Something to think about: paying for graduate school

In the March issue of The Promise, Phi Mu Foundation asked you, our readers, to share with us what's going on in your life, in the hope that, the better we know you, the better we can serve you. And respond you did! Countless young alumnae updated the Foundation on recent special events in their lives. From marriage to babies to new homes, the women of Phi Mu are achieving significant milestones.

In looking at the responses, we noticed a growing trend: a significant number of these women are in graduate school, working towards advanced degrees. These Phi Mu women mirror current trends in society, as a whole. As the economy declines, the number of domestic graduate school applications increases.

But with graduate school come more expenses. School loans, perhaps piled on top of loans from the undergraduate years, can really start to add up. So, what's a girl to do?

First, only accept those loans that you will really need. Don't be tempted to take the "free" money now, if you don't need the full amount, as you'll be left with more money to pay back later. Once you do graduate, you may not need to start paying your loans back right away. Most loans have a six month grace period, so take full advantage of it. About five months after graduation, start preparing to repay your loans. Lastly, interest rates are at record lows. Now is the time to lock in a lower interest rate that will last you the life of your loan.

Successfully completing graduate school is no small feat. Determining how to pay for it should be much easier. Like your college professors, we hope we've given you something to think about.

For more information, we suggest you visit financial guru Suze Orman's website.

"I just received the e-mail for young alumnae, and I love it! I think that this is a WONDERFUL IDEA! Leave it up to Phi Mu!" Jennifer Goodbee, Alpha Psi