Graduate education could be challenging for people who cannot afford it but desire to further their education. This article will guide and help you obtain financial aid for graduate school.
About Financial Aid for Graduate School
Returning to school for a graduate or professional degree is a major decision that an increasing number of people are making. In fact, according to the National Center for Education Statistics, they enrolled around three million students in graduate programs in 2019.
Graduate education is costly, yet many students are unaware that financial aid is available. You can fund your degree using grants, assistantships, and work-study programs besides loans.
To apply for various types of financial aid, you must fill out the Free Application for Federal Student Aid (FAFSA), which is the same form you used in college. For graduate students, however, the FAFSA works differently.
Is There Financial Aid for Grad School
If you’re thinking about going to graduate school, be sure you have a financial plan in place.
Graduate school costs vary widely based on the nature and length of the program, but there are ways to reduce out-of-pocket expenses.
Graduate students can get financial aid through:
FAFSA
Federal, state, and some school-based grants are available through the Free Application for Federal Student Aid.
Check Out The Grants for Graduate School
Scholarships
State, local, and school-based scholarships are all available. These awards are given out based on a variety of criteria, including the subject of study and academic accomplishment.
Some scholarships are also based on financial need or are exclusively available to particular populations.
To enhance your chances of receiving the most money, apply for as many scholarships as you qualify for.
To identify programs, go to the Department of Labor’s Scholarship Finder or the National Association of Student Financial Aid Administrators’ state-based scholarship search tool.
Contact your school’s financial aid office and department head about specific scholarship programs you may be eligible for.
Fellowships and Assistantships
Fellowship and assistantship programs have different eligibility requirements and service responsibilities.
While colleges, private groups, and government agencies all offer fellowships, assistantships are usually only available through the school.
You may conduct research outside of your institution with a fellowship, and remuneration may not be directly related to tuition.
Assistantships are more likely to give full or partial tuition waivers because they are typically school-based. Some assistantships additionally include a stipend for living expenses.
Inquire about school-based fellowships and assistantships, such as teaching and resident assistantships, with your financial aid office.
For government and private-sector fellowships, use the intellect database, which has ties to the Department of Education and a consortium of Ph.D.-granting universities.
Learn More About Employer Tuition Assistance
Loans
If you’ve exhausted all non-repayable aid options, consider taking out student loans to cover any remaining financing shortfalls for graduate school. Student loans may be included in a school’s financial assistance package, but you must return them.
When you complete the FAFSA, you are usually eligible for direct unsubsidized federal student loans.
You can borrow up to $20,500 per year as a graduate student. While these loans will accumulate interest while you are enrolled in school, they often have lower interest rates than private loans.
They also provide repayment choices that are not available with private student loans, such as income-driven repayment.
Finally, depending on the degree you earn, graduate education can increase your earnings and perhaps open doors to careers you wouldn’t have had access to otherwise.
Returning to school for a graduate or professional degree is a major decision that an increasing number of people are making.
In fact, according to the National Center for Education Statistics, around three million students were enrolled in graduate programs in 2019.
Graduate education is costly, yet many students are unaware that financial aid is available. You can fund your degree using grants, assistantships, and work-study programs besides loans.
To apply for various types of financial aid, you must fill out the Free Application for Federal Student Aid (FAFSA), which is the same form you used in college.
For graduate students, however, the FAFSA works differently.Finally, depending on the degree you earn, graduate education can increase your earnings and perhaps open doors to careers you wouldn’t have had access to otherwise.
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