When talking about going to grad school for a master’s or Ph.D. program, it is common to think about the amount of academic work it takes.
Still, another aspect that students must keep in mind is how to prepare financially for it.
Grad school can be challenging financially because students can not exceed 24 hours of work per week to maintain the status of full-time students.
Working more than this amount of hours would be a hard, if not impossible, enterprise for graduate students, who have a lot to read, research, and produce.
Internationals must also check rules applicable to their visa status.
Nevertheless, with working hours limited, earnings are small, forcing graduate students to act strategically when paying their bills.
Here are some tips and personal experiences to help you manage your financial life during graduate school
Financial support for graduate students:
The School of Graduate Studies (SGS) at MUNL has funding for graduate students. Students interested in applying for graduate school can check it on the website of the department of interest.
Paul* is a master’s student at MUN and points out that the funding is essential since the money covers the tuition. He counts on family support to help him with other living costs and freelance work when it is possible. He confesses, “when I get some freelance work, it is challenging to come home after a tiring day and get back to a studying state of mind.”
To work more than you can conciliate with the studies is not ideal, and to avoid it is vital to have some savings as a backup. The SGS has a guide on its website to help students create a budget plan. Andrew Kim is director of Graduate Enrolment Services at MUN and emphasizes the need to face grad school as an investment that requires a good plan.
Planning for graduate school is not a new thing for José*, who is in his second master’s program. The student is international and prepared during years in his home country before arriving at MUNL.
For him, the funding is essential, but on-campus work positions such as Research Assistantships don’t have enough hours to cover all his expenses. Because of that, he also relies on freelance work, respecting the number of hours permitted.
Paul says that the family support keeps him safe, which he considers a fortunate situation. On the other hand, for José, the previous financial planning with savings is the source of financial security. For both, these aspects added to funding, on-campus positions, and freelance work compose in the end their living at this moment.
What to do after grad school?
“The key is to plan for the short and long term,” says Kim about the prospect for graduate students. If in the present it is stressful to live on a tight budget, in the future, having a higher education can pay off the effort, and it all depends on a good plan and network. He mentions that the SGS has Career Development Support and a professional to help students interested in entrepreneurship.
Tips for graduate students:
- Grad school can be financially stressful. Don’t bottle your feelings up.
- Ask for help if you need it.
- Be aware of deadlines to apply for Teaching Assistantships, Research Assistantships, grants, and other possible sources of income. Ask the department about those dates and positions.
- Make connections and seek professional help to build your future career (long term planning)
*Students’ names were changed to protect their identities.
