Amount to expect?

[ItemN9ne]

I understand that each school has different tuition costs and things of that nature. I have a very general question to ask for those of you who have already received your loans.

Do you receive enough money to cover random costs at the front end of graduate school? (i.e. laptop, supplies, etc...)

I have a job as of now and want to keep it to save up as much money as possible to be able to buy furniture and supplies that I will not have for the apartment but I'm not sure if I will have saved enough for a new laptop and other spontaneous school supplies.

Thanks guys.

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[markelmarcel]

Excellent question, I, too, want to know the answer!

 

[PT Dad]

The financial aid office at your school will have all the details but generally you can borrow $20,500 per year in federal Stafford loans. Payments on the loans are deferred until you graduate. A portion of the loan is subsidized by the government, meaning they do not charge interest on the loan while you are in school. You can the apply for supplemntal loans above the $20,500 if you require it for tuition, living expenses, books, etc. The amount of the supplemental loans are generous and should cover all your costs.

 

[lizzo76]

Supplemental loans are credit-based (harder and harder to get), interest accrues while you're in school, and there is no grace period for repayment after graduation. It's not free money and if you can avoid them that is best, although it's usually impossible if you're attending a private school and don't have a lot of money to spend out of pocket.

I have one masters degree, which I was able to cover entirely with Stafford loans. (It was at a university in Canada, which is way cheaper than the US.) I received my Stafford loan money outright as a check at the start of the year, so that I was able to pay tuition, and then immediately had what was leftover to pay for other incidentals. But, the money is usually sent directly to the school, and if your tuition is less than the loan amount, you receive a refund. Unfortunately that can take awhile to be processed. But yes, in that case, if there is money left over, you will receive it to pay for other things... the timing just isn't always perfect.

One other thing - a lot of universities have laptop programs so you can make the purchase through the school prior to starting the program, and the cost gets combined with tuition.

 

[hefe]

Books and school fees will be lumped into your tuition if you want.

Try to save now, buy a $300-500 laptop off ebay that's slightly used or refurbished at a 1/3 the price of some super fancy mac.

Find roommates in your upcoming class or rent a small studio.

Don't invest in furniture too much now, you're still a student I wouldn't spend more than a grand for most everything. In fact your tastes will probably change when you graduate and you may want/have to move. It's a losing asset. Buy local and used (again).

Try planning a monthly budget out and minimize as much upfront costs and living expenses as you can right now, if you want to 'splurge' here and there maybe it would be better to do it on experiences and entertainment instead of stuff.

PS: Keep working if you can until you matriculate school, pay off any credit cards before you start.