Funding Your

Graduate Education

Financing graduate school is a significant concern for many students. Fortunately, there are various funding options available to help you pay for your education. It’s important to research and explore all potential avenues to minimize your financial burden. 

Types of Funding

• Fellowships and Grants: 
  • Fellowships: These are typically merit-based awards that provide funding for your studies, often including tuition and a stipend for living expenses. They may be offered by universities, government agencies, or private organizations. 
  • Grants: Similar to fellowships, grants are typically need-based or merit-based and do not require repayment. They may be awarded for specific research projects or to students from underrepresented groups. 
• Assistantships: 
  • Teaching Assistantships (TAs): TAs assist faculty members with teaching undergraduate courses. In exchange, they typically receive a tuition waiver and a stipend. 
  • Research Assistantships (RAs): RAs work on research projects under the supervision of faculty members. They also usually receive a tuition waiver and a stipend. 
• Loans: 
  • Federal Loans: The U.S. federal government offers various loan programs for graduate students, such as the Direct Unsubsidized Loan and the Grad PLUS Loan. These loans typically have lower interest rates and more flexible repayment options than private loans. 
  • Private Loans: Private lenders, such as banks and credit unions, also offer loans for graduate education. However, these loans may have higher interest rates and less favorable repayment terms than federal loans. 
• University Funding: 
  • Many universities offer scholarships, grants, and fellowships specifically for their graduate students. These may be based on academic merit, financial need, or specific program requirements. 
• External Scholarships and Grants: 
  • Numerous organizations, foundations, and professional associations offer scholarships and grants to graduate students. These awards may be based on a variety of criteria, such as academic achievement, research interests, or demographic background. 

Finding Funding Opportunities

• University Financial Aid Office: Your university’s financial aid office is a primary resource for information on federal loans, university-specific funding, and other financial aid options. 
• Graduate Program Websites: Fewer and fewer programs are listing specifics of funding on offer on their public websites. It may be less obvious to students that it is probably necessary to contact graduate programs directly to ask specific questions about funding availability, stipend amounts for assistantships, percentage of admitted students funded, etc. 
• Online Scholarship Databases: Websites like Grants.gov, ProFellow, and Pivot can help you find external scholarships and grants. 
• Professional Organizations: Organizations in your field of study often offer funding opportunities for graduate students. 

Application Tips

• Start Early: The funding application process can be lengthy, so it’s essential to start early and meet all deadlines. 
• Research Thoroughly: Identify all potential funding sources and carefully review the eligibility requirements and application procedures for each. 
• Tailor Your Applications: Customize your application materials, such as personal statements and essays, to the specific requirements and criteria of each funding opportunity. 
• Proofread Carefully: Ensure your application materials are free of any errors in grammar, spelling, or formatting. 
• Seek Feedback: Ask faculty members, mentors, or career services professionals to review your application materials and provide feedback. 

Important Considerations

• Cost of Living: Factor in the cost of living in the area where your graduate program is located when budgeting for your education. 
• Budgeting: Create a realistic budget that includes tuition, fees, living expenses, and other costs. 
• Repayment Options: Understand the repayment terms and options for any loans you may need to take out. 

By actively exploring and applying for funding opportunities, you can significantly reduce the cost of your graduate education and focus on your academic pursuits.