Is Graduate School a Good Financial Decision?

Is Graduate School a Good Financial Decision?

Figuring out whether going to graduate school is a good financial decision for you largely depends on your finances. If you are financially stable right now or have substantial financial resources, then the question is whether the time of graduate school is worth it. When you are struggling financially or have other financial responsibilities, the question might become whether you think the degree will improve your finances. Talk to a Tullahoma bankruptcy lawyer if you have concerns about bankruptcy.


There are several challenges unique to graduate school when it comes to finances. Unlike undergraduate degrees, graduate school financial aid often pays less. Some graduate students are left paying out-of-pocket for school expenses as a result.

Even though graduate school takes less time with a master’s degree, students can still expect to pay more for tuition. Many students pay thousands more a year for tuition in graduate school compared to undergraduate school. Attending only two years of college after your first degree could mean several thousands of dollars more in student loan debt.

These costs also depend on the graduate degree you are pursuing and which school you are going to. Law schools and medical schools can come with higher costs with longer time periods. More advanced degrees tend to be more expensive. However, some Ph.D. programs are paid for when tuition is waived, or grants are given. Some Ph.D. programs even provide monthly stipends to students to cover living expenses.


Many people ask themselves whether graduate school is worth the added student loan debt. The answer is this depends on your personal goals, your financial situation, and what degree you are pursuing. Some people do have the means to obtain a Ph.D. in something they will not use for a job.

Other people are seeking a degree to increase their pay or because they have to in order to obtain certain jobs. Students with degrees in law or biology are required to attend graduate school to become a lawyer or a doctor.

Looking at wages for master’s degrees can help you decide whether your future job earnings could outweigh the costs of college. Find the degree you are pursuing and look at the average wages earned in your state for this degree. Explore all the job options and corresponding wages you will have with this degree.

You can also explore ways to pay for graduate school like scholarships and college work programs. Work-study lets students earn money while working a job at the college. Fellowships pay for a portion of your degree if you do research. Assistantships pay you for assisting college staff. Some employers have contracts that will pay for part of your tuition.


You may not have to give up if you find yourself falling into bankruptcy. Contact us at Tom Bible Law today at (423) 690-7712 to see what financial options you might have. Our experienced team of Tennessee bankruptcy attorneys is ready to help you figure out the best steps given your current financial situation. You can find us located in the Tennessee cities of Chattanooga and Tullahoma.

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