How to Fund Graduate School?

Answer 1

For many students, it is not the difficult academics of graduate school that pose a challenge so much as the high cost of this education. It can seem overwhelming for students who have already completed their bachelors degree, sometimes taking out student loans to do so, to contemplate even more debt for an advanced degree. However, there are many funding options available for students seeking a graduate degree, including scholarships, grants, fellowships, teaching assistantships, and loans.

One good place to look for graduate school funding is on the school's website. Often, academic departments will offer a few scholarships to outstanding students each year, greatly reducing the cost of education. Others will offer student teaching assistantships, which require students to teach one or two classes per semester in addition to their course load in exchange for a stipend and a tuition reduction. This is a great way to gain practical work experience while helping pay for school. Many schools also offer research assistantships, where graduate students work alongside professors to help them with their current research projects without having to teach a class. Federal grants for special research projects may also be available depending on the area of study.

Other graduate school funding options include federal grants and loans. These are very similar to those offered at the undergraduate level, and each has different requirements that must be met in order to be eligible to receive the funding. Grants do not require repayment and are much more competitive than loans, but loans are also available for graduate students. Loans require repayment with an additional interest fee added during the borrowing period. Although this is not the ideal way to fund graduate school, loans are much more readily available after the student completes the Free Application for Federal Student Aid (FAFSA). Many students choose to supplement scholarship or grant money with student loans in order to cover all of the necessary fees for graduate school.