One of the most common questions any graduate admissions office hears is, “How do I fund my graduate education?” On top of choosing a school that fits their academic and professional goals, cost is one of the most significant concerns grad students have. Luckily, graduate school applicants have several funding options available to them.
Below, learn about the many different ways students choose to finance their graduate degrees. Which funding option is right for you?
Scholarships
Scholarships are a common way to support tuition costs, and they’re typically awarded based on merit or need. Scholarships may include an additional application of some kind, and commonly require an essay or written component. It is not common for them to require an application fee—beware of scams!
Scholarships can be found through various sources, including your chosen university, professional organizations, foundations, and community groups. You may also find things online or within your local community.
Tip: Make sure you research thoroughly and apply early! Scholarships are often given as a one-time award or renewed on a year-by-year basis.
Fellowships
Fellowships are similar to scholarships in that they provide financial support for education. However, fellowships usually include some kind of stipulation, usually with specific obligations regarding academics. Fellowships tend to be rewarded with goals of advancing research, professional development, or scholarly work. They often include stipends for living expenses, research funding, or professional opportunities, and may require recipients to engage in specific activities, such as teaching or conducting research.
Generally speaking, fellowships are highly competitive. Research opportunities early to find ones that align with your academic goals and qualifications.
Tip: Tailor your application to each fellowship you apply to and seek feedback from mentors on your materials. Keep track of deadlines and required documentation!
Federal Loans
Federal loans are loans from the U.S. Department of Education. They have some benefits such as fixed interest rates and income-based repayment plans. The two types of loans graduate students may be eligible for include Direct Unsubsidized Loans and Direct PLUS Loans.
International students studying in the US are generally not eligible to receive federal loans, unless they meet specific criteria such as being a U.S. citizen, permanent resident, or eligible noncitizen.
Tip: If you’re an international student, you may need to explore private loan options in your home country.
Private Loans
Private loans are a common option, especially if federal loans or other sources don’t fully cover the costs of a graduate degree. These types of loans are offered through private lenders like banks, credit unions, and online financial institutions. They typically require a credit check and may need a co-signer for approval. Private loans can help bridge your funding gaps, but they often come with higher interest rates and less flexible repayment options compared to federal loans.
Tip: Make sure you thoroughly research and compare lenders, interest rates, fees, and repayment terms. Private loans should be a last resort, as they need to be repaid, and may not have as favorable interest rates as other loan types.
Military
For military service members, veterans, and their families, there are several funding options available to help cover the cost of graduate school. Programs like the GI Bill® and the Post-9/11 GI Bill® provide substantial financial support, often covering tuition and fees, a monthly housing allowance, and even funds for books and supplies. The Yellow Ribbon Program, available at participating institutions, can further bridge the gap between tuition costs and the benefits provided by the GI Bill®.
Active-duty service members may also qualify for Tuition Assistance (TA), which provides financial aid for education expenses. Additionally, many universities offer military-specific scholarships, grants, or discounts for both active-duty and veteran students.
Tip: Consult with your institution’s veterans’ services office to maximize your benefits!
Corporate Tuition Reimbursement
If you currently work a professional job and are looking to go back to school, it is worth asking your employer if your organization has tuition reimbursement or professional development budgets. Your employer may be willing to pay for some, if not all, of your degree. You may also be allocated a yearly professional development budget which you may be able to put towards your tuition expenses.
Tip: Psst … check out this blog for tips on how to have that conversation with your boss!
Institutional Grants
Institutional grants are a type of scholarship awarded by your chosen university. They are funded by the institution itself, often through endowments, alumni contributions, or the university’s budget. There is a wide range of types of grants, the same way that there are many different scholarships. Some examples include merit-based, need-based, program-specific, research or project-specific, and diversity and inclusion grants. Unlike loans, grants do not need to be repaid, making them a valuable way to reduce the cost of graduate school.
Tip: Most grants require an application, so be sure to submit yours well before the deadline.
Research Assistant or Teaching Assistant
One of the most common ways students fund their graduate education is by becoming a research assistant (RA) or teaching assistant (TA). RAs assist faculty or research teams with tasks such as conducting experiments, collecting and analyzing data, reviewing literature, and preparing research reports. TAs, on the other hand, support faculty in teaching-related duties, which may include grading assignments, tutoring, leading discussions or lab sessions, and in some cases, lecturing. These positions often come with benefits like stipends and tuition remission, helping to significantly reduce the cost of graduate school.
RA and TA positions are typically offered through your academic department and may have limited availability. Some positions require a formal application, while others are assigned based on academic performance or program needs.
Tip: Reach out to your department or a trusted faculty advisor to learn more about available opportunities.
Tuition Plan
Tuition payment plans, often offered by the university itself, are a way for students to manage the cost of education by breaking up tuition fees into manageable installments, making it easier to pay over time. These plans are usually interest-free, although some schools may charge a small enrollment or administrative fee.
Tip: Tuition plans are worth looking into if you don’t qualify for loans or want to be as low debt as possible. Check the specific terms of your university’s plan, such as eligibility requirements, payment schedules, and deadlines.
Campus Employment
Your university may offer a limited number of on-campus employment opportunities, such as roles in the library, student center, administrative offices, or research labs. These positions are typically part-time, making them a good option for students with busy schedules. They often provide valuable experience, opportunities to connect with faculty or staff, and a convenient work location.
Tip: Campus jobs may be posted on an internal job board or the university website, so be sure to check regularly and apply early, as these positions can be highly competitive.
Hourly Graduate Assistantships
Hourly graduate assistantships are part-time positions that pay on an hourly basis. Usually offered through the university, they allow the opportunity to earn income while gaining valuable experience in a professional or academic setting. These roles typically focus on specific tasks or projects and range from administrative support and research assistance to program coordination or departmental work.
Tip: Assistantships can be a flexible option if you’re a grad student managing multiple commitments!
Internships
Internships are another common way students fund their graduate education while gaining valuable work experience in their field. These temporary, paid positions are typically completed at a company and can provide opportunities to build industry connections, develop practical skills, and sometimes even secure a permanent role after graduation. Internships can also enhance your resume and make you more competitive in the job market.
Tip: Take advantage of resources like your school’s career office for help locating an internship, crafting your resume, and practicing interviews. Check job listing sites such as LinkedIn or Indeed frequently.
Part-Time or Full-Time Work
Many students continue working part-time or full-time while pursuing their degree, thanks to the flexibility offered by many institutions through online programs and customizable timelines. Balancing work and graduate school can be challenging, but achievable. It comes with significant benefits, including opportunities to immediately apply new skills to your job, advance your career, and increase your earning potential.
Tip: This is another area that your school’s career center can help!
Alumni Tuition Benefits
If you plan to attend grad school at your alma mater, you should reach out to the financial aid office to see if you qualify for Alumni Tuition Benefits. Some schools have a stipulation that if you return to school within a certain number of years, you may qualify for a tuition discount or similar perk.
For example, WPI offers an Alumni Tuition Incentive of 20% per course for students who return within 5 years of receiving their undergraduate degree.
Tip: Reach out to the bursar’s office before you apply to find out more informaiton.
While funding graduate school can be competitive, there are a variety of options to explore depending on your needs and circumstances. From scholarships and fellowships to assistantships, internships, and employer support, the key is to research early, stay organized, and take advantage of the resources available to you. For domestic students, loans can also provide a practical solution when other funding sources are unavailable. With careful planning and persistence, you can find a funding strategy that works for you and helps make your graduate education a reality.