Budgeting for Graduate Applications
Applying for admissions into graduate school is expensive. Your tab, as an applicant, can easily exceed $1000 in mandatory expenses.
Mandatory expenses include:
- Application Fees
- GRE Registration & Score Reports
- GRE Subject Test Registration & Score Reports
- Official Transcripts
Be mindful of the costs associated with each of these and how quickly they can add up. Additionally, be aware of how costs differ in your specific circumstances. We’ll discuss this and other budgeting tips in the following sections.
Application Fees
Each institution and program that you apply to will require an application fee. Expect to pay at least $50 per application, as fees typically fall in a range between $50-$125, but a few can even exceed $300. These are the first expenses to account for as you budget. Even applying to 8 programs at the cheapest of application fees ($50) sets your minimum tab to $400.
8 Schools x $50 per application = $400
When you finalize your school list, make note of the application fees required for each. Add these to set the baseline for your budget. This is usually the bare minimum that you will pay to apply.
GRE Registration & Score Reports (General and Subject Tests)
The second major expense to budget is the GRE. Registration for this test will likely be the largest single sum of money that you pay. The registration fee for the general test is $185 and for subject tests it is $150. Before registering for either of these exams, check with your graduate programs and fellowships to see whether they are required. Though unlikely, some graduate programs do not require the GRE general test. On the other hand, GRE Subject Tests are only composed for a small number of disciplines and are often not required. Only budget for these expenses if they are required.
$25 per application x (8 Schools + 5 Fellowships) = $325
Score reports are an additional expense. Each costs $25. Nearly all of your applications, graduate programs and fellowships, will require official GRE score reports. This is an expense that regularly catches applicants off guard, as $25 per application for 8 graduate programs and 5 fellowships equals $325. Though you will be allowed to send four reports for free with each registration, you will likely still purchase at least a few score reports.
Keep in mind that many students take the GRE multiple times. Have this in the back of your mind as you form your budget.
– Test Prep Materials
Prep classes and materials are available to assist students in studying for the ACT and SAT. While these services are quite helpful, they are not cheap. However, there are several options available to students, many of which are made to be more affordable. Research these options to see if any are of interest to you. Record the costs in your budget to keep track of what options best fit your needs.
Official Transcripts
The last major expenses to budget are official transcripts. These costs vary depending on your undergraduate institution. Some schools require that you pay, while others do not. Check this price at your particular school. Since you will need a transcript for all of your applications, the cost for these add up quickly if officials are required. Additionally, you will need one from each school that you have attended. This includes undergraduate and graduate, for those students that have transferred or have multiple degrees.
Fellowships
As you budget, take into account the non-free components of fellowship applications. The good thing about these apps is that there are no application fees. This alone makes them less costly than graduate program applications. Often, fellowship applications have more lenient requirements for official documents, as many will accept unofficial transcripts and copies of score reports. Find out what your fellowships require when constructing your budget. Please do not overlook these costs.
Budgeting Travel
Travel can make your application budget grow exponentially. One trip, with an expensive flight and hotel, can cost as much or more than all of your application fees combined. Campus visits can be critical to selecting the right graduate program for your needs. Since these visits are usually optional and very expensive, it is imperative that you properly budget for them and use that budget to make travel decisions.
When budgeting campus visits, price flights and hotels to each of the destinations for which you are applying. These are the two major costs. Although you may not travel to each of these destinations, pricing them gives you an idea of what you could potentially spend. Farther travel will typically be the most expensive. Give priority to the locations of the schools for which you are most interested. Budgeting travel is meant to give you a sense of whether or not personally funding campus visits is realistic and if you should pursue other options to help you make your final choice.
Mandatory Minor Fees
The principle mandatory minor fee required to apply to graduate school is postage. As applications continue to move online, less postage is required. These costs are difficult to predict and should be very low. However, they are indeed a cost and should not be overlooked.
Example Budget
We have constructed an example budget for your use. It allows you to plan what we have discussed.
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