TEM #034: What to do when cost is the deciding factor.

March 15, 2024

Happy Friday!

In honor of the time change (are you still adjusting, too?), this week we’re springing ahead to think about what to do after you get accepted to graduate programs and cost is a deciding factor.

I’ve had several conversations the past few weeks from accepted applicants who are facing big decisions.

Sometimes having a choice to make can be just as intense as the application process.

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On an exciting, related note: Application Strategy Sessions are now available in The Graduate School Shop.

• Whether you’re at the start of your application process or are making decisions before choosing which offer to take, I’m here to be an objective expert to help you navigate the next steps.

This week’s highlights:

• Your education affirmation

• What to do when cost is the deciding factor

• One way to reserve fuel ⛽️

• Workshop NEXT WEEK: When to Go Back to Graduate School [March 21, register here]

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Education affirmation.

“The future belongs to those who believe in the beauty of their dreams.” - Eleanor Roosevelt

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What to do when cost is the deciding factor.

I was reminded this week that the priorities you should consider when researching graduate programs are the exact priorities to help you decide which offer to accept.

Cost - Time - Location - Program

(^ click for a refresher on these)

One applicant I’ve been working with closely was accepted to another program (yay!) which means they have a choice to make.

It’s a good problem to have, and one to be solved in a quick time frame.

Today, I’ll highlight opportunities you have to ask questions of graduate programs regarding costs, see if there are additional funding opportunities, and gather as much information as you can to make the best decision for you and your future.

Cost.

Believe it or not, graduate school costs are not limited to the sticker prices on tuition. (See also: 10 unexpected fees in graduate school).

Many universities - especially larger, well-resourced institutions - have wiggle room to provide more funding for incoming students.

Example:

• Someone who was accepted to a prestigious MBA program asked to defer for a year. In response, she was offered a full tuition scholarship to enroll that year instead (she did). This may be a rare case, but can happen.

Action steps to ask for more funding:

• If you receive multiple acceptances with varying levels of financial support (ex. a 50% tuition scholarship from one), consider sharing that information with the other schools and ask if they are willing and able to match it - approach this as a negotiation, not a demand. Share that finances are a deciding factor for you.

• Be honest with a school if you are unable to accept their offer due to funding. Sometimes, scholarships magically appear when schools are enthusiastic about a potential student or need to fill their incoming cohort.

  (This is the kind of hidden information you won’t find on Google or university website).

• Ask admissions representatives what external funding sources current students receive that they are aware of - this can streamline your research process from (waves broadly) all of Google down to specific sources in which you have proof you could be a qualified candidate.

• If there are assistantship or other work-study related opportunities available but the application process happens after you need to commit to a program, ask direct questions about the likelihood of receiving one of these funding opportunities. There’s a chance that everyone who interviews typically receives an offer, but that information may not be advertised. Knowing whether you’re likely to get a work-study type of opportunity (or not) will help with your decision-making.

It can be frustrating when all information is not readily available or transparent on websites, even when you’ve done the most diligent research.

Why is this?

Well, as someone who worked at a well-resourced university for over a decade, I can honestly say that some departments have more bandwidth than others to update their websites, even with good intentions.

And sometimes, scholarships are not publicly advertised, or maybe they’re so obscure that only one applicant every few years even qualifies so it’s not “worth” putting on the website.

• Example: A scholarship reserved for someone from Utah who’s pursuing a master’s in music therapy… at a university in Michigan.

  Yes, sometimes alumni donate for very specific reasons.

The biggest takeaway today?

Ask as many questions as you can of admissions representatives to get a clear idea of available funding opportunities, the timeline of availability, the likelihood of you receiving one - and be clear if funding could make or break your decision to accept their offer.

Even though we’re talking about higher education, filling graduate programs is a business interest for universities so it’s to their benefit - and yours - to help you become a student.

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Fun fact.

A lot of people think Daylight Savings Time (DST) is for kids’ safety waiting for the school bus.

Although daylight helps kids with early rides, DST actually started in Germany during WW1 in 1916 to reserve fuel being used for artificial lighting for the war instead.

I hope your tank is full this week as you start exploring graduate programs or deciding which offer to accept!

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Workshop: When to Go Back to Graduate School 🎓

Date: Thursday, March 21 at 7:30pm EST

What to expect:

• An honest look into reasons why working professionals consider grad school to reach their career goals - so you can start determining your priorities

• How to know when it’s time for *you* to apply... or if you should explore other options first

• Open Q&A (the best part!)

As always, thank you for being here - have a fantastic weekend!

Dr. Jena

P.S. What’s been the highlight of your week? Reply and say hello, I’d love to celebrate with you!

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** Whenever you are ready, here are 3 ways I can help **

If you’re thinking about graduate school 🤔

If you’re ready to apply this year 😃

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