If you don't mind, could you please elaborate on the 'difficult subjects affecting your finance' in grad school? I'm not sure how the two relate to each other. Thanks!
He, he. OK.
I know I sound really negative towards the OP and others entering graduate school, but I am just trying to give a friendly warning. Grad school is time consuming, and to the point that it can make one cut back on work, and thus income.
When I work, I pretty much just wake up, get ready, do work, come home, watch TV (not good, I know), wind down, and go to bed. I like to sleep 9 hours a night because
I admit I am pretty lazy,or maybe that's just how I am built.
So when I tossed in graduate school, which has now become a hobby these last two decades on some years, it takes a lot out of me even though I enjoy it. I am not a fast learner. I have no problem sacrificing the TV because that just goes out the window for me in years I am in grad school. But I won't sacrifice my sleep. And then, with an average dedication from a slow learner like me of 25 to 35 hours a week for grad school, just cutting out TV is not enough. I may skip a meal so I gain some time there. But what always ends up happening is that I end up cutting back on work hours and I make less money and that's what affects my finances. This is also what I have seen with others, regardless of subject studied in grad school.
When I did graduate business school, it was rigorous (only in that I wasn't that much into math then), but I could still handle working part time and I got pretty decent grades. I did OK with an undergraduate business degree in hand so I thought graduate business school was just a continuation, right? Wrong. You have to be a quant jock on some level in order to survive there. I wasn't a 4.0 like some students who did nothing but b-school, but I had a balance and got to work some so I wouldn't be completely broke but gave enough time to school to get decent grades. I went for this without loans, btw, so I put myself in the situation of having to work some because I am not rich.
Now law school, while not hitting most people's weak areas of math or ridiculously long papers (as found in business school's Harvard Case Study method), took up far more time. It was not hard, academically, but there was tons of reading and an amazing amount of memorization. While graduate business school is not something you can teach a teenager because it cues a lot on higher level classes such as macroeconomics, managerial accounting, graduate level research, and in many cases real world managerial experience, law school subject matter can be taught to anybody who is willing to read a lot. But you have to read and memorize what seems to be as long and as uninteresting as your phone book.
Few people I knew were able to work full time, and some could not even work part time in grad school, especially law school. The ones who did best in law school only did law school, not because they were smart per se, but law school was more of an animal that required that you put in the time in order to get good grades. So I would say, while not difficult as advanced accounting, economics, or quantitative analysis and other torturous business school material, law was difficult in that it took up a lot of time.
And finally, I did a grad program in open university, a part of University of California, designed to work around working engineers/technicians in the field who wanted to slowly get a master's then PhD while working in the field of computer networking. The program was supposed to be manageable but I found it far more rigorous time wise than law school, or intellectually more challenging than business school, and I said adios to that one.
That being said, there may be people who are expert time managers, and who can get by on very little sleep, and will blow though graduate school and work at the same time. But after seeing many fellow students do only grad school and use loans, it's not easy to work and do graduate school at the same time.
I say take out adequate loans, because you will have a better job with higher pay in the long run with a master's vs. a bachelor's and the difference in pay, after taxes, will make paying back that extra two years of school, manageable in at least ten years of modest student loan payments. Add another 20 years in the working field with that graduate education under your belt, and not only will you pay back your loans, you will likely make a few hundred thousand more in your lifetime.
So why the great need to work while in grad school for a couple of years when there are loans available?