Lana Oconnell
Paying for graduate school can be a challenge, with the average cost of tuition and fees for grad students at public and private institutions being $12,394 and $26,621, respectively. There are, however, various strategies to help finance a graduate degree, including scholarships, fellowships, assistantships, and loans. Scholarships and fellowships are typically merit-based awards that don't need to be repaid, while assistantships are paid student employment opportunities that may include tuition remission. Graduate students may also consider taking out student loans, with federal loans being preferable to private loans due to benefits such as income-driven repayment plans and loan forgiveness programs. Additionally, working full-time while enrolled in a part-time or online graduate program can provide a consistent income to cover education expenses.
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What You'll Learn
Scholarships, fellowships and assistantships
Scholarships, fellowships, and assistantships are great ways to fund graduate school. Many schools offer scholarships, fellowships, and assistantships for graduate students. These opportunities can be need-based, merit-based, or both.
Graduate fellowships and assistantships are generally merit-based, so if you graduated from college with a high GPA, you may qualify for one. Fellowships are similar to scholarships in that money is awarded to applicants with exemplary achievements. However, fellowships can require research in return for the reward, while scholarships do not. For example, the Cosmos Club Foundation, an organization that aims to advance science, literature, and the arts and humanities, offers up to $5,000 to cover research expenses for graduate students at Washington D.C.-area universities.
Assistantships for graduate students can be research-based (RA) or teaching-based (TA). Both roles may include tuition remission, meaning the school will pay for you to attend. Graduate assistantships provide tuition benefits based on factors including appointment percentage of employment (ranging from 12.5% up to 50%) and job classification. With a 50% appointment, grad students receive full tuition support. Graduate students generally work 15–20 hours for a professor on campus, either assisting with research or helping to teach a course. Additionally, students may have the option to work as a graduate resident assistant (GRA), which may offer free room and board on campus and a stipend, reducing living costs.
There are also external scholarships, fellowships, and assistantships that are not associated with your school. Organizations like the National Science Foundation, American Psychological Association, and others offer fellowships to graduate students. These fellowships are usually awarded to outstanding students in their field of study and give them a set amount of money to cover the cost of tuition and/or living expenses.
International students may also be eligible for fellowships and scholarships. For example, New York University works with lenders to provide loan programs tailored to international students, and many international students obtain support from their governments, foundations, or private agencies.
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Student loans
The cost of graduate school can be daunting, with tuition and fees for grad students at public and private institutions averaging $12,394 and $26,621, respectively, for the 2020-2021 academic year. The average tuition for a master's degree program was $62,820 in 2024, and that doesn't include rent, textbooks, and other expenses. Given these high costs, many students turn to graduate student loans to finance their education.
There are several loan options available for graduate students, including federal and private loans. Federal loans are funded by the government and typically offer lower interest rates and more flexible repayment plans than private loans. Examples include the William D. Ford Federal Direct Loan Program and Direct Graduate PLUS Loans, which can be applied for by filling out a FAFSA form. Private student loans are offered by banks and credit unions, and the approval process usually involves a credit review to determine how responsible the applicant is with credit.
It's important to note that taking out student loans for grad school should be a last resort. Before resorting to loans, students should explore other options such as grants, scholarships, personal savings, employer tuition assistance, or part-time work. Graduate scholarships and fellowships are offered by various organizations to support students in specific fields or with financial need. Additionally, 47% of employers offer some form of tuition assistance, and some universities offer tuition remission for full-time employees.
If loans are necessary, it's recommended to prioritize federal loans over private loans due to their more favourable terms. Federal loans offer benefits like income-driven repayment plans and loan forgiveness programs. Private loans may be an option for those with excellent credit or a co-signer with strong credit. Graduate student loans can be a valuable tool to finance a graduate education, but it's essential to carefully consider the costs, explore alternative options, and make an informed decision that aligns with one's financial situation and goals.
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Tuition-free programs
- Harvard University: Through its Graduate School of Arts and Sciences (GSAS), Harvard offers financial aid packages that make graduate education low-cost or even free, especially for PhD programs. The Harvard Financial Aid Initiative has expanded to include more families, with a current threshold of $200,000 in family income for tuition-free eligibility.
- University of the People (UoPeople): UoPeople is the first fully online American university to provide free tuition to all its students, offering flexibility alongside tuition-free education.
- Princeton University: While Princeton's Graduate School does not provide central funding, it offers full or partial funding for specific master's degree programs. For instance, the School of Public and International Affairs covers 100% of tuition and fees for students pursuing a Master in Public Affairs or Public Policy.
- Vanderbilt University: Ranked highly for financial aid, Vanderbilt offers scholarships and internal funding opportunities, such as travel and research grants. One example is the MS in Data Science program, which provides a full-tuition scholarship to one female member of Women in Technology in Tennessee (WiTT).
- University of Notre Dame: The Graduate School at Notre Dame offers tuition scholarships, assistantships, and fellowships to support its graduate students. The Office of Grants and Fellowships provides additional assistance in applying for external and internal awards.
- Southern Illinois University: This university offers a graduate scholarship program that waives one-third of tuition for admitted students with outstanding academic achievement.
- State-specific initiatives: Certain states have implemented initiatives to provide free or reduced tuition for eligible students. For example, the Arizona Promise program covers tuition and fees for eligible students at Arizona public state universities. Similarly, the Illinois Promise Program covers tuition and books for in-state first-year students under 24 from families making $50,000 or less.
These examples highlight the availability of tuition-free programs for graduate students across the United States. It is important to note that eligibility criteria and requirements may vary, and prospective students should research the specific details of each program.
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Part-time work
Part-time students typically have more flexible schedules, allowing them to balance work and studies. They usually pay per credit for tuition, which can result in lower costs per semester compared to full-time students. However, the part-time route may lead to a longer degree program, potentially increasing overall costs.
Some employers offer tuition assistance or reimbursement programs for their employees, providing financial support for their education. These programs often have specific requirements, such as working a set number of hours or enrolling in a particular institution. Additionally, paid internships can help students fund their education while also gaining valuable work experience.
Students can also explore opportunities like research or teaching assistantships, which often provide tuition waivers or stipends. Scholarships, grants, and work-study programs are other options to consider, providing financial support without the same time commitment as part-time work.
Taking on private loans is another option, but it is important to borrow responsibly and only take out what is truly needed to avoid excessive debt. Federal student loans and state financial aid are also available to part-time students, offering additional sources of funding.
Overall, part-time work can be a viable option for students to fund their graduate studies, but it should be balanced with other financial aid opportunities to ensure a successful academic journey.
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Employer tuition reimbursement
Tuition reimbursement, also known as tuition assistance, is a benefit offered by some employers, where they cover a predetermined amount of college coursework or continuing education credits for employees pursuing graduate degrees. This benefit is usually provided to employees who wish to advance their education in their current career track, helping them gain industry knowledge and develop advanced skills. According to a survey by the Society for Human Resource Management in 2020, about 47% of employers offered some form of undergraduate or graduate tuition assistance. This number increased to 48% in 2022.
While some companies may fully cover the costs of a graduate program, most have a reimbursement limit per employee, which is often based on their job title. On average, companies spend around $10,500 per employee pursuing a graduate degree. However, the amount provided by employers can vary, with some offering $5,250 in tax-free assistance annually. This amount is set by law, and any assistance provided above this limit is taxable as wages. Some companies, like Fidelity, offer up to $10,000 per year, while others, like Comcast, provide up to $5,750 annually.
It's important to note that tuition reimbursement programs often come with eligibility requirements. For example, employees may need to work for a specified period before becoming eligible for reimbursement. Additionally, eligible coursework might be limited to subjects related to the employee's current job role, and some employers may require employees to maintain a certain grade point average.
Tuition reimbursement programs offer benefits to both employees and employers. Employees can upskill and advance their careers, turning financial support into a valuable graduate degree. Employers, on the other hand, can use these programs to attract talented individuals and reduce turnover rates, as employees may be required to remain with the company for a specific period after receiving reimbursement.
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Frequently asked questions
Yes, graduate students typically have to pay tuition fees, and the cost of graduate school can vary by school and 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.
There are several ways to pay for graduate school, including scholarships, fellowships, assistantships, grants, student loans, and tuition reimbursement programs.
Scholarships are usually need- or merit-based awards that don't need to be repaid. Fellowships are similar but may require research in return for the award. Assistantships are paid employment opportunities for graduate students, usually involving research or teaching.
Examples of scholarships include the full-tuition merit scholarships offered by the Curtis Institute of Music in Pennsylvania. Examples of fellowships include those offered by the National Science Foundation and the American Psychological Association. Examples of assistantships include graduate research or teaching assistant positions.
