Funding Graduate Studies

When you apply to a graduate school, you will usually fill out a financial aid application at the same time. You will also need to fill out a FAFSA (Free Application for Federal Student Aid) to be eligible for federal funding.

When you are accepted to a school, you will receive a financial aid award package consisting of:

Federal student loans
Private student loans
Scholarships
Fellowships
Work study and teaching assistantships

Loans

Your eligibility for federal student loans and work study is determined primarily by financial need. Private student loans are not based on needs but are given according to your credit history. However, private loans have higher interest rates and fewer options for deferring repayment than do federal loans.

Scholarships and fellowships

Scholarships are less plentiful for graduate school than for undergraduate school. However, some scholarships are still available. Check the Internet and with your graduate schools and professional organizations to see what scholarship opportunities might be available.

Fellowships are among the most lucrative options for funding graduate school. Fellowships generally offer generous stipends and a guaranteed source of funding. In addition, the fellowship can often lead to an internship and even a job.

Some ways that you can find scholarships and fellowships include:

Database searches on the Internet. Free scholarship searches are available that can help you find scholarships and grants for which you might be eligible. Note that there are also scams on the Internet promising you scholarships for a price. Do not be fooled! Any offer that promises scholarships or that charges money is likely not legitimate.
Online directories. These websites link you to potential sources of funding.
Books. Many books are available that list sources of financial aid.

Assistantships

Most students end up paying for their graduate school with research and teaching assistantships because these options are more plentiful. Assistantships typically offer tuition remission or a stipend during the school year.

Another option

Another option to consider is borrowing money from your family. If you do borrow money, make it professional by drawing up a payment agreement and schedule. And remember, you still need to report family contributions on your financial aid form.