| Economic pressures and a challenging labor market have placed a higher value on obtaining a master's degree and increased the financial difficulty students have in earning one. While a master's degree experience is somewhat short in tenure, typically two to three years in length, the ramifications of students' financial management decisions during this period can last a lifetime. The financial reality students face can be difficult to cope with and can affect their academic performance, physical and mental health, and the overall stability of their future. Utilizing Goodman, Waters, and Schlossberg's (2006) adult transition framework, the researcher investigated the financial conditions that master's degree students face, the financial aspects that cause them the most concern during graduate school, and the methods universities are utilizing to address these financial circumstances.;The majority of the master's degree students in this study described navigating through graduate school while facing unexpected financial burdens, heightened levels of debt-induced anxiety, and declines in their health. All the while, these students felt that their institution of higher education did little to assist them with their financial transition. The ramifications of an unanticipated financial transition during graduate school may reach far beyond the present day, as the majority of master's degree students expressed that it may change their plans for the future, alter their future financial stability, and will potentially decrease their overall quality of life. This study adds to the growing body of evidence which points to the serious need for society to reevaluate what higher education is and, more importantly, what it costs.;This study revealed that many master's degree students experience an overarching financial transition for which many are unprepared. This transition contributes to higher levels of financial concern and increased difficulty in adjusting to graduate school. The unanticipated financial transition contributes to increased stress and health problems during graduate school and may significantly shape the students' future quality of life. This study found that the financial transition many master's degree students face during graduate school helps define their overall success, health, financial stability, and future quality of life. |
