Will I need to take out a loan for Graduate School with an assistantship?

Hi Ms Chick,

A mutual friend asked me to respond to your question. You have good questions.

It would be well for you to talk directly with the conservatory's financial-aid department and get some hard answers: Does my assistantship cover ALL my tuition expenses (minus books)? Is housing provided? Is a meal-plan provided? (In other words, find out exactly how far this covers you.) Typically an assistantship requires about 20 hours of your time a week and only covers tuition. So, you'd need to keep on teaching voice and piano in your own apartment to pay your rent and food. There's no easy way.

While taking out an educational loan is possible, it saddles you with a burden of debt that often takes years to unload. Don't do that if you can help it.

Look on line also for scholarships given by the government - there are lots to apply for, and if you qualify - and you most likely will, you might find that with the fed's help, ALL your expenses are covered and you'll be able to CONCENTRATE on your studies and finish up in the minimum time.

Here's a sample web site:

https://secure.securesiteorders.com/grants/0421/?s...

You might also go onto google and do a search for "educational scholarships."

If you are able to find a compatible apartment-mate - your apartment expenses would be cut in half. Look for that kind of situation too.

Best wishes - and congratulations on your acceptance.

Does your school waive or give you reduced tuition along with that assistantship? That is going to be a BIG factor in what you need to do. Some do, and some don't -- I've been at a school that mostly just gave you the in-state tuition rate, which was sort of nice but didn't do a thing for me as an in-state student to begin with. In my current program, I've just got a few hundred in fees a semester to deal with out of my salary.

It's really hard to guess about how much time your assistantship is going to take. Do you have help, or are you the only one doing the job? Having done both. . . there's quite a difference in the time you'll need to get everything taken care of. Also, some people tend to get caught up in the teaching side more so than others -- depends on how much fun you end up having with the cute little undergrads who are seeking your wisdom?

I'd try to have a little bit of money saved up for the short term, and then see how it goes for a month or two. Some people are a lot better at and happy with living on next to nothing than other people are, too, and it's hard to guess until you've watched your finances for at least a month or two. I'd plan on probably wanting to either teach or get a small loan if you're trying to pay for everything on your own (not parents, spouse, etc. for back-up), but you might want to see what'll work best first.

First of all congrats on getting into grad school. Whether or not you take out a loan depends on how much money you will be receiving as a grad assistant. Many assistantships cover the cost of tuition and fees. You may also be able to live in grad housing if this is a residential school. I would suggest that you apply for federal work study. There are WS jobs available for grad students but you need to apply for these early. Also, depending on your course load, you may want to take out a part time job in addition to the assistantship, and your classes.