Savanna Hoffman
Graduate school can be expensive, with tuition and fees for grad students at public and private institutions in the US averaging $12,394 and $26,621, respectively. There are several ways grad students can pay for their tuition, including scholarships, grants, fellowships, assistantships, federal work-study programs, and student loans. Some states and employers also offer tuition assistance or reimbursement programs, and certain PhD programs provide full funding to cover tuition and fees. Students can also consider part-time work or internships to help cover living expenses and graduate school fees.
| Characteristics | Values |
|---|---|
| Average tuition fees | $19,314 per year |
| Scholarships | Offered by schools, mission-based organizations, and professional associations |
| Fellowships | Offered by schools and professional associations |
| Grants | Offered by schools, private organizations, and the state |
| Assistantships | Paid positions offered by universities, may include tuition remission and a living stipend |
| Work-study programs | Part-time employment for students with financial need |
| Federal student loans | Offered by the government at lower interest rates than private loan providers |
| Private student loans | Offered by banks at higher interest rates than federal loans |
| Employer tuition assistance | 47% of employers offer tuition assistance, may require a commitment of several years in exchange |
| Tax benefits | Employers may receive tax benefits for offering partial tuition reimbursement |
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What You'll Learn
Scholarships, grants, and fellowships
Fellowships are similar to scholarships in that they are awarded to applicants with exemplary achievements. However, fellowships may require research in return for the award. Graduate student fellowships can be highly competitive and may involve an extensive application process, including nominations, interviews, and presentations. Fellowship programs seek highly motivated individuals with demonstrated leadership, knowledge, and drive. Requirements vary by field and school. To locate fellowships in your field, start with your program chair and advisor, and reach out to related professional associations and other nonprofit research organizations that support your area of study. Some, like the Smithsonian and the Washington Center, offer graduate fellowship and research opportunities.
Grants for graduate school are similar to scholarships in that you don't have to pay them back. However, if you withdraw from school or fail to maintain eligibility for the grant, you may have to refund the grant money. While scholarships are often merit-based, grants are need-based and can be related to your field of study. Grants are most often 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). You will be notified about any grant money when you receive your financial aid package from your school. You may need to be a legal resident of the state from which you are seeking graduate school grants. For school-specific grants, start with your school's financial aid office, and for organization-specific grants, begin with your field's national professional association or check with your department head or advisor.
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Federal and private loans
Graduate school can be costly, with tuition and living costs adding up quickly. While there are several ways to fund your graduate studies, federal and private loans are one of the most common methods. Here is what you need to know about these loans:
Federal Loans
Federal loans are offered by the government and tend to have lower interest rates than private loans. These loans are usually the first choice for students as they come with better terms and conditions. To apply for federal loans, you can fill out the Free Application for Federal Student Aid (FAFSA). This application will help determine your eligibility and the amount of financial aid you can receive. Federal loans can cover the cost of tuition and related expenses, and you will need to pay them back after completing your graduate degree.
Private Loans
Private loans are offered by banks or other financial institutions. While they usually have higher interest rates than federal loans, they can still be a viable option for students who need additional funds. It is important to carefully consider the terms and conditions of private loans, including the repayment schedule and interest rates, before committing. Private loans can supplement your resources if federal loans, scholarships, grants, or other funding sources do not fully cover your expenses.
Borrowing Responsibly
When taking out loans for graduate school, it is essential to borrow responsibly. Evaluate your anticipated monthly loan payments against your expected earnings after graduation. You can research potential salaries for your chosen field through professional associations and the U.S. Department of Labor. While loans can provide the necessary financial resources to complete your education, they should be treated as a last resort. It is always preferable to utilise savings, scholarships, or other funding sources first to minimise your overall debt.
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Part-time work and internships
Graduate school can be expensive, with the average cost of tuition and fees for grad students at public and private institutions being $12,394 and $26,621, respectively. As a result, many graduate students take on part-time work to help pay for their educational costs. Part-time work can provide much-needed income, a welcome distraction from studying, and a chance to stay connected to the world outside academia.
When it comes to part-time work, flexibility is key for graduate students. Online writing jobs, tutoring positions, editing gigs, and customer service roles can offer grad students the flexibility to work remotely and craft their own schedules. The gig economy also offers opportunities for grad students to turn their unused property, such as bedrooms, cars, or toolboxes, into income-generating assets through ride-sharing apps and rental companies.
Additionally, graduate assistantships (such as research or teaching assistant positions) are a popular option for grad students. These positions typically provide a tuition waiver and a modest stipend, and they can be a great way to gain hands-on research experience, develop teaching skills, and build a resume. However, graduate assistantships often require a significant time commitment, and students must balance their work and study schedules carefully to avoid burnout.
Internships are another way for graduate students to gain practical work experience and earn an income. Many organizations, such as NASA and the U.S. National Science Foundation, offer internships specifically for graduate students. These internships can provide valuable opportunities to acquire core professional competencies, build resumes, and even lead to full-time employment.
While part-time work and internships can provide financial support for graduate students, it is important to prioritize work-life balance. Grad students should carefully manage their time and energy to ensure they can maintain their productivity and well-being while working, studying, and resting.
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Employer tuition reimbursement
Graduate school can be expensive, with tuition and living costs adding up quickly. One way grad students can pay for their education is through employer tuition reimbursement. This is when an employer agrees to cover some or all of an employee's education expenses, including tuition, books, and other fees. According to a 2020 survey by the Society for Human Resource Management, 47% of employers offer some form of undergraduate or graduate tuition assistance.
There are several benefits to employer tuition reimbursement. Firstly, it provides an additional source of funding, reducing the need for student loans. Secondly, tuition reimbursement is not reported as income on federal income tax, resulting in tax savings. Finally, completing a graduate degree through tuition reimbursement can lead to increased professional confidence and a higher chance of promotion and wage increases.
However, there are usually stipulations attached to employer tuition reimbursement. Some employers may require employees to maintain a certain grade point average or passing grade to receive reimbursement, with higher grades resulting in higher reimbursement percentages. Additionally, employers often require employees to remain with the company for a specified period after completing their degree, allowing them to reap the rewards of their investment in the employee's education.
Before enrolling in a graduate program, employees should consult their HR department to understand their company's tuition reimbursement policy, including any prior approval requirements and eligibility criteria. Employees may also need to fill out a reimbursement request form and obtain approval from their manager or HR department before the start of the course. It is essential to review the program details and understand any funding limitations to ensure that employees do not get stuck with unexpected tuition obligations.
Overall, employer tuition reimbursement can be a valuable benefit for grad students, providing financial assistance and potential career advancement opportunities. However, it is important to carefully review the terms and conditions of the reimbursement program to ensure a smooth process.
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Assistantships and work-study programs
Assistantships are a great way to gain valuable experience in your field of study and can lead to future opportunities. They also provide a more stable source of income compared to work-study programs, which are paid hourly. Work-study programs are also administered by the school's financial aid office and are usually need-based. They are a good option for students who want more flexibility in their work schedule, as they can often choose their hours and the number of hours they work each week.
Fellowships are similar to assistantships in that they are usually awarded to outstanding students and can provide tuition remission and/or a living stipend. However, fellowships offer more freedom for students to explore their passions, as they may not have any official research or teaching responsibilities.
Overall, assistantships, work-study programs, and fellowships are all great options for graduate students looking for financial assistance. It is important to research the different opportunities available and choose the one that best fits your needs and career goals.
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Frequently asked questions
Grad students can pay for tuition in a variety of ways, including scholarships, grants, fellowships, assistantships, federal and private loans, and part-time work.
Scholarships and grants are forms of financial aid that you do not have to pay back. Scholarships are often merit-based, while grants are usually need-based. You can find scholarships and grants through your school, private organizations, or government programs.
Fellowships are similar to grants but are often awarded based on merit or specific research interests. They are offered by graduate universities and private organizations. Assistantships are paid positions offered by universities, where students work a specific number of hours per week in exchange for a tuition waiver and a monthly stipend. Contact your university's department head or check their job listings to find assistantship opportunities.
Yes, you can also consider federal or private loans, part-time work, or tuition reimbursement programs offered by employers. Before taking on debt, it is important to evaluate your anticipated monthly loan payments versus your expected earnings after graduation.
You can visit your university's website or contact their department heads to obtain detailed information about tuition costs, fees, and payment options. You can also research external scholarships, grants, and fellowships to help cover the cost of tuition.
