“How am I going to pay for this?” Part 2

Well…with comments again this week, I will try to continue this topic to the best of my ability.  Financial assistance is a huge topic and a major consideration when furthering your education.  My summary last week was to give a brief overview without scaring off potential students.

When you have decided that you want to start any sort of degree, it’s important to first create a spreadsheet of your monthly living expenses.  List out your mortgage/rent, utilities, credit card bills, income, and other money you receive or spend throughout the month.  This can be a real eye opener for some.  Complete this spreadsheet for several months so you can get a good average of how much you are netting in profits each month.  Can you add monthly, quarterly or annual bills of tuition, books, travel costs, or parking passes?  Are there trade-offs in your costs?  If you make coffee at home each morning before work, the money you will save will pay for your books for at least a couple of quarters.

Many financial aid packages allow you to wait until you have completed your degree before you begin making payments.  Additionally, OSU does allow monthly payments through each quarter.  I would suggest each individual looking through the various financial aid options and determine what plan is best for them.   I have been very fortunate with paying for my education so far.  Post-secondary options, scholarships and wonderful parents paid for my undergraduate degree.  I work for OSU so I’m also receiving tuition assistance for this degree.

When you graduate from any graduate degree, you may not expect a pay raise right away.  Don’t assume getting an MBA will immediately gain you anything.  But if you are willing to change jobs or just job responsibilities, work harder, and have a positive attitude, you will find a career that will suit your education and goals.  Maybe not today, but down the road it will be worth the time, costs and effort you put into your education.