Graduate school may be looming on the horizon for some of us. Some people go to graduate school right after undergrad. Other people may take some time off between an undergraduate and a graduate degree. In my case, I graduated undergrad in May 2024 and will be starting my graduate degree in August 2024.

Graduate school may differ in the processes you are used to especially if you are attending a larger university. You do not want to fall behind, but it can be confusing to figure out where to start! I have been going through the process of preparing for graduate school this Summer and I want to share a checklist that may make it easier for you! This checklist is not going to cover everything for everyone, but it gives you a good place to start finance-wise. If you have any questions, make sure to reach out to your university’s financial aid office!!

 

Step 1: Complete FAFSA

• You will know as soon as FAFSA opens for the next academic year. There will be an email in your inbox and posts all over social media. A good rule of thumb is to check in the spring to see if the FAFSA is open for the following academic year. Federal financial aid is determined based on your FAFSA. It is imperative to complete the FAFSA to qualify for federal student loans.

Step 2: Create a Budget

• Once you are accepted into a graduate program, you should create your own budget that is planned over your degree length. Research everything to make your budget as accurate as possible. Some important things to include in your budget are tuition, cost of educational materials, living expenses, travel expenses and any existing subscriptions. This step will help you weigh your graduate school options.
• Prior to committing to a degree, you should have an idea of how you will fund it. This is the time to ensure that plan is feasible. This may include part-time or full-time employment, graduate assistantships, teaching assistantships and applying for scholarships or grants. Be sure to plan finances to cover the length of your degree.

Step 3: Complete the Student Portal Checklist

• Once you decide which university is the best fit for you, you can start their accepted student checklist. Some of the items on this list include paying a deposit, paying for a parking pass, submitting a picture for your student ID, completing health record paperwork and accessing your student email.

Step 4: Review Financial Aid Options

• Your university will send you a financial aid package. This package can be made up of federal financial aid and scholarships. Depending on how much money you have personally to pay for your degree and the number of scholarships you are awarded, you can take out federal loans to pay for your schooling.
• Apply for scholarships!! If you do not take out loans for all of the semesters you are attending graduate school, then it is worth it to apply for scholarships when you have the time. You may surprise yourself and win a scholarship!  Having extra money will come in handy and may even help you avoid taking out more loans. Check the Alpha Sigma Alpha Foundation for some available scholarships.

Step 5: Complete Student Loan Entrance Counseling & MPN

• Entrance Counseling ensures you understand what a loan is, how interest works, repayment options and ways to avoid delinquency and default. This step is required and once completed your school is notified.
• If you are taking out student loans, you must complete the Master Promissory Note (MPN). It states that you will repay your loans, all fees and any interest to the U.S. Department of Education. This legal document contains a lot of helpful information, so read it carefully before signing.