There are a number of financial factors that need to be evaluated when considering graduate school. Naturally, there are the typical expenses associated with an education, such as tuition, fees, and living expenses. These expenses can often be fully or partially covered with a scholarship, assistantship, fellowship, or another form of financial aid. Internship earnings or reimbursement through an employer’s tuition assistance program are also sources of funds for some. Another financial consideration is the “opportunity costs” associated with not having full-time employment for the two or more years that it will take to complete an advanced degree. Opportunity costs are usually recovered in a relatively short time due to the increased earning potential that an advanced degree in engineering offers. More information on some of the mentioned topics follow.
For additional information see the ISU Graduate College’s information on financing graduate study (www.grad-college.iastate.edu/common/finance/)