What to Know Before Applying to Grad School

What MILLENNIALS NEED TO KNOW BEFORE APPLYING TO GRAD SCHOOL STUDENT DEBT IS THE NEW NORM In 2012, average annual wage for young college graduates: In 2013, the underemployment rate for college graduates: In 2012, average student debt: $29,400 $34,500 18.3% That's the lowest avg. Compared to 9.9% in 2007 pay since 1998 THIS DEBT CAN DELAY KEY LIFE MILESTONES: 36% of millennials are living at their parents' home Home purchases children ARE YOU CONSIDERING GRAD SCHOOL TO GIVE YOURSELF AN EDGE? = FIRST STEP: KNOW WHY THE DEGREE IS IMPORTANT Not always about more money $50K Potentially increasing debt from $50K to $150K is scary $150K Law Science Medicine Graduate degrees in law, science and medicine are necessary stepping stones Personal enrichment is a valid Graduate degrees in business and technology present opportunities to hone skills and change career direction reason to go to school Know that an advanced degree doesn't necessarily guarantee a big paycheck Business Technology CREATIVE STRATEGIC PLANNING You may decide that your time is better spent traveling the world or starting a business, but if graduate school is the answer, here are some ways to mitigate costs: Seek out funding opportunities Look for a one-year Work while in school program Research and teaching assistantships will typically cover the cost of tuition and a Look for contract work instead Shorter program = Cheaper cost of low paying internships small living stipend Work before going back to schoo Think like a salesperson Ask for employer support Look for markets, like technology, that are rapidly growing and facing a severe skills gap Some companies offer a formal tuition reimbursement Gain some professional experience and save money program to their employees Sources: GradSchoolHub.com forbes.com/sites/raymondjames/2014/01/13/applying-to-grad-school-what-millennials-need-to-know theguardian.com/money/us-money-blog/2013/dec/06/student-loan-debt-minimum-poverty-wage-jobs washington.cbslocal.com/2013/08/02/poll-record-number-21-million-young-adults-living-with-parents DEVELOPED BY N NOWSOURCING