A feasible financial plan to cover the costs of tuition and expenses is foundational for wellbeing in graduate school, but there is no one-size-fits-all paradigm. With that variability in mind, our emphasis for wellbeing is on transparency, which allows students to have the information they need before they enroll and throughout their program.
Providing key information (about educational costs, opportunities for funding or employment, the expected length of program and more) during the admissions process allows students to make well-informed decisions. Continued clarity about funding helps lower students’ stress as they progress through the program.
Helping students create a plan for sustainable funding - by sharing information about funding resources, eligibility, timelines, and application processes - lowers uncertainty and allows students to devote their time to their educational goals. Having a working knowledge of the multiple campus units that can be involved in funding for graduate education (the Graduate College, the Office of Student Financial Aid, the University Bursar, Illinois Human Resources, departmental business offices) enables smooth connections to available resources. You don't need to have all the answers, but knowing where to ask which questions can make a challenging process easier.
While a program may have limited resources, in order to support students it is important for departments to have an up-to-date and accurate picture of how finances work for students in their program. Money can be an uncomfortable topic, and it can be easy to rely on assumptions of how finances work that may be outdated or only true for a subset of students.
Questions to consider around financial wellbeing:
- Is the information students are provided in the application and admissions process about the educational costs and opportunities for funding as clear as it can be? Are terms like “assistantships” or “waiver” defined so that students can understand? Are the details of multi-year funding commitments communicated?
- What is the process for incoming students to apply for funding or be appointed to assistantships? If funding opportunities are offered throughout the program (like assistantships or fellowships), how are these communicated to students? Are these managed centrally within the department or managed individually by opportunity? How do students learn about the process?
- When do students receive information about funding for each upcoming semester?
- How does the funding that students receive align with their financial needs? Are students taking on additional employment or loans? Are there certain points in the program when this is more common?
- How does the program length align with funding? For programs where students received a certain number of years of funding, do they typically complete the program within that time?
- Where are the financial pain points for students in your program?
- Is summer funding available and how do students find it?
- Is conference travel funding available? Is the payment/reimbursement process straightforward?
- Is moving a challenging expense for new students?