Graduate Students: Financial Aid At Public Universities?

Graduate school can be expensive, but there are many financial aid opportunities available to help students. Financial aid is money from the federal government, state government, or your school that can help you pay for tuition, labs, room and board, and other living expenses. The first step to securing funding is to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine eligibility for federal, state, and school aid, including grants, scholarships, fellowships, work-study programs, and loans. Graduate students can receive up to $138,500 in federal student loans and up to $224,000 for medical school. In addition to federal aid, students can also apply for scholarships, grants, and fellowships from state governments, schools, and private organizations.

Is financial aid available for graduate students in public universities?

Scholarships, grants, fellowships, assistantships, and loans

Graduate students can access financial aid through scholarships, grants, fellowships, assistantships, and loans. These are available from a variety of sources, including public and private sources such as government agencies, universities, corporations, and professional organizations.

Scholarships

Scholarships are typically awarded based on merit or financial need. For example, the Scholarship For Service (SFS) program provides scholarships to full-time students attending a participating institution, covering tuition, education, and related fees. The program also offers stipends of up to $32,000 for master's and doctoral students. The Marshall Scholarships are another example, providing funding for high-achieving Americans to pursue graduate degrees in the United Kingdom.

Grants

Grants are generally offered based on financial need, although they may also have other eligibility requirements such as a minimum grade point average, specific degree program, or research goals. Grants can be provided by schools, organizations, corporations, governments, and private sources. For instance, the State University Grant Program assists graduate students attending schools in the California State University system. Professional and non-profit organizations, as well as private companies, may also offer grants to support students in their specific fields.

Fellowships

Fellowships are often based on academic achievement and research. They can provide full funding for graduate degrees, including tuition, stipends, room and board, and other benefits. Examples include the prestigious Rhodes Scholarship, which allows students to study any program at the University of Oxford, and the Hertz Foundation Graduate Fellowship Award for individuals pursuing PhDs in the applied physical, biological, and engineering sciences.

Assistantships

Assistantships are financial support arrangements where graduate students engage in teaching and/or research to further their education and the university's academic mission. Students on full assistantships may receive health insurance and a stipend. Assistantships are typically awarded within a student's major field or a closely related one, and they usually require 15 to 20 hours of work per week. There are different types of assistantships, such as Teaching Assistants, who support the teaching of a course, and Research Assistants (RAs), who work on faculty research projects unrelated to their thesis.

Loans

Loans are another option for graduate students to finance their education. While they may not be the most desirable option, loans can help cover the cost of tuition, fees, and living expenses. Students can explore options for federal loans, private loans, or loans specifically designed for graduate students.

FAFSA: The first step to securing funding

Graduate students can receive financial aid in the form of grants, scholarships, work-study programs, fellowships, and loans. The first step to securing funding is to fill out the Free Application for Federal Student Aid, or FAFSA. The FAFSA is used to determine eligibility for federal student aid, including grants, work-study programs, and loans. It is also used by public and private institutions to determine financial need for scholarships, grants, fellowships, and other funding programs.

The FAFSA is available to all students, regardless of their year of study or income level. However, there are some eligibility requirements, including citizenship and enrollment status. It is important to submit the FAFSA as early as possible, as the application period opens in October before the start of the new school year. Students should also be aware of any financial aid deadlines specific to their preferred schools or state.

The FAFSA is used to calculate a student's financial need, which is then used to determine the amount of aid they are eligible to receive. This calculation takes into account factors such as the student's income, the income of their parents or guardians, and the cost of attendance at their chosen school. Students can receive up to $138,500 in federal student loans, with a higher maximum of $224,000 for medical school.

In addition to federal aid, students may also be eligible for state and institutional aid. For example, New York State offers financial aid for graduate study within the state, including the Economically Disadvantaged First Professional Study (EDPS) Program. Students can also apply for private loans, although these typically have higher interest rates and less flexible repayment plans than federal loans.

Completing the FAFSA is the crucial first step in securing funding for graduate school. It opens up a range of financial aid options and can help students access the support they need to pursue their graduate studies.

TEACH and Fulbright Grants

TEACH Grants are available to graduate students enrolled in an eligible program at a TEACH Grant-eligible institution. This means that the program must prepare the student to teach in a high-need field, leading to a bachelor's or master's degree or a post-baccalaureate program. High-need fields include bilingual education, English language acquisition, and special education, as well as any field listed as high-need in the Department's annual Teacher Shortage Area Nationwide Listing. To receive a TEACH Grant, a student must meet certain minimum grade point average or standardized test score requirements, receive TEACH Grant counseling, and sign a TEACH Grant Agreement to Serve or Repay.

For graduate students, eligibility is based on the student's cumulative undergraduate GPA for the first payment period and their cumulative graduate GPA for subsequent payment periods. To avoid repaying the TEACH Grant with interest, recipients must complete a four-year teaching obligation within eight years of finishing the program. This involves working as a highly-qualified, full-time teacher in a high-need subject area at a school serving low-income students.

The Fulbright U.S. Student Program provides grants for U.S. graduate students in all academic disciplines, including the creative and performing arts. To be eligible, applicants must be enrolled in a graduate degree program at a U.S. college or university and hold a bachelor's degree by the award start date. Applicants should have relatively limited professional experience in their field (typically 7 years or less). The Fulbright-Fogarty Fellowships in Public Health, for example, require applicants to be enrolled in graduate school and have sufficient proficiency in the host language to carry out the project.

The Fulbright Program offers a range of international study and research awards, including the Fulbright-National Science Foundation Arctic Research Grant, which is open to students in all social and natural science fields relating to the Arctic and its inhabitants. Other Fulbright grants include the Fulbright-National Geographic Award Program, which seeks proposals that undertake an in-depth examination of globally relevant issues, incorporating science, storytelling, and/or education. Successful Fulbright-National Geographic applicants join the National Geographic Society's global community and gain access to resources and opportunities, such as trainings and dedicated mentor support.

Work-study programs

To be eligible for work-study programs, graduate students must complete the Free Application for Federal Student Aid (FAFSA) and meet certain conditions. These conditions include being a US citizen or permanent resident, having an Expected Family Contribution (EFC) of a certain amount, and maintaining satisfactory academic progress. International students are typically not eligible for work-study programs.

Once approved for a work-study program, students will receive a notification and will be able to view their Work-Study Job Referral Form. This form serves as confirmation of eligibility for on-campus departments and off-campus organizations wishing to hire work-study students. Students can then initiate the formal hiring process with their chosen employer.

Graduate work-study students may work a maximum of 20 hours per week during the academic year, with the employer responsible for any hours worked in excess of 20 hours. During breaks and the summer period, students may work up to 40 hours per week. The employer must mentor, supervise, and monitor the activities of student hires. It is important to note that FICA taxes do not apply to services performed by students employed by a school, college, or university where they are pursuing their course of study.

Tuition assistance from employers

Rules and Requirements

Employers offering tuition assistance may have specific rules and requirements in place. For example, some companies may require employees to work for a certain duration, typically 12 months or more, before becoming eligible for tuition assistance. Additionally, they may only cover courses directly relevant to the employee's job responsibilities. It is important to carefully review the policies and guidelines of your employer's tuition assistance program.

Pre-approval and Reimbursement

Most employers will require pre-approval for tuition assistance. Whether they pay upfront or offer reimbursement, understanding their policy beforehand is crucial. Some employers may reimburse outstanding student loan debt, but it is essential to know their specific documentation requirements. In many cases, employers will only reimburse the amount paid out-of-pocket, excluding financial aid funds.

Tax Implications

Educational assistance programs offered by employers can provide tax benefits. Under current law, employers can contribute up to $5,250 per employee per year, tax-free, towards student loan debt and other education expenses. This option is available for payments made after March 27, 2020, and will remain in effect until December 31, 2025. Any assistance above this limit may be taxable as wages.

Examples of Employer Tuition Assistance

Various organizations offer tuition assistance benefits to their employees. For instance, MSC provides a 50% tuition waiver for full-time employees and their dependents, along with an educational reimbursement program. Similarly, full-time employees and their eligible dependents receive free tuition at WOSC, although fees still apply. Other companies, like BOKF, offer $5,000 per year for courses related to a college degree or credit union operations.

Frequently asked questions