I am an incoming freshman to college (high school grad) and I will start college in the fall. I have been told that the majority of the time, Masters degrees are self-funded while Ph.D.'s are usually fully supported as Teaching Assistants or Research Assistants. So I was just wondering what are some ways to cut down on the costs of grad school before the time actually comes where I have to pay for it. What are ways I can start saving and fundraising before I start my undergrad, so that the cost of grad school won’t be a TREMENDOUS issue later on?
Work in summers and during the school year. Not sure what you are looking for – there is no tuition fairy.
Remember that you don’t have to go to grad school right out of under grad. In fact, frequently it is better to gain experience before applying to grad school. Experience can help lessen the blow of a less than stellar GPA and can help get you into better programs.You can work during the school year/summers in college, then get a job for a few years before going back. Sometimes employers will even cover part or all of your tuition costs for a masters. Both my employer (a college/hospital) and my husband’s employer (an investment company) offer tuition reimbursement programs for employees. Lastly, there are partially funded and SOME fully funded masters, but they are extremely competitive. Keep your grades up and do research as an undergrad to have a shot at qualifying for those.
You’re thinking about this far too early. You might not even go to graduate school - not everyone needs a master’s degree; you might find meaningful work without any graduate school. And if you do, you might get into one of the few funded master’s programs - particularly if you are interested in the sciences. Or your employer might pay for the master’s as @mademoiselle2308 says.
But there’s really no significant way that you can cut down on grad school costs in college. The best way is indirect - do well enough in college that you are eligible for the few scholarships or awards that exist at some universities for certain master’s programs. You could work during the summer and save, but less expenses now, you’ll be unlikely to save enough to make any significant dent in how much you’d have to pay for grad school (although you could save enough to defray the cost of living expenses like security deposits).
If you end up going for a PhD, you don’t need to get a masters first and then a PhD. It looks like you are majoring in CS. Many PhD programs let you file some paperwork when you “advance to candidacy” to get the masters also, and it is optional. Many PhDs in the sciences don’t technically have a masters. A PhD program in CS should be supported with a mix of TA and RA funding.
And yes, you are worrying about this too soon. Get the BS first. As a CS major, you will probably be able to get paid internships and/or undergrad research.
If you decide you just want a Masters and don’t want to be in a PhD program, that is likely to be self-funded.