Navigating Grad School Without Amassing Debt with Dr. Darla Bishop | Ep. 342
In This Article
Graduate school is a significant investment in your future, but it can also be a substantial financial burden. Many prospective students face the daunting decision of how to pursue further education without falling into a pit of debt. On the latest episode of “Money Talk With Tiff,” host Tiffany Grant sat down with Dr. Darla Bishop to discuss how she managed to get through her doctorate program without accruing new debt.
Dr. Bishop shared invaluable advice that applies not only to graduate students but also to anyone aiming for higher education. Here's a detailed breakdown of their conversation, turning it into actionable steps you can take to minimize or eliminate debt.
Choose the Right Program for Your Lifestyle and Career Goals
Flexibility is Key
One of the first lessons Dr. Darla Bishop learned was the importance of choosing a program that matched her lifestyle and career goals. She purposely selected a school that allowed her to work full-time while pursuing her doctorate in public health. This crucial decision made it financially feasible for her to continue working and avoid taking out new loans.
Understand Program Requirements
Many programs, especially those with higher prestige, require full-time commitment. For example, top-ranking MBA programs might necessitate you to stop working entirely, which isn't feasible for everyone, particularly those with families or other significant responsibilities. Ensure that you can handle the program’s workload in conjunction with your personal responsibilities to avoid financial strain.
Work for Your University
Tuition Benefits
Dr. Bishop made an important point about leveraging employment benefits if you work for the university. Many institutions offer generous tuition discounts to their employees. In her case, working for the university would have covered 96% of her tuition. Even though she ultimately stayed at her corporate job, the difference was marginal, emphasizing the attractiveness of this option.
Consider Assistantships
Assistantships are another excellent way to fund your education. Tiffany Grant shared her experience of having her first-year tuition covered through an assistantship, which also provided a monthly stipend. Investigate assistantship opportunities at your university that can offer both tuition relief and a paycheck.
Keep Applying for Scholarships and Fellowships
Continual Search for Funding
Dr. Bishop highlighted the importance of continually seeking scholarships and fellowships throughout your program. Every academic year, new opportunities become available, and your GPA resets when you start a new program. A strong academic start can unlock numerous merit-based scholarships.
Leveraging University Resources
Keep your GPA up and frequently check in with your department for new funding opportunities. Utilize the support structures of your university, such as financial aid offices and academic advisors, to get updates on available scholarships.
Find Funds for Additional Expenses
Beyond Tuition
Graduate school isn’t just about tuition. You'll encounter numerous other expenses, such as books, conference fees, and travel costs. Dr. Bishop recommends building a relationship with your department’s office to stay informed about available funds for these specific needs.
Department and Employer Assistance
If you have a good relationship with your department, they are more likely to inform you about uncommitted funds that can cover additional expenses. Similarly, your employer might be willing to subsidize expenses for conferences or presentations that benefit your professional development.
Utilize Low-Cost Housing Options
On-Campus Opportunities
For single students or those without significant outside obligations, becoming a Resident Advisor (RA) or Hall Director can significantly reduce living costs. These roles often come with free housing and meal plans, along with stipends or salaries.
University Housing for Commuters
As Tiffany Grant mentioned, universities sometimes offer low-cost housing options for commuting students who need to stay on campus a few days a week. Exploring these options can save you substantial amounts on accommodation costs.
Proactive Communication: The $18,000 Solution
Always Ask
One of Dr. Bishop’s most valuable tips was to always ask about uncommitted funds. She created an email template and regularly checked in with the registrar and other financial offices. This proactive approach resulted in $18,000 in tuition coverage for her when other students' funding became available.
Develop a Template
Dr. Bishop’s strategy included an email template she used every semester to inquire about available funds. Keeping this line of communication open maximized her chances of acquiring additional financial aid.
Conclusion
Navigating graduate school without accumulating debt is challenging but achievable. By choosing the right program, leveraging employment benefits, continually searching for scholarships, covering additional costs through departmental funds, and exploring low-cost housing options, you can minimize the financial burden.
Dr. Darla Bishop’s experience serves as a valuable roadmap, proving that with proactive planning and resourcefulness, a debt-free graduate education is within reach. For more detailed tips and resources, visit Dr. Bishop’s website and explore her e-books and templates.
FAQs
What are the best strategies to avoid debt in graduate school?
Choose the Right Program: Select a program that allows you to work while studying.
Utilize University Employment: Look for jobs at your university that offer tuition benefits.
Apply for Assistantships: These often cover tuition and provide a stipend.
Search for Scholarships: Continually look for new scholarships each academic year.
Reduce Living Costs: Consider roles like Resident Advisor to save on housing expenses.
Are assistantships available for all graduate programs?
Most graduate programs offer some form of assistantship, although availability varies by program and university. Research your specific program and talk to admissions counselors to find out what assistantships are available.
Can employers help pay for graduate school expenses?
Yes, many employers offer tuition reimbursement programs or can cover costs for conferences and certifications. It’s beneficial to inquire about these programs directly with your HR department.
How can I find uncommitted funds at my university?
Regularly check in with your university’s financial aid office or your department’s administrative office. Developing a relationship with these offices can help you stay updated on available funds.
Is it worth going back to school full-time, or should I work while studying?
This depends on your personal circumstances. Full-time study might be more manageable for some based on the nature of the program or individual career goals. Others may find working while studying part-time more feasible to avoid incurring new debt.
What types of scholarships are available for graduate students?
Graduate students can access various scholarships, including merit-based scholarships, assistantships, fellowships, and departmental awards. Continually researching new opportunities each academic year can yield additional funding.
About Our Guest
Dr. Darla Bishop, affectionately known as the FinanSis, is the Founder of Finansis LLC, a boutique consulting firm based in Lansing, Michigan, and the author of How To Afford Everything.
Motivated by her own challenging childhood in Detroit, Dr. Bishop’s unique gift lies in her ability to motivate individuals to transcend limiting beliefs about wealth and cultivate a positive financial mindset. She firmly believes empowering individuals with financial knowledge is pivotal in creating prosperous and resilient communities.
Resources Mentioned
- Dr. Darla Bishop’s website: HowToAffordEverything.com
- Downloadable email templates for requesting uncommitted funds
Connect with Dr. Darla Bishop
- Website: How to Afford Everything
- Instagram: @my_finansis
- Additional Resources: DarlaBishop.com
If you enjoyed this episode, please subscribe, rate, and review our podcast on your favorite platform. Your support helps us bring more insightful content to help you manage your finances effectively.
