Making the Most of Money

 

Managing Finances

Being in graduate school requires a shift in managing finances. Students are rarely taught explicitly about how to handle finances. Yet financial decisions can significantly impact your graduate education and your career prospects. Different strategies work for different students; experiment with the ideas offered by graduate students in this section to create your own approach.

Graduate Student Tips

Financial Awareness

Note: This video is used with permission from the University of Washington. The content is relevant to all graduate students.

  • Get a summer internship - this is a risk-free method to sample a career, put on your resume and your bank account will be happy.
  • Get a GA/TS - be proactive and start searching for next semester funding now. Research department websites and then contact the professors via e-mail to request GA positions. (Open GA positions are also listed at: https://www.etsu.edu/gradschool/funding/gats.php)
  • Develop a "save first/frugal" mindset - save enough to be able to spend a couple months without an income, to be able to manage worst case scenario.
  • Pay the mortgage/loan/utility bills first!
  • Manage daily expenses - rarely buy coffee outside, eat out only once per week (this also makes easier to eat healthy, regulate diet and save money).
  • Be clear about what you need versus what you want - for example, when you go to the mall and like something, repeat "Do I need this or want this?"
    • If you want something that's pricey, then think how many hours you need to work to earn the money to buy that item. Sometimes this makes it easier to walk away.
  • Always research any major expense. When we bought a new vehicle, we spent time researching various make/model comparisons and finance options. Finally bought a vehicle at 0% interest rate with $0 down.
  • Look for sales/coupons to buy big ticket items.
  • Budget and save for summer vacations.
  • Make sure to use the products that your purchase.
  • If you have a spouse/partner or a good friend who you can talk to about money, look out for each other. They can help point out what you need vs want.
  • Remember, it's OK to splurge on something once in a while; try not to feel guilty about it ;)
  • Manage your debit/credit accounts online
    • easier than going to the physical location
    • catch fraudulent charges on time
    • review expense - think what could be cut down without reducing quality of your life
    • review year-end-summaries - once we spent $500 in a year for pizza, now we are more aware of our pizza splurges
  • Put it on your calendar to check your debit/credit balances
  • Pay off credit card balances every month
  • Spend within your limits.

More info on managing finances in graduate school

Advice on salary, budgeting, and finances (Links to an external site.)

Additional Financial Tips

Income That Pays Twice

Note: This video is used with permission from the University of Washington. The content is relevant to all graduate students.

Time is Money

Note: This video is used with permission from the University of Washington. The content is relevant to all graduate students.

An Unexpected Cost

Note: This video is used with permission from the University of Washington. The content is relevant to all graduate students.

Paying for Graduate School

Attending graduate school is a significant investment of time and money. Meeting the costs requires planning and careful decision making. Options available include: Graduate Assistantships (https://www.etsu.edu/gradschool/funding/gats.php), Tuition Scholarships (https://www.etsu.edu/gradschool/funding/gats.php), Graduate School Scholarships (https://www.etsu.edu/gradschool/funding/scholarships.php), and program specific scholarships (https://www.etsu.edu/gradschool/funding/programscholarships.php).

Advice from Students

Note: The videos at the links below are part of the University of Washington online orientation and have been used with permission.

Be Proactive About Your Funding

Assistantships: Be Persistent

 

Graduate Assistantships

At East Tennessee State University, there are three types of graduate student assistantships (GA’s):

  • Teaching Assistant/Associate: work with students in a classroom, lab, or quiz section setting
  • Research Assistant: work on research projects; does not involve teaching
  • Staff Assistant: other types of duties such as, clerical or administration

GA’s provide tuition support and a stipend (the amount depends on the position). “Full” GA’s are a 20 hr./week commitment. Visit the GA/TS (https://www.etsu.edu/gradschool/funding/gats.php) webpage for more information, including on how to find a position.

Tuition Scholarships

At East Tennessee State University, Tuition Scholarships are service work scholarships that provide tuition support. A “full” TS is an 8 hr./week commitment. Just as for GA’s there are three types of Tuition Scholarships:

  • Teaching Assistant/Associate: work with students in a classroom, lab, or quiz section setting
  • Research Assistant: work on research projects; does not involve teaching
  • Staff Assistant: other types of duties such as, clerical or administration

Visit the GA/TS (https://www.etsu.edu/gradschool/funding/gats.php) webpage for more information, including on how to find a position.

Where to Seek Assistance

Your Department

The best resource for learning about funding opportunities – such as assistantships and scholarships – relevant to your discipline. Ask your department about the availability of GA/TS’s, as well as scholarships and grants for which students in the department commonly apply.

Scholarship Office

Beyond your department, the Office of Financial Aid and Scholarships  https://www.etsu.edu/scholarships/

can assist students with questions about awards.

Financial Aid & Scholarships

Meeting the costs of an undergraduate and graduate education is a major investment for many families. It requires planning, careful decision making, and a commitment from both you and your family. 

Visit the Office of Financial Aid and Scholarships (https://www.etsu.edu/scholarships/)

website for more information.

Work Study

Work Study is need-based financial aid programs that gives students the opportunity to work part-time while going to school. Work Study students can therefore find jobs and may be able to keep their loan debt down by earning part of their aid eligibility, rather than borrowing more loans.

Visit the ETSU Student Work Programs (https://www.etsu.edu/financial-aid-and-scholarships/typesaid/studentwork.php) webpage for more information including eligibility and how to apply and how to find jobs.

Loans

Student Loans are financial obligations that must be repaid. Pay careful attention to the terms and conditions of any loan you accept to help pay for school.

Visit the Student Loans (https://www.etsu.edu/financial-aid-and-scholarships/typesaid/loans.php) webpage to understand student loans and how to borrow responsibly.

University Career Services

University Career Services has developed resources for graduate students for professional development, and has extensive resources specific to each school and program. The career counselors work closely with Graduate School Advisors to make sure the content is relevant to student needs.

They offer counseling, advice, guidance, recommendations, suggestions, and opportunities; however they do not provide placement or guarantee students employment after graduation.

To explore further, visit the Univeristy Career Services (https://www.etsu.edu/students/careers/links.php) webpage and these related webpages: