SYMBOLS & SUBSTANCE :: Financial Transitions to Life as a Grad Student

The essays are done and the applications are submitted. Now what? As you wait for the acceptance letters to trickle in, now is the best time to start thinking about the financial transition to life as a graduate or professional student.

The fortunate students will have fellowship or other funding offers that will cover tuition and living expenses. Others will receive a limited amount of funding that will cover tuition or a portion of their living expenses. Still others, will receive no financial support at all. Sadly, this last category is where a large number of grad students find themselves. They are left trying left trying to decide between the lesser of two debt evils—living on student loans or credit cards. Some students are forced to live on both. Preparing a budget or spending plan now will help you immensely. It will help determine how much money you will actually need to live modestly, yet comfortably. It will also help determine how much you need to start saving now for your immediate costs associated with grad school-tuition, mandatory fees, books, health insurance, lab fees, parking passes, apartment and utility deposits, etc.

Most students find they can live comfortably on $350 or less per week. Those with families or higher consumer debt may find they need to be more in the range of $500-$550 per week. It is imperative that students be able to anticipate living on no more than $1850 a month. Live like a student while a student to avoid living like a student while a professional. Being grown and eating macaroni and cheese as a meal on paper plates with utensils from a fast food restaurant is so unattractive past the age of 30.

Please visit here to read the thoughts of a grad student living on credit. Do you want this to be you?