Living on a budget

….is part of life in graduate school.  I haven’t really had an issue living within my means, as I’ve always been fairly conscious of my money and where it was going.  However, there are a few things that are important to consider in terms of budgeting for graduate school.

Many programs at IU offer a part-time teaching contract with your acceptance to their department.  To my knowledge, the packages range in amount and contract years–I think the average is something like 4-5 years of funding.

There are many places on campus where students can research further options for funding, including student loans, scholarships, fellowships, and work-study.

For nearly everyone arriving at graduate school from a paying job, of course, you’ll be taking a major pay cut. But that’s pretty obvious from the start…

In short, if you are smart about managing your money while you’re in graduate school, it’s entirely feasible to get through your program while staying comfortable and happy. It just means thinking carefully about the expenses you know you’ll have to shell out for, and the ones that you know are non-essential, even if you don’t want to admit it.