Janice Lozano
Paying for graduate school can be daunting, but there are several strategies and programs in place to help graduate students manage their educational expenses. This includes options that don't require repayment, such as grants, scholarships, fellowships, and assistantships, as well as employer tuition assistance or reimbursement. Students can also explore federal and private loans, but it is important to borrow responsibly and consider the potential monthly loan payments versus expected post-school earnings.
| Characteristics | Values |
|---|---|
| Average tuition fees for grad students at public institutions | $12,394 |
| Average tuition fees for grad students at private institutions | $26,621 |
| Average tuition for a master's degree program in 2024 | $62,820 |
| Percentage of employers offering undergraduate or graduate tuition assistance | 47% |
| Ways to pay for grad school | Student loans, fellowships, employer assistance, scholarships, grants, personal savings, tuition reimbursement by the employer, federal and private loans |
| Example of tuition reimbursement | Global consulting firm Deloitte offers full tuition reimbursement if employees spend at least two years working for the firm after graduation |
| Example of tuition reimbursement by an employer | Verizon partnered with Bellevue University to offer degree-granting programs to employees |
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What You'll Learn
Scholarships, grants, and fellowships
Scholarships are often merit-based and can be offered by your school or outside organizations. They are usually awarded to outstanding students in their field of study and can cover tuition and living expenses. Professional associations related to your field may also offer scholarships or have resources to help you find them.
Grants are typically need-based and can be offered by the federal or state government, your school, or a private organization. To apply for federal and state grants, you need to fill out the Free Application for Federal Student Aid (FAFSA). For school-specific grants, start with your school's financial aid office, and for organization-specific grants, contact your field's national professional association. Grants may require you to refund the money if you withdraw from school or fail to maintain eligibility, so be sure to understand the criteria and requirements.
Fellowships are usually awarded for academic excellence and can be found in most graduate fields. They often include an internship or other service commitments and can pay for living expenses or offer a stipend. Fellowship programs look for highly motivated individuals with demonstrated leadership, knowledge, and drive. To locate fellowships in your field, start with your program chair and advisor, and reach out to related professional associations and nonprofit research organizations. Some examples of organizations that offer fellowships include the National Science Foundation, the Smithsonian, and the Washington Center.
In addition to these options, you may also want to explore employer assistance. According to a 2020 survey, 47% of employers offer some form of undergraduate or graduate tuition assistance. Be sure to check with your HR department about any stipulations that come with this funding.
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$15.64 $26.99
Employer tuition assistance
As a graduate student, you have several options to finance your education. One option is to seek employer tuition assistance, where your employer provides financial support for your graduate studies. This can be a great way to offset the cost of tuition and fees, which can be substantial.
According to a 2020 survey by the Society for Human Resource Management, 47% of employers offer some form of undergraduate or graduate tuition assistance. This can come in the form of tuition reimbursement programs, tuition waivers, or direct payment of tuition fees. Some employers may also offer other benefits, such as reimbursement for licensing courses and exams, matched contributions to employer-sponsored college savings plans, or student loan repayment programs.
It's important to carefully review the terms and conditions of any employer tuition assistance program before enrolling. Some companies may require employees to work for a certain period after receiving tuition assistance, and employees may be required to pay back the tuition if they leave the company within a specified timeframe. For example, one company offered tuition reimbursement but required employees to pay back the reimbursed amount if they left within a year of taking the class. Another company had a similar policy but did not enforce it, and some companies may even help pay back the reimbursed amount if employees negotiate during their exit. It is also common for employers to require employees to pass their courses to be eligible for tuition assistance.
Before taking advantage of employer tuition assistance, it's essential to weigh the benefits against any potential restrictions on your career path. If you are confident in your job performance and intend to stay with the company for the required period, employer tuition assistance can be a valuable benefit. However, if you are considering other career opportunities, you may need to carefully consider the financial implications of leaving your current employer.
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Student loans
As a graduate student, you can apply for federal and private loans to cover your tuition fees. The amount 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 is an estimate of what you'll pay for expenses like tuition and fees, room and board, books and supplies, travel to and from school, a laptop or other technology, and personal expenses.
Federal loans are funded by the federal government, and you apply for them by filling out a FAFSA form. Private student loans are offered by banks and credit unions, and you apply directly to the lender. Private graduate student loans are credit-based, so the lender will want to know your history of borrowing money and paying it back on time. If your credit history isn't strong, you can consider adding a cosigner.
Before taking out a loan, it's important to evaluate your anticipated monthly loan payments and how much you expect to earn after graduation. You can research potential salaries for your chosen career through professional associations and the U.S. Department of Labor. It's recommended to start with savings, grants, scholarships, and federal student loans before considering a private student loan. You can also look into fellowships, employer assistance, and assistantship positions to help fund your graduate studies.
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Work-study programs
The Federal Work-Study Program is a government-funded program that helps undergraduate and graduate students secure part-time jobs to pay for their education expenses. Work-study jobs are typically community-service oriented or related to your academic field. Work-study funding and jobs aren't guaranteed each year and are awarded based on financial need as determined by the financial aid application submitted, either the FAFSA or the CA Dream Act Application.
Work-study funds are usually for day-to-day expenses, and you'll get your work-study funds through a regular paycheck. You'll get paid at least once a month, although some schools may pay weekly or bi-weekly. Most schools offer direct deposit, but some may still use paper paychecks. Check with your school's financial aid office about how you would be paid.
Graduate students may be paid by the hour or receive a monthly salary. All work-study jobs pay at least the federal minimum hourly wage. Work-study earnings won't reduce your future student aid and don't need to be paid back.
Some schools allow you to apply your work-study funds directly to your account for billed expenses such as tuition, fees, and food and housing. If the school provides its institutional match with tuition, fees, services, or equipment, it doesn't need to obtain the student's permission. However, before employing a student, the school must provide the student with a written explanation of this procedure, including the specific percentage of the student's earnings that the student will receive in credit for tuition, fees, services, or equipment.
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Personal savings
As a graduate student, you may have access to various funding options to cover your tuition fees and living expenses. These include scholarships, grants, fellowships, assistantships, and employer assistance. However, personal savings can also play a crucial role in financing your graduate studies. Here are some strategies to boost your savings as a graduate student:
Create a Monthly Budget
Start by reviewing your monthly budget and expenses. Allocate a certain amount for necessities, wants, and savings or debt repayment. For instance, you can designate 50% of your income to needs, 30% to wants, and 20% to savings or loan repayment. Adjust these percentages based on your personal financial situation and goals. This budgeting strategy will help you save consistently and make a significant contribution to your education expenses.
Automate Your Savings
Consider automating your savings by setting up a separate savings account dedicated specifically to your graduate studies. Many banks offer the option to split your paycheck across multiple accounts or set up recurring transfers to your savings account. Automating your savings makes it easier to stick to your financial plan and helps you avoid the temptation of impulse purchases.
Choose Affordable Housing
Opt for subsidized graduate student housing provided by your university, which tends to be cheaper than living off-campus. Alternatively, consider sharing an apartment with roommates to reduce your rent and utility costs. This can significantly lower your overall living expenses and help you save more for your tuition and other education-related costs.
Avoid Unnecessary Expenses
Resist the urge to buy the newest gadgets, trendy clothing, or the latest smartphone. Instead, focus on purchasing second-hand or refurbished items when possible. Thrifting, Facebook Marketplace, and local churches are great options for finding affordable furniture and other necessities. Additionally, be mindful of your vices, as they can be a significant drain on your finances. Opt for cheaper alternatives or reduce your consumption to save money.
Take Advantage of Fellowships and Scholarships
Apply for fellowships, grants, and scholarships to supplement your savings. These opportunities can provide substantial financial support and reduce your reliance on loans. Organizations like the National Science Foundation and the American Psychological Association offer fellowships to outstanding graduate students in their respective fields. Professional associations related to your area of study may also provide grants and scholarships, so be sure to explore these options.
Remember, personal savings can play a crucial role in financing your graduate studies. By combining these savings strategies with other funding sources, you can reduce your reliance on loans and set yourself up for financial success during your graduate journey.
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Frequently asked questions
There are several options for paying your graduate school tuition fees. You can use your personal savings, take out student loans, apply for grants, scholarships, or fellowships, or seek employer tuition assistance or reimbursement.
There are various sources of financial aid available for graduate students. You can explore federal student loans, such as Direct Unsubsidized Loans or Grad PLUS Loans, or consider private loans as a last resort. You can also look into grants, scholarships, and fellowships offered by organizations like the National Science Foundation or the American Psychological Association. Additionally, your state or institution may have specific assistance programs, such as the Tennessee Graduate Nursing Loan Forgiveness Program.
Yes, many employers offer tuition assistance or reimbursement for their employees' graduate studies. It is recommended to check with your HR department or manager to see if this benefit is available to you. Some companies that offer tuition reimbursement include Deloitte, The Home Depot, and Verizon.
Yes, there are alternative options to consider before taking out loans. You can explore assistantship positions, such as Graduate Research or Teaching Assistant roles, which may provide a tuition waiver and a stipend. Additionally, certain jobs or military service can provide educational benefits, such as the GI Bill, which covers full tuition for public in-state schools. You can also look into AmeriCorps, which provides education awards for qualifying student loans or graduate programs.
