<prompt> Human: Hi there,Im entering a Masters program this fall that will last for a year and a half and is estimated to cost about 86k all together. My Monthly rent will be 1,200, based in NYC. I am quite frugal when it comes to groceries and eating out.x200B;I received a sizeable inheritance that will cover the entire cost of living and the program. However, I would like to know if there are better ways to finance the next year and a half to help me both at a tax level and a personal financial level to alleviate some of the costs. Are there things I can do to reduce the cost, such as take out a federal loan and raise my credit, or pickup a credit card with great returns on educational expenses? Any accounts that would help with this?x200B;Id be most grateful for any and all tips you can provide. Thank you!  <response>: If you take out a loan you arent reducing the cost. Loans accumulate interest, thus you are spending more principalinterest than you would have if you paid outright.My main question is what is the masters in? If you are entering an industry where finding a job might take you a while andor salaries are not substantial, not having that student loan payment will be a godsend.If you have the money and can just pay it, that is be course of action I would take. Loans are the devil. Building your credit score isnt a good reason to take on student loans imo. 