Before graduate school
- Consider "stopping out" between college and grad school for a few years. Work experience can make graduate school more rewarding and allow you to save money and reduce borrowing.
- Limit your student loan borrowing to the amount of your anticipated starting salary, or less. For example, if you know you'll earn approximately $50,000 a year after you graduate, keep your total student loan debt at or less than $50,000 to manage your repayment better.
- Request deferment on any undergraduate student loans you have (as long as you're attending graduate school at least half time). Follow up with your lender(s) to be sure they have the necessary paperwork to process your request.
- Your student loan terms may offer ways to save money. Look for loan credits for on-time repayment of federal loans and interest rate and fee options on private loans. Nellie Mae provides these money-saving borrower benefits and more. Get the details at our Loan center!
During graduate school
- At the beginning of each month, figure out what your total resources will be for the next few weeks. Will you have money left over from financial aid? Will you have income from a part-time job? Will you get money from your family? Set aside a standard amount to use for school supplies, recreation, etc., and put the rest into a savings account. To crunch the numbers, use this worksheet as a guide and meet with a financial aid officer if you need more help.
- Pay the interest on your loans while in school, if possible. This reduces the amount you repay and will get you in the habit of making payments.
- Borrow from relatives, if possible, at lower rates than student loans. Make and sign a contract so that your relatives know you're serious about repaying.
- Get a roommate(s) to help reduce living costs (and the amount of borrowed money to cover those costs).
- Use credit cards only for emergencies or essentials. Pay the full amount due, if possible.
- Take public transportation and use student commuter discounts where available. Greyhound and Amtrak offer 15% discounts when you hold the Student Advantage Card.
- If you don't have a low-cost cell phone package, use e-mail, instant messages, or "snail mail."
- Schedule midweek and midday flights in advance. A Saturday-night stay can reduce your fare.
- Carpool with other students to cut costs. Bring your own snacks.
- Take advantage of the Financial Planning Association's free financial planner referral service, PlannerSearch.
