Key Takeaways
- Approximately 22% of non-parent graduate students are married, according to data from the Spark Collaborative.
- Grants, scholarships, and student loans can help offset your education costs.
- Parents may also benefit from university resources like on-campus family housing, discounted childcare, and health insurance coverage.
Graduate school can be a smart investment for your career and financial future, but it can also be expensive. Particularly if you have other people depending on you, such as a spouse or children, managing money can be complicated.
In the U.S., the median marriage age is 28.4 for women, and 30.8 for men, according to the U.S. Census Bureau. Those ages overlap with the typical ages people pursue advanced degrees. Plus, research found that nearly one-third of graduate students are parents, according to the Urban Institute.
Thousands of graduate students are juggling their graduate programs, finances, and family responsibilities. The good news? With some extra planning and maximizing financial aid, it’s possible to succeed in grad school.
How to Manage Your Grad School Finances If You’re Married or a Parent
Graduate students with families need to think differently about their finances than single students. Rather than only having to worry about your own expenses, you also need to consider your partner and kids. Following these five steps can ensure your family is ready:
1. Apply for Financial Aid
Many people don’t realize that graduate students, including those who are married or parents, are eligible for financial aid. Financial aid can help with your tuition, room and board, and other expenses. Graduate students should complete the Free Application for Federal Student Aid (FAFSA) as early as possible to qualify for the most aid.
Depending on your finances, you may be eligible for grants, scholarships, work-study programs, or student loans.
2. Consider Your Expenses
With other people in your household, you may have more expenses to consider than single students. Besides expenses like tuition, textbooks, and lab fees, you may also have to pay for childcare or dependent care, activity fees, and transportation. If your children are young, childcare can be a significant expense.
Creating a list of all of your expenses can help you identify where your money is going and where you may be able to make cuts. Even small adjustments, like meal planning to reduce grocery spending or reducing subscriptions can help make a difference.
3. Review Your Income
Next, consider how much income you have coming in. If you’re married, your spouse may be working, or you may have a part-time job or do occasional freelance work. Because your income as a graduate student can fluctuate, consider how much you made over six months and calculate an average to get a better idea of how much money you typically make.
4. Explore Campus Support and Assistance Programs
Your university can be an invaluable resource if you’re married or have children. Depending on the school and your financial situation, you may have access to one or more of the following:
- Childcare: Some universities operate their own childcare centers for students. For example, Princeton University has the University-NOW Day Nursery School. It provides full-day programs for children ages 12 weeks through kindergarten. Even if the school doesn’t have its own childcare center, some universities partner with local care facilities to offer discounted rates to students.
- Family housing: Many universities have special on-campus housing options specifically for married couples or parents, and these options may be cheaper than off-campus housing. For example, graduate students at the University of Florida can qualify for family housing; these housing options are apartments with multiple bedrooms, full kitchens, and playgrounds on the grounds.
- Health coverage: Universities typically allow students to add a spouse or child to their health insurance policy. However, you’re usually responsible for the full cost of the premiums.
5. Stick to a Budget As a Family
As a graduate student, budgeting is a critical tool for managing your money. With dependents relying on you, it’s important to be on the same page with your partner.
It can be helpful to have regular monthly “money dates” where you sit down and review your finances every month, considering your spending and expenses to track your funds. It’s also a good idea to set aside a little money in a savings account each month for emergencies. If an unexpected expense pops up, like a car repair, you’ll be prepared.
Paying for Graduate School When You’re Married or a Parent
Even if you’re married or have children, you may be eligible for one or more of the following types of financial aid:
Scholarship and Grants
Often the best form of financial aid, scholarships and grants are gift aid and don’t need to be repaid. You may qualify for scholarships or grants through your university, state or federal government, professional associations, or third-party organizations.
You can find potential opportunities on Scholarships.com or FastWeb.
Work-Study Programs
With federal and state work-study programs, qualifying students can get part-time jobs related to their areas of study. You can use the earnings from these jobs to cover some of your education expenses. Contact your financial aid office to find out if your school participate in work-study programs.
Fellowships
Fellowships are competitive programs for graduate students that allow students to focus on their research or studies. They can cover the cost of tuition and provide a stipend for other expenses.
Fellowships may be available through your school, non-profit organizations, or government agencies.
Student Loans
Grad students can use federal or private student loans to pay for school. Student loan funds can go toward your tuition, room and board, and even childcare or other living expenses.
For students taking out loans on or after July 1, 2026, the only federal student loan option is a Direct Unsubsidized Loan, which has annual and aggregate borrowing limits.
If you need additional funds, private graduate school loans can help cover your remaining expenses.
Use our “Check Your Rate” tool to view potential graduate loan options from ELFI without impacting your credit score.
FAQs
What is the 50/30/20 rule for couples?
If you’re working toward a graduate degree, the 50/30/20 is a useful budgeting guideline for couples. Popular among personal finance experts, this budgeting guideline divides your income into three categories:
- 50% of your income for essentials like housing, groceries, tuition, healthcare, and childcare
- 30% of your income for discretionary spending
- 20% of your income for debt repayment and saving for other financial goals
Does being married affect FAFSA for graduate school or higher ed?
If you’re married, the FAFSA will ask for information about your joint income and assets. If your spouse works full-time, their income could affect your eligibility for some forms of need-based aid, but you’ll still be eligible for student loans.
How much money does FAFSA give for grad school?
When you complete the FAFSA, schools will create a financial aid package that can include grants, scholarships, work-study programs, and student loans for graduate students. How much you receive for higher education depends on your income and assets.
