As is the case with most people, the question near graduation is whether to pursue a graduate degree or start working. This decision is multi-variable and immense in scope, so I will only touch on a few key things before discussing how to decrease expenses when pursuing a graduate degree. 

A critical topic to consider when entering the workforce after an undergraduate is job outlook at graduation for your degree. Are you in a position of flexibility and can move to find the best job or someone who has to stay regional and therefore might have to take a less desirable job. 

Other topics to consider are what will be your salary at the start vs. mid-career. Will there be time and energy for side hustles that could supplement your income? Will it be possible to enter a graduate degree after starting employment, perhaps being paid by your employer? 

There are benefits to not pursuing a graduate degree early in your career. You will usually have lower debt and can invest earlier as long as you are financially responsible. There are also downsides, such as limited job opportunities and decreased income limiting the amount you can invest. As mentioned previously, there are numerous variables, but do your best to plug as many known variables into the equation. You don't want to spend a ton of time and money on a degree that will not provide you with the financial freedom that you desire in the end.  

Of course, the ultimate trump card is to do what you love, and yes, this is extremely important, but please weigh this with the stress of having to live paycheck to paycheck or deciding how you will ever pay down your debt.

If you decide to pursue a graduate degree, I will explain a few critical areas on how to decrease the student debt you will end up with in the future. 

The most important thing is first to establish the mindset that all of the money you will take out for loans will need to get paid back and with interest. Rarely rely on the maximum amount you can receive from the student loan office, but instead do your finances on how much you will need. The amount is distributed on a semester-by-semester basis, so you can make adjustments as needed along the way. 

When limiting expenses, I begin by turning your attention to housing. If you can live with a family member, live with a roommate, go to school in a lower-cost area, or take all your classes online from an affordable remote location, this can be a huge cost saver. Most people will spend about 30% of their monthly bills on rent. If possible, keep the same car or buy a used, low-cost, safe, and reliable vehicle. When feasible, eat-in, make your coffee as you will consume significant amounts of it, and don't spend money on cable because you probably won't have time to watch it anyway. Ask the previous classes regarding the books and supplies you need, which ones you can buy used, and who is willing to give them away.  

If possible, choose graduate degrees that are in-state and public. This is not always possible due to acceptance and possibly lack of degree options in your state, but the cost of in-state public tuition is far cheaper than any out-of-state private institution. When applying to these schools, it is helpful to ask if the out-of-state tuition can be waived, as some schools will do this. Another option is to establish residence in a state with more in-state options to increase your chance of acceptance and decrease tuition costs.

In graduate school, consider side gigs if you have the time. Also, make sure that all eligible undergraduate and graduate federal loans are in deferment and not in forbearance. They should be as you automatically qualify as long as you are in graduate school at least half time. The importance of this is that federally subsidized loans do not accrue interest during deferment. Unfortunately, unsubsidized loan interest does accrue during the deferment period. Still, the interest is not added to the loan's principal until the end of the deferral period, thus allowing you to pay this off before being added to the principal. 

In the next section, I will be discussing medical residency training and financial tips during this period.