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Getting the Money Lynn Curry McNair Director and Grad School Coach Central Michigan University.

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Presentation on theme: "Getting the Money Lynn Curry McNair Director and Grad School Coach Central Michigan University."— Presentation transcript:

1 Getting the Money Lynn Curry McNair Director and Grad School Coach Central Michigan University


3 Seriously. Meaningful Contact = Money So how you do suppose you go about doing this?

4 ACTION STEPS Start by emailing prospective faculty advisors Introduce yourself and your interest in their work and program; ask if they are taking on new graduate students next fall Talk to the departmental secretary and find out how many students are typically accepted, how many are funded and what the average stipend is Find out if the school has a McNair fellowship or other incentives for McNair scholars Contact the graduate coordinator in the department to express your interest in the program and the possibility of a campus visit

5 Figure out your current situation AND your ideal situation. Meaning how much debt will you have for undergrad, how much are you willing to accrue for grad school and what kinds of locations are you considering.

6 What kind of money will you get? Teaching and research assistantships Apply early! Secret: look for assistantships in other departments Fellowships University level and national level Tuition waivers Scholarships To supplement Travel grants To conduct research and present at conferences Loans To supplement

7 You need to apply and get accepted in order to find out how much this gig will cost. SUBMIT YOUR FAFSA IN JANUARY

8 Skinny on the numbers So the deal is that most *competitive candidates* (read: McNair scholars) will receive some kind of assistantship that will include tuition and hopefully health insurance Stipend ranges are from $10,500 - $30,000 You should all be in the sciences – joking! But not really. Ideally, you want the offer for five years, but not all institutions will do this Ex. CMUs clinical psychology program

9 Masters (if you need to do this first) Its best and most efficient to go directly into a fully funded Ph.D. program (theres just more money there) This wont be possible in all disciplines, so the *SECRET* is this: Make friends with the faculty even though you wont necessarily be looking for a faculty advisor If your program is practitioner-oriented, remember that you have research experience and see if there are a *limited* number of research assistantships available – there usually are! Ex. Social Work (MSW) Look for *administrative* assistantships in other places on campus Diversity office McNair Residence Life (this is a great place for RA-types!) Student Life

10 CMU McNair Scholar Case Studies FROM THE SOURCE

11 ULTRA IMPORTANT! You need to get your funding offer in writing REPEAT: You need to get your funding offer in writing Ex. Colorado State Typically, you are admitted first, then you get your funding package…

12 BIG * BIG * MONEY Big money – like Ford, NSF and Truman – to the tune of $30,000 per year + tuition – can be applied to any graduate program Highly competitive – a lot of work! Caitlins experience at Portland

13 Search engines for fellowships

14 Proposal Writing Tips Applicant requirements Budget limitations Time factors – make time to search and write! Tailor your proposal to granting agency interests - know your audience! Read successful proposals (university fellowship offices; McNair office) Format appropriately Keep to the word limit Define the unfamiliar Use granting agency forms, if provided

15 Proposal Writing Tips Narrow your focus -- find a question that follows logically from an existing line of inquiry Make sure you have a hypothesis … or more than one. Boil down your research goal to a specific question Demonstrate understanding Convey need - hot area of discipline Establish regional/national/global significance (e.g., further social goals, have policy implications) Justify why the problem should be of interest to the funding source.

16 Proposal Writing Tips Doable scope on a dissertation time scale and with the resources available Write and rewrite Ferret out typos and any unclear or underdeveloped sections of your proposal Ask professors in your field to serve as readers Prep your recommenders -- 3-4 usually required

17 Supplemental money (read: loans) Chances are, even if you receive a pretty decent funding package, you may need/want to take out some loans (especially if you came out of undergrad debt free) Several kinds of loans Perkins – low interest (5%), doesnt accrue interest until youre done, can get up to $8000/year, these are THE BEST! Subsidized Stafford – low interest (7%), doesnt accrue interest until youre done, can get up to $8500/year Unsubsidized Stafford – low interest (7%), DOES accrue interest while youre in school, can get up to $20,500/year Grad Plus – bit higher interest (9%), can get the remainder of what you need, requires a credit check!

18 Be sure youre building good credit! If you dont have a credit card, get one! Dont abuse it Dont be late with payments Good credit is needed for loans that are not government sponsored

19 BE GOOD WITH YOUR MONEY There are a ton of resources out there – find one or two and use them! McNair will be more deliberate in this area My personal favorites: I love SUZY Motley Fool Talk to Chuck (this always makes me laugh!) The Money Ride Dave Ramsey

20 Grad School Heaven Pretty decent site with baseline info on grad school.

21 Other key sites for program searching and money searching

22 Big City ~ College Town ~ Rural What will it be? Consider the differences.

23 McNair: You Are Special. McNair Fellowships & Fee Waivers



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