A quick introduction to the five essential things you need to know to pay for your graduate degree, including data on average earnings by degree type. A must-read for future MBAs, lawyers, and doctors.

1. Paying for Grad School?
Here's How to Do It.
You got this.

2. Step 1: Is grad school worth it?
Ask yourself:
• Am I ready to go to graduate school?
• How much will my degree cost me?
• How much debt will I have take on?
• What will my earnings be like after I graduate?
• Will I enjoy this career path?

3. RECENT GRADUATE MEDIAN INCOMES
Medicine
Dentistry
Pharmacy
Law
MBA
PhD
Master’s (Sci/Eng)
Master’s (Arts)
$204,000
$155,000
$122,000
$121,000
$115,000
$91,000
$87,000
$64,000
By Graduate Degree, Based on Earnest Loan Applicants 2014-16
Source: Earnest.com
How much can you afford? Some experts
recommend taking on no more debt than
your estimated first-year salary.

4. Step 2: Complete your FAFSA.
Nearly all graduate students are considered independent
students for matters related to financial aid. Complete a
FAFSA to qualify for school and federal aid. You'll need:
• Your Social Security number
• Driver's license number (if you have one)
• W-2s
• Most recent federal income tax returns
• The list of schools that you are considering (even before
applying or being accepted). They will receive your FAFFSA
results automatically.

5. You can file your FAFSA for the 2017-18 academic
year starting on October 1, 2016. Create your online
application at fafsa.ed.gov.

6. Step 3: Look for additional scholarships.
Your FAFSA will help you qualify for some scholarships—but
it's worth looking for additional outside or private sources of
funding separate from your school.
• FinAid - www.naid.org
• FastWEB - www.fastweb.com
• FastAid - www.fastaid.com
• The College Board - www.collegeboard.com
• Peterson's Scholarship Search - www.petersons.com

7. Step 4: Apply for student loans.
TYPE OF LOAN RATES AND COSTS
(Rates through 7/1/2016)
MAXIMUM BORROWING
per year
Federal Perkins Loans Fixed 5%, no loan fees.. $8,000
Federal Unsubsidized
Stafford Loan
Fixed 5.31%, with origination fee of 1.069%. $20,500
Federal Direct PLUS Loan
(students and parents)
Fixed 6.31%, with origination fee of 4.276%. Up to cost of attendance, minus the
amount of all other financial aid you are
receiving, including other loans.
Private loans
(various providers)
Fixed start around 5.75%; variable start around
2.50%. Origination fees vary by lender.
Up to cost of attendance, minus the
amount of all other financial aid you are
receiving, including other loans.

8. Step 5: Be smart about money
in grad school.
• Don't borrow more than you need - remember interest
typically starts accruing when you sign the loan.
• Keep track of how much you're borrowing - and the interest
rates. You don't want to be surprised with your total amount
after you graduate.
• You don't need to wait until you have graduated to start
repaying your loans. The sooner you start repaying, the
sooner you will be finished.

9. Step 6: Know your repayment options.
• You can consolidate your loans. This does not change
your interest rate but may make it more covenient for you
to have one bill.
• You can use an income-based repayment program.
This does not change your interest rate and could extend
your term; it may make your payment more affordable
if you have low income.
• You can refinance your loans. This changes your interest
rate and term, and make it more convenient with fewer
bills to pay. You can customize your monthly payment
to your budget.

10. Let us help you!
Downland the complete
Earnest guidebook.