Savanna Hoffman
Graduate school can be expensive, with tuition and fees for grad students at public and private institutions in the US averaging $12,394 and $26,621 per year, respectively. While graduate students are more self-reliant than undergrads, they can still access funding through scholarships, fellowships, assistantships, and loans. Some companies offer tuition reimbursement, and certain states provide tuition assistance for graduate students in high-need areas. Grad students can also take out federal or private loans, with US citizens eligible for up to $20,500 annually in unsubsidized federal loans. With careful planning and exploring various funding options, graduate students can find ways to finance their education.
| Characteristics | Values |
|---|---|
| Self-reliance | 77% of graduate students' costs are covered by money they have saved, earned, or borrowed. |
| Scholarships and grants | 60% of grad students do not receive scholarships, grants, or tuition waivers. |
| Loans | 77% of graduate students took out loans to pay for school. |
| Average cost of tuition and fees | Public institutions: $12,394; Private institutions: $26,621 |
| Loan forgiveness | The Tennessee Graduate Nursing Loan Forgiveness Program offers up to $7,000 per year toward tuition and fees for nurses who work in eligible institutions for at least four years. |
| Tuition reimbursement | 47% of employers offer some kind of graduate tuition assistance. |
| Assistantships | Paid positions offered by some universities, typically involving teaching or research work, in exchange for a tuition waiver and a monthly stipend. |
| Tuition-free programs | Tuition-free offers are more common in doctoral programs. |
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What You'll Learn
Scholarships, grants, and fellowships
Graduate students can receive financial aid in the form of scholarships, grants, and fellowships. These opportunities can help students avoid taking out loans to pay for their education.
Scholarships
Scholarships are often merit-based and can be awarded to students who showcase their goals, achievements, and drive. For example, the $25,000 "Be Bold" Scholarship is a no-essay award given to the student with the boldest profile. Scholarships are also available for students who are still in graduate school or working on their Ph.D. For instance, the Ford Foundation Fellowship program is open to predoctoral, dissertation, and postdoctoral students.
Grants
Grants are typically need-based and can be related to the recipient's prospective field. They are usually offered by the federal government, state government, an individual school, or a private organization. To apply for federal and state grants, individuals can 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 a field's national professional association or by checking with a department head or advisor.
Fellowships
Fellowships are a special kind of merit scholarship that often covers all tuition expenses. They are awarded for academic excellence and can be found in most graduate fields. Fellowships often involve a competitive application process and may include internships or other service commitments. Fellowship opportunities can be located by contacting a program chair and advisor or by reaching out to related professional associations and nonprofit research organizations.
While graduate students can receive financial support through scholarships, grants, and fellowships, it is important to note that these opportunities may not cover the full cost of attendance. In such cases, students may need to consider additional funding options, such as student loans, to bridge the financial gap.
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Student loans
Graduate students are more self-reliant than undergraduates, with 77% of their costs covered by money they have saved, earned, or borrowed. This is because graduate students are less likely to receive scholarships or grants, with about 60% of grad students receiving no financial aid. As a result, over three-quarters of graduate students take out loans to fund their studies.
There are two main types of student loans for graduate students: federal and private. Federal loans are funded by the government, and include Direct Loans and Direct Graduate PLUS Loans. Graduate students who are US citizens can borrow up to $20,500 a year from the Direct Loan program, with additional funds available from the PLUS program. Private loans are offered by banks and credit unions, and typically require a credit check. Private loans may also require a cosigner if the applicant's credit history is not strong.
Before taking out a loan, it is recommended that students explore other options for funding their studies. This could include scholarships or grants, or tuition reimbursement from an employer. Students can also take on assistantships or work-study programs to offset their tuition fees and living expenses.
Overall, while student loans can be a helpful way to fund graduate studies, it is important for students to carefully consider their options and explore alternative sources of funding before taking on debt.
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Employer tuition reimbursement
Graduate school can be expensive, with tuition and fees for grad students at public and private institutions averaging $12,394 and $26,621, respectively. Luckily, tuition reimbursement programs are available for graduate students who are employed.
Tuition reimbursement, also known as tuition assistance, is an employee benefit in which an employer pays for a predetermined amount of college coursework or continuing education credits that count toward a degree. These programs are intended for employees who want to advance their education in relation to their current career path, allowing them to increase their industry knowledge and develop advanced skills. While tuition reimbursement programs vary, they often come with employee and coursework eligibility requirements. For example, reimbursement may be limited to four-year schools or accredited institutions, and eligible coursework may be restricted to subjects related to the employee's current job. Additionally, employers may require employees to earn a specific grade, such as a "B" or higher, to qualify for reimbursement.
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 percentage increased to approximately 48% in 2022. Some notable companies that offer tuition reimbursement include:
- Amazon: Covers tuition and fees for front-line employees after 90 days of employment.
- Apple: Offers the Apple Education Reimbursement program, providing 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 annually for part-time and full-time employees who have been with the company for at least six months.
- Best Buy: Tuition assistance program available 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: Provides tuition discounts and grants applicable to over 100 partner colleges and universities.
- Chipotle: Contributes up to $5,250 annually for employees working toward a college degree, earning a GED, or studying English as a second language. For specific degrees offered through their partner program, Chipotle pays 100% of tuition.
- Comcast: Offers tuition assistance of up to $5,750 annually for full-time employees enrolled in Comcast-approved degree programs.
- FedEx: Provides up to $5,250 annually for employees pursuing a college degree or attending trade, vocational, or technical school, along with an exclusive employee tuition discount for online programs at Robert Morris University.
- Fidelity: Assists with up to 90% of education-related costs, up to a maximum of $10,000 per year, toward a work-related certification or degree program for full-time employees working at least six months at the company.
- 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, or approved certificate program from an accredited school.
- GEICO: Offers 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: Provides tuition reimbursement for salaried employees of up to $5,000 per year for a college degree, $3,000 per year for hourly full-time employees, and $1,500 per year for part-time employees.
- Lowe's: Pays up to $2,500 per year toward tuition for full-time employees who have completed at least one year of service.
- McDonald's: Offers up to $3,000 per year in tuition assistance for employees working a minimum of 30 hours per week with manager approval. Employees working at least 15 hours weekly can receive up to $2,500 annually after 90 days of employment.
It's important to note that tuition reimbursement programs often have specific requirements and stipulations. Employees may need to work for the company for a certain period before and after receiving the benefit. Additionally, reimbursement may be limited to particular institutions or fields of study. Before enrolling in a graduate program, be sure to consult your employer's HR department to understand the details of their tuition reimbursement policy.
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Assistantships
Graduate assistantships are a type of work-study program that can help graduate students pay for their tuition. Graduate assistants support university staff with tasks and projects, either as a teaching assistant or research assistant. Teaching assistants aid professors in the classroom with tasks such as grading papers, leading study groups, and writing exams. Research assistants help with specific lab or research projects, which may include interviewing research subjects, cleaning lab areas, recording data, or performing calculations.
Graduate assistantships can provide tuition reimbursement that either pays for graduate school entirely or for a large part of it. They may come with a full or partial (50%) tuition waiver, and some colleges may offer additional benefits such as on-campus food programs or reduced rent. Graduate assistants also receive a stipend to help cover living expenses. However, students receiving tuition waivers must still pay university fees and, in some cases, health insurance.
Graduate assistantships are typically unstructured, with no set schedule outside of specific teaching or research commitments. Hours are limited to no more than 20 hours per week on average, and students must not exceed their program's limitation on the number of hours worked.
Graduate assistantships can be highly competitive, and positions are often advertised on university job boards, professor's research websites, or websites for professional societies in the field. Applicants should ensure their resumes are well-developed and error-free, and extracurricular activities and experiences can help applicants stand out.
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Tuition-free graduate programs
Graduate students typically pay for school through a combination of loans, savings, or income. Over three-quarters of graduate students take out loans, with the average student facing $24,812 in expenses for one year. The cost of graduate school varies depending on the school and the type of degree, with the average cost of tuition and fees at public and private institutions being $12,394 and $26,621, respectively.
However, there are several tuition-free graduate program options available:
High Point University
High Point University (HPU) offers multiple tuition-free master's degree programs, including a Master's in Business Administration, a Master's in Communication and Business Leadership, and a Master's in Healthcare Administration. HPU's programs are designed to enhance leadership skills and provide a comprehensive foundation in various business areas. The university also offers industry-relevant certificates and hands-on experience, allowing students to complete their degrees in as little as two years.
Princeton University
While Princeton University's Graduate School does not provide central funding for master's candidates, it offers full or partial funding opportunities for specific master's degree programs. The School of Public and International Affairs covers 100% of tuition and required fees for students pursuing a Master in Public Affairs or a Master in Public Policy. Additionally, assistantships are available, where graduate students can fund their master's degrees by assisting with classroom teaching, laboratory supervision, and grading.
University of Notre Dame
The University of Notre Dame's Graduate School offers funding options such as tuition scholarships, assistantships, and fellowships. The Office of Grants and Fellowships provides additional support by helping students apply for external and internal awards.
Urban Education Fellowship (UEF)
The Urban Education Fellowship annually offers full tuition to 10 graduate students pursuing a Master's of Arts in Teaching (MAT) or a Master's in Urban Education Policy (UEP). In return, graduates must serve in Providence-area schools or related public sector education organizations for a minimum of three years.
State-Specific Programs
Some states offer tuition assistance or reimbursement programs for graduate students in certain fields, often requiring a service obligation within the state after completing their degrees. For example, the Choose Ohio First program is for graduate students pursuing a career in STEM, and the South Carolina Teacher Loan Program offers up to $5,000 per year for graduate students planning to teach after graduating.
Employer-Provided Tuition Assistance
Some employers offer undergraduate or graduate tuition assistance as a benefit for their employees. For example, global consulting firm Deloitte offers full tuition reimbursement for business school if employees commit to working for the firm for at least two years after graduation. The Home Depot provides up to $3,000 per year in tuition reimbursement benefits for full-time hourly employees, and Verizon has partnered with Bellevue University to offer degree-granting programs to employees.
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Frequently asked questions
Graduate students are far more self-reliant than undergrads and have to cover 77% of the costs themselves. This is usually done through a combination of loans, savings, and income.
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 varies by school and degree type. For example, a master’s of business administration at Harvard Business School costs $81,374 per year.
Graduate students can pay for school through scholarships, fellowships, grants, assistantships, and federal or private loans. Some companies also offer tuition reimbursement or assistance.
Graduate students who are U.S. citizens can borrow up to $20,500 per year from the Direct Loan program and additional funds from the PLUS program.
