Financial Aid for Graduate School

One of the reasons a lot of students choose not to go to graduate school is because of the cost. However, there is actually a lot of financial aid for graduate school in the form of scholarships, fellowships, assistantships, and federal financial aid.

So before you shy away from graduate school because of the cost factor, consider all of your options.

Financial Aid from Scholarships and Research Fellowships

Graduate school scholarships are free money that you can use to pay for your tuition and living expenses. You don't have to pay back scholarship money. Research fellowships are grants given to students to fund research as well as help pay for tuition and living expenses.

There are many scholarships and fellowships available to graduate students; however many students don't apply because they think they won't get anything out of it. How would they know if they never tried? Impossible. So whether you think you're qualified or not to receive a scholarship or research fellowship, it doesn't hurt to send in an application.

Financial Aid from Assistantships

Financial Aid for graduate school can also come from the department you are applying to or directly from the university in the form of Teaching and Research Assistantships. Oftentimes, PhD students are guaranteed one of these types of assistantship positions. The benefits? Many graduate schools will provide a fee remission that covers all or most of your tuition and a salary! It's almost like getting paid to go to school. You will also learn a lot as a teaching or research assistant, which is another big plus point.

Contact your graduate school to find out if any positions are available. Talk to professors, the student affairs officer, and graduate advisor; if anything is available they will know about it.

Federal Financial Aid

You can also receive financial aid for graduate school in the form of subsidized and unsubsidized Stafford student loans. Subsidized loans have a 0% interest while unsubsidized loans have a variable interest rate. The size of a loan you receive will vary by student, but to start, everyone needs to fill out the Free Application for Federal Student Aid (FAFSA).