Earnest Loans – Personal finance, the new-fashioned way

What you need to know about the move

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Evaluate the whole package

When you first receive an offer from a company, don’t focus solely on the proposed salary. While certainly important, annual income is just one category of many within career negotiations.

“Take time to think about all of your interests,” Thomason says. “You could get compensation through a bonus or equity, but you also might care about the projects you’re assigned.”

Thomason recommends bundling important issues together to determine which package meets your interests in the best way. For example, if your prospective employer offers you a raise to move to the Chicago office, but you want to be in San Francisco, try negotiating other aspects of a job, perhaps a particular project in that office that could advance your professional goals. Vacation and healthcare are other significant factors that contribute to your quality of life.

Prepare ahead of time

Don’t rely on your improvisational skills to carry you through the negotiation process. There are several things you can do ahead of time to make sure you’re on top of your game when it really matters.

Start off by researching the position’s market value to give you a basis for typical salary and benefits. This helps to legitimize your request, Thomason says. “If the offer strikes you as absurdly low, be prepared to use your research to say, ‘We’re not even in a reasonable realm.’”

Next, grab a friend and practice the negotiation process through role play. Rehearse using authentic language that resonates with who you are. You’ll also work out any hiccups so that you phrase your requests in the most appropriate way during the actual conversation.

Leverage your social networks

Professional networking is now easier than ever. And while you might think your connections only come in handy when trying to get your foot in the door for an interview, you can also leverage these relationships to guide you through the negotiation process.

Thomason advises turning to other people in comparable roles in your field to get an idea of industry compensation standards. Depending on the situation, you might also seek advice from someone in the company whom you met or interviewed with, but isn’t making the offer. If it feels appropriate, that person may be able give you insight into the organizational norms and other nuances.

Plan your alternatives

After completing your research, think about your alternatives to use as a source of leverage. In other words, what do you do if you don’t come to a deal? “At the negotiating table, you may feel a lot of inertia to come to a deal. Perhaps you have invested a lot of time and energy in the current negotiation. But if you could do better elsewhere, you want to know that and be prepared to walk away to that better offer,” says Thomason.

Even if you do come to a deal, knowing what you could receive at another company can be helpful for negotiating for all of the issues that are important to you. Thomason suggests, “If there’s only one thing that’s different between two offers, carefully say, ‘I appreciate your offer and I really like a lot of what you’re proposing, but here’s the one thing that’s missing. Can you help me get that?’”

Remember: There is life after negotiations.

Your first round of negotiations is never the last. “Just because someone says no today doesn’t mean that’s a no forever. Once you’re in an organization, you can and should continue to negotiate your career.” Of course, that doesn’t mean you ask for a raise or more vacation days on your second day of work, but you’ll have plenty of opportunities after the hiring process after you’ve proven your track record.

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Before your phone interview

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1.Know about the company. Do your research! It’s 2016… get on the company’s website or, at the very least, Google and read some background information. Know what the company is doing, what problems it is solving, and what it hopes to accomplish along the way. In my experience, it doesn’t matter what gets you excited about the company, but I am looking for something that tells me about the good of our future together.

2. Be prepared to share about yourself. If you don’t know how you’re going to add to the company’s team before our call, I hope you will by the time we end our call. The best candidates are self-aware and know what they have done and what they contribute. Also, we recruiters love to hear about what you don’t know and what it is that you want to learn.

3. Be familiar with the Art of Woo. Ultimately, this initial call is a bit of sales call — you’re selling your experience to the recruiter, so be prepared to woo him or her. Be lovable. But be yourself. Be the most lovable version of yourself. Let’s be clear: you are not interviewing the recruiter, but if you don’t have two to three questions about the company, the team and the business trajectory, the recruiter is going to worry and think you’re not serious about the relationship.

At Earnest, for example, we believe that everyone has something to teach and everyone has something to learn. When I am interviewing, I am looking for that understanding in candidates’ responses: I want to hear both the things that they are good at — and what they want to learn. I love to hear what they are proud of in their past accomplishments, that they have an idea of what they want to do in their next role, and that they understand (or are at least curious about) how that plays into the greater story of the company.

Practice your talking points with a friend

Remember above all else, most companies want to grow their teams by adding more great people. That means they are looking for incredible and diverse professionals who are emotionally intelligent and committed to making a company bigger and better.

Consider an interview to be an invitation and a chance to tell your story. Slow down and practice it with a friend. Give nods to all the hands and hearts that have helped you get to this particular phone call. Be conversational — ultimately a recruiter wants to get to know you.

In-house recruiters are your future teammates and we’re your advocates to the rest of the hiring team. We need to know your story to tell your story. It’s a chance to make a great first impression. Show us how great you are and how much our team will benefit from hiring you.

Good luck out there — I know you’ll be great. P.S. Earnest is hiring too!

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Make sure it’s even possible to pay your expenses with less cash.

If you’re considering a pay cut as a trade for more equity, the first thing to consider is whether you can actually pay your monthly expenses, like rent, food, transportation, and other life costs, with the amount of cash you’re offered. Chances are if you’re headed to a technology startup, you may be living in San Francisco or New York City where rent is high and the offer should reflect that high cost of living.

In February 2016, the average rent for a one-bedroom apartment in San Francisco was $3,096; the average rent for a one-bedroom in a non-doorman building in Manhattan was $3,071.

Think about how long you’ll be at the company and investigate the vesting schedule for stock options.

Most companies will offer you stock options with a four-year vesting schedule and a one-year cliff. The cliff essentially means that you won’t have the ability to purchase any of your options before your one-year anniversary with the company. At the one-year mark, you’ll typically be able to purchase 25% of your options (if you choose) and the remaining equity will vest either monthly or quarterly for the next three years. In most cases, you’ll have the option to purchase 100% of your stock after four years with the company, or some percentage of that if you leave between one and four years.

The takeaway here is that the longer you stay with the company, the more equity you’ll have (up to a certain amount).

Evaluate the company’s potential for success.

If you’re joining a startup, let’s hope you believe it will be successful. Regardless, it’s important to keep in mind that stock options aren’t worth much unless something happens such as an IPO or an acquisition.

If it’s a company whose mission you can see carrying it places, more stock is a good way of making sure you get in on a good thing early. On the flip side, if you don’t know enough to evaluate the business, or you’re accepting the position as more of a career stepping stone, extra cash may be your move. If the business doesn’t turn out to be successful, that hard-earned equity will be worth nothing. Think about factors such as the size of the market the company addresses, the business model, and whether or not they are profitable.

Figure out if the alternate they’ve offered makes financial sense.

Calculating the tradeoff between stock options and salary can be tricky because it depends on a number of assumptions. Automated investing service WealthFront explains how to calculate the amount of equity you should trade for salary, or vice versa, based on the stage of the company you’re joining. Before you make a decision, know whether the cash-for-equity number the company is offering is a fair exchange--and the company should be willing to share the information you’ll need to calculate that.

When it comes down to it, you’ll need to make a well-researched decision when choosing between additional salary and equity for your new startup job. Know what you can actually afford, whether this job will last you, at least, a few years, and whether the alternative compensation package you’ve been offered is actually comparable--as well as how much risk you’re willing to take on the company.

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You moved from one state to another.

Maybe you lived in North Carolina for five months of the year, and California for seven months of last year. You will need to file state income tax returns for both states.

Your first step, depending on the states where you lived, is to learn each state’s rules on residency, as you may find that you are a resident in one state but a nonresident or part-year resident in the second state.

“Part-year residents will most likely need to allocate income and deductions based on their days of residency,” Charney says. If you need help determining your residency status in multiple states, consult a tax specialist or tax preparation software.

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Individuals should complete the non-resident state tax return first, as the tax liability to that state (not the taxes withheld in that state) can only be determined after completing that state’s tax return.

Moreover, make sure to learn about the many different credits that states offer, Charney says. Ignoring a credit that you qualify for for could result in a higher balance due or lower refund than if the taxpayer were aware of the credit, qualified for it, and claimed it.

Take note that states have become very sophisticated in matching tax documents shown on the federal form, Charney says. “If there is any omission or unexplained discrepancy on the state return, the taxpayer should expect a notice from the state’s department of revenue.”

You had a big jump in income.

“Let’s say a student with zero income lands a high-paying job on Wall Street,” Charney says. “Their income will shoot up but so will their tax liability.”

While it may be too late to do anything for your 2015 income, you can still take steps for 2016 to ensure you’re doing all you can to lower your taxable income.

“Look for ways to lower your taxable income, such as enrolling in their employer’s 401(k) plan or contributing to an IRA,” Charney says. “This not only protects current income from taxes but is the starting point in accumulating assets for a comfortable retirement.”

Also, note that a big jump in income could mean that you’re no longer eligible to use a Roth IRA.

Once you hit $116,000 in income, your ability to contribute to a Roth starts phasing out until $131,000, when you’re no longer eligible to contribute to one. If you contributed to a Roth before you got a salary bump for the year — don’t worry, you can re-characterize your contributions or remove them so that you do not get penalized by the IRA. You can read more about the IRS guidelines for Roth contributions here.

You had a signing bonus.

If you received a large signing bonus or end-of-year annual bonus, remember those could easily jettison you into a higher tax bracket. Even if you used the money to do something virtuous — like pay off your student loans faster — you’ll still be taxed on that additional income.

Now for future planning: If you know you will be getting a bonus as a one-time event this year, hold off on doing anything else that will add more income to your tax situation for that year, such as selling investments. Long-term capital gains are taxed at 20% for taxpayers in the highest tax bracket.

“In a situation like this, the taxes must be paid, but if the taxpayer has any control over when the bonus is paid or how it paid out, some tax planning could help him avoid a bigger tax bite,” he says.

You’re no longer a dependent.

“For many new graduates, the biggest surprises may be that they are no longer dependents of their parents and that they are responsible for filing their own tax returns!” Charney says.

New graduates who suddenly find themselves with significantly more money will need to plan for paying taxes on that income, and to the extent they can put that income in tax-favored plans, they should do so.

If you’re entering the workforce for the first time, get help completing a W-4 with your employer to ensure you’re using the right withholdings for your situation.

“Although the W-4 can be completed at any time, it is often ignored or forgotten, with the taxpayer’s withholdings significantly over or under their ultimate tax liability,” Charney says.

You moved for your job.

If your new job is more than 50 miles from your old home and job — and you moved to be closer to it — you may be able to deduct qualified expenses related to that move.

Here are the rules: In order to deduct moving costs, the distance between your new job location and your old home must be greater than 50 miles over the distance between your old home and old job location. Also, you must work full-time in the general area of the new work location for at least 39 weeks during the 12 months after your move.

Qualified moving expenses include reasonable expenses to move you — and your family — from one residence to a new residence. These include, but are not limited to, transportation costs, lodging (but not meals), storage, and even the cost of moving pets.

“Expenses must be reasonable,” Charney says. “For example, the taxpayer cannot deduct the cost of a luxury hotel for five nights during a move from Kansas City to Chicago, or a personal sightseeing trip while driving coast-to-coast to move.”

Be sure to look at the IRS Publication 521 for more details on what expenses are legit deductions.

You rented your home on Airbnb or have other rental income.

Anyone who has rental real estate income from an Airbnb tenant — or from any other tenant for that matter — must report that income unless the rental period is less than 15 days during the year, Charney says.

The nature of the rental will affect how it is reported, as well as the extent that rental expenses can be deducted.

“These can get complicated and are covered under what is known as the ‘vacation home rules,’” he says. “These rules cover how a rental day is counted, which expenses can be deducted from rental income, and how the allocation between personal and rental days is determined.”

Individuals who use Airbnb to find tenants for their home or apartment will receive Form 1099-K (and/or  Form 1099-MISC) from Airbnb showing the amount of rent paid to the taxpayer. Consult a tax professional to determine how the rental income and any deductible rental expenses should be reported.

You had a side gig.

Generally speaking, if you do work on the side on a regular basis with a — aka you have a second gig — you are considered an independent contractor by the IRS and will likely receive a 1099 form.

If you drive for Uber, the reporting can get a little complicated. An Uber driver will receive a 1099-K (Payment Card and Third Party Network) from Uber. This form is used to report payments received from riders, such as fares, and any expenses that Uber paid on behalf of the driver, such as tolls or airport fees (which is considered income, but can also be deducted).

The driver may also receive Form 1099-MISC from Uber. Uber will report any non-employee compensation they pay directly to the driver, such an incentive payment or referral payment.

A few considerations for gig workers, according to H&R Block:

Keep excellent records to support income and any deductions you take against your business income. Any ordinary and necessary expense incurred to carry on or support that business is deductible.

Because you are self-employed, they must pay SE (self-employment) tax, which is reported on Schedule SE. This tax includes both the employer and employee portions of FICA tax – Social Security and Medicare taxes based on your earnings. Generally, the combined (employer and employee) rate for a self-employed taxpayer is 15.3%, which includes 12.4% for Social Security and 2.9% for Medicare.

To deduct business expenses against “gig” income, you should be able to demonstrate you are operating a business, and not a hobby. That’s typically defined by your profit motive, the amount of time dedicated to the activity, whether you conduct the activity in a businesslike manner, such as keeping a separate set of books, bank account, etc.

You received special training for your job.

This is often an area of confusion for taxpayers, Charney says. The reason is that to be deductible, the education must be required by the taxpayer’s employer or by law to maintain the taxpayer’s job or credentials, or the education maintains or improves the taxpayer’s skills in his present job.

“For example, an accountant may need to take training on new accounting standards to properly report his employer’s business transactions,” he says. “A mechanic may need to take a course or special training to perform her job properly. So, the education is not unlike any business deduction that is incurred to support the business.”

Any education that prepares the taxpayer for a new career is typically not deductible as an employee expense. If you’re in a lower income bracket, there are additional education tax credits that could apply to your situation.

Make sure to take a look at IRS Publication 970 for more information about tax benefits for education.

You’re paying off student loans.

Graduates can deduct student loan interest up to $2,500 on a qualified loan — as long as your modified adjusted gross income (MAGI) didn’t exceed $80,000 as a single/head of household filer or $160,000 as a married couple filing jointly in 2015. This is an above-the-line deduction, meaning that itemization is not needed, he says.

Phew, it’s a lot to think about it. If you have already filed your taxes for 2015, congratulations! If you’re still working on them, remember the filing deadline is April 18, according to the IRS.

No matter what, if you know you’re likely moving or getting a new job this year, you can take smart steps to make sure your tax situation is as good as it can be when it comes to filing next year.

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Leveling up in seniority

How much of a pay bump should you expect with your next promotion? Our data analysis found that:

Including all functions, those who have the word “Lead” in their job title earn a median of $23,000 over others in the same function — the biggest salary increase associated with a seniority-related word.

“Staff” is the most junior job title word and is associated with a salary that is a median of $15,000 lower. [Tweet this]

The all-purpose job title “Manager” is associated with a modest median bump of $3,000.

Earnings by function

Some words in a job title give you a much better sense than others of what a person earns when considering functions and roles. We found that:

Engineers have the highest median annual salary of $73,000, with half earning between $60,000 and $93,000. One-quarter earns less than this, and one-quarter earns more.

As “Consultant” jobs can vary widely in responsibility, the salaries associated with this function also vary widely, with the middle half earning between $37,000 and $96,000.

Teachers have a narrower salary range, with the middle half earning between $28,000 and $52,000.

The middle half of salaries for technicians ranges from $22,000 to $45,000, with a median of $33,000, tied for the last place with those in client or customer service.

On a regional note: Some job title words are more common in Silicon Valley than elsewhere in the country. For example, Earnest data showed ‘Founder’ appears in Silicon Valley job titles three times as often, and ‘Designer,’ ‘Data,’ ‘Marketing/Marketer,’ and ‘Executive’ appear twice as often.

Interns and founders

The lowly intern. The hard-driving startup founder. These may sound like opposite ends of the pecking order for young professionals, but our research shows that—at least in terms of salary—job titles aren’t always what they seem.

To be sure, while founders and interns may have some overlap in level of compensation in the short term, according to our data, founding a venture typically includes equity and future returns. Rather than a high salary, it may be that the more typical benefit of being a founder is similar to that of being an intern: a chance to learn and the possibility of future opportunity.

According to our research:

The median salary for founders is $10,000, compared with $12,000 for interns.

Founders are more likely than interns to report a salary of $0, with 31% of founders reporting this amount as compared with 29% of interns.

Top founders do earn more than top interns. However, the top 25% of founders earn over $51,000, versus $35,000 for the top 25% of interns.

Methodology

For this study, we looked at the anonymized salaries and job titles for more than 130,000 roles held by Earnest loan applicants between the ages of 18 and 35.

Graphic 1: “Leads, Directors See Pay Bumps”

To estimate the median salary difference associated with each of these seniority-related job title keywords, we first classified jobs according to the functional keywords used in Graphic 2. Within each of these functions, we then compared the median pay difference between those with each seniority-related keyword to the everyone in that functional (e.g. “senior engineer” versus all “engineers,” then “lead engineer” versus all engineers.) We then took the median of these differences across functions, to estimate how much each seniority-related keyword is worth overall. Many seniority-related keywords are commonly used in only certain fields; for these, the comparison was restricted to where we had sufficient numbers.

Graphic 2: “Engineers Draw Top Salaries”

Similarly, we looked at the most common functional or field-related job title keywords to determine their 25th, 50th (or median) and 75th percentile annual salaries. Words with the same root, such as “marketer” and “marketing,” were considered together; and “data analyst” reflects either the keyword “data” or “analyst,” or both. Similarly, “client service” reflects either “client” or “customer.” Certain professions, such as lawyer or physician, don’t appear here because the job titles for these positions tend to use more generic terms such as “associate.”

Graphic 3: “Interns, Founders Often Unpaid”

This graph shows the 25th, 50th and 75th percentile annual salaries of people who held jobs with the status-related keywords of “intern,” “founder,” “manager,” and “president,” as well as CEO, COO, and other C-Level positions. When a job title included more than one keyword, such as “Founder and CEO,” it was counted in both categories.

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Henry and Tom aren’t the first couple to delay marriage because of a burdensome debt load. Thirty-seven percent of respondents to a 2014 survey by the National Foundation for Credit Counseling said they wouldn’t marry someone with a “large amount of debt” until such obligations were paid in full.

Even if your soon-to-be spouse’s debt doesn’t scare you off, understanding how marriage impacts your finances in general – and student loans in particular – is essential to avoid surprises later.

“It’s surprisingly common for me to talk to people who have no clue about their spouse’s history with or thoughts about debt,” Andy Smith CFP,  an investment advisor with The Mutual Fund Store says.

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“Poorly handled debt stays with you for the rest of your life, so it’s important to have those conversations as early and as frequently and as openly as possible. Don’t not have those talks because you’re scared about the outcome – whatever pain or embarrassment you might feel is far less than what you’ll experience if you pretend these sorts of things aren’t an issue.”

Here’s what you need to know about student loans and matrimony:

Legally, how do the other person's student loans affect you?

The answer depends on:

Where you live

What type of student loans you owe (i.e. federal or private)

When the debt was incurred (i.e. before or during your marriage)

Who is responsible for the debt?

If you take out a student loan during a marriage and live in a community-property state, your spouse might be legally responsible for the debt regardless of whether he or she serves as cosigner.

All federal student loans (and some private) have what’s called a “death discharge,” which means that when the original borrower dies, the surviving spouse is not liable for the remaining loan balance.

Earnest does have this provision, but some private loans do not. Those lenders could come after families and cosigners in an attempt to recoup the debt, Smith says.

How does marriage impact your income-based repayment plan? Your taxes?

An income-based repayment plan (also called Pay as You Earn, or PAYE) caps your student-loan payments at 10-15% of your discretionary income. Depending on your tax-filing status, getting married could significantly increase your monthly bill, or even disqualify you from the repayment plan altogether.

“If you’re married filing jointly, all of a sudden you have a much larger income,” Smith says. “If you can handle (the increased student-loan payment), great, but if not you might run into trouble.”

Going the “married filing separately” route separates your income from your spouse’s, making it easier for you to continue with income-based repayment; however, you might lose your ability to claim the student loan interest deduction or other education-related tax credits. (In these situations, it’s best to consult a tax professional to see which tax-filing status is best for you and your spouse.)

How do student loans influence your ability to take on a mortgage or other debt?

The answer depends on the type of mortgage you’re seeking, Smith says. For example, if you apply for a home loan backed by the Federal Housing Administration (FHA) – a popular option for young, first-time homebuyers – a portion of your student loans are included in your debt-to-income (DTI) ratio as calculated by the mortgage lender. Prior to September 2015, the FHA gave borrowers a pass on this so long as they had been granted a temporary deferment of at least 12 months.

“For an optimal mortgage, your DTI ratio needs to be less than 36%,” Andy says. “If your student loans put you above this number, there are only three ways to fix it: borrow less, increase your income or pay down your student-loan debt, and reapply. When people take out massive amounts of student loans, some necessary and some not, they’re thinking much shorter term instead of the long-term ramifications. This stuff is going to stick with you forever.”

The bottom line

Smith encourages all his clients to discuss financial priorities – including money philosophies, retirement goals, and feelings about debt – with their spouse or partner. And while paying off your student loans and other debt is a worthy endeavor, it has to be balanced with planning for the future.

“You’ve got to figure out a portion of every dollar you earn that should go to debt service and either a savings account or 401(k),” Smith says. “People who begin saving early are going to be in a much better place come retirement, even if they only save 1% of their income to start. Don’t make the mistake of thinking it’s not worth it because it is. You’re never going to get these early years back.”

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Starting a company

That prepared Adrian to open the doors to his own company, Cloud77, a technology consulting and networking firm, in 2010. And it was where he had always wanted to be: near the sunny beaches of southern California.

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Like so many entrepreneurial newcomers to the United States, Adrian had come for the education and stayed for the business opportunities. However, the path to personal and professional success was not without a hitch.

He was saddled with student loans that he used to pay for his MBA along with $40,000 in credit card debt that had slowly accumulated over the years. It weighed on him. More importantly, he just wasn’t personally happy despite all his success on paper.

A mental shift

That’s when he had a mental shift in his outlook on success. “I realized, at a certain point, that I needed to manage my life the way I managed my business,” he says. Part of the mental shift was spiritual in nature, and part was material.

“If I could save a dollar here and dollar there for my company, I should also do that for myself,” he says.

Adrian’s advice for entrepreneurs:

1. “Be honest with yourself with what you’re looking for. What you really want to do is already within you -- dig deep and let it shine.”

2. “Consult people who have been there to see the pitfalls. Look to experienced people for their wisdom and guidance and you can save yourself a lot of time.”

3. “Make sure you have an experienced bookkeeper. From the beginning I sought people who had the experience to help guide me and teach me how to operate.”

To do that, in 2014 he downsized from the apartment with “a view of the swimming pool” which cost “40-50%” of monthly income into something smaller; he had a garage sale to sell his things. He refinanced his student loans with Earnest, slashing his APR from 6.55 to 3.32%. That cost savings helped him snowball his debt payments.

By September 2015 he paid off all his consumer debt, including student loans, that had totaled nearly six figures the year before.

A new sense of freedom

The sense of freedom he felt from getting out of personal debt inspired him to take another look at where he could conserve even more resources with his company. That’s when he decided to take a radical step with his company. Adrian said goodbye to expensive office space, and took his eight-person team virtual.

Today, the Cloud77 team holds face-to-face meetings with Google hangouts or at restaurants rather than in a brick-and-mortar office space.

“Everyone works from home and that makes people happy. I have not had any negative complaints,” he says. “Everyone knows their role and function and we have great tools to collaborate.”

The results? Harper says business has continued to grow in the last year, with increased profitability, new customers, and projects and assisting more charitable organizations. Harper adds his employees are happier too without having to deal with Los Angeles’ traffic on a commute.

“My philosophy is that we’re a tech company, so we should use tech to maximize. Today, we are almost 100% paperless,” he says. “We will be agile and quick. Most of our data is in the cloud.”

And his personal life? Adrian says his soul-searching — and cost-cutting — has given him a whole new sense of calm and prosperity.

“People are searching for abundance,” he observes. “But once you have gratitude for what you do have, you start attracting what you want.”

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Rank School Name 2015-2016 Tuition 2015-2016 Total COA Top Sources of Non-Loan Aid 1 Yale University $55,800 $78,326 1. Yale Law School Grants (Need-based)2 (Tie) Harvard University $57,200 $85,000 1. Harvard Law School Grant and Loan Assistance (Need-based)2 (Tie) Stanford University $54,183 $85,968 1. Stanford Financial Aid 2. Yellow Ribbon Program4 (Tie) Columbia University $60,624 $88,530 1. Need-based grants 2. Fellowships (No separate application - considered at the time of admittance) 3. Yellow Ribbon Program4 (Tie) University of Chicago $56,916 $84,129 1. Scholarships (No additional application needed) 2. Need-based scholarships 3. Yellow Ribbon Program6 New York University $57,544 $85,964 1. Dean's Award Scholarship 2. Furman Academic Scholars Program 3. Mitchell Jacobson Leadership Program in Law & Business 4. ASPIRE Cybersecurity Scholarship 5. AnBryce Scholarship Program 6. Latino Rights Scholarship 7. Root-Tilden-Kern Public Interest Scholarship Program 8. Sinsheimer Service Scholarship 9. Furman Public Policy Scholarship Program7 University of Pennsylvania $55,300 $82,230 1. Merit Scholarships 2. Need based grants 3. Toll Public Interest Scholars Program 4. Teach for America Scholarship8 (Tie) Duke University $56,500 $80,937 1. Mordecai Scholars 2. Global Leaders Scholarship Program8 (Tie) University of California-Berkeley $48,654.50 (Resident); $52,575.50 (Non-Resident) $78,198.50 (Resident); $82,149.50 (Non-Resident) 1. Matching Scholarship 2. Berkeley Law Opportunity Scholarship 3. Entering Student Scholarships 4. Continuing Student Scholarships 5. UC Scholarships 6. Need-based grants8 (Tie) University of Michigan-Ann Arbor $53,153 (Resident); $56,153 (Non-Resident) $71,703 (Resident); $74,703 (Non-Resident) 1. Merit scholarships 2. Need-based scholarships11 University of Virginia $54,000 (Resident); $57,000 (Non-Resident) $76,529 (Resident); $79,639 (Non-Resident) 1. Need-based law school grants 2. Merit-based law school scholarships 3. Competing aid scholarships12 Northwestern University $58,098 $83,296 1. Kirkland & Ellis LLP Diversity Fellowship Program 2. Winston & Strawn LLP Diversity Scholarship 3. Butler Rubin Saltarelli & Boyd LLP Diversity Scholarship 4. Yellow Ribbon Program13 Cornell University $59,900 $80,132 1. Institutional Scholarships14 Georgetown University $55,255 $82,700 1. Need-based grants 2. Yellow ribbon program15 University of Texas-Austin $33,162 (Resident); $49,244 (Non-Resident) $53,606 (Resident); $69,958 (Non-Resident) 1. Merit-only scholarships 2. Need, Disadvantage or Adversity Scholarships 3. Merit and Need Scholarships 4. Conditional Scholarships16 University of California-Los Angeles $45,284.26 (Resident); $51,778.26 (Non-Resident) $68,452.26 (Resident); $74,946.26 (Non-Resident) 1. Need Access Grant 2. UCLA Law Departmental Scholarships 3. Yellow Ribbon Program17 Vanderbilt University $50,900 $75,866 1. Law Scholar Merit Award 2. Law School Merit Scholarships 3. Need-Basesd Scholarships 4. Yellow Ribbon Program 5. Teach for America Corps Merit Scholarships18 Washington University in St. Louis $51,216 $75,232 1. Scholar in Law Awards 2. Buder Scholarship for American Indian Law Students 3. Law Mr. and Mrs. Spencer T. Olin Fellowships for Women 4. Chancellor's Graduate Fellowship 5. Yellow Ribbon Program 6. Law School Teaching Fellowship 7. Webster Society Scholarship 8. Dagen-Legomsky Fellowship 9. David M. Becker Public Service Fellowship 10. Chancellor's Graduate Fellowship 11. Alicia McDonnell Prosecutor's Grant 12. Scholar in Law Awards 13. Dean's Fellowship 14. David M. Becker Scholar in Law 15. Dean Nancy Staudt and Dr. Lee Epstein Scholars in Law 16. Dorsey D. Ellis Jr. Endowed Scholarship 17. Kent D. Syverud Scholarship 18. Military Leaders Scholar in Law 19 Emory University $50,900 $75,003 1. Woodruff Fellows Program 2. Merit-Based Scholarships 3. Yellow Ribbon Program 4. Resident Director Positions 5. Emory Employee Founder Scholarship 6. Scholarships for women 7. International student scholarships20 (Tie) University of Minnesota-Twin Cities $42,230 (Resident); $50,372 (Non-Resident) $60,394 (Resident); $68,536 (Non-Resident) 1. Scholarships20 (Tie) University of Southern California (Gould) $57,286 $75,286-$82,286 1. USC Gould Scholarships22 (Tie) George Washington University $54,114 $80,400 1. Need-based grants22 (Tie) University of Alabama $22,020 (Resident); $37,360 (Non-Resident) Not Available 1. Law School Scholarships22 (Tie) University of Iowa $22,348 (Resident); $40,192 (Non-Resident) $41,016 (Resident); $58,860 (Non-resident) 1. Merit-based scholarships 2. UI Law Foundation Scholarships 3. Law Opportunity Fellowships22 (Tie) University of Notre Dame $51,892 $72,322 1. Merit-based scholarships 2. Polking Family Fellowship

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Understand the ROI of grad school

First things first: Is going to grad school a smart financial move for you?

Would-be students should consider the return on investment of a particular graduate degree, says Barbara Schelhorn, senior director at financial planning firm Sullivan, Bruyette, Speros & Blayney in McLean, VA.

Take time to make a realistic assessment of your career path, potential income, and total educational cost.

You can read more on determining the ROI for your degree here.

Use a 529 plan

Once you have determined that grad school is the right move, start planning ahead financially as soon as you can.

If you have any money left over in a 529 plan following undergraduate expenses, you can use that for your graduate studies as well.

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If you don’t have a 529 plan, it still pays to open one even if your time horizon is only a year or two away for grad school, Schelhorn says.

When you’re opening a new 529 plan to save for school in the near future, choose an extremely low-risk investment that’s as close to cash as possible, she says. You may get a state income tax deduction for the 529 contributions, and any growth is tax-free.

Remember, even if you don’t end up going to graduate school, you can always transfer that money, tax-free, to another 529 plan for your children or spouse.

Plan for a Roth conversion

If future grad students need to leave their job to focus completely on school, they should strongly consider rolling their 401(k) funds or traditional IRA into a rollover Roth, says Steve Williams, vice president, national head of financial planning at BMO Private Bank in Chicago.

The rationale? Your low tax bracket in grad school can help you save on income taxes in the future.

Schelhorn says would-be students should consider a Roth conversion if they meet both these criteria:

You have a traditional IRA or a qualified retirement plan with a former employer.

You are or will be in a low marginal income tax rate.

If you’re considering this move, you should prepare a current year income tax estimate before any Roth conversion to estimate income taxes, and then “re-run” the tax estimate adding all or a portion of retirement account to taxable income, she says.

You should then convert only that amount that will keep you in the same or a slightly higher tax bracket. “You never want to pre-pay income taxes unless it is at a very low tax rate,” Schelhorn says.

You can read more about a Roth conversion here.

Consider working part-time through school

Another option for would-be graduate students is to check if their current employer offers a tuition reimbursement program. Some employers will pick up some education expenses even for part-time employees, Williams says.

“That way you wouldn’t lose your paycheck or your 401(k) plan,” Williams says. “A caveat is that if you left the company before the set period of time you need to commit to working, you may have to repay the tuition cost.”

Estimate your new budget

If you’re going from a lifestyle that costs $60,000 a year down to a graduate student budget, downsizing can be tricky.

“Cut down on extras,” Williams says. “It can be psychologically hard to go from earning a paycheck and then going back to living off macaroni and cheese and Ramen noodles when all of your working buddies are going out.”

Items such as tuition, rent, income taxes, and insurance are predictable and easy to budget for, whereas discretionary expenses are where you’ll need to exercise more control.

“To avoid overspending, a grad student can use a savings and a checking account, transferring only the budgeted amount into checking each month, while keeping cash reserves in savings,” Schelhorn suggests.

Planning ahead with a cosigner

If you are taking out private student loans with a cosigner, make sure that person is protected in the event of a tragedy.

First, check the lender and to see if they have a provision for death discharge; this will release your cosigner from payments in the event of your death.

Alternatively, term life insurance could be considered in cases where your spouse or parent could be liable for student loans.

The goal here is to make sure you get the upside of using a cosigner (lower rates or approved loans) without putting your cosigner into financial danger if something happens down the road.

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Calculating the true cost of grad school

Don’t make the mistake of assuming that tuition is all you need to worry about; there are books, fees, living expenses, health insurance, and other essential costs of living. 

All schools are required to provide their best estimate of these costs listed as the Cost of Attendance (COA) through their financial aid office.

But then you need to factor in your own reality to this number. The COA does not typically include other “extras” such as trips with your fellow students over vacation or travel costs if your family lives far away.

For example, Harvard Law School estimates the cost of tuition alone for the 2015-2016 year to be $57,200 annually. On top of that, the school also prepares prospective students to spend an additional $28,380 on living expenses, books, and other incidentals. Are you married? Tack on an extra $15,360 for your spouse’s living expenses. Have kids? There’s another $7,800 a year for each one. You’re up to $85,580 if you’re single and have no children and over $116,000 if you’re married with two kids. These numbers are important as you may be eligible to use federal loans for everything within a school’s cost of attendance estimate.

Luckily, many universities offer grants to subsidize a large portion of these costs. Harvard Law, for example, states that its average grant covers half of tuition, or $28,600.

Regardless of whether or not you qualify for grants, scholarships, or fellowships, you’ll likely also need to consider taking out student loans to finance an advanced degree. But how much you actually borrow depends on two things: your financial past and your projected future.

You can also read more here:

How to Pay for Medical School

How to Pay for Business School

How to Pay for Law School

How to Pay for Dental School

Estimating your debt load

You can’t think about your potential student loans without considering your entire financial picture. After you complete the FAFSA you’ll know how much you’re eligible to borrow with federal loans. However, deciding on how much you should (or need to) borrow depends on where you’ve already been, financially speaking, and how you prioritize your long-term goals.

Get started by asking yourself a few questions.

Are you planning to work in public service? In recent years, this has become more attractive to graduates because of the government’s loan forgiveness program. Graduates working in public service can enter an income-based repayment program for 10 years, after which the remaining balance may be forgiven. The catch is that graduates may not have the career and income mobility they want.

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What is your projected monthly income upon graduating? Make sure your monthly payments are reasonable and affordable in comparison to your expected salary. If your total amount borrowed is $75,000 at an interest rate of 6.8%, the monthly payment for a standard 10-year term will be more than $860 after your graduate. Do you think you will be able to afford that with your new projected salary?

How is your current credit? While rates on federal loans are not determined by your financial profile, rates on private loans are. If you have poor credit or a limited credit history, be prepared for loan offers with higher interest rates. This will increase your monthly payments and the total interest you pay right off the bat. At Earnest, our lending model is designed to take into account

How much student loan debt do you already carry? When considering federal loans, some programs limit the cumulative amount you may borrow for your undergraduate and graduate degrees. For example, you cannot take more than $138,500 total in Stafford loans across both undergraduate and graduate studies.

What are your long-term goals beyond graduate school? Remember your debt-to-income (DTI) ratio when it comes time for a major future purchase like a house. Most lenders require a DTI of 43% or less, meaning you won’t be approved for a mortgage if your monthly debt payments exceed 43% of your monthly gross income.

Rules of thumb

In addition to these personal questions, financial experts also like to sling around more generalized rules of thumb to consider.

Some recommend borrowing no more than your anticipated first-year salary (or more conservatively, no more than half). Others say that your annual student loan payments should not exceed 8% of your future projected salary.

You will need to play around with the numbers to see where your anticipated loan amount falls within these guidelines. When you do, don’t forget to include the amount of interest you’ll pay throughout the loan term.

Remember, the interest rates you get on your loans when you originate your loans may be higher than the one you can get if you refinance after you graduate.

Balancing your yearning and earning

In an ideal world, your graduate degree would entail little debt and huge earning potential.

Realistically, you’ll probably have a fair amount of both.

However, an honest look at where you stand financially and a willingness to prioritize your personal and professional goals can help you fund your in education in a way that is manageable.

From there you’ll be able to maximize your earning potential without being bogged down by excessive student loan payments, all while pursuing an exciting new career path and still achieving life goals like buying a house or opening a private practice.

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Putting together a puzzle

At Stratus Prep, which counsels several hundred prospective undergraduate and graduate students each year, they stress fit above all else when advising their clients.

The counselors look at several factors, including the student’s preference for degree programs, location, class size and whether they want to attend a school that’s urban, suburban, or rural.

“It’s like putting together pieces of a puzzle and it’s specific to every person,” she said.

And, yes, finances play a major role in the students’ decisions.

“It carries a lot of weight,” Martin said. “College is always going to be an investment, but … if they could get to the same plateaued success without spending all this extra money, then certainly we would tell them to do that.”

Read more about How to Pay for Graduate School.

Big name or big savings?

Despite prices, there is something to be said about graduating from the most selective and renowned universities.

It’s worth noting that seven out of the top 20 leaders – 35% — in Forbes’ World’s Most Powerful People list attended an Ivy League institution for undergraduate study.

At No. 3, President Barack Obama earned degrees from Columbia and Harvard Universities, while Amazon.com founder Jeff Bezos, No. 17, graduated from Princeton. Bill Gates and Mark Zuckerberg, Nos. 6 and 19, respectively, dropped out of Harvard and still made the list.

“There are valid reasons to choose an institution that’s more prestigious, but I don’t think it’s the prestige in itself,” said student loan expert Heather Jarvis, founder of AskHeatherJarvis.com. “There are certainly schools, the fanciest schools, that open doors that cannot be opened any other way.”

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“They have a unique alumni base, for example, that may be connected to certain employment opportunities in a way that is special and that you can’t get just anywhere,” she said.

But choosing a school based on name recognition alone, however, could be a costly gamble.

PayScale ranks colleges and universities based on their returns on investment, both with financial aid and without.

Topping both lists with the best ROI is Harvey Mudd College, a private, liberal arts college in Claremont, California with 812 students.

Even though Martin and Jarvis note that prestigious schools often offer generous financial aid packages, the Ivies are outranked both with and without financial aid by smaller and lesser-known institutions. You might also calculate your own personal ROI based on your field of study, job prospects, and financial profile.

PayScale ranks Yale University’s return on investment at 60th without financial aid and 29th with. Brown University is ranked 15th without financial aid and 8th with. Among the schools consistently ranked with better ROIs are California Institute of Technology and Babson College in Massachusetts.

Both Martin and Jarvis recommend choosing schools that have well-known degree programs in the student’s preferred industry, including state schools.For example, if you’re planning on medical school, it’s worth noting that the top medical schools aren’t always Ivies - different than business or law schools.

“A lot of the tech firms or a lot of the cutting edge companies, are looking for something more than just a name of the school on a resume,” Martin said.

Both the University of Illinois and the University of Southern California are in the top five for accounting departments she said, while the University of Wisconsin, with in-state tuition totaling less than $15,000, is ranked in the top five for education.

“People are understandably concerned about making the right decision. And it’s stressful because there are so many factors that matter,” Jarvis said. “I think that people need to consider their own goals and desires.”

And Jarvis pointed out one other factor when considering prestige versus practical.

“It can be easier,” she said, “to distinguish yourself sometimes on a smaller campus or at a campus that is less competitive.”

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Rank School Name 2015-2016 Tuition 2015-2016 Total COA Top Sources of Non-Loan Aid 1 Stanford University $64,050 $103,419 1. Stanford GSB Fellowship 2. Charles P. Bonini Partnership for Diversity (P4D) Fellowship Program 3. Orbis Investment Management Fellowship 2 Harvard University $61,225 $98,400 1. HBS Fellowship 2. Robert S. Kaplan Life Sciences 3. Horace W. Goldsmith Fellowship 4. Junior Achievement Fellowship 5. Harvard University General Scholarships 3 University of Pennsylvania (Wharton) $70,870 $100,454 1. Wharton Fellowship Program 2. Yellow Ribbon Program (Military) 4 University of Chicago (Booth) $63,980 $97,884 1. Merit Based Awards 2. Chicago Booth Fellowships 5 Massachusetts Institute of Technology (Sloan) $65,750 $98,014 1. Class of 2004 Diversity Fellowship 2. Ed and Caroline Hyman Fellowship 3. Elizabeth Monrad Fellowship 4. Exxon Education Foundation Fellowship 5. Forte Fellowship 6. Gert & Daisy Daniels Fellowship 7. Gordon Family Fellowship 8. Gustavo A. Perini Fellowship 9. Luli Yeh & Tsu Ho Hong Fellowship 10. John E. Jamerson Fellowship 11. Legatum Fellowship 12. Master's Fellowships 13. McKinsey Award 14. Merit Awards 15. MIT-China Scholarship Council Fellowship Program 16. MIT Public Service Center Fellowships 17. Guo Heng Memorial Fellowship 18. MIT Sloan Social Impact Fellowships 19. Philip M. Condit Fellowship 20. Serge and Pascale Schoen Fellowship 21. Thomas J. Vincent Fellowship 22. Thomas R. Williams Fellowship 23. Trust Graduate Management Fellowship 24. Verma Family Fellowship 25. Yellow Ribbon GI Education Enhancement Program 26. Zamir Telecom Fellowship 6 Northwestern University (Kellogg) $64,059 $93,013 1. Africa Scholars Program 2. Diversity Scholarship 3. James P. Gorter Scholarship 4. Forte Foundation Scholarship 5. Reaching Out MBA Fellowship 6. Posse Scholarship 7. Frederick C. Austin Scholarships 8. Kellogg Growth Scholarships 9. Kellogg Scholarship 7 University of California- Berkeley (Haas) $40,476 (Resident); $42,537 (Non-Resident) $83,146.50 (Resident); $85,207.50 (Non-Resident) 1. The Consortium Fellowship for Graduate Study in Management 2. Dean's Fellowships 3. The David S. Ng Fellowships 4. Jacobs Foundation Fellowship 5. Spivack Social Impact Fellowship 6. Center for Responsible Business Fellowship 7. Brian Maxwell Fellowship 8. Diversity Scholarships 9. Haas Achievement Scholarship 10. Marketing Scholarship 11. Berkeley MBA Grants 12. CJ White Fellowships 13. Dr. Tahir Fellowships 14. Mike and Carol Meyer Fellowships 15. Coan Torres Family Fellowship 16. The Tirado Fellowship 17. The Blue Duck Scholarship 18. The Ulatowski Fellowship 19. Yellow Ribbon Program 8 Columbia University $65,988 $99,824 1. Columbia Fellows 2. Board of Overseers Fellowship 3. Meyer Feldberg Distinguished Fellowship Program 4. R.C. Kopf Fellowships 5. Ela Lemelbaum Scholarship 6. Project Charity Trust Fellowship 7. Partial-tuition scholarships 8. Post-9/11 Veterans Educational Assistance Act of 2008 9. The Yellow Ribbon GI Education Enhancement Program 10. Vocational Rehabilitation 11. Veterans Tuition Awards 12. Advanced Civil Schooling Scholarship Fund 13. Paul Ferri Scholarship 9 Dartmouth College (Tuck) $64,200 $97,425 1. Consortium for Graduate Study in Management Fellowship 2. Forte Foundation 3. Center for Business and Society 4. Post 9/11 GI Bill and Yellow Ribbon Program 10 "University of Virginia (Darden) " $58,150 (Resident); $61,150 (Non-Resident); $61,250 (International) $84,437 (Resident); $87,437 (Non-Resident); $88,367 (International) 1. Jefferson Fellowship 2. Military Scholarships 3. US Student Scholarships 4. International Student Scholarship 5. Affinity Group Scholarships 11 (Tie) New York University (Stern) $63,720 $103,982 1. William R. Berkley Scholarship Program 2. Teaching and Graduate Fellowships 3. Merit Scholarships 4. Military Veteran Scholarships 11 (Tie) University of Michigan-Ann Arbor (Ross) $56,590 (Resident); $61,590 (Non-Resident) $77,572 (Resident); $82,572 (Non-Resident) 1. Ross MBA Scholarships 2. Post 9/11 GI Bill and Yellow Ribbon Program 13 (Tie) Duke University (Fuqua) $60,600 $85,764 1. Merit-Based Scholarships 2. Yellow Ribbon Program 3. Peace Corps Paul D. Coverdell Fellows Program 4. Center for the Advancement of Social Entrepreneurship Social Sector Scholarship 13 (Tie) Yale University $61,500 $88,500 1. Consortium for Graduate Study in Management Fellowship 2. Forte Foundation Fellowship 3. Harambe Yale Scholar Program for African Entrepreneurs 4. Yale-Reaching OUT LGBT MBA Fellowship 4. Veteran Scholarships 15 University of California-Los Angeles (Anderson) $50,516.52 (Resident); $54,643.52 (Non-Resident) $81,364 (Resident); $85,491 (Non-Resident) 1. Merit Fellowships 2. Donor Fellowships 3. Nozawa Fellowship 4. Post-9/11 GI Bill Yellow Ribbon Program 5. Teaching Assistants 16 Cornell University (Johnson) $59,500 $84,960 1. Park Leadership Fellows Program 2. Merit-Based Scholarship Awards 3. Johnson Endowed and Annual Scholarships 4. Consortium for Graduate Study in Management Fellowship 5. National Society of Hispanic MBA's Scholarship 6. Forte Fellows Program 7. ROMBA Fellowship 8. SAI MBA Fellowships 9. GI Bill Assistance (Post 9/11 and Yellow Ribbon) 17 University of Texas- Austin (McCombs) $33,298 (Resident); $48,832 (Non-Resident/International) $54,598 (Resident); $70,132 (Non-Resident/International) 1. Recruiting Scholarships 2. Consortium Fellowship and Scholarship 3. Forte Fellowship 4. Sylff Global Fellows Program 5. Tuition Assistance for Mexican Students 6. Good Neighbor Scholarship 7. Reaching Out LGBTQA MBA Fellowship 8. Teach for America Scholarship 9. Texas Venture Labs Scholarship Competition 10. Teaching and Research Assistantships 11. Post-9/11 GI Bill 18 University of North Carolina-Chapel Hill (Kenan-Flagler) $40,096 (Resident); $57,494 (Non-Resident) $63,866 (Resident); $81,264 (Non-Resident) 1. Premier Fellowships 2. Full Tuition Fellowships 3. Partial Tuition Fellowships 4. Dean's Fellows Program 5. Consortium for Graduate Study in Management Fellowship 6. Forte Fellows Program 19 Washington University in St. Louis (Olin) $53,500 $81,801 1. Wood Leadership Fellows Program 2. Consortium for Graduate Study Management 3. McDonnell International Scholars Academy 4. Fourte Foundation 5. Veterans Association Scholarships 6. Mr. and Mrs. Spencer T. Olin Fellowship for Women 7. The Milford and Leona Bohm Scholarship 20 Carnegie Mellon University (Tepper) $60,000 $81,898 1. The Booz & Company Scholars Fund in Business 2. McGowan Fellows Program 3. Mary Anne Spellman & Jack McGrath Scholars Fund in Business 4. Marc & Sally Onetto Graduate Fellowship Fund 4. James R. Swartz Leadership Scholarship 6. David A. Tepper Scholarship Fund 7. Angel G. Jordan Fellowship 8. Jean-Jacques Servan-Schreiber Fellowship 9. Murat Ozyeginn Fellowship Program 10. Tepper School Reaching Out Fellowship 11. Tepper School Merit Scholarship 12. Tepper School Forte Scholarship 13. Tepper School Consortium Fellowship 14. Tepper School Teach for America/Americorp 15. Tepper School Yellow Rion Matching Funds Scholarship 21 (Tie) Emory University (Goizueta) $49,600 $73,634 1. Marketing Analytics Center Fellowship 2. Center for Alternative Investments Fellowship 3. Social Enterprise Fellowship 4. Robert W. Woodruff Scholars 5. Named Scholars 6. Dean's Scholars 21 (Tie) Indiana University-Bloomington (Kelley) $25,500 (Resident); $44,460 (Non-Resident) $50,337 (Resident); $69,297 (Non-Resident) 1. Merit Aid 2. Dean's Fellowships 3. Forte Fellowships 4. Global Fellowships 5. Kelly School of Business Merit Fellowship 6. Kelly MBA Graduate Assistantships 23 University of Washington (Foster) 31,200 (Resident); $45,450 (Non-Resident) $60,411 (Resident); $74,661 (Non-Resident) 1. Merit-based Scholarship 2. Need-based Scholarship 24 Georgetown University (McDonough) $56,892 $85,320 1. The Consortium for Graduate Study of Management 2. Forte Foundation 3. Georgetown MBA Merit Scholarship 4. Hariri Scholarship 5. MilitaryMBA.net Scholarship 6. NSHMBA University Partnership Program 7. Peace Corps Coverdell Fellows Program 8. Steers Center for Global Real Estate Scholarship 9. Tillman Military Scholarship 10. Toigo MBA Fellowship 11. Yellow Ribbon 25 (Tie) University of Notre Dame (Mendoza) $48,530 $69,130 1. Notre Dame Scholarships and Fellowships 25 (Tie) University of Southern California (Marshall) $59,184 $93,223 1. Merit Based Scholarships 2. Schoen Family Scholarship Program for Veterans

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Rank School Name 2015-2016 Tuition 2015-2016 Total COA Top Sources of Non-Loan Aid 1 Princeton University $45,150 $63,420 Princeton Financial Aid (Aid Award) 2 Harvard University $45,278 $64,400-$69,600 1. Harvard Scholarship 2. Federal and State Grants 3. Outside Awards 3 Yale University $47,600 $65,725 1. Gift Aid 2. Federal and State Grants 3. Yale Scholarships 4 Columbia University $53,000 $69,904 1. Columbia Grant 2. Tuition Assistance Program Grant 5 Stanford University $45,729 $64,477 Need-based aid (scholarships, grants and student employment) 6 University of Chicago $49,026 $70,100 1. Grants and Aid 2. No Barriers Program 3. Odyssey Program 7 Massachusetts Institute of Technology $46,704 $63,250 MIT Scholarship (Need-based grant) 8 Duke University $49,498 $67,654 1. Need-based aid 2. A.B. Duke Memorial Scholarship 3. Alumni Endowed Scholars 4. Benjamin N. Duke Scholarship 5. Karsh International Scholars 6. The MasterCard Foundation Scholars 7. Reginaldo Howard Scholarship 8. Robertson Scholars Leadership Program 9. Trinity Scholarships 10. University Scholars Program 11. Carolina Honors Scholarships 12. North Carolina Math Scholarship 13. North Carolina Writing Scholarship 9 University of Pennsylvania $49,536 $66,800 1. Need-based aid 2. Federal Supplemental Educational Opportunity Grant 3. Penn Grant 4. University Named Scholarships 5. Mayor's Scholarship 10 (Tie) California Institute of Technology $43,710 $63,471 1. Need-based scholarships and grants 2. Stamps Leadership Scholarship 3. Post-9/11 GI Bill 4. Yellow Ribbon Program 10 (Tie) Johns Hopkins University $48,710 $63,250 1. Need-based aid 2. Baltimore Scholars Program 3. Hodson Trust Scholarship 4. Charles R. Westgate Scholarship in Engineering 5. Army Reserve Office Training Corps 6. Air Force ROTC Scholarships 7. Post- 9/11 GI Bill 12 (Tie) Dartmouth College $48,120 $67,434 1. Dartmouth Scholarships 2. Dartmouth Endowed Scholarships 3. ROTC Schoalrships 4. Yellow Ribbon Program 12 (Tie) Northwestern University $48,624 $68,095 1. Northwestern University Scholarship 2. Good Neighbor, Great University 3. No-Loan Pledge Scholarship 4. Debt Cap Scholarship 5. Questbridge National College Match Scholarship 6. National Merit Scholarship 7. Founder's Scholarship 8. Fermi Scholarship 9. Argonne Scholarship 10. Karr Achievement Scholarship 11. Illinois Monetary Award Program 12. Post 9-11 GI Bill/ Yellow Ribbon Program 14 Brown University $49,346 $65,380 Need-based scholarships and grants 15 (Tie) Cornell University $32,976 (Resident); $49,116 (Non-Resident) $49,354 (Resident); $65,494 (Non-Resident) Need-based scholarships and grants15 (Tie) Vanderbilt University $43,620 $65,532 1. University Grants and Need-Based Scholarships 2. Ingram Scholars 3. Cornelius Vanderbilt Scholars 4. Chancellor's Scholars 5. Yellow Ribbon Program 15 (Tie) Washington University in St. Louis $48,950 $71,304 1. Honorary Scholars Program 2. Howard Nemerov Writing Scholars Program 3. James W. Fitzgibbon Scholarships 4. Conway/Proetz Scholarship 5. Distinguished Scholars 6. Alexander S. Langsdorf Fellowships 7. James M. McKelvey Undergraduate Research Award 8. Entrepreneurial Scholars Program 9. John B. Ervin Scholars Program 10. Annika Rodriguez Scholars Program 11. William H. and Elizabeth Gray Danforth Scholars Program 12. Enterprise Holdings Scholars Program 13. Washington University / Boeing FIRST Scholarship 14. Stamps Leadership Scholarships 15. Dr. Thomas F. Frist, Jr. Scholarship 16. Army and Air Force Scholarships 17. Need-Based Financial Assistance 18 (Tie) Rice University $41,560 $58,283 1. Trustee Distinguished Scholarship 2. Trustee Diversity Scholarship 3. Century Scholars Program 4. Barbara Jordan Scholarship 5. Engineering Scholarship 6. Lone Star Scholarship 7. Edgar Odell Lovett Scholarship 8. Allen International Scholarship 18 (Tie) University of Notre Dame $47,929 $64,775 1. The Notre Dame Scholar Award Program 2. Penelope W. and E. Roe Stamps IV Leadership Scholars Program 3. Hesburgh-Yusko Scholars Program 4. Suzanne and Walter Schott Notre Dame Scholars Program 5. Trustey Family Scholarship Program 6. Malpass Scholars Program 7. Yellow Ribbon Program 20 University of California - Berkeley 13,432 (Resident); $38,140 (Non-Resident) $32,646 (Resident); $57,354 (Non-Resident) 1. Berkeley Undergraduate Scholarship 2. Cal Opportunity Scholarship 3. Incentive Awards Programs 4. Middle Class Scholarship 5. Regents' and Chancellor's Scholarship 6. Cal Grant 7. Chafee Grant 8. Department Awards 9. Parent Grant 10. UC Berkeley Grant 21 (Tie) Emory University $45,700 $63,058 1. Emory Advantage 2. Emory College Grant 3. Emory Opportunity Award 4. Georgia Hope Scholarship 5. Georgia Zell Miller Scholarship 6. Georgia Tuition Equalization Grant 7. Emory Scholars Program 8. Dean's Achievement Scholarship 9. National Merit Scholarship 10. Lettie Pate Whitehead Scholarship 11. Yellow Ribbon Program 21 (Tie) Georgetown University $49,610 $65,895 1. 1789 Scholarships and the Georgetown Scholarship Program 2. Georgetown Athletic Grants-In-Aid 3. John Carrol Scholarships 4. Named Undergraduate Georgetown Scholarships 5. Other GU Incentive Scholarships 6. The Baker Trust Scholarship Program 7. The President's Scholarship for District of Columbia Students 8. The Robert Bellarmine and the Ignatian Scholarship Programs 23 (Tie) Carnegie Mellon University $51,196 $68,980 1. Carnegie Scholarship 2. University Grants 3. Navy ROTC Grant 23 (Tie) University of California - Los Angeles $13,251 (Resident); $37,959 (Non-Resident) $33,898 (Resident); $58,606 (Non-Resident) 1. UCLA Regents Scholarships 2. UCLA Alumni Scholarships 3. UCLA Achievement Scholarships 4. UCLA Chancellor's Blue and Gold Scholarship 23 (Tie) University of Southern California $49,464 $67,212 1. University Grant 2. Cal Grants 3. Mork Family Scholarship 4. Stamps Leadership and Trustee Scholarships 5. Presidential Scholarship 6. Dean's Scholarship

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Rank School Name 2015-2016 Tuition 2015-2016 Total COA Top Sources of Non-Loan Aid 1 University of Washington $33,519 (Resident); $63,954 (Non-Resident) $54,619 (Resident); 84,814 (Non-Resident) 1. School of Medicine Scholarship2 University of North Carolina-Chapel Hill $24,268 (Resident); $51,146 (Non-Resident) $57,612 (Resident); $84,490 (Non-Resident) 1. Need-Based Scholarships3 University of California-San Francisco $37,297 (Resident); $49,542 (Non-Resident) $64,457 (Resident); $76,702 (Non-Resident) 1. Regents Scholarship 2. Scholarships for Disadvantaged Students4 University of Nebraska Medical Center $28,482 (Resident); $70,850 (Non-Resident) $51,777 (Resident); $94,145 (Non-Resident) 1. Plough Scholarship 2. Davis-Chambers Scholarship3. Susan Thompson Buffett Scholarship 4. Nebraska Legacy Scholarship 5. Non-Resident Tuition Scholarship 6. Regent Scholarship 7. Regent Transfer Scholarship5 (Tie) Oregon Health and Science University $39,980 (Resident); $57,972 (Non-Resident) $46,244 (Resident); $64,236 (Non-Resident) 1. Outstanding Medical Student Scholarship 3. American Medical Association 4. DuBois Scholarship 5. Otterdale Memorial Scholarship 6. Scholars for a Healthy Oregon 7. Swindells Family Leadership Scholarship 8. Walsh Memorial Fund 9. Wendel Memorial Scholarship Fund 10. Bacon Medical Enrichment Scholarship 11. Sack International Medical Education Scholarship5 (Tie) University of Michigan- Ann Arbor $33,706 (Resident); $52,686 (Non-Resident) $58,146 (Resident); $77,876 (Non-Resident) 1. UM Scholarship 2. Need Based Grants7 University of California- Los Angeles (Geffen) $36,402 (Resident); $48,647 (Non-Resident) $65,860 (Resident); $78,105 (Non-Resident) 1. David Geffen Medical Scholarship 2. Merit School of Medicine Scholarship 3. School of Medicine Need-Based Scholarships 4. Scholarships for Disadvantaged Students8 University of Colorado $35,678 (Resident); $61,633 (Non-Resident) Not Available 1. Colorado Medical Society Student Scholarship 2. COPIC Scholarship for Diversity 3. Florence Sabin Scholarship for Commitment to Community Health 4. Joseph Cogen/Presidents Medical Scholarship 5. Justina Ford Scholarship for Commitment to the Underserved 6. National Western Stock show Scholarship for Rural Health9 University of Wisconsin- Madison $27,259 (Resident); $37,155 (Non-Resident) $50,134 (Resident); $60,030 (Non-Resident) 1. Grant Assistance10 University of Minnesota $25,248 (Resident); $34,340 (Non-Resident) $44,222 (Resident); $53,314 (Non-Resident) 1. Non-resident tuition scholarships 2. Scholarships and grants for financial need and/or academic achievement11 Baylor College of Medicine $6,550 (Resident); $19,650 (Non-Resident) $31,450 (Resident); $44,550 (Non-Resident) 1. Financial need-based scholarships12 (Tie) Harvard University $55,850 $87,175 1. Financial need-based scholarships12 (Tie) Michigan State University (College of Osteopathic Medicine) $28,928 (Resident); $56,928 (Non-Resident) $52,258 (Resident); $80,258 (Non-Resident) 1. MSUCOM Scholarships12 (Tie) University of Massachusetts- Worcester $32,000 (Resident); $56,500 (Non-Resident) $65,367 (Resident); $89,867 (Non-Resident) 1. Need-based aid12 (Tie) University of Pennsylvania (Perelman) $52,210 $82,469 1. Scholarly Awards Need-based scholarships16 University of Iowa $33,532 (Resident); $50,602 (Non-Resident) $55,786 (Resident); $72,856 (Non-Resident) 1. Scholarly awards 2. Need-based scholarships17 (Tie) University of Alabama-Birmingham $29,048 (Resident); $64,514 (Non-Resident) $29,048 (Resident); $64,514 (Non-Resident) 1. School of Medicine Scholarships 2. Dean's Primary Care Scholars Program 3. Sara Crews Finley, M.D. Leadership Scholarship17 (Tie) University of Texas Southwestern Medical Center $20,441 (Resident); $33,512 (Non-Resident) Not Available 1. Schermerhorn Scholarship 2. Marge Barre Society Scholarship Fund19 (Tie) University of California- Davis $38,012 (Resident); $50,257 (Non-Resident) $61,419 (Resident); $73,664 (Non-Resident) 1. Grants and Scholarships 2. University of California Restricted Endowment Funds19 (Tie) University of California-San Diego $39,987 (Resident); $49,232 (Non-Resident) $59,328 (Resident); $71,573 (Non-Resident) 1. Scholarships based on academic excellence, future career goals and/or community service 2. Need-based grants and scholarships 3. Scholarships/Loans requiring a primary care service commitments19 (Tie) University of Chicago (Pritzker) $49,581 $79,542 1. Pritzker School of Medicine Scholarships19 (Tie) University of Hawaii-Manoa (Burns) $34,896 (Resident); $69,240 (Non-Resident) $62,193 (Resident); $96,537 (Non-Resident) 1. Manoa Opportunity Grant 2. Pacific Islander Scholarship 3. UHM Merit Achievement / UHF Scholarships19 (Tie) University of Pittsburgh $50,010 (Resident); $51,464 (Non-Resident) $74,547 (Resident); $76,001 (Non-Resident) 1. Need-based scholarships 2. National Medical Fellowship Scholarship 3. Negro Educational Emergency Drive Scholarships 4. Dr. Charles Hefflin Scholarship19 (Tie) Washington University in St. Louis $58,460 $77,008 1. Need-based scholarships 2. Merit-based scholarships25 (Tie) East Carolina University (Brody) $20,524 $45,448 1. Brody Scholarship 2. Bunting Scholarship 3. Class of 1986 Endowment Fund 4. Goforth Scholarship 5. Gray-Truslow Scholarship 6. MacDonald Scholarship 7. Meyers Scholarship 8. Puente Scholarship 9. Sammia Scholarship 10. Slivon Scholarship 11. Thompson Memorial Scholarship 12. Trevathan Scholarship 13. Board of Governors Medical Scholarship / Loan 14. The North Carolina Legislative Grant for Minority Medical Students25 (Tie) Stanford University $52,491 $84,158 1. Need-based aid25 (Tie) University of Kansas Medical Center $34,150 (Resident); $60,462 (Non-Resident) $59,832 (Resident); $86,144 (Non-Resident) 1. School of Medicine Scholarships25 (Tie) Vanderbilt University $47,150 $78,644 1. Merit and Need-Based Scholarships

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You grew up in an area where the big-time rappers display their wealth. How did you break away from that? What were your surroundings growing up that influenced how you perceive your wealth?

I never had a lot of money growing up so it was never something where I felt compelled to flash my money whenever I did get it. That’s not a sign of humility and I was raised to be a humble man and to work hard for what I want. The point of working hard isn’t to throw it in people’s faces.

[But] to be honest with you, I went through a time when I was infatuated with the whole “making it rain” phenomenon. I just wanted to get money, and go to a party and throw my money in the air and make it rain like all my favorite rappers do. And I literally went through a phase where I would do that type of stuff, unfortunately… That’s just me being 100% real with you.

By the time I got out of that phase, it really clicked in me. I wanted to be an example of someone who is a rapper, just like the other people who I grew up listening to, and to be a relevant rapper, but one who approaches money management in a totally different way. I just want to be an example for others. [Tweet this]

What brought you back to being humble with your money?

It was a very empty feeling when I was just trying to flash money. It was to impress other people and it didn’t make me happy to be flashing my money or showing off what I had. I’m from New Orleans and where I grew up, you make yourself a target if you’re flashing what you have.

I like to walk around with no security. I like to know that I haven’t made enemies because people feel like I’m putting myself on a pedestal and looking down and talking down to them.

I want to be the guy who is an example of something different. In New Orleans, you can’t name one rapper who has ever had any type of success and who has shown people a different route when it comes to spending habits and financial priorities. I want to be the first.

Do you still drive a ’98 Honda Accord?

I do, and I can’t wait to get back to my baby. I’m in Atlanta as we speak. I’ve been out here for about three weeks recording my new album, but the Honda is back in New Orleans.

Does it have a name?

It doesn’t have a name. It’s literally been coined “The ’98 Honda.”

Dee-1’s Money Tips

Live below your means. “I’ve always bought cars for cash … and I’ve had five cars. Every car I’ve always paid out of pocket.”

Spend money on experiences. “Experiences are priceless and make life worth living. Whether that’s live concerts or vacations; if it’s actively doing something that will enrich my overall life I don’t mind paying for that.”

Get an education. “You don’t want to drown yourself in debt, but you also don’t want to deprive yourself from getting an education because you’re afraid to take out loans.”

Are there other examples of ways you live below your means?

Yes, definitely. When it comes to clothing, for example, there’s a lot of synergy with being a hip hop artist and people who have clothing industries. Often, they want their clothes to be worn by hip hop artists. There are people that either give me free clothes or pay me to wear their clothes. That’s a cost I’ve been able to save.

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Outside of that, I definitely try to keep things in check as far as my spending on things that aren’t necessities. I really try to stay conscious of “Do I need this?”

One thing with the Honda is I’ve never had a car note in my life. It’s not even about driving the Honda … It’s a cool car, and it’s been with me through a lot and it has sentimental value. But, my whole thing was I never wanted to have a car note. So, for me, that’s a way that I’ve always lived below my means.

I didn’t want to finance a vehicle that I didn’t have the money for at the time, and then depend on the success of my music career to pay for it. I’ve always bought cars for cash… and I’ve had five cars. Every car I’ve always paid out of pocket.

Do you keep a regular budget or track your spending?

At this point, I’m beyond having to keep a budget. I think my budget is internal, and it’s actually a way of life for me. I’m careful of what I’m spending and what I have money going out for.

I enjoy spending when it’s related to my career … but I do separate my personal and business expenses. I spend way more on my business and my career than I do on myself. I think that’s fine because I am my business and it’s an extension of who I am so it works out.

You started your music career during college and continued while you were working as a teacher. Teachers have notoriously long hours and are often underpaid. How did you find the time and money to invest in yourself and your business?

That was an instrumental time in my journey. I was living in an apartment that was close to the school where I taught. But, the rent was low enough – and even though I had a modest salary and bills – that I was able to save money.

Saving money allowed me to fund my studio time, pay for posters and flyers, and pay for travel costs. I had to eat off the dollar menu a lot of days just because I wanted to save money on food.

Having that savings was important because when I quit teaching I had never been compensated to do a show. I didn’t know how to monetize my music. I was preparing for that by saving money.

Once again, not having a car note and living in an apartment where I wasn’t living above my means really helped. I even shared an apartment to subsidize the cost. It’s things like that that have become a part of my lifestyle. Looking back that cut my rent in half – just because I was cool enough to say, “Why not have a roommate?”

We know about your student loans, but do you have any consumer debt like credit cards, mortgage, or other?

No, I don’t. At this point in my life, I’m only buying stuff that I know I have the money for. I do have a credit card. I use it every month to build my credit, but I pay the whole balance off at the end of every month.

Can you share some advice for today’s graduates? The average student loan debt is over $30,000.

You have to be conscious when you’re taking out the loans. Is it worth it? Is the amount proportional to what you plan on making? Some people go over $100,000 in debt, but they know their graduate degree can get them a job that pays six figures. It can pay for itself in the long run.

Ask yourself, how much debt is worth it? You don’t want to drown yourself in debt, but you also don’t want to deprive yourself of getting an education because you’re afraid to take out loans.

Also, know that education is a hustle. What I mean is, [even when] you get an education, you still have to hustle to get a job. It’s about who you know and how marketable you make yourself … it’s a complete package that people are looking for. Use the knowledge that comes from education, but understand that it’s all a hustle and you have to play the game, or you’re going to get played.

I don’t think I’ve told anyone this, but part of what I did with my student loans was to start different businesses ventures while I was in college. I was trying to be an entrepreneur, and literally my startup money was partially coming from my student loans.

For some people, that’s the smartest thing in the world. You get access to capital that you can use to fund something. Other people might speak against that, but that’s what I did with part of my student loan money. I had about 10 different businesses: a clothing line, I sold Lamborghini-like car doors, I sold shoes. We started all types of random businesses. Everything made money except for the music.

Do you ever splurge?

Outside of investing in my business, I don’t mind paying for experiences. Experiences are priceless and make life worth living. Whether that’s live concerts or vacations, if it’s actively doing something that will enrich my overall life I don’t mind paying for that. I love to have the money to be able to do that when I want to.

Do you have any other money-related tips or recommendations?

Living within your means is the key to everything. Once you can break free from trying to impress people or trying to fit into what people want you to do, be, drive, wear, or where they want you to live, you’ll really find yourself able to comfortably live in a lot of instances.

A lot of people who are struggling financially have a better car than I have. Well, they have a more expensive car than I have. But, I have thousands of dollars in the bank that they wish they had. It’s a difference. Both of our cars get us from point A to point B, so who’s really winning?

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What is a soft credit check?

This occurs when a company or person looks at your credit report for a reason other than underwriting a loan. These may or may not happen with your permission.

For example, some lenders allow you to get an estimated rate for a loan before you complete a full loan application. This typically involves a short application that sends a soft pull to your credit report. That shows the company a snapshot of your credit profile in order to provide a loan rate estimate for you.

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Checking your own credit leads also is considered a soft pull. If you currently have a credit card, the issuer may also occasionally perform a soft pull for account maintenance, which could lead to your card’s credit limit changing.

These soft inquiries will not hurt your credit and are only visible to you when you review your credit report. If someone other than yourself looks at your credit report, they will only see the hard credit checks.

What is a hard credit check?

When you’re ready to complete a full application to borrow money — whether that’s for a credit card, student loan, mortgage, or personal loan — lenders typically make a hard pull on your credit as part of the underwriting process. This allows your credit report to be reviewed by the financial company.

Regardless of the result of your application, the inquiry remains on your report. If you make too many hard-pull inquiries in short period of time, it can have an short-lived impact on your credit score. However, there are some exceptions to this rule if you’re shopping for rates or apartment hunting.

What kind of inquiry is being made on my credit?

Some lenders can give you estimated loan terms or pre-approval based on a soft pull, but require a hard pull if you want to proceed with the application. However, it can sometimes be difficult to determine if even a short application will result in a hard or soft inquiry. If you’re in doubt, contact the lender and ask.

At Earnest, our two-minute Rate Check is always a soft inquiry and never dings your credit. Checking your own credit is always a soft pull, while applying for a loan is often a hard pull. An application for an apartment, signing up with a new internet or cable service provider, or renting a car can lead to either type. Again, if you’re unsure, ask the provider before completing an application.

Do credit checks hurt your credit?

According to credit scoring agencies Fair Isaac Corporation (FICO) and VantageScore, which create the most widely used consumer credit scores, hard credit inquiries can have an impact on consumers’ credit scores — but it’s often only a small change and it’s not permanent.

Hard pulls can have the greatest impact on those with only a few credit accounts and the impact may increase the more inquiries you have. However, don’t worry if you’re shopping to find the best rate for a loan or mortgage.

VantageScore considers all inquiries made within a 14-day window as one inquiry when calculating your credit score. FICO considers multiple mortgage, auto, and student loan inquiries made within 14 to 45 days as one inquiry. FICO scores also don’t take into account any mortgage, auto, or student loan inquiries made in the last 30 days.

While hard inquiries remain on your credit report for two years, they only impact your FICO credit score for up to one year. VantageScore states that a credit score will generally be back to its starting point within a few months of a hard inquiry.

How can I look at my credit report?

If you’re curious about your own credit report, you can get copies of your report through AnnualCreditReport.com, a site endorsed by the federal government to provide you with a free report every year. It’s a good idea to check your credit report on an occasional basis to ensure that all your information is being reported accurately.

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