Lana Oconnell
Graduate school can be expensive, and many students opt to take out loans to fund their education. The average cost of tuition and fees for grad students at public and private institutions is $12,394 and $26,621, respectively, and the cost of graduate school varies by school and degree type. Students can explore funding options such as scholarships, grants, fellowships, assistantships, and loans to help finance their education. Some states and employers also offer tuition assistance or reimbursement programs. It is important for students to carefully consider their financial options and plan their budgets to avoid taking on excessive debt.
| Characteristics | Values |
|---|---|
| Average cost of tuition and fees for grad students at public institutions | $12,394 |
| Average cost of tuition and fees for grad students at private institutions | $26,621 |
| Cost of a master’s of education at the University of Michigan | $13,362 |
| Cost of a master’s of business administration at Harvard Business School | $81,374 |
| Tuition responsibility for students on assistantships | $25 |
| Percentage of tuition and fees covered by grants, scholarships, fellowships, or tuition waivers | 15% |
| Percentage of employers offering undergraduate or graduate tuition assistance | 47% |
| Tuition reimbursement offered by The Home Depot | $3,000 per year |
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What You'll Learn
Scholarships, grants, and fellowships
Graduate school can be expensive, with the average cost of tuition and fees for grad students at public and private institutions being $12,394 and $26,621, respectively. However, there are several options for scholarships, grants, and fellowships that can help finance a graduate degree.
Grants for graduate school are usually need-based and related to the recipient's field of study. They are typically offered by federal or state governments, individual schools, or private organizations. To apply for federal and state grants, students must fill out the Free Application for Federal Student Aid (FAFSA). School-specific grants can be found through the school's financial aid office, while organization-specific grants can be sourced through the national professional association in the recipient's field. Grants are usually awarded for academic excellence and can include internships or other service commitments.
Fellowships for graduate students are often related to short-term opportunities to study or conduct research in a specific field. Like grants, fellowships are awarded for academic excellence and can include internships or other service commitments. They are highly competitive and may involve an extensive application process. Fellowships are offered by various organizations, including the Smithsonian and the Washington Center.
Scholarships for graduate students can be merit-based, or they may consider other factors such as financial need or the applicant's background. Many universities offer scholarships and fellowships to students in specific departments, and some scholarships are aimed at attracting and retaining students who demonstrate high moral and academic standards.
In addition to scholarships, grants, and fellowships, graduate students can also explore assistantships, which provide tuition waivers and stipends. About half of graduate students are employed as graduate research or teaching assistants (GRAs or GTAs). These positions are usually awarded to full-time students and can provide valuable experience and skills in research or teaching.
Overall, there are several options for financial assistance to help fund a graduate degree, including scholarships, grants, fellowships, and assistantships. By exploring these options and carefully considering their financial situation, graduate students can make their education more affordable and reduce their reliance on student loans.
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Assistantships
Graduate assistantships are a great way for graduate students to offset the cost of their education. Assistantships are paid student employment opportunities for graduate students. They are similar in concept to undergraduate work-study programs, but instead of taking on menial jobs, graduate assistants are paid to perform tasks that align with their fields of study.
There are two broad categories of graduate assistantships: teaching assistantships and research assistantships. Teaching assistants (known as GTAs) are hired directly by academic units in conjunction with a course or educational project. GTAs provide an opportunity for students to develop teaching skills in apprenticeship with a faculty member. Research assistantships (known as GRAs) provide hands-on research experience and an opportunity to learn teamwork. GRAs are usually funded by sponsored research dollars awarded to faculty members by external grants or contracts.
Graduate assistants may be eligible for a full or partial tuition waiver as a condition of their employment. The amount of tuition covered by an assistantship is determined by the department in which a graduate assistant works. To be eligible for a tuition waiver, students must be enrolled full-time, with a minimum number of credit hours each semester. Additionally, students receiving tuition waivers must still pay university fees and, in some cases, a small administrative fee.
Graduate assistantships also come with cash compensation to cover basic living expenses. Stipend rates for graduate assistants are based on levels that reflect progress toward the advanced degree and experience. In addition to the financial benefits, graduate assistants gain valuable experience and build their resumes.
Competition for graduate assistantships can be intense, and students may need to demonstrate excellence in their undergraduate work and meet other criteria to be selected. Assistantships require students to complete clearly defined tasks and work under the direction of a particular professor, which may include some administrative chores.
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Employer tuition reimbursement
Tuition reimbursement, also known as tuition assistance, is an employee benefit that allows employers to pay for a predetermined amount of continuing education credits or college coursework applied toward a degree. These programs are intended for employees who want to advance their education in relation to their current career path, offering them the chance to increase their industry knowledge and develop advanced skills.
According to a survey by the Society for Human Resource Management, 47% of employers offered some form of undergraduate or graduate tuition assistance in 2020. This figure rose to 48% in 2022. On average, companies spend around $10,500 for employees pursuing graduate degrees. However, it is unlikely that employer tuition assistance will cover the entire cost of a degree program. Tuition reimbursement programs often have eligibility requirements for both employees and coursework. For example, eligible coursework is often limited to subjects related to the employee's current job. Employers may also require that employees earn a specific grade, such as a "B" or higher, to qualify for reimbursement.
Some companies with tuition reimbursement programs include:
- Amazon: Covers tuition and fees for front-line employees after 90 days of employment.
- Apple: Offers the Apple Education Reimbursement program, which provides up to $5,250 for formal education.
- AT&T: Provides tuition assistance of up to $5,250 per year for part-time and full-time employees who have worked at the company for at least six months.
- Bank of America: Offers up to $5,250 in job-related college courses or degree programs each year for part-time and full-time employees who have worked at the company for at least six months.
- Best Buy: Offers a tuition assistance program for full-time employees working at least 32 hours per week and employed for at least six months.
- Capital One: Reimburses up to $5,000 per year for courses taken by full-time associates and up to $2,500 per year for part-time associates.
- Chick-fil-A: Employees can receive tuition discounts and grants that can be applied to over 100 partner colleges and universities. Chick-fil-A contributes up to $5,250 annually to help cover costs.
- Chipotle: Both hourly and salaried employees are eligible for tuition reimbursement. Chipotle contributes up to $5,250 annually and pays 100% of tuition for specific degrees offered through their partner program.
- Comcast: Full-time employees can qualify for tuition assistance of up to $5,750 annually, provided they enroll in a Comcast-approved degree program.
- FedEx: Provides up to $5,250 annually for employees pursuing a college degree or attending trade, vocational, or technical school. FedEx also offers an exclusive employee tuition discount for online programs at Robert Morris University.
- Fidelity: Offers up to 90% of education-related costs, with a maximum of $10,000 per year, for full-time employees who have worked at the company for at least six months.
- Ford: Pays up to $6,000 per year in tuition and fees for full-time employees. After 90 days of employment, employees can enroll in a GED, undergraduate program, or approved certificate program from an accredited school.
- GEICO: Provides tuition reimbursement of up to $5,250 per year for full-time employees enrolled in undergraduate education at an accredited community or four-year college.
- Home Depot: Salaried employees are eligible for $5,000 in tuition reimbursement for a college degree per year, while hourly full-time employees are eligible for $3,000, and part-time employees can receive up to $1,500.
- Lowe's: Pays up to $2,500 per year toward tuition for full-time employees who have worked at the company for at least one year.
- McDonald's: Offers up to $3,000 per year in tuition assistance for employees working a minimum of 30 hours per week and approved by their manager. Employees working at least 15 hours weekly can receive up to $2,500 annually and become eligible after 90 days of employment.
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State tuition assistance
Graduate students can receive tuition assistance in the form of assistantships, fellowships, loans, work-study programs, and research grants. Assistantships are paid student employment opportunities for graduate students, and about half of graduate students are employed as graduate research or teaching assistants (GRAs or GTAs). These positions typically require 13-20 hours of work per week and provide a tuition waiver and a modest stipend. To be eligible for a tuition waiver, students must be enrolled full-time, which typically means taking at least 12 hours of classes. Tuition waivers may also be available for graduate students with campus jobs, but the number of hours worked per week may impact eligibility.
Some universities, such as NC State University, offer a broad range of financial assistance options for graduate students, including fellowships, traineeships, grants, assistantships, loans, work-study programs, and research grants. NC State's Graduate Student Support Plan covers the cost of tuition and health insurance for many students supported by research and teaching assistantships. Additionally, travel funds are often available to help graduate students pay for participation in professional meetings.
The University of Massachusetts offers tuition waivers for eligible students, and the Massachusetts Department of Higher Education provides information on financial assistance for graduate students in the state. Oklahoma State University also offers graduate research/teaching assistantships/associateships (GRA/GTA) with associated tuition waiver benefits for students enrolled in any OSU master's, specialist, or doctoral degree-granting program.
Outside of universities, graduate students can explore options for state tuition assistance through their state's department of higher education or similar agency. Additionally, some employers offer graduate tuition assistance as an employee benefit, so it may be worth inquiring about this with your employer or prospective employers. According to a 2020 survey by the Society for Human Resource Management, 47% of employers offer some form of graduate tuition assistance.
Overall, while graduate school can be costly, with average annual tuition and fees ranging from $12,394 at public institutions to $26,621 at private institutions, there are various options for state tuition assistance available to help graduate students finance their education.
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Student loans
Graduate students can pay tuition fees through federal and private loans. The average cost of tuition and fees for grad students at public and private institutions is $12,394 and $26,621, respectively, according to data from the 2020-2021 academic year. The cost of graduate school can vary by school and degree type. For example, a master's of business administration at Harvard Business School will cost $81,374 in tuition and fees each year.
Federal loans are funded by the federal government, and you can apply for them by filling out a FAFSA. Private student loans are offered by banks and credit unions, and you apply directly with the lender. Some private lenders include Firstrust Bank, First Citizens Community Bank, and M.Y. Safra Bank. The amount that you can borrow for graduate school depends on the loan. Most graduate student loans let you borrow from $1,000 up to 100% of the school-certified Cost of Attendance (COA). The COA includes expenses like tuition and fees, room and board, books and supplies, travel, a laptop, and personal expenses.
Before taking out a loan, it is important to consider your credit history. Lenders will look at your history of borrowing money and paying it back on time. If your credit history is not strong, you can consider adding a cosigner with good credit to your loan application. It is also important to only take out loans that you know you can afford to pay back with interest.
There are other options to help pay for graduate school, such as assistantships, fellowships, and employer tuition assistance. About half of graduate students are employed as graduate research or teaching assistants (GRAs or GTAs), which can provide a tuition waiver and a stipend. Alternatively, you can try to save up beforehand to reduce the amount covered by student loans.
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Frequently asked questions
Yes, grad students have to pay tuition. The cost varies depending on the school and the type of degree.
The average cost of tuition and fees for grad students at public and private institutions is $12,394 and $26,621, respectively. However, the cost of graduate school can vary by school and by the type of degree. For example, a master's of business administration at Harvard Business School will cost a resident $81,374 in tuition and fees each year.
Yes, there are scholarships, grants, fellowships, and assistantship positions that can help offset the cost of grad school. Schools offer different graduate assistantship programs, and there are also scholarships and fellowships offered by organizations outside of the school. Scholarships for grad students are typically smaller but more plentiful than those for undergraduates.
Yes, student loans are an option for paying for grad school. There are federal and private loan options available. However, it is recommended to explore other options before taking on debt.
Yes, some states offer tuition assistance or reimbursement programs for graduate students in certain fields. Additionally, some companies offer tuition reimbursement as a benefit to their employees. It is worth checking with your employer to see if this is something they offer.
