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MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
MATC Scholars Program: Dr. Erick C. Jones
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MATC Scholars Program: Dr. Erick C. Jones

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http://matc.unl.edu/education/scholars-program2012.php

http://matc.unl.edu/education/scholars-program2012.php

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  • 1. Understanding Funding and Budgeting Finances Dr. Erick C. Jones, PE, CSSBB MATC Scholars Program October 3rd – 6th University of Nebraska-Lincoln
  • 2. OUTLINE• Introduction• Learning Objectives• Learning Outcomes• Session Presentation• Conclusion
  • 3. LEARNING OBJECTIVES• Present Funding Sources• Present Budgeting Basics• Present strategies for maintaining and increasing funding opportunities
  • 4. LEARNING OUTCOMES• Students will know what funding sources are available• Students will have a strategy for managing their funds• Students will know how to work with faculty to support research
  • 5. WHY FUNDING IS IMPORTANT?• Reduces student loan debt• Limited ability to get loans• Funding is prestigious and looks good on a resume• Connection to faculty mentors and advisors • Critical faculty advising project engagement
  • 6. GRADUATE STUDENT DEBT http://www.cgsnet.org/portals/0/pdf/CGSFederalRelationsBriefing_1_27_10.pdf
  • 7. GRADUATE BORROWING BY FIELD
  • 8. GRADUATE DEBT BURDEN
  • 9. THE DEBT BURDEN• Average cumulative undergraduate and graduate debt burden for graduates:• Master’s : $51,950• Collective owing : $22,943,717, 500• Doctoral : $77,580• Collective Owing : $3,170,694,600• Debt burden highest for African-Americans and Hispanics
  • 10. WHAT ARE SOME TYPES OF FUNDING?• Grants• Scholarships• Fellowships – Recruitment – Special Needs – Faculty Associated• Teaching Assistantships• Research Assistantships
  • 11. GRANTS• Grants are gifts that you do not need to repay.• Students may receive grants from the government or through private sources of funding.• Grants may require students to maintain a specific GPA throughout their academic career.• In graduate school, grants can be used towards, travel, research, experiments, or projects.
  • 12. SCHOLARSHIPS• Scholarships are awards given to students based on academic excellence and/or talent.• Students may also receive scholarships based on factors like ethnic background, field of study, or financial need.• Scholarships vary in their amounts and the number of years given aid.• Like a grant, students do not need to pay back the money awarded in a scholarship.• Scholarships can be awarded through your school or through private sources.
  • 13. FELLOWSHIPSThere are generally three types of fellowships: • Recruitment • 1st year funding to recruit students • Caution this is only for one semester to a year. • Special Needs • This can be associated with a college/department/state and is also has a limited time period • Faculty Associated – may be required that you work with the faculty member
  • 14. FELLOWSHIPS• Granted to graduate and post-graduate students and do not require repayment.• Awarded by private organizations, institutions, or through the government.• Given a 1- to 4-year stipend with or without a tuition waiver.• Based on merit, need, and the institutions or facultys grant.• Awarded by schools to students who have been recommended by a faculty member.
  • 15. TEACHING ASSISTANTSHIPS• TA offers students opportunities to learn how to teach and develop an excellent understanding of the course material• You can expect to receive an annual stipend between $6,000 and $15,000, as well as free tuition.• You gain experience in and out of the classroom and have the opportunity to interact closely with faculty members.
  • 16. TEACHING ASSISTANTSHIPS• Duties of a TA vary, and you can expect to be responsible for one or more of the following: • Teaching or assisting with one or more sections of a course • Running laboratory sessions • Grading undergraduate student papers and exams • Holding regular office hours and meeting with students • Conducting study and review sessions
  • 17. GRADUATE ASSISTANTS• Why Become a Research Assistant?• What Does a Research Assistant Do?• How Do You Get Involved as a Research Assistant?• Benefits for Faculty
  • 18. RISKS OF LOSING FUNDING?• Not meeting funding renewal guidelines • Performance (GPA, publication record, teaching reviews)• Agency program ending• Changing faculty researchers • Voluntarily and involuntarily
  • 19. BUDGETING, SAVING AND INVESTING AS A HEDGEAGAINST FUNDING RISKS• Budget Basics• Saving for a bad semester• Investment• Common mistakes
  • 20. BUDGET BASICS• Pass out budget form• Show sample graduate student budget• 5 minutes to do quickie budget• Go over relevant percentages for expense categories• Discuss zero-based budgeting• Discuss the need for a real budget versus theoretical budget
  • 21. SAVING FOR A BAD SEMESTER•A common budgeting mistake for graduatestudents – Not planning on losing funding •Loss of stipend •1 yr stipend or fellowship ends •Loss of parental support •Unplanned expenses – car accidents •Life happens
  • 22. SAVING FOR A BAD SEMESTERYOU MUST SAVE!!!•Rule of thumb- one semester of funding – Example: Stipend amount =$1500/mo. x 5 months =$7500 WAIT! That’s a lot of $$$$•Generally you can live off ½ of what you bringhome in an emergency, but that’s still $3250
  • 23. SAVING FOR A BAD SEMESTERSome strategies for saving include – Budget with your assistantships and save you 1 yr. fellowships, scholarships, and other short-term funds – Put 10% of your funding into a savings account – Understand your tax situation and estimate your tax refund, adjust withholding accordingly
  • 24. INVESTMENT• Pay off all debt before investing – Best investment is reducing credit card interest• Investments can be lost. (stock market, gold, etc.) You can lose your money.• Best strategy is to put $$ into savings• Investment strategies – 25% into savings – Generally long-term investment strategies won’t work (day-trading and short-term strategies work best for semester-by- semester investments
  • 25. COMMON MISTAKES• No savings for emergencies• Invest and lose all your money• Incurring a lot of school debt• Not knowing the difference between funding sources• Changing or not changing advisors without considering funding
  • 26. CONCLUSION• Weigh the benefits of different types of funding• For PhD students you will need a link to Research faculty• Stack your funding – Applying to multiple sources •Be aware of conflicts• Graduate with minimal debt
  • 27. CREDITS Dr. Erick C. Jones, P.E., CSSBB Associate Professor University of Texas ArlingtonDepartment of Industrial and Manufacturing Systems Engineering 420 Woolf Hall Arlington, TX 76017 ecjones@uta.edu Slide design © 2009, Mid-America Transportation Center. All rights reserved.

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