Saving Money for Graduate School Admission Tests

By Jordyn Austin on January 18, 2017

For many undergraduate college students, graduate school may be the next step after graduation. You may be required to continue on to graduate school or you may think it is the best next move for you. Whether it is graduate school, business school, medical school, or law school, there is no secret that you will need money for admission tests.

These tests can be very costly so it is best you have some money saved up for them. If you are planning on pursuing a graduate level degree, you will need to take the appropriate admission tests.

Here are a few ways you can save money to pay the fees.

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Know the test you need to take and the cost

The Graduate Record Examinations (GRE) is the general admission test that most graduate schools require you to take. According to the GRE website, the cost for the standard test administration for China is $220.70 and the cost for all other areas of the world is $205. For more details visit this link.

The Medical College Admission Test (MCAT) is the test taken for admission into medical school. Registration fees for the MCAT are divided into three different zones: Gold, Silver, and Bronze. Gold is when you register one month before the exam date and the cost is $310. Silver is when you register three to four weeks before the exam and the cost is also $310. Lastly, Bronze is when you register one to two weeks before the exam and the cost is $365.

Please note that it costs an additional $100 for international registration. Click here for more information and details.

The Law School Admission Test (LSAT) is the test taken for admission into law school. The basic fee for the LSAT is $180. Visit this site for more information.

The Graduate Management Admission Test (GMAT) is the test needed for most business schools. The registration fee for this exam is $250. For more information please visit the official GMAT website. Remember to look at various countries to see cost differences.

*Take note of rescheduling and cancellation fees of each exam, as this will also have an impact on how much money you will need to save for each exam.

Plan and schedule ahead

It is very important that you plan ahead. Know the upcoming test dates and plan accordingly. One way to save money is to know what you are saving for and when you need it by. Know all the registration dates and the deadlines to register.

Work

If it is possible, one of the best ways to earn and save money is by getting a job. On-campus jobs are really good for students because most have a “school first” policy. A lot of on-campus employers make their best efforts to work around your school schedule. If you cannot work part-time, try working seasonal and temporary jobs during holidays and breaks. This option is very beneficial when you need to take your admission test in the summer. You have Thanksgiving, Christmas, New Years, and all of winter break as a jumping point to earn and save money for the summer.

Savings accounts

Everyone should have a savings account if they can. Ideally, your savings account should grow every single time you get paid, even if it is a little amount. Decide how much you need to save to cover the registration fee of the exam, as well as the unexpected costs (i.e cancellation fees, rescheduling fees). If you know how much money you’ll need, you can decide how much money to save from each paycheck.

If your bank does not offer savings accounts, find one that does. Remember not to dip into your savings account if you do not absolutely NEED to. Impulse purchases with your savings account will never lead to keeping money saved.

Waivers

Each test more than likely has a waiver or ways to receive a discount for the exam if you have financial need. This is where planning ahead also comes in handy because most of the time you need to fill out an application for a waiver. You never know how long the application process or approval may take. It is best to get a head start so you can prepare to cover costs if your application does not get approved.

Your school might offer assistance with costs as well. Each school and program are different but it does not hurt to ask if there are waivers or discount options available for admission exams.

Miscellaneous tips

•Limit how much you eat out; opt to cook instead

•Get rid of expensive cable packages

•Use campus transportation or ride a bike to cut gas costs

•Shop at places that provide student discounts

•Sell unwanted books, clothes or other valuables

•Use free budget websites and apps to help manage your money

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