Janice Lozano
Graduate school can be expensive, with the National Center for Education Statistics (NCES) reporting that the average cost of tuition and required fees in 2019 was $19,314, excluding room and board. There are various ways to pay for graduate school, including fellowships, scholarships, work-study programs, tuition reimbursement, student loans, and grants. Students can also work part-time or take on graduate assistantships, which may provide a living stipend to help cover rent and other living expenses. Some students may also qualify for fair market rent programs or housing grants to help with the cost of housing.
| Characteristics | Values |
|---|---|
| Personal savings | Create a budget to understand monthly expenses |
| Scholarships | University-specific, need- or merit-based |
| Fellowships | University-specific, need- or merit-based, awarded by private organizations |
| Grants | Need-based, awarded by schools, professional associations, and private organizations |
| Assistantships | Research-based (RA) or teaching-based (TA), may include tuition remission and living stipends |
| Work-study programs | Part-time work, internships |
| Student loans | Federal Direct Grad PLUS Loan, private graduate school loan |
| Fair market rent program | US government-subsidized rent costs or matches with fair-rent landlords |
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What You'll Learn
Grants, scholarships, and fellowships
Grants
Grants are a significant source of funding for graduate students, and they are often need-based awards. Federal, state, and institutional grants are available, with federal grants being the most common source. To apply for federal and state grants, students should complete the Free Application for Federal Student Aid (FAFSA). This application will determine the student's financial need, and they will be notified about any grant money when they receive their financial aid package. It is important to note that some grants may require the applicant to be a legal resident of the state in which they are applying for graduate school grants.
Grants can be used to cover various expenses, including tuition, fees, and living costs. While some grants are merit-based, the majority are need-based and can be crucial for students struggling to afford their education and housing. Some examples of grants include the Colorado Need-Based Awards, which include the Colorado Student Grant and the Colorado Graduate Grant, and the Howard P. Rawlings Guaranteed Access (GA) Grant, which is available for Maryland residents with a demonstrated financial need.
Scholarships
Scholarships are another essential source of funding for graduate students, and they can be either need-based or merit-based. Schools often offer scholarships to their graduate students, but there are also many external scholarships available. Scholarships can be highly competitive, and they may require separate applications or essays to qualify. It is worth noting that scholarships are generally not required to be repaid, making them an attractive option for students seeking financial assistance.
Fellowships
Fellowships are typically awarded for academic excellence and provide students with the opportunity to study or conduct research in a specific field. They can include internships or other service commitments and often come with a stipend or living allowance. Fellowships are usually awarded to outstanding students in their field of study, and they can provide a set amount of money to cover tuition and living expenses, including housing. Organizations like the National Science Foundation and the American Psychological Association offer fellowships to graduate students.
In summary, grants, scholarships, and fellowships are valuable tools for graduate students seeking to fund their education and housing. By exploring these options, students can find financial support that does not require repayment, easing the financial burden of graduate studies. It is always a good idea to research and apply for as many opportunities as possible to maximize the chances of securing funding.
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Work-study programs
To be eligible for a work-study program, graduate students must demonstrate financial need by completing the Free Application for Federal Student Aid (FAFSA) form and indicating their interest in the program. The FAFSA form assesses the student's financial situation and calculates their Expected Family Contribution (EFC) to determine eligibility. It is important to note that not all colleges offer work-study opportunities, so students should check with their school's financial aid office to confirm if they participate in the federal work-study program.
Work-study jobs are typically part-time and can be on-campus or off-campus. On-campus jobs ensure that students can easily balance their work and academic schedules, while off-campus jobs may offer more variety in terms of the type of work and pay. Graduate students may be paid by the hour or receive a salary for their work-study jobs, and the pay rate will depend on the job and the school's funding level. All work-study jobs pay at least the federal minimum wage, and students can expect to be paid at least once a month.
Some examples of work-study jobs include grading papers for STEM classes, working at the front desk of a campus computer lab, overseeing 3D printing facilities, and assisting in a lab. These jobs not only provide a source of income to help pay for housing but also offer valuable work experience related to the student's field of study or community service.
Overall, work-study programs offer graduate students a unique opportunity to gain work experience, earn money to pay for housing and other expenses, and reduce their reliance on student loans. By participating in a work-study program, graduate students can take control of their financial situation and set themselves up for success during their studies and beyond.
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Personal savings
It is also important to consider that graduate school can be expensive, with the average cost of tuition and required fees in the US in 2019 being $19,314, excluding room and board. Therefore, it may be beneficial to supplement your savings with other funding sources, such as scholarships, grants, fellowships, and assistantship positions. Many schools offer these opportunities to their graduate students, and they can provide tuition remission or living stipends to help cover rent and other expenses.
Grants, for example, are typically need-based and do not need to be repaid, making them an attractive option. Fellowships are similar in that they do not require repayment, but they are often awarded based on merit or specific research interests. Scholarships may be need- or merit-based, and assistantships are generally teaching or research jobs that provide a salary or stipend.
Additionally, part-time work can be a way to earn income to cover living expenses and graduate school fees. Some part-time jobs can also help you build transferable skills relevant to your career goals. Graduate student internships, for instance, can provide financial compensation and valuable hands-on experience in your field of study.
If you have questions about your financial situation, it is recommended to speak with a financial advisor.
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Student loans
Federal student loans are generally the first choice for students seeking financial aid. The first step is to fill out the Free Application for Federal Student Aid (FAFSA), which determines eligibility for federal student loans and other financial aid. Federal student loans have special benefits and protections, and it is recommended to accept this funding first before considering private loans. Federal loan funds typically go directly to the school to cover tuition, fees, meal plans, and on-campus housing. Any leftover funds are then sent to the student, usually via direct deposit, and can be used for off-campus housing and other living expenses.
Private student loans are also available to graduate students through banks and credit unions. These loans are credit-based, so a good credit score increases the chances of approval. Private loans may offer both fixed and variable interest rates, and it is important to carefully review the terms and conditions before committing. Private lenders may also offer flexible repayment plans, allowing borrowers to choose from various loan durations and start times.
Overall, student loans can provide a means to cover housing costs, but it is crucial to consider the long-term financial implications and explore all available options before taking on debt.
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Part-time work
There are several part-time job opportunities available for graduate students, which can provide a steady income stream to pay for housing. One option is to work as a graduate teaching or research assistant. These roles typically involve working 15-20 hours per week, assisting professors with research or teaching. In exchange, graduate students may receive tuition remission and a living stipend to cover expenses like rent and groceries. Additionally, some universities offer graduate resident assistant positions, which provide free room and board on campus and a stipend, reducing living costs significantly.
Another option is to look for internships or part-time jobs related to your field of study. These opportunities can provide valuable hands-on experience and financial compensation. For example, Home Depot offers tuition reimbursement for part-time associates, and Deloitte provides full tuition reimbursement after two years of employment.
Graduate fellowships and scholarships are also excellent sources of funding that can help cover housing costs. Fellowships are often merit-based and can provide significant financial support, while scholarships may be need- or merit-based. Many universities and private organizations offer fellowships and scholarships, and they are worth applying for, as they do not need to be repaid.
Additionally, federal work-study programs can provide part-time employment opportunities for graduate students with financial need, allowing them to earn money to pay for their housing.
Finally, grants are another way to supplement income and fund housing costs. Grants are typically need-based and can be highly competitive, but they do not need to be repaid. The federal government offers various grant programs, such as the TEACH Grant, which provides funding for graduate students who commit to teaching in high-need fields at schools serving low-income students.
By exploring these part-time work options and financial aid opportunities, graduate students can effectively fund their housing costs while pursuing their academic goals.
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Frequently asked questions
There are several ways grad students can pay for housing. Firstly, they can take out a loan. Secondly, they can work part-time or full-time alongside their studies. Thirdly, they can apply for scholarships, grants, fellowships, and assistantship positions.
Assistantship positions are generally teaching (TA) and research (RA) jobs for which grad students are paid a salary or stipend. Both roles may include tuition remission, which means the school will pay for you to attend, and some even include a living stipend to help students pay for food and rent. In exchange, graduate students work about 15 to 20 hours a week for a professor on campus and assist with research or teaching a course.
Examples of fellowships include the Eugene V. Cota-Robles Fellowship at UCLA, the Graduate College Fellowship at Arizona State, the Slosberg-United Builders Supply Fellowship at Tulane, and the Paul & Daisy Soros Fellowships for New Americans.
