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Post by deafpea on Aug 14, 2021 2:35:09 GMT
EDIT: Thank you, everyone! I've figured out the best plan for me and am ready to start on Monday!  Hi Pea friends! And especially grad school Pea friends! I was accepted into a grad school program to get a Masters in Deaf Education! I start Monday Aug 23. I'm pretty excited! I'm doing this now because I got a grant from my state legislature that will pay for my school expenses up to a certain amount per year. The way it works is, I pay upfront, then at the end of the semester, I turn in all my receipts and then will be reimbursed. I was thinking of applying for a 0% credit card that will be used ONLY for school expenses so it's easier to keep track of things. I thought with 0%, I could pay the minimums each month until I get reimbursed then pay off the rest with the grant money, and pay myself back for the money I paid each month. Is this a good plan? Any other ideas? And any advice on how to manage school, work, family, home and personal life without losing my mind? LOL Merilee |
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Post by katlady on Aug 14, 2021 3:51:14 GMT
First, congratulations on grad school!!
Make sure you read all the fine print on the 0% credit card. Make sure you can pay off the balance before the 0% time period ends. You can be hit with retroactive interest rates on any unpaid portion.
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Post by malibou on Aug 14, 2021 4:07:24 GMT
Congratulations!
Yup, read the time print.
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mimima
Drama Llama
Stay Gold, Ponyboy
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Post by mimima on Aug 14, 2021 4:32:45 GMT
Congratulations
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cycworker
Pearl Clutcher
Posts: 4,387
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Post by cycworker on Aug 14, 2021 4:46:11 GMT
Congratulations!
I was thinking a line of credit might be more useful?
If I were in your spot, I'd go talk to an advisor at my bank.
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Post by magellen on Aug 14, 2021 6:01:05 GMT
I am surprised that they don’t give you a stipend each month. You must pay the credit card off each month so unless you can do that don’t do that.
Talk to the financial aid office. They have the experience on how to handle your bills.
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Post by mom on Aug 14, 2021 6:06:09 GMT
This would not be my first choice. What if you cant pay the bills each month?
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luckyjune
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Post by luckyjune on Aug 14, 2021 6:16:28 GMT
Congratulations! Grad school, family, working...just accept that insanity will rule your life for awhile. That, and writing papers at 1:00 in the morning because the time has to come from somewhere! Good luck! I loved grad school, even though it was a crazy time!
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Post by brynn on Aug 14, 2021 7:19:22 GMT
Congratulations!! You have been given good advice.
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Post by mikklynn on Aug 14, 2021 11:51:28 GMT
Be sure you understand how long the 0% offer lasts. If it's for a year, and you can pay the balance before the end of the year, it's a good plan.
The only risk is if something happens to prevent you from finishing and being reimbursed.
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Post by Basket1lady on Aug 14, 2021 12:20:37 GMT
Also look into a personal loan or a student loan. I would think that a student loan would have more favorable interest rates than the others. When DS got his loans for grad school, he made sure that he can pay them off early with no penalties.
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Post by lisae on Aug 14, 2021 12:25:14 GMT
Congratulations! I agree with others about checking with a bank or the financial aid office before using a credit card. If there is any delay in getting your payment at the end of one semester before you have to pay for the next semester, you could end up with a hefty balance on a month or two in between.
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Deleted
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Oct 5, 2024 5:03:04 GMT
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Post by Deleted on Aug 14, 2021 15:05:57 GMT
Congratulations!
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Post by ~summer~ on Aug 14, 2021 15:37:48 GMT
I would not use a separate credit card.
I don’t think you’d have to wait until the end of the semester to submit receipts?
Your expenses should all be upfront at the beginning of each semester and you can submit them then right? I would just use your regular checking or credit accounts.
Keep an envelope to track all receipts.
As long as you submit them you’ll get reimbursed right?
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Post by katlady on Aug 14, 2021 15:42:04 GMT
I would not use a separate credit card. I don’t think you’d have to wait until the end of the semester to submit receipts? Your expenses should all be upfront at the beginning of each semester and you can submit them then right? I would just use your regular checking or credit accounts. Keep an envelope to track all receipts. As long as you submit them you’ll get reimbursed right? My Company wants proof you have passed the class before they reimburse you. So we can’t submit the receipts as the costs are incurred. We have to wait until the end of the semester. |
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Post by ~summer~ on Aug 14, 2021 15:43:57 GMT
I would not use a separate credit card. I don’t think you’d have to wait until the end of the semester to submit receipts? Your expenses should all be upfront at the beginning of each semester and you can submit them then right? I would just use your regular checking or credit accounts. Keep an envelope to track all receipts. As long as you submit them you’ll get reimbursed right? My Company wants proof you have passed the class before they reimburse you. So we can’t submit the receipts as the costs are incurred. We have to wait until the end of the semester. im guessing the state though doesn’t require proof of passing. But maybe you’re right. |
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Post by mom on Aug 14, 2021 15:59:11 GMT
Also look into a personal loan or a student loan. I would think that a student loan would have more favorable interest rates than the others. When DS got his loans for grad school, he made sure that he can pay them off early with no penalties. And aren't they in forbearance as long as you're in school? Atleast I think so? You can always pay on them while in school but if something happened you wouldn't be required to make any minimum payments til you were done or got reimbursed. |
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Post by Basket1lady on Aug 14, 2021 19:27:02 GMT
Also look into a personal loan or a student loan. I would think that a student loan would have more favorable interest rates than the others. When DS got his loans for grad school, he made sure that he can pay them off early with no penalties. And aren't they in forbearance as long as you're in school? Atleast I think so? You can always pay on them while in school but if something happened you wouldn't be required to make any minimum payments til you were done or got reimbursed. It depends on the loan. Some require nominal payments during school. DS probably told us what kind he had, but I’ve forgotten by now. They’re his problem, not ours! |
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clen
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Jun 19, 2021 18:33:04 GMT
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Post by clen on Aug 19, 2021 7:41:56 GMT
Also look into a personal loan or a student loan. I would think that a student loan would have more favorable interest rates than the others. When DS got his loans for grad school, he made sure that he can pay them off early with no penalties. Ageed with your view completely. Off course, the student loans offers more favorable interest rates than the personal loans comparatively. And if you compare the payday loans in Fl with the personal loans then the personal loans are much better in terms of interest rates. But the disbursement procedure of these loans is better than any other loans. |
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twinsmomfla99
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Post by twinsmomfla99 on Aug 19, 2021 8:31:44 GMT
Also look into a personal loan or a student loan. I would think that a student loan would have more favorable interest rates than the others. When DS got his loans for grad school, he made sure that he can pay them off early with no penalties. And aren't they in forbearance as long as you're in school? Atleast I think so? You can always pay on them while in school but if something happened you wouldn't be required to make any minimum payments til you were done or got reimbursed. At the graduate level, there are no subsidized loans. You don’t usually have to start paying until you finish the program or stop attending, but interest is accruing from day 1. |
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Post by Basket1lady on Aug 19, 2021 9:01:57 GMT
And aren't they in forbearance as long as you're in school? Atleast I think so? You can always pay on them while in school but if something happened you wouldn't be required to make any minimum payments til you were done or got reimbursed. At the graduate level, there are no subsidized loans. You don’t usually have to start paying until you finish the program or stop attending, but interest is accruing from day 1. DS says that there is an option to request a deferral because of Covid. I don't know much about it though, since they are his loans and we didn't have anything to do with them. I do know that for grad school, he had to maintain at least a 3.0 gpa. |
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Post by Really Red on Aug 19, 2021 13:20:05 GMT
First of all, congratulations! And second, congratulations that you have a grant!!
I would not do something like that with credit. First of all, not paying off the card monthly in its entirety will affect your credit (you'll be carrying a balance). Taking out a loan and paying it back affects your credit, but not as much. I would definitely talk with a financial advisor and find out the best way to do this without affecting your credit.
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samantha25
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Post by samantha25 on Dec 28, 2021 3:26:20 GMT
I'm really wondering how anyone is supposed to afford it without taking out a million loans! I'm hoping to work in school too though, and I've actually set up some online teaching jobs that I anticipate continuing as a grad student. It's great because they're flexible and I can work as much or as little as I'm able (plus the companies that I work for don't involve lesson planning). All the same... a scholarship would be nice. 😂 Very difficult for an advanced degree. I will be paying about $350/month until I am 70 years old for a PhD in Molecular Biology. |
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AmeliaBloomer
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Post by AmeliaBloomer on Dec 29, 2021 15:56:02 GMT
As perhaps the only other person reading this thread with the same degree, 1. Congratulations! and 2. I send you buckets of memorization skills needed for the anatomical minutiae in a class like “Anatomy and Physiology of the Speech and Hearing Mechanism.” Or maybe open book tests.  |
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twinsmomfla99
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Post by twinsmomfla99 on Dec 29, 2021 20:27:26 GMT
I'm really wondering how anyone is supposed to afford it without taking out a million loans! I'm hoping to work in school too though, and I've actually set up some online teaching jobs that I anticipate continuing as a grad student. It's great because they're flexible and I can work as much or as little as I'm able (plus the companies that I work for don't involve lesson planning). All the same... a scholarship would be nice. 😂 As a graduate programs advisor, I can tell you that many students getting advanced degrees are using employer funding or VA benefits. At least half of my online MBA and Healthcare MBA students have some sort of employer funding or VA benefits. In Business Data Analytics and Business Cybersecurity, it may be higher than that. The more useful the degree in a business setting, the more likely it is that the employer will help pay for it. Because most employers can only deduct $5000 per year for employee education benefits, that is the new limit for many companies. That's why I have developed extended plans of study that allow the student to spread the degree out over a longer time to qualify for benefits longer. Students who are getting a masters to improve their employment opportunities (as opposed to getting one to benefit them in the current workplace) are more likely to be paying out of pocket and thus looking at loans. Most of our online programs are a flat $820 per credit hour, regardless of how many credits you take each term. Some students choose to take out loans for these courses, while others work with me to develop a plan of study that only has them taking 3-4 credits per term. If they set up the payment plan through our student accounts office, they can spread the cost of tuition across 5 monthly payments, which isn't awful. They can also take out a small loan to reduce the tuition bill and pay the rest on the monthly plan, limiting the amount of student debt. There are very few University scholarships available for online students because the tuition is much lower than it is for on-campus programs. On-campus programs are a different animal altogether. Most of these students are "super seniors" who need a masters to get a job. We have a lot of liberal arts students who do our on-campus MBA or the on-campus HR program. There are some merit scholarships and graduate assistant positions to help with the cost, but there are far fewer of those available than most students realize. We have some "loyalty" programs that give in-state tuition to out-of-state residents who completed their undergrad here, and that can really reduce the cost. Tuition for on-campus programs is capped at 9 credits, so even though a full-time student may be registered for 15 hours, they only pay for 9. Funding for grad school is complicated because the only aid sources available for most adult learners are loans, employer funding, or VA benefits. ETA: The more you can "pay as you go" or limit your spending, the better off you are. Grad school loans start accruing interest from the day they are distributed to the student's account. If you take years to complete your degree before you start paying back loans, you have already increased you loan balance dramatically before you even make your first payment. I cringe when I hear students talking about the big loan refund they got after paying tuition and how they plan to use part of it for travel over break. If they don't really "need" the money, they would be so much better off not accepting the entire approved loan amount so they decrease their repayment obligation. |
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twinsmomfla99
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Post by twinsmomfla99 on Dec 29, 2021 20:42:58 GMT
EDIT: Thank you, everyone! I've figured out the best plan for me and am ready to start on Monday! Hi Pea friends! And especially grad school Pea friends! I was accepted into a grad school program to get a Masters in Deaf Education! I start Monday Aug 23. I'm pretty excited! I'm doing this now because I got a grant from my state legislature that will pay for my school expenses up to a certain amount per year. The way it works is, I pay upfront, then at the end of the semester, I turn in all my receipts and then will be reimbursed. I was thinking of applying for a 0% credit card that will be used ONLY for school expenses so it's easier to keep track of things. I thought with 0%, I could pay the minimums each month until I get reimbursed then pay off the rest with the grant money, and pay myself back for the money I paid each month. Is this a good plan? Any other ideas? And any advice on how to manage school, work, family, home and personal life without losing my mind? LOL Merilee Does your school offer a payment plan like the one I mentioned above? Ours is interest-free, but you do have to pay a $25 enrollment fee for the plan. If you can stretch out your program by taking an affordable number of credits each term, you could "sacrifice" the first term and pay off the balance before you get your reimbursement. Then when you do get reimbursed, you would have that money to pay for the next term. Since you are limited to a certain amount of funding per year, this might allow you to work within that limit to get the entire program covered. Also, are your courses full-term or half-term? Most of our online programs are 8-week courses and are offered in the first and second half of the term. Professors report first-half grades to the Registrar at the end of the 8-week course, but those grades are not "official" on the transcript until the end of the entire semester. For some students getting employer reimbursement, they have to report grades to the employer within a certain number of weeks after the end of the class, which presents a problem. Fortunately, they can request a report from the Registrar with their mid-semester final grades that were reported by the professor and get the reimbursement on time. Students sometime set up the payment plan and request mid-semester final grades for a reimbursement, then use that amount to help make the payments for the rest of the term. Then when they get the reimbursement for the second half of the term, they apply that to the bill for the next semester and set up the payment plan for a smaller amount for the next term. It is definitely a cash-flow issue for them to figure out, but if done correctly, it can be helpful. |
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