That doesn’t mean you have to make it through your program on ramen alone, though. By determining your anticipated expenses in advance, you can better prepare to afford them.
To help you get started, we’ve updated The Daily Muse Budget Template just for grad students. Read on to see what you need to take into account, both by month and by year, then build your budget by using the spreadsheet.
Tuition (Plan Annually)First, the big one. Your tuition costs will depend on your program and school. For instance, if you choose one of the top 10 business schools for your MBA, you can expect to pay over $50,000 per year, whereas if you’re choosing a top 10 school for engineering, you have less costly options. Also remember that tuition tends to rise each year, so you may want to budget more for the later years in your program than you do for the first.
Your school may have additional financial resources for you as well, such as fellowships, scholarships, and stipends for research or teaching. Make a note of both cost and income involved in your specific program.