How do you pay for grad school
Debated whether this goes in Tilted Finance, finally decided here because my question is more about what happens in grad school rather than about the specifics of loans, etc.
Anyway, I'm applying to PhD programs in engineering and I'm trying to figure out how much I or my family will have to contribute out of our own pockets or in the form of loans. I'm not asking for a dollar amount but rather what I'll need to dish out my own money for. I know that there are fellowships (national ones like NSF, Dept of Defense and ones that individual schools award) that you can apply for, but my question is primarily what happens if I don't get those.
I understand that once I get settled in a lab and start doing research, I'll probably have the tuition waived and get a small yearly stipend, so as for all these concerns about financial aid, where should my concerns be about? I get the impression that I'll need funding (either from my family or from loans) primarily for 1) additional living expenses beyond the stipend and 2) the first year of grad school before I start doing research or teaching. Is this correct?
A lot of websites mention fellowships from individual schools I can apply for. I know things vary for each school, but should I consder these fellowships as only for the top students and therefore something I should not rely on?
Thanks for all your help!
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