Paying for Graduate School Without Breaking the Bank
As a soon-to-be graduate, I’m thrilled to share my story of how I managed to pay for my master’s degree without accumulating debt. It wasn’t easy, but with careful planning, hard work, and a bit of luck, I’ll be walking out of grad school debt-free in May.
Understanding My Privilege
Before diving into the details, it’s essential to acknowledge my privileged position. As a white, twenty-something, able-bodied woman from the rural Midwest, I’ve had advantages that not everyone has. I grew up in a working-poor family, but I’m a first-generation student with a supportive partner and affordable living arrangements.
Seven Strategies That Worked for Me
- Saving Up Beforehand
I knew I’d be taking a year off before grad school, so I used that time to save aggressively. I worked two jobs, stashed my tax refunds and tips, and managed to set aside $2,500 per year.
- Asking for Help
I learned that sometimes, all you need to do is ask. I called my university and expressed my financial concerns, and they offered me a $5,000 scholarship on the spot.
- Leveraging National Service
My experience in AmeriCorps NCCC earned me a $5,800 education award, which helped cover some of my expenses. Plus, the program paid off all interest on my student loans during that term.
- Campus Job with Tuition Perks
I landed an on-campus job that paid $15/hour and came with a three-credit tuition reduction per semester. Over four semesters, that added up to $14,700 in savings.
- Summer Internship
My summer internship turned into a part-time job, earning me $11,000 that went directly towards my education expenses.
- Bills-Only Job
I kept my part-time fast food job to cover living expenses, working 22-27 hours per week. My tax returns also helped with living costs, thanks to the American Opportunity Credit.
- Building a Side Hustle
I turned my fast food job into a side hustle by offering social media management services to my employer. That earned me an extra $2,000 and boosted my resume with marketing experience.
The Final Breakdown
Here’s how it all added up:
- Savings: $10,000
- University scholarship: $5,000
- CNCS Education Award: $5,815
- Work-study pay: $10,046.68
- Work-study tuition reduction: $14,794.14
- Internship money: $11,000
- Side-hustle income: $2,000
- Total: $58,655.82
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