Understanding the role of knowledge related to financial resources on decisions to attend graduate school

Although many factors exist as to why students choose not to pursue graduate study, one significant barrier is the lack of knowledge regarding financial resources available to pursue such study. To explore this, we developed and launched a pilot survey that probed student career plans, current and perceived financial resources, perceptions about the application process for graduate school and the role of finances in their decision to pursue an advanced degree. We also interviewed three undergraduate respondents to further elucidate their views of the utility of graduate degrees in their field and how they went about gathering knowledge about the financial support available for graduate studies. The findings confirmed that most undergraduate students begin to consider graduate school as juniors and seniors. While the participants most often selected financial factors as influencing their graduate school decisions, interviews showed that students amassed financial knowledge from their acquaintances within industry or from graduate students in other disciplines.