You may be entering a graduate or professional program directly from your undergraduate school or you may have worked for a few years before resuming your studies. You might have been living on a modest "student budget," or perhaps you have become accustomed to a more expense lifestyle as a working person. You may have few financial obligations or you may have a home, a car and a family. And, you may be enrolled as a less than full-time student. Whatever your lifestyle, you will need to plan carefully for your educational costs. Below are some tips to get you started:

• Apply for financial aid. You may have not borrowed as an undergraduate if you had other ways to pay for school.
• Don't forget! As a graduate student you are automatically considered independent according to the Federal government, so only your income (and, if appropriate, your spouse's), not your parents', will be considered when determining your eligibility for a Federal Stafford loan. Some Federal aid programs require submission of parent data. Check with your financial aid counselor.
• Complete the student loan deferment forms and process so that any loans you received as an undergraduate are deferred until you complete your graduate studies.
• You are no longer eligible for the Federal Pell Grant, SEOG or other grants which are limited to undergraduate students. As a result, you may have to borrow more and perhaps work (if the program allows) to finance your education.
• You may be relocating to a new geographic area and need to plan for relocation costs such as moving, setting up an apartment, and the temporary loss of employment income.
• You may have a spouse and children, so you will need to consider your family expenses and income. Check with your financial aid counselor if you need to fully support your family.
• Consider paying the interest on unsubsidized Stafford loans or private student loans to reduce interest costs.
• Your graduate program may last from one to seven+ years.
• Your graduate program may prohibit you from working part-time, either on or off-campus.
• You may be working full-time and only need to borrow funds to cover your tuition, fees, books and supplies. Don't borrow to subsidized an enhanced lifestyle. After school, the loan funds will disappear and be replaced by loan payments.
• Your tuition may be billed on a per-course basis or a flat rate based on full-time enrollment, so the number of classes you take may affect your budget.
• Your educational expenses may include special costs such as equipment, lab fees and professional/student insurance. Some of these may be charged to your student account and some must be paid for as an out-of-pocket expense.
• Your current employer might be your sponsor and pay part or all of your tuition, insurance and a stipend.
• Your books and equipment as a graduate student typically cost more than as an undergraduate.
• You may need to adjust to a different time schedule, especially if you have been working 9-5.
• For some executive/accelerated professional programs, payment may be required up front, so be sure to review the details and the expected cost of your particular program.

For help with funding your educational costs, view our list of resources.