The cost of graduate school can seem overwhelming. It is important to consider different options for offsetting the costs of graduate school when making a decision about which program to attend. Don't limit your thinking to any one type of financial assistance. Look at a combination of them when working out your financial program. Always talk to the Financial Aid department at the school to find out more information about their specific programs and how to apply.
Types of Financial Aid Available for Graduate Study
- Fellowships. The equivalent of a scholarship, it is usually a monetary award given on the basis of the scholastic record. Fellowships are derived from the institution's own monies or it may be sponsored by private foundations, industry, or government agencies. For more information, contact the institution of your choice.
- Assistantships. Awarded by individual departments, assistantships usually require working 10-20 hours per week and involve grading, part-time teaching, research or departmental jobs. Applications are provided by the individual department or program.
- Resident Assistantships. Some schools have programs whereby graduate students work as assistants in residence halls. You might contact the school's Director of Residence Life about such possibilities.
- Long-term Educational Loans. Most institutions have loan programs for which graduate students may be eligible. Such programs include the National Direct Student Loan Program, the Federally Insured Loan Program, and private/state sponsored Guaranteed Student Loan Programs.
- Federal Work-Study Program. Eligible students are provided part-time employment during the academic year and full/part-time employment during the summer.
- Other Employment. Some schools have arrangements with neighboring industries whereby a student might be utilized for research or consultation. Obtain information from the institution that you attend.