Plan ahead for big events/expenses.
7. Only use your credit cards for EMERGENCIES or school needs! Ask yourself how much you really need something.
8. Start your Christmas shopping EARLY and look for deals (this may be the first time ever I go black Friday shopping). 
9. Be sure to go out and enjoy yourself every once in a while (you are definitely going to need the break), just be mindful of your spending! Staying on a budget for 2-3 years is a small price to pay when you look at the long term rewards!

                                                                                                                                    -Jessica