Showing posts with label tuition. Show all posts
Showing posts with label tuition. Show all posts

Wednesday, 23 November 2011

The cost of graduate school: Investing in your future

Graduate school is an investment. The question for you is whether it is worth it.

Let's look at the costs and benefits. First, the costs.

Every graduate student, whether or not they pay tuition, shoulders an opportunity cost of foregoing job earnings for education. If you go to graduate school next year, you will not be pocketing the money you would be earning if you were working a full-time job. I cannot quantify that. Some of our students give up high-paying jobs to come to SAIS. Others not so. But every student could have chosen to work.

In most cases, the opportunity cost of studying far outstrips the price tag of school. And every student bears that cost.

Then there are the outright costs: tuition, books, living expenses, travel. We provide an estimate for incoming students. Here is the estimated budget for 2011-12 at SAIS Bologna.

If you add the opportunity and the real costs, it comes to a chunk of money. No one would deny that. The question then becomes: Is it worth it?

The return on your investment can take many forms. Some are straightforward: SAIS is a professional school, and most of our students use it as a springboard to a career in the international sphere. You may not know what job you will have when you leave SAIS, but you know the choices are exciting. Our alumni are leaders in many fields -- from the private to the public, from corporations to international organizations, from governments to NGOs.

Take my own experience. I was a high school teacher before starting SAIS. I yearned for a job on the global stage. When I finished SAIS, by virtue of my studies there, I was able to make a credible pitch to cover international finance as a journalist in Washington. That led to an unexpected but fulfilling career as a foreign correspondent.

I cite this because it is not atypical of SAIS graduates: There are doors leading to places many can only dream of.

Even before leaving SAIS, when one is at one's studies here, the experience can be gratifying. This blog has featured many students describing the learning experience in and outside the classroom, of deepening their knowledge through course work and by sharing experiences with the diverse student body.

Many readers know that one of my favorite adages is, "It's not the destination that counts but the getting there." At SAIS, the destination does count -- we want our graduates to land the jobs that inspire them. But the "getting there", or the time spent at SAIS, is also extremely satisfying. So the return on investment starts on Day One, not just at graduation.

If we continue to attract top students from around the world, it is because they recognize the benefits of the investment and also know how to make the best use of it.

How do they pay for it? Almost all students combine a mix of resources to make ends meet.

Most receive financial aid from SAIS, and in many cases the aid cuts the tuition cost substantially. For more information on financial aid and fellowships, click here.

Many land scholarships outside SAIS's control from national, international or local foundations. Some of these are well known, others less so. For a partial list of such sources, go here.

Most SAIS students have worked before starting their studies, and they may have set aside some savings to help defray the costs. Many work part-time jobs while studying. Even eight hours a week can help pay a large chunk of the rent.

Finally, some students take out loans. This is very common in the United States where subsidized student loan programs have existed for many years. But not only U.S. students. SAIS Bologna students who are citizens of EU member states are eligible to take out a fixed-rate loan from UniCredit Bank for up to 15,000 euros per year. For more information, click here.

Financing graduate school, wherever one goes, is a complex matter that extends well beyond the headline tuition figure and the size of financial aid packages. For some students it is daunting because it marks their first foray into the full complexities and challenges of personal finance.

But it can be done. You may not feel fully on top of the financial challenge at this point. My recommendation would be to think big: Why do I want to go to graduate school? How will it benefit me? Will it help me be where I want to be in 5, 10, 15 years?

Once you've tackled those questions, the nitty gritty of costs will tend to fall into place because you will see them as an investment that yields benefits far into the future.

Nelson Graves

Thursday, 7 July 2011

It's better to be safe than sorry!

Today, I would like to answer some questions we are asked frequently. Please take some time to read this post and especially to go through the information available on our website as well as in the Incoming Student Guidebook. They are precious sources of information that can help you answer most of your questions.  

Q: I am having problems with my visa application, what should I do?
A: The first step is to check which documents you need on the website of the Italian embassy of your home country . 

Q: I have checked the documents on the website of the Italian embassy of my home country and it seems that I am missing some documents. 
A: Contact us as soon as possible. We will be happy to help you. 

Q: I have not started my visa application yet, should I worry?
A: Yes. By now, everyone should have at least been in contact with the Italian embassy in their home country. If you have not contacted them already, make sure you do so as soon as possible. 

Q: I am not a citizen of the European Union. What should I do for medical insurance?
A: You need to arrive in Italy with a sound health plan that will cover you in case you need care. Remember that the Italian emergency insurance applies to emergency hospitalization only. For more information see this post  published in May. 

Q: When is the deadline to pay the first tuition instalment?
A: The deadline is on September, 30.  See the Incoming Student Guidebook to learn how you can make the payment. 

Q: I received financial aid from SAIS, how does paying tuition work for me?
A: Financial aid from SAIS goes towards tuition. If you received financial assistance from SAIS the award will be split in two. One half will be credited towards tuition in the first semester and the other half in the second semester. You will be asked to pay the outstanding balance at the beginning of each semester. You can read more on financial aid and tuition here.

Q: I have not registered for a principles of economics course yet, what should I do? 
A: You should find a course now. Remember that when you arrive in Bologna, you will need to have successfully passed courses in principles of micro and macroeconomics or you won't be able to start your studies at SAIS. 

If you feel there are questions that should be addressed, please comment on this post so that everyone can benefit from your queries. You know we welcome your input! 

Next week:

- Your views on the Blog: a summary of your answers to our survey.
- Q&A on concentrations, jobs and more.






Thursday, 9 June 2011

Spending wisely

Tuition is a fact of life for those attending a private program such as SAIS. Below Bart Drakulich, who is director of Finance and Administration at the Bologna Center, provides some background and at the end some basic information on tuition payments. You can send any questions to the Business Office.

An old film actor once declared he spent his earnings “part on gambling, part on booze and part on women“ before adding: “The rest I spent foolishly.”

Bart Drakulich
While George Raft didn’t name a graduate education in international relations, presumably he would not have considered SAIS tuition a foolish expenditure. He may have meant to add it to his list but forgot.

Humor aside, the rising cost of higher education has been an important topic of debate recently. I enjoy the debate, am not a defender of the status quo and look forward to continuing the dialogue with the incoming class. In the fall I will share a presentation on the Bologna Center’s budget -- how it is structured, what our sources of funding are and how your tuition is spent. In the meantime I’d like to give a bit of context followed by a service announcement:

·        Johns Hopkins is a private, not-for-profit university. For students we are more expensive than most universities in Europe but that is because of the source of funding, not how it is used. In many countries higher education is subsidized and the costs are spread over the tax base. Citizens underwrite the costs whether or not they attend. At SAIS, students, with the help of financial support from alumni and other outside sources, fund the program. One can debate the costs and benefits of the two models. By enrolling at Johns Hopkins you have chosen the latter.

·        We believe you have made a wise choice. A graduate education is not a commodity, and one size does not fit all. By accepting admission, you have chosen to be part of a special group of students from diverse backgrounds with often similar interests and goals. You will learn in an intimate environment from world class faculty and also from each other. Your classmates will become part of your lifelong network, as friends and professional contacts.

·        Hard as it may be to believe, the cost of educating each of you will exceed tuition. This is the case for virtually all top U.S. universities. Our program is still a very artisanal, personal activity, and payroll costs make up the bulk of our budget. We rely on the generosity of alumni, foundations and governments to help cover the difference so we can maintain a quality program for a small group of students each year.

·        Financial aid can be a source of misunderstanding and debate. Students can point to a number of expenditures they feel might have better been spent on a fellowship for them. To an extent they may be missing the point. Financial aid is a high priority, but it is not the only claim on our resources. It is an instrument to further our twin goals of attracting the highest quality candidates and maintaining a diverse student body. We would love to provide unlimited aid to students but do not have the resources to do so, and a research university like Johns Hopkins has many goals and constituencies it must allocate resources for. That said, this year we were able to award more aid than any other year in our history, something we are very proud of.

Now that I have provided a bit of context, let’s get down to the nitty gritty. Here are a few KEY bits of information about your upcoming tuition investment:

·        Fall semester tuition is due on Friday, September 30.

·        If you received a fellowship, you will be allowed to use HALF of the fellowship amount towards fall semester tuition. The other half will be credited towards your spring semester tuition, due on Monday, February 6, 2012.

·        Instructions on paying tuition are on page 15 of our Guidebook for Incoming Students (please familiarize yourself with the information in this guidebook as it will answer many of your questions).

·        If you have questions which are not addressed in the Guidebook, please send an email to businessoffice@jhubc.it.

Now that we have that out of the way, let me say I am very much looking forward to meeting all of you in a few months. I wish you all a safe and pleasant summer.

Bart Drakulich