Douglas Olsen
Graduate school can be expensive, and many students worry about how they will pay for it. Luckily, there are several options for funding your graduate education, including grants, scholarships, fellowships, work-study programs, federal and private loans, and employer tuition assistance. Some graduate programs also offer assistantships, which can provide a stipend and tuition remission in exchange for research or teaching duties. It is important to research the many options available and compare interest rates and repayment plans to ensure you are financially prepared before starting graduate school.
| Characteristics | Values |
|---|---|
| Scholarships | Money awarded based on merit or achievement. |
| Grants | Money awarded based on need. |
| Fellowships | Money awarded based on exemplary achievements. |
| Assistantships | Graduate assistantships that may include tuition remission and/or a living stipend. |
| Federal Loans | Direct Unsubsidized Loans, Direct Graduate PLUS Loans, and Grad PLUS Loans. |
| Private Loans | Private graduate student loans. |
| Employer Tuition Assistance | Employers may provide tax-free money or tuition reimbursement to help with college costs. |
| Work-Study Programs | On-campus part-time work to help pay for living expenses. |
| Gift Aid | Financial aid that doesn't need to be repaid, including grants, scholarships, or fellowships. |
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What You'll Learn
Scholarships
There are numerous scholarships available for graduate students, and you can find them through online scholarship search engines, such as Sallie Mae's Graduate School Scholarship Search and Collegescholarship.org's Scholarship Search Engine. You can also try searching for scholarships specific to your field of study by searching for your field of study along with the term "graduate scholarships". For example, if you are studying biotechnology, search for "biotechnology graduate scholarships". Additionally, you can reach out to the counsellors in your prospective college department to learn about scholarships specific to your degree program.
Some organisations offer scholarships based on ethnicity. For example, the Hispanic Scholarship Fund offers scholarships ranging from $500 to $5,000 to students of Hispanic heritage in any field of study.
Fellowships are similar to scholarships in that they are awarded based on merit, but they may require research in return for the funding. Many universities and private organisations offer fellowships to graduate students. For instance, the Eugene V. Cota-Robles Fellowship at UCLA provides at least four years of funding from UCLA's Division of Graduate Education and the recipient's graduate department.
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Grants
The first step to determining your eligibility for grants is to submit the Free Application for Federal Student Aid (FAFSA). Federal grants include the Federal Pell Grant and the TEACH Grant (Teacher Education Assistance for College and Higher Education), which provides funding for graduate students who commit to teaching in high-need fields at schools serving low-income students.
Institutional and organizational grants are school-funded grants that encourage diversity, support field-specific research, or help graduate students with financial needs. Private organizations also offer grants to help students pursue an education in the fields they support. Northeastern University, for example, has delivered over $11.2 million in funding through the Yellow Ribbon Program, covering tuition costs for veterans, service members, and their dependents.
Additionally, some employers provide tuition reimbursement to help with college costs. For instance, The Home Depot offers full-time hourly employees up to $3,000 per year in tuition reimbursement benefits if they are in graduate school.
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Fellowships
There are many different types of fellowships available for graduate students. Some examples include the National Urban Fellows Urban/Rural Graduate Fellowship, which leads to a Master of Public Administration (MPA) degree, and the Consortium for Graduate Study in Management Graduate Fellowships for Talented Minorities, which covers tuition and mandatory fees for two years of full-time study. The Pickering Foreign Affairs Fellowship provides full funding for graduate students pursuing a career in international affairs, while the Paul and Daisy Soros Fellowships provide up to $90,000 over two years for new Americans pursuing a full-time graduate degree in any field at an American institution. The Rangel Graduate Fellowship Program provides benefits of up to $95,000 over two years toward a master's degree and arranges internships on Capitol Hill.
In addition to these external fellowship opportunities, graduate students can also apply for fellowships directly through their university. These may be in the form of graduate assistantships, which can include research or teaching assistant positions, or stipends that cover living expenses. Schools offer different graduate assistantship, scholarship, and fellowship programs, so it is important to check the websites of the schools you are applying to or talk to their department heads to find out more about these opportunities.
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Student loans
Grants, scholarships, and fellowships are all forms of financial aid that typically do not need to be repaid. Grants are generally need-based, while scholarships tend to be merit-based. Scholarships are usually awarded based on academic achievement, but they are also offered for students of a certain ethnicity or field of study. Fellowships are similar to scholarships in that they are awarded to applicants with exemplary achievements, but they may require research in return for the funding. Graduate fellowships may include tuition remission and/or a living stipend.
Many schools and organizations offer scholarships and fellowships that cover a portion of graduate education costs, and there are also graduate assistantship programs that provide a stipend, health benefits, and tuition remission. Some employers offer tuition reimbursement or tuition assistance, meaning they cover some or all of the costs of your continued education.
If you still need to borrow money to pay for graduate school, there are federal and private loan options available. Federal student loans tend to have lower interest rates and more flexible repayment plans than private loans, so it is recommended to explore these first. To qualify for federal financial aid, you will need to submit the Free Application for Federal Student Aid (FAFSA).
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Work-study programs
To be eligible for work-study programs, students typically need to demonstrate financial need and be enrolled at least half-time. International students are often not eligible for these programs, which are usually restricted to US citizens or permanent residents.
Students interested in work-study programs should start by completing the Free Application for Federal Student Aid (FAFSA). They can then search for available positions, either through their college department or online job boards. Once they've found a suitable position, they can notify their prospective employer and initiate the hiring process.
Federal work-study grants are available to support graduate students in completing part-time paid internships, community service, research projects, or other activities closely related to their academic degree program. The hourly rate for work-study positions typically ranges from $11 to $13 per hour, and earnings are paid directly to the student.
In addition to work-study programs, graduate students can also explore scholarships, grants, fellowships, and assistantship positions to help pay for their education. These opportunities can provide valuable financial support and should be a priority when figuring out how to fund graduate studies.
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Frequently asked questions
There are several ways to fund your graduate studies without relying on loans. Firstly, you can apply for grants, scholarships, and fellowships, which are forms of financial aid that typically don't need to be repaid. You can also explore work-study programs, where you work on campus part-time to help pay for living expenses. Additionally, some employers offer tuition reimbursement or tuition assistance, so check with your HR department to see if this is available to you.
If you do need to take out a loan, there are federal and private loan options available. Federal loans, provided by the government, tend to have lower interest rates and more flexible repayment plans than private loans. You can explore federal loan options by submitting the Free Application for Federal Student Aid (FAFSA). Private loans should only be considered after exploring federal and other loan alternatives.
You can start your search for scholarships using online scholarship search engines such as Sallie Mae's Graduate School Scholarship Search and Collegescholarship.org's Scholarship Search Engine. Additionally, check with your university as many schools offer scholarships and grants to support graduate students. You can also look for grants and scholarships offered by private organizations, especially those related to your field of study or ethnicity.
Yes, there are a few alternative options to consider. Firstly, you can apply for assistantship positions, which can provide a stipend and tuition remission. Secondly, if you are a veteran, look for Yellow Ribbon schools that offer significant tuition coverage for post-9/11 veterans. Lastly, consider deferring your enrollment to give yourself time to save up for graduate school.
