Bag Secured? A Real Talk Guide to Grad School Money
So this is my opportunity to school you about grad school. Lol whatever you thought you knew, throw it out the window. Policies change every semester. As I’m typing this post right now, something has changed here. Lets go over a few rules that’s going to help you adjust.
- Its Never Personal
Listen, higher education is a business first. Do not make the mistake of thinking that they need you. They don’t, there are literally millions of you in the world. Once you realize this very important detail, the responses you and your parents are going to get during orientation week, will make so much sense.
2. Stay On Top of Financial Aid
Summer school started on the May 12th, so Fall financial aid has not been awarded yet. Take a look at the cost of attendance. I am going to say this again, LOOK AT THE COST OF ATTENDANCE! I don’t care what school you are attending I can almost promise you that this number has not accounted for inflation and rent increase. You can get this change. Reach out to the director of financial aid. DIRECTOR. Explain to them that you need to get your cost of attendance reevaluated to factor in inflation and rent increase. Last Fall my cost of attendance was like 6800 a semester. Thats 13,600.00 a years. I was livid. I had to explain to them that my one bedroom apartment was 1695 a month alone. That wasn’t including living expenses. Take a look at that and get it adjusted. Thank me later.
3. Know Your Funding
I was at a graduation party and a friend’s mom approached me and said that her daughter would be attending the same school on the same Fellowship. She was so misinformed on how our Fellowship work. So I am going to explain it here but remember this is how my fellowship works. So my Fellowship covers full tuition, health insurance and it also gives me a 5,000.00 stipend every semester. It does not cover FEES. You all are going to hate that word fees lol. Now in the summer its different. Tuition is still covered but there is no stipend. You have to cover fees out of pocket or you have to get a scholarship for the summer. Now you remember what I said about cost of attendance? This is why it’s important to have this number increase. My stipend is 10k every year. My cost of attendance was 13,600, that means my aid could not exceed 13,600. I would only have 3600 in available aid. Remember there isn’t a stipend in the summer and you have to pay fees and probably rent. 3600 is not enough to carry you for the summer unless you are living at home or somewhere else rent free. You are going to need to get that number increased to around 20k. That will give you enough cushion to get more funding. Knowing your funding and your cost of attendance is the MOST IMPORTANT thing about school. I say most important because if this isn’t correct you will never see a classroom.
4. Time To Let Go
Parents, its been a long ride. Time to let your broke best friend go. By you still carrying them on your taxes may benefit you, its killing them. They can get more money to attend school by being an independent student. It’s a wonderful thing when you can put “0” down the FASFA form because you don’t have a job and you are truly broke. Parents this keeps you from having to co sign for loans.
These are the basics to the financial side of grad school. Like I said every school is different but for the most part the differences dont vary much when it comes to funding and paying for school .
