Financial Considerations

As with many other decisions, the financial aspect of attending graduate school can be a major determining factor in the decision to further one’s education. Graduate schools can be quite expensive, especially if one has already accumulated debt from their undergraduate degree. Tuition costs for graduate schools in the United States can range anywhere from $15,000 to upwards of $30,000 per year, depending on whether the desired university is public or private. Thankfully, however, there are a number of ways available which can help finance a graduate degree. When considering additional income, many departments, especially those in which students have research or teaching responsibilities, offer tuition-forgiveness and a stipend that pays for most expenses. This allows the student to work on campus in a related field of study, while at the same time paying for their continued graduate research. Also available to help lessen the financial blow of attending graduate school are the many opportunities to receive a private scholarship. Just as students receive scholarships during their undergraduate studies based on performance and extracurricular service, graduate students can expect the same opportunities of financial liberation. In addition to scholarships, stipends, and student teaching, those interested in attending graduate school should look into the availability of financial aid through the desired university and even national sponsorship if transferring from a university outside of the United States.

Cost Expectations
When one considers the cost of continuing education, the first thought is probably tuition. While this is a substantial portion of the expense involved, there are several other factors as well. These include the fees associated with tuition, living expenses, health insurance, and housing for the duration of the program.

The impact of financial aid (whether it be scholarships, federal or private loans, fellowships or assistantships) is a key component of making grad school a realistic option. Another aspect of cost is how much salary would be sacrificed by delaying a career while pursuing the master or doctorate degree. These are valid issues relating to the overall cost of graduate school and are addressed on other pages of this wiki.

The cost per credit hour for graduate school is basically the same as the charge for an undergraduate credit hour. Also, the rate is the same for residents or non-residents of Oklahoma. Fees include application, student association, dissertation and thesis, community and international student. The application fee does not apply to candidates that are graduates of The University of Tulsa or McNair Scholars from any university. The application and international student service fees are nonrefundable. Estimated living expenses consist of books, meals, housing on campus, and personal expenses. The total for tuition, fees and estimated living expenses is the same for both domestic and international students. When combined, the graduate student is looking at approximately $33,000.undefined According the University of Tulsa Graduate School webpage, the following is a breakdown of tuition, fees and estimated living expenses for the 2012-2013 academic year:

Tuition 

$1,035 per credit hour

Fees 

Application Fee: $40

Student Association Fee: $55 (9 or more credit hours)

$5 per credit hour (less than 9 hours)

Dissertation and Thesis Fee: $39 Binding (3 copies)

$13 (Each additional copy)

$65 (Microfilming for doctoral candidates)

$65 (Copyright)

Community Fee: $75 (Per semester)

International Student Service Fee: $150 (Per semester)

Estimated Living Expenses

Books: $1,600

Meals: $4,410

Housing on Campus: $5,524

Personal Expenses: $1,500

Total Tuition

$33,004

Financial Aid Process
Obtaining financial aid for graduate school can be a very daunting and hectic task. It helps to know a few of the details before you determine your odds of being awarded financial support for graduate school. Like undergraduate degrees, the types of scholarships available will depend upon your area of study. Nursing students are able to apply for scholarships which are not available to Petroleum Engineering students, Chemistry students, etc. The three main types of financial aid are scholarships, fellowships, and assistantships.
 *  Scholarships  :    University of Tulsa graduate scholarships are essentially the same as scholarships for undergraduate degrees. They may or may not be based upon financial aid and most normally only cover the cost of tuition. In addition to TU offered scholarships, a list of possible external scholarships and fellowships can be found on the university website.


 *  Fellowships :  A  TU graduate fellowship can be very beneficial to the graduate student. This allows you to perform research in your academic area while attending graduate school. It is a good way to boost your resume while not worrying about making money outside of your intended profession. Typically, fellowships will cover the cost of tuition, provide the student with a stipend, and cover the cost of health insurance. A minimum stipend amount which graduate students receive at TU is $12,121 for the nine-month academic year.


 *  Assistantships :  Those who are working as a  TU teaching assistant (TA) also receive a stipend to cover living expenses. They are employed by the college and help with research or act as a teacher’s aide. The University of Tulsa considers that a full-time graduate student receiving a graduate assistantship has a full-time commitment. Any employment in addition to the assistantship is specifically prohibited. Any violation of this policy will result in the immediate termination of the assistantship. <span lang="EN" style="line-height: 115%; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-ansi-language: EN;">Graduate assistantship applications for the fall semester are due February 1st, and must be sent to The University of Tulsa Graduate School, 800 South Tucker Drive, Tulsa, OK, 74104.

<span lang="EN" style="line-height: 115%; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-ansi-language: EN;"><span lang="EN" style="line-height: 115%; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-ansi-language: EN;">Application forms for all assistantships, fellowships, and scholarships are available from the Office of the Graduate School, which is located in Lorton Hall, room 201. The general application deadline for most assistantships is February 1st. However, some specialized assistantship, fellowship, and scholarship programs have a deadline of January 15th. Students awarded financial assistance must be enrolled in at least nine hours of graduate work during the fall and spring semesters. Students must also maintain a 3.0 minimum grade-point average in graduate studies to remain on an assistantship, fellowship, or university-offered scholarship.

<span style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-bidi-font-size: 10.0pt;">(International Students Only)

<span style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-bidi-font-size: 10.0pt;"> <span style="font-family: "Calibri","sans-serif"; mso-bidi-theme-font: minor-latin; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-size: 10.0pt;">The University of Tulsa requires confirmation of financial resources from all applicants who are not United States citizens or who are not holding permanent resident (immigrant) visas at the time they apply for admission. These statements must be on file at The University of Tulsa before final admission is granted .  Applicants are advised that <span style="font-family: "Calibri","sans-serif"; mso-bidi-theme-font: minor-latin; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-size: 10.0pt;"> tuition, fees, and other charges for the semester or session are due at t he beginning of each term. I <span style="font-family: "Calibri","sans-serif"; mso-bidi-theme-font: minor-latin; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-size: 10.0pt;">nternational student must be prepared to meet these obligations. If an applicant will be receiving financial aid from a sponsoring agency, a letter of sponsorship bearing an original signature must be enclosed in the confirmation of financial resources form.

Health Insurance
One aspect of graduate school which most people fail to consider is health insurance. All TU students (undergraduates and graduates) are required to have health insurance which pays benefits in Oklahoma. Health insurance for graduate students who are on a university fellowship or an assistantship (and do not have adequate health insurance) will be provided by TU.

Other than these two cases, the graduate student must either provide the university with his/her insurance verification or they can purchase health insurance through the university. To ensure that all university students have adequate health insurance TU automatically charges each student's account for the university health insurance plan. To be removed from this list a student must provide proof of insurance so the deduction will be credited back to his/her account.

Through BollingerColleges (the university insurance provider) a student can purchase a health insurance package with a $443 semi-annual rate which requires a $250 deductible. A number of other health insurance packages are offered as well and can be found on the link provided above.

Tax Information
As the potential graduate student ponders the pros and cons of continuing education, it is important to consider how taxes might weigh in on the matter. Financial aid in the form of grants, scholarships, fellowships and assistantships will ease the financial burden of tuition expenses for some grad students. Many will fund their education through government and private loans. Fellowships and assistantships cover the cost of tuition and student health insurance plus include a monthly stipend. Generally, these stipends are considered as taxable income and are therefore subject to federal income tax. The full-time grad student is usually exempt from FICA and Medicare taxes pertaining to these stipends.

Two types of tax benefits available to graduate student are tax deductions and tax credits. A tax deduction is a reduction in taxable income. In other words, it is subtracted from the gross income before taxes are calculated. A tuition tax credit is a direct reduction in the amount of federal income tax after taxes are calculated. The IRS encourages the pursuit of higher education by offering the American Opportunity credit and the Lifetime Learning credit. The American Opportunity credit applies only to undergraduates. Graduate students may take advantage of the Lifetime Learning credit. This credit allows a reduction of up to $2,000 in federal tax liability, provided the taxpayer’s modified adjusted gross income (MAGI) is less than $61,000 for a single filer or $122,000 for a joint filer. This credit has no limit on the number of years that can be claimed by a taxpayer.

Deductions are important for the person contemplating higher education because there comes a time when the accruing student loans must be repaid. The interest paid on a student loan is deductible. This deduction, when applied to the individual’s annual income tax form, lowers the taxable income.

Another deduction is institution tuition and fees (along with books and supplies if purchased from the university). Living expenses, health insurance and transportation costs are not deductible. This can reduce the taxable income by up to $4,000 with a MAGI limited to less than $80,000 for a single filer or $160,000 for a joint filer. This deduction cannot be used with the Lifetime Learning credit. It is the taxpayer’s responsibility to select the option which provides the greatest benefit, as the IRS does not allow both to be claimed.

Publication 970,”Tax Benefits for Education”, has detailed information necessary to the graduate student. It can be downloaded from www.irs.gov. Remember, tax laws are subject to change so it’s not a bad idea to talk with a tax professional.