Before you begin your search for financial support, you should be familiar with the financial aid options available to you as a graduate student.
Grad school is a major investment and almost all graduate students need some form of financial aid during their academic career. Financial aid programs, both need- and merit-based, fall into two major categories:
- Gift Aid: money that does not have to be paid back
- Self Help Aid: money that must be repaid or earned
Gift Aid Options
Institutional Scholarships & Fellowships
Gift aid received from colleges and universities is referred to as institutional aid. Naturally, this type of aid is the most sought after type of funding - and the most difficult to receive. Scholarships and graduate fellowships may be awarded on the basis of need, merit, or both.
Fellowships are highly competitive and designed to attract students with excellent academic records. Most fellowships provide for tuition and stipend. Many cover a student's full academic career; but some must be renewed each year.
Institutional fellowships are awarded through specific university programs. School financial aid offices can give you information on any available institutional fellowships. "Portable fellowships" are offered by independent donors or organizations and can be used at any university. Guides to portable fellowships can be found in your financial aid office or public library.
Outside Scholarships & Grants
Many private grant and scholarship programs exist through community groups, businesses, and non-profit agencies. Spend time at your local library or on the Internet to investigate free resources. Do not pay money to scholarship search services.
Self Help Options
Assistantships
Many graduate students, especially after their first year, become teaching or research assistants. Both arrangements allow students to earn money while gaining experience in their field. Some universities even reduce tuition for students working as assistants. Assistantships provide stipends and/or tuition remission in exchange. In some programs, assistantships are awarded to every graduate student. In others, they are awarded competitively, based on academic performance.
Student Loans
Most schools offer loans under federal and sometimes, state programs. Many other kinds of loans are available, often under different interest and repayment terms. Research them carefully.
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