Written by Renita Burns on August 11, 2010 | Print Blog
Economista: How to Pay for Grad School
A money guide for 20-somethings
It seems like almost everyone I graduated with is quitting the workforce to attend graduate school, or they're at least contemplating the decision. I must admit, I’ve thought about attending grad school as well but the hefty price tag has me seeing red (as in "in the red" aka broke). While some students are fortunate enough to attend grad school for free through various programs, others are not so lucky. For the countless other 20-somethings out there considering grad school, here are some ways to trim down costs, if not attend for free.
Early withdrawals from your IRA: Tapping into your IRA can be one way grad school students can defray the costs of student loans or overextending their bank accounts. While it’s ideal to start saving for retirement early, that can be difficult to do with thousands of dollars in student loan debt. You can withdraw from your IRA for education costs without the 10% penalty. There is a chance you will still owe federal income tax. For more, visit IRS.gov and read Notice 97-60, Using IRA Withdrawals to Pay Higher Education Expenses.
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Keep the Faith!
Until next time,
~E
~E
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