Lori Meadows
Paying for graduate school can be a daunting task, with tuition and living costs quickly adding up. There are several strategies and programs in place to help graduate students manage their educational expenses. These include options that don't require repayment, such as grants, scholarships, fellowships, assistantships, and tuition reimbursement by employers. Students can also explore federal and state loans, which tend to have lower interest rates and more flexible repayment plans than private loans. Private loans should be considered a last resort after exploring all other options. Additionally, certain fields may offer loan forgiveness or reimbursement programs in exchange for service commitments.
| Characteristics | Values |
|---|---|
| Savings | Depending on the program, graduate school can take several years to complete, so savings can be a good way to pay for tuition. |
| Scholarships | Scholarships are a good way to pay for grad school as they are considered "free money". |
| Grants | Grants are usually need-based awards and do not need to be repaid. |
| Fellowships | Fellowships are similar to grants but are often awarded based on merit or specific research interests. They can help cover tuition, living expenses, or research costs. |
| Assistantships | Assistantships are paid positions offered by some universities. In return for working a specific number of hours a week, students get a tuition waiver and a monthly living expense stipend. |
| Work-study programs | Work-study programs are available to graduate students with financial needs. Students get a job related to their field of study and use their wages to pay for a portion of their education costs. |
| Federal loans | Student loans provided by the government tend to have a lower interest rate and more flexible repayment plans than private loans. |
| State loans | Some states offer tuition assistance or reimbursement programs for graduate students in certain fields. |
| Private loans | Private loans should only be considered after other options have been exhausted. |
| Employer reimbursement | Some employers offer tuition reimbursement or tuition assistance, meaning they cover a portion of education costs. |
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What You'll Learn
Scholarships, grants, and fellowships
Graduate fellowships are highly competitive and often involve an extensive application process. They are often awarded for academic excellence and can include an internship or other service commitments. Fellowships can be found in most graduate fields and are offered by organizations like the Smithsonian, the Washington Center, and the National Science Foundation (NSF). The NSF Graduate Research Fellowship Program, for example, supports outstanding graduate students pursuing research-based master's or doctoral degrees in STEM. Applicants must be citizens, nationals, or permanent residents of the United States and must be enrolled in an accredited U.S. institution.
Grants for graduate school are similar to scholarships in that they do not need to be paid back. They are usually need-based and can be offered by the federal government, state government, an individual school, or a private organization. To apply for federal and state grants, 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.
Scholarships are often merit-based and can be offered by schools or outside organizations. To find scholarships, check the websites of the schools you're applying to or use a scholarship search tool, such as the one offered by Sallie Mae, to find opportunities that match your unique profile.
In addition to these opportunities, graduate assistantships can also provide a way to fund your graduate studies. These positions are often available through your school and can provide a stipend or tuition waiver in exchange for teaching or research assistance.
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Employer tuition reimbursement
Tuition reimbursement is when an employer agrees to cover a portion of an employee's education expenses, such as for grad school. Companies see this as an investment in their employees, expecting that the employee's improved job performance will benefit the company. This benefit is becoming more common, with 47% of employers offering some kind of undergraduate or graduate tuition assistance.
There are usually two stipulations attached to tuition reimbursement. Firstly, companies often require a passing grade to receive reimbursement, with some companies tying the amount of tuition assistance to the grade received. Secondly, employers may require the employee to remain at the company for a certain number of years after receiving their degree.
Some companies that offer tuition reimbursement include:
- Ticketmaster: $5,000 for graduate programs
- Bank of America: $7,500 annually for job-related programs including MBAs
- Best Buy: immediate eligibility for no-debt, no-cost education pathways through Strayer University's Degrees@Work program
- BP: 90% reimbursement for educational and vocational courses at approved institutions
To take advantage of tuition reimbursement, it is important to understand your employer's participation requirements. This may include prior approval from your employer before enrollment, and you may be required to work for the company for a certain amount of time before becoming eligible for assistance. It is also important to check whether you will need to foot the bill upfront and submit a request for reimbursement.
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Student loans
Before taking out a loan, it is important to evaluate your anticipated monthly loan payments versus your expected earnings after graduation. You can research potential salaries for your chosen career field through professional associations and the U.S. Department of Labor. Additionally, consider your savings, scholarships, grants, and other forms of financial aid before opting for a private loan. Private loans are credit-based, and lenders will review your credit history to determine your eligibility. If you have a co-signer with good credit, it may increase your chances of getting approved for a loan.
It is also worth noting that some employers offer tuition assistance or reimbursement for graduate studies. For example, according to a 2020 survey, 47% of employers provide some form of graduate tuition assistance. Therefore, it is beneficial to explore all your options and create a financial plan before taking on debt.
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Assistantships and internships
Graduate students can receive financial support through assistantships and internships. Assistantships are a form of paid academic employment where students receive tuition reimbursement or a tuition waiver for the tasks they perform for faculty members, departments, or colleges. Teaching and research assistantships are common forms of professional development and financial support for graduate students. Students holding assistantships must be enrolled for a minimum of six graduate credit hours per semester during the traditional academic year, and additional credit hours may be required by the academic unit. Graduate teaching and research assistant opportunities may be posted by the appointing unit on their website or the college's website. Students are encouraged to contact those units where their academic credentials, skills, and experience match.
Graduate assistants (GAs) are responsible for paying student fees. Some assistantships provide a tuition waiver and health insurance. The benefits available to GAs are detailed on the Human Resources website. GAs enrolled in tuition-based programs receive a tuition waiver for the duration of their appointment. However, GAs enrolled in fee-based programs are charged academic program fees instead of tuition, so tuition waivers do not apply.
Graduate assistants seeking on-campus employment or internships in addition to their full-time GA appointment during the semester must complete the online Supplemental Employment Approval form, which requires their advisor's approval. International students in degree programs are eligible to serve in assistantship positions but must meet university English proficiency requirements to work with students in a teaching capacity.
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PhD funding and stipends
PhD programmes can be costly, and prospective students should be aware of the various funding options available to them. PhD students can receive funding through scholarships, grants, fellowships, assistantships, and student loans.
Some universities, such as NYU Steinhardt, offer funding packages for full-time PhD students that include stipends, scholarships, tuition remission, and health insurance coverage. The Steinhardt Fellowship package includes an annual stipend of $34,883 for the 2025-2026 academic year, tuition remission for required coursework, and student health insurance coverage up to the fifth year.
Students may also receive funding through external grants by working as Research Assistants on funded research projects. GMS and SPH PhD students, for example, receive a full tuition scholarship, health insurance coverage, and an annual stipend. Additionally, 47% of employers offer some form of graduate tuition assistance, and some companies provide full tuition reimbursement for employees who commit to working for the company for a certain period after graduation.
Fellowships are another source of funding for PhD students. These are typically awarded to outstanding students in their field of study and can cover tuition and living expenses. Organisations like the National Science Foundation and the American Psychological Association offer fellowships to graduate students.
Student loans are also an option for PhD students, but they should be considered carefully, and borrowing should be limited to the amount needed for tuition and related expenses. Students can explore federal student loans, such as the Federal Direct Grad PLUS Loan, or private graduate school loans to cover the balance of their expenses.
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Frequently asked questions
Here are some options to pay for grad school:
- Scholarships
- Grants
- Federal and private loans
- Assistantships
- Part-time work
- Employer reimbursement
- Fellowship programs
Here are some examples of fellowship programs:
- Eugene V. Cota-Robles Fellowship at UCLA
- Graduate College Fellowship at Arizona State
- Slosberg-United Builders Supply Fellowship at Tulane
- WW Women’s Studies Fellowship
Here are some examples of companies that offer tuition reimbursement:
- Deloitte
- Home Depot
- Verizon
Here are some state programs that offer tuition assistance:
- Tennessee Graduate Nursing Loan Forgiveness Program
- Choose Ohio First Program
- South Carolina Teacher Loan Program
