Why should you attend Graduate School?

You may have heard people say that the master's is the new bachelor's. It's true. Many positions require a master's because it implies that these candidates possess strategic thinking skills that are important to employers. Master's programs help students develop analytical, strategic/creative thinking and presentation skills. The more degrees you have, generally speaking, the more decisions you make.

People attend graduate school because:

• they are seeking a profession that requires specialized training such as medicine, law, or social work; or

• their career has climaxed and requires advanced education to receive a promotion.

To move up in business, or any other industry for that matter, you need an advanced degree because it differentiates you from other candidates. The truth is that no one has to further their education but the people who do invest the time and money reap the benefits down the road.  

Did you know?

• Only 4.5 percent of the U.S. population has degrees beyond the bachelor's level

• Average master's degree makes $8,000-$10,000 more than a bachelor's

The following plan will help you get started on the right path to select a graduate school and provide the steps to get accepted. First, you must look at your current career path and your proposed destination. You will need to analyze your strengths, weaknesses, financial situation and social situation. It will also be necessary to prioritize your needs. Then set short term and long-term goals. This will require much research because you need to make sure that the degree you receive will advance your career in the desired direction.

In selecting a program you should consider:

1. A School's Reputation. The school should have an established reputation of accreditation and leadership in the field of your choice.

2. A Program's Reputation. A program's reputation in a particular field may carry weight in the job market, however, the school's reputation would not. You must clearly define your goals and ask if graduates of the program go on to leadership and well-paying positions in the field.

3. Faculty. The faculty should be published and well established at the graduate school within a program of interest. The faculty should have current publications, and strong funding on research and reputations. The desire of every graduate student should be to find a strong mentor within the program with established connections in the field. 

4. Location . If the student is restricted on travel than they should research the schools and programs in their area and apply to the best program. Or a student may choose an online program. Keep in mind, however, that Internet courses, although flexible, often do not provide hands-on instruction or review. In my opinion, time with your classmates is important because you share your life experience and that is half of the learning experience. Many employers like two-year MBA programs because they cover all necessary material. It is thought that shorter programs do not turn out as informed candidates. Some schools require MBA candidates to have at least two years of work experience so that they can make useful contributions in class based on their real life experiences, things that you cannot learn in a book. You may also need to factor in extended class hours/sessions, because graduate school often requires multiple after-school or weekend projects with classmates. Some programs require your presence 40 hours per week, especially professional programs. 

The school you attend is going to be a valuable networking resource. That is why you need to get into the best school you can because your classmates can help you out along the way.

According to a National Association of Colleges and Universities Survey conducted in August 2004, Miami was the seventh most expensive place to live in the United States, however it ranked the 120 th city in pay. This data raises the question, "Are you getting paid what you are worth? And could you be enjoying a higher standard of living in another city with the same company?" Residents in 119 cities are making $500 to $1,200 more per week than Miami residents.

5. Price Tag. The debate really centers on public vs. private graduate schools. Potential students should be aware that some private graduate programs are not eligible for federal funding; therefore low interest federal loans may not be available. Public schools in general have easily accessible low-interest federal dollars for graduate school. The average private university tuition for one year averages around $20,000. Public university in-state tuition for one year averages around $3,500 dollars. If attending a professional program, it is important to remember that whether you attend a public or private school, you will still be that professional when you graduate.

6. Class Representation and Size . Most graduate school classes consist of a tight-knit group of individuals with similar goals and interests. Remember that small graduate schools may not have the resources for research or academic training compared to larger graduate programs. Additionally, a student should consider if the graduate program is religious, conservative, liberal or politically motivated. Class diversity should be available to a potential student to determine if they are comfortable with the diversity of the school.

7. Available School Hours. Some graduate programs offer classes only during limited school hours and offer no flexibility with course scheduling. However, larger graduate schools may offer some course flexibility. Graduate school hours are set by the program director, however teachers may require additional flexibility for specialty programs. Moreover, in general many special projects are required for graduate school completion, which may require multiple after-hours' meetings. For example: a master's thesis may require extensive planning and preparation for presentation far exceeding the standard graduate school hours.

8. Length of Program. Many programs have different time requirements for the degree. Some professional programs require less time on internships and class attendance. Moreover, certain schools offer longer breaks between semesters and more holidays. You need to choose the program that suits your lifestyle and individual needs.

The areas listed above are exceedingly important to the Alumni or student interested in pursuing a higher degree of education. It is important to realize that in the game of life you need to be competitive. Therefore, you should apply to a variety of schools, from wish list to sure thing. You just might surprise yourself. An applicant must understand the importance that cultural diversity plays in the rest of the United States. Of course you need to have a decent GPA and entrance exam score, but a candidate also needs to focus on what makes them different from everyone else. These different cultural experiences influence individuals' thinking and perception thereby giving them a different opinion than someone with a different experience or background.

Helpful Websites

www.gradschools.com

www.petersons.com

www.princetonreview.com

www.gradschooltips.com

www.free-4-u.com/african.htm

www.uncf.org

www.bls.gov

How to pay for your master's program

1. Snag a fellowship or assistantship. This is where the money is for many graduate students, especially those seeking Ph.D.s. While undergraduates generally receive grants based on need, at the graduate level such awards are usually merit based. Fellowships usually have no work requirement, while graduate assistants typically teach, grade papers, lead discussion groups, supervise lab courses or assist faculty with research.

How much fellowship and assistantship aid is available varies widely depending on your field. Stipends of $15,000 are typical. The first step toward getting a fellowship or assistantship is to indicate on your admissions application that you want to be considered for all forms of financial aid. The choicest awards are often made by departmental committees on the basis of application materials and sometimes-supplemental recommendations. Several government agencies and private organizations also sponsor outside fellowships that students can apply for on their own. Some of the more prestigious (and competitive) programs include National Science Foundation fellowships in the sciences, mathematics and engineering; Mellon fellowships in the humanities; Ford Foundation fellowships for minorities (blacks, Hispanics, and American Indians); and American Association of University Women fellowships and grants for women. Two good online resources are Cornell University's free Graduate School Fellowship Database (at cuinfo.cornell.edu/Student/GRFN ) and Grant Select ( www.grantselect.com ), which offers a free one-week trial.

2. Borrow wisely. While six-figure debt is more typical of law and medical school students, 54 percent of full-time graduate students and 80 percent of full-time professional students find they need to borrow to cover their expenses, according to the National Center for Education Statistics. Average debt, including undergraduate loans, tops $29,000 for master's-degree students and $80,000 for professional-degree students.

Subsidized Stafford loans are generally the cheapest way to go. Rates currently are just above 3.4 percent, and you can borrow up to $8,500 per year ($65,500 overall). The federal government pays the interest on your loan while you're in school and for six months after you graduate or drop below half-time status.

Students qualify based on financial need, so it's necessary to file federal aid forms (the FAFSA, or Free Application for Federal Student Aid) to get subsidized loans. If your need is high, you may also be offered a subsidized Perkins loan, with an interest rate of 5 percent.

For students who own a home, a home-equity loan or line of credit is another attractive choice. Many banks were recently offering lines of credit at 4 percent or less, and the interest you pay is generally tax deductible.

Some doctors, lawyers, and teachers may be able to have their debt forgiven after a few years of service.

3. Let your employer pick up the tab. Don't overlook your employer as a source of tuition funds. About 44 percent of employees at private firms have a benefit that helps finance job-related educational expenses, and 11 percent can tap their employer's pocket for courses that aren't job related. Forty-three percent of M.B.A. students receive some kind of employer aid. At FedEx Express, for instance, about 10 percent of employees take advantage of tuition reimbursement of up to $3,500 a year for work-related courses.

4. Don't miss these tax breaks. Students paying out of pocket for tuition and fees can take advantage of the Lifetime Learning tax credit, worth up to $2,000. The credit equals 20 percent of the first $10,000 you spend in tuition and fees each year. A tax credit reduces your tax bill dollar for dollar. A temporary tax deduction is also available for higher-ed expenses in 2004 and 2005. Expenditures for tuition and fees up to $4,000 are eligible. Both the credit and the deduction are available whether or not you itemize deductions. But you can't take advantage of both at once, so you'll probably have to do some number crunching to figure out which one is more valuable to you. Because the tax credit and the deduction are phased out at different income levels, some students will qualify for the deduction and not the credit.

5. Use a 529 plan for savings. If you're planning ahead, consider state-sponsored 529 plans as a tax-advantaged way to save for your own educational expenses. While they're generally promoted as a way to save for a child's future undergrad career, most 529 plans allow you to name yourself as beneficiary. The advantage to 529s is that your earnings are tax-free when withdrawals are used for qualified educational expenses (including tuition, fees, room and board, and books). Plus, residents of 26 states and the District of Columbia get a state tax deduction or tax credit for their contributions, too.

For more information visit www.fiu.edu/gradadm.