Parker51
Senior Team Member
- Joined
- Jun 9, 2011
- Messages
- 102
Not everyone can afford to attend grad school. Yes, you can get loans, but when you're already saddled with debt after four years of undergrad, the cost is out of reach for many people, even at state schools.
In some fields, particularly those major subjects that have introductory undergraduate classes that many other majors take (psychology, math, English, chemistry, physics, biology, foreign languages), graduate students can get Teaching Assistantships. You work for the University teaching undergraduate classes such as small-group labs, take classes full-time, and in return get tuition remission (i.e., free) plus a small wage (stipend). The upside is that you don't go into debt to study a subject. The downside is that you work long hours for meager wages. Some fields (engineering, computer science) are heavily underwritten by the government, so Research Assistantships (work for a professor in his research rather than teaching) or even Fellowships (no strings attached, just study and graduate) are also available.
If you are going to graduate school full time, most types of loans accrued from undergraduate study go into cold storage, at least suspension of payments, and possibly also interest accrual, while you are enrolled.
Unless you are going into a very lucrative field like medicine or law, or possibly an MBA, it doesn't make a lot of sense to enter a program without some kind of support like this, or at least support from your employer to study part-time (Masters degrees can be done part-time if you are highly motivated and manage your time, PhD's really require full-time attention, and over a much longer period of time).