How should families plan financially for graduate school as well as undergraduate study?
Families should estimate costs by year not only for undergraduate study but also for the possible length of graduate study. Include tuition, admission-related costs, books and materials, housing, living expenses, and transportation. Compare these totals with household income, savings, and an emergency reserve, and assess scholarships, tuition reductions, and education loans together with their eligibility and repayment burden. Prepare more than one pathway and review the plan annually.
Key points
- Estimate both the total cost through graduate completion and the cash needed in each academic year.
- Include living, housing, materials, and transportation costs, not just tuition.
- Compare scholarships, grants or tuition reductions, and education loans after checking eligibility and repayment obligations.
- Model alternatives such as different enrollment timing or not proceeding to graduate school.
Things to check
- Tuition, admission costs, aid programs, and application periods vary by university, faculty, program, academic year, and student circumstances; check current official information.
- Required costs and opportunities to earn income may differ depending on the graduate program and place of residence.