Financial Questions to Ask Before Graduate School

Embarking on the journey to graduate school is a significant milestone—one that promises career advancement, personal growth, and deeper expertise. But as Dr. Christopher Lewis shares in this insightful episode of "Victors in Grad School," understanding the financial commitment before you enroll is crucial to making informed and confident decisions about your education.

This episode shifts gears from the usual guest interviews, with Dr. Christopher Lewis taking center stage to break down the most important financial questions every prospective graduate student should ask. If you've been wondering how to budget for grad school, decode funding offers, or anticipate your future financial outcomes, this is the episode for you.

Looking Beyond Tuition

Too often, students focus solely on tuition, missing the full picture of graduate school's cost. Dr. Christopher Lewis highlights that it's essential to account for fees, housing, transportation, books, health insurance, professional licensing, and general living expenses. He encourages listeners to ask schools whether tuition is fixed or likely to increase during the program, and to understand how long students typically take to graduate—a longer timeline means greater costs.

Understanding Funding and Borrowing

Securing funding can be complex. Scholarships, fellowships, assistantships, tuition waivers, and loans all play roles in financing your education. Dr. Christopher Lewis stresses the need to clarify what funding is available, if it's guaranteed or competitive, and what exactly it covers. For those considering loans, he explains the importance of understanding federal versus private loan options, repayment obligations, and the impact on your future finances.

Focusing on Outcomes

Cost is only one piece of the puzzle. Dr. Christopher Lewis urges prospective students to explore program completion rates, time to graduate, and career outcomes for alumni. Ask about job placement percentages, typical earnings, and how graduates' salaries compare to their levels of debt. Your goal, as Dr. Christopher Lewis puts it, is not just to enter graduate school—but to afford it, complete it, and use your degree to move confidently toward your future goals.

Tune In to Empower Your Decision

If you're preparing for the leap into graduate school, this episode is packed with real-world wisdom and actionable advice. Listen now to empower your decision-making process and set yourself up for success in both your academic and financial life!

Ready to dig deeper? Listen to the full episode of "Victors in Grad School" with Dr. Christopher Lewis and get the guidance you need for your grad school journey.

TRANSCRIPT

Dr. Christopher Lewis [00:00:02]:
Welcome to Victors in Grad School, where we have conversations with students, alumni, and experts about what it takes to find success in graduate school. Welcome back to Victors in Grad School. I'm your host, Dr. Christopher Lewis, Director of Graduate Programs for the University of Michigan Flint. And I'm really excited that you're back again this week. You know, every week I love having conversations with you that are always designed to help you to make informed, confident, and successful decisions about graduate education. And today we're going to be doing something a little bit different. A lot of times I have guests on the show, and today I'm going to be talking with you about something that's really important and something that's sometimes a little bit intimidating as well, which really goes into some of the graduate school decision-making process and the financial realities behind that.

Dr. Christopher Lewis [00:00:54]:
You know, graduate school can be a really powerful investment. It can help you advance in your career, enter a new field, deepen your expertise. Increase your earning potential, or pursue work that's personally meaningful. But graduate school is also a major financial commitment. And here's the key point I want to emphasize today. The best time to understand the financial side of graduate school is before you enroll, not after orientation, not after the first tuition bill, not after the first tuition bill arrives, not after you have already taken out loans. Before. Today, I'm going to be talking to you about some questions, questions that you should be asking before you commit to a program.

Dr. Christopher Lewis [00:01:38]:
And these questions can help you better understand the full cost of attendance, the funding opportunities that are available, the borrowing that you might need to consider, and the outcomes that you can reasonably expect after graduation. So let's get to it. First and foremost, what I want to talk about today is as you are looking at your education, and you're looking at institutions, you've got to look beyond tuition. So often when students think about the cost of graduate school, tuition is usually the first number that comes to mind. And that makes sense. Tuition is often a very large expense. But tuition is not the whole picture. You see, before enrolling in a graduate program, you want to understand the full cost of attendance.

Dr. Christopher Lewis [00:02:24]:
That includes Tuition, yes, but it might also include fees, housing, transportation, books, technology, health insurance, professional licensing costs, lab fees, internship expenses, and even general living costs. Depending on the program, some of these additional costs can be really significant. For example, a program may require specialized software, clinical equipment, travel, to internship sites, licensure exams, background checks, or even conference participation. And those costs may not always be obvious when you're first reviewing a program website. Another important question is whether tuition is fixed or whether it will increase. A program that seems affordable in year 1 may become more expensive in year 2 or 3 if tuition and fees continue to rise. That doesn't mean that the program is not worth it, But it does mean that you should know what to expect. You should also know— you should also ask how long students typically take to complete their degree.

Dr. Christopher Lewis [00:03:30]:
If a program is advertised as a 2-year degree, but many students actually take 3 years to finish, that extra year can change the financial equation. It may mean more tuition, more fees, more living expenses, and more time before you can see the career benefits of the degree. So when you're talking with admissions representatives, program directors, or even financial aid staff, you should really consider asking some of these questions. First, what's the total cost of attendance for this program? Does the estimate include tuition, fees, books, housing, transportation, and health insurance? Are tuition rates fixed or can they increase every year? Are there program-specific fees, lab fees, clinical fees, or professional licensing expenses that are required? And how long do students in this program typically take to graduate? These might sound like basic questions, but they are truly foundational. They help you move from a vague sense of cost to a realistic financial plan. Once you have that understanding, you need to move to be able to understand funding before you commit. So let's talk about that. Let's talk about funding.

Dr. Christopher Lewis [00:04:40]:
Funding can look very different from program to program. Some graduate programs receive scholarships or fellowships. Some graduate students receive scholarships or fellowships. Some receive teaching or research assistantships. Some receive tuition waivers. Some receive stipends, others rely on loans, savings, employer support, or a combination of all of these. The important thing is to ask specific questions about what funding is available and whether that funding is guaranteed. That's a big one.

Dr. Christopher Lewis [00:05:10]:
A student may receive funding in their first year but not the second, or funding may be competitive each year, or a scholarship may cover tuition but not fees. Or an assistantship may provide a stipend but require a certain number of work hours each week. You want to understand exactly what is being offered. If you receive a funding package, ask what it covers. Does it cover tuition? Does it cover fees? Does it include health insurance? Does it provide a living stipend? Does it cover summer terms? And how long does the support last? You should ask what happens if the funding runs out before you complete the degree. That question may feel uncomfortable, but it is much better to ask it before enrolling than to discover later that you need to find additional funding unexpectedly. Some additional questions to consider include, is funding guaranteed or competitive each year? How can I obtain a teaching assistantship, research assistantship, fellowship, or scholarship? If funding is guaranteed, What exactly does it cover? Does funding cover summer enrollment or summer living expenses? And what academic progress or work requirements do you have to keep to be able to keep the funding? And what happens if funding ends before you finish the program? These questions will help you understand not only the amount of funding available, but also the conditions attached to it. Once you get questions to those questions, It really becomes important that you then make wise decisions in regards to the borrowing that you feel that you need to do, because you want to be smart about borrowing, because borrowing is a part of the graduate school financing plan.

Dr. Christopher Lewis [00:06:59]:
And that doesn't automatically mean that graduate school is a bad investment. Many students borrow for graduate education and go on to be able to achieve strong personal and professional outcomes, but borrowing should be intentional. Before taking out any loans, you really need to understand how much you may need to borrow each year and what your total debt may look like after graduation. It's also important to understand whether your program's costs may exceed federal borrowing limits. If federal loans are not enough to cover your costs, you may need to explore institutional aid employer support, assistantships, payment plans, personal savings, or even private loans. And each of those options come with different implications. One of the most important questions that you need to be asking is, what might your monthly payment look like after graduation? You see, sometimes students focus on whether they can borrow enough to attend, but the bigger question is whether the debt that they're going to accrue will be manageable after they finish. By working with your financial aid office and having intentional conversations with them, you can get a better estimate on the projected borrowing and replacement and repayment options.

Dr. Christopher Lewis [00:08:21]:
When you're thinking about borrowing, there's a couple of other things that you need to be thinking about. You see, federal loans often include borrower protections such as deferment, forbearance, income-driven repayment options, and potential eligibility for forgiveness programs such as the Public Service Loan Forgiveness Program, depending on your employment and your repayment plan. Private loans, on the other hand, have different terms. They could require a cosigner. They may have variable interest rates. They may offer fewer hardship protections, and they may not be eligible for federal forgiveness programs. So you do need to ask some smart questions when it comes to loans. Especially if you're thinking about taking out private loans.

Dr. Christopher Lewis [00:09:08]:
If you're planning to do that, you need to ask some questions like, what's the interest rate? Is the rate fixed or variable? Are there fees with the loans? When does the repayment begin? Will interest accrue while you're enrolled? Do you need a cosigner? Are there penalties for early repayment? And what protections are available if you experience financial hardship? My goal here is not to scare anyone away from borrowing. The goal here is to make sure that you are informed and you're able to make smart choices based on this new knowledge. Ultimately, cost matters, funding matters, borrowing matters, but there is another important part of the equation, and that's whether you successfully complete the program. Because Graduate school is challenging. Students can— you may be balancing coursework, research, jobs, family responsibilities, internships, clinical placements, or even dealing with financial stress. And strong student support can make a big difference. So before enrolling, make sure you're asking your program about completion rates and the time to degree and what percentage of students in the programs graduate. How long do students typically take? I mentioned that before.

Dr. Christopher Lewis [00:10:28]:
What percentage finish in the expected timeframe? And what factors commonly delay graduation? Knowing the answer to these questions are going to allow for you to be able to really make smart decisions when it comes to identifying the right program for you. Because if you expect to finish in 2 years, but actually take 3 or 4, that changes your total cost. It also may delay your career transition or a salary increase. So a strong program should be able to take should be able to talk to you about how it supports students from admission through graduation when it comes to this. I also told you that we talk a little bit about outcomes, and outcomes are really important. Graduate school is not just about earning a credential, it's also about what that credential helps you to do. That might mean entering a licensed profession, moving into leadership, changing fields, preparing for doctoral study. increasing your earning potential, or pursuing work that aligns with your values.

Dr. Christopher Lewis [00:11:35]:
Whatever your goal is, you should ask whether the program has a track record of helping students get there. So ask your program about career pathways. What are graduates from the program doing? What percentage of graduates find jobs, find jobs within their field within 6 months or a year? Where did the graduates of the institution Also work. You should also ask about earnings. What are the typical starting salaries for graduates in their program? What do graduates typically earn 1, 5, or 10 years after graduation? And how do these salaries typically align and compare? How do these salaries compare to the amount that students typically borrow? What level of debt do graduates usually have when they finish? And Based on typical earnings and borrowing, how long might it take to repay— how long might it take to repay your student loans? You hear a lot of people talking about return on investment. You hear a lot of people talk about return on investment or ROI, and that is not only about salary. It can also include personal fulfillment, career mobility, professional networks, job stability, and long-term opportunity. But salary and debt still do matter because a graduate degree can deeply, can be deeply valuable, and it still requires careful financial planning.

Dr. Christopher Lewis [00:13:07]:
The more you know about outcomes, the better you can evaluate whether a program aligns with your goals. So one thing that I want to stress to you today is that you shouldn't feel that You have to have all of this figured out right now. There are people whose jobs it is to help you understand the program and the finances. So you can talk to admissions staff or financial aid officers, program directors, faculty, current students, alumni. You know, each group can provide a different perspective. Admissions staff can help you understand requirements and timelines. Financial aid staff can explain Costs, loans, and aid options. Program staff can help explain assistantships, curriculum, and typical time to degree.

Dr. Christopher Lewis [00:13:53]:
Current students can help you— can tell you— current students can tell you what the experience is really like. And alumni can help you understand the career outcomes and how the degree translated into professional opportunities. So getting down to brass tacks, there's some practical things that I hope that you'll be able to do today. So before you choose a graduate program, make sure that you understand 6 things. First, the full cost of attendance, not just tuition, but the complete cost of completing the degree. Second, the funding is available to you. Know whether it is guaranteed, Competitive, renewable, or conditional. Third, your borrowing needs.

Dr. Christopher Lewis [00:14:40]:
Estimate how much you may borrow each year and think about your total child. Estimate how much you would borrow each year and what your total debt may be at graduation. Fourth is repayment. You need to understand what repayment options may be and what your monthly income could look like. And fifth, you need to understand what repayment options may be available and what your monthly payments could look like. Fifth, ask yourself about completion rates, time to degree, advising, mentoring, and academic support. Ultimately, you want to know where graduates go, what they earn, and how much the degree supports their goals. If you can answer all of those questions clearly, you'll be able to be in a much stronger position to make an informed decision.

Dr. Christopher Lewis [00:15:26]:
So in closing today, graduate school can be an incredible opportunity. It can change your career, expand your thinking, and grow your network. And often it opens doors that you might not have imagined. But it's also a serious investment. And the strongest graduate school decisions are made with clear eyes and good intention. So before you enroll, ask the financial question. Ask about cost, ask about funding, and ask about borrowing. So before you enroll, ask the financial questions.

Dr. Christopher Lewis [00:15:58]:
Ask about costs, about funding, about borrowing. Ask About completion. Ask about career outcomes. Don't be afraid to ask questions. You're not being difficult. You're being responsive. You're being responsible. And remember, the goal is not simply to get into graduate school.

Dr. Christopher Lewis [00:16:17]:
The goal is to create— the goal is to choose a program that you can afford, complete it, and then use to move confidently toward the goals and the future That's it for today's Victors in Grad School. Thanks for listening. And as always, keep asking good questions, keep planning ahead, and keep moving forward. The University of Michigan-Flint has a full array of master's and doctorate programs if you are interested in continuing your education. Whether you're looking for in-person or online learning options, the University of Michigan-Flint has programs that will meet your needs. For more information on any of our graduate programs, visit umflint.edu/graduateprograms to find out more. Thanks again for spending time with me as you prepare to be a Victor in grad school. I look forward to speaking with you again soon as we embark together on your graduate school journey.

Dr. Christopher Lewis [00:17:15]:
If you have any questions or want to reach out, email me at flintgradoffice@umflint.edu.