Financial aid for graduate school

If you have decided to pursue a master’s degree and are in need of financial aid, you may have noticed that it is not as readily available as when you were an undergraduate student.  This is primarily because there just aren’t as many types of financial aid available for graduate school.  While there are absolutely ways to get money for a master’s program, it requires more research, time, and effort than was necessary for your undergraduate degree.

As it is, less than 4% of graduate students receive federal or state grants.  Less than 20% get any kind of scholarship from their school, and 60% get no free money of any kind and have to borrow.  Fortunately, things are slowly starting to change for financially strapped individuals in pursuit of a master’s degree.  The federal government is starting to offer a new and potentially lower cost loans.  These come in several packages:  one scenario is that they will repay loans for individuals who agree to spend several years in lower paying public service jobs; the other is that many employers offer loan subsidizing as a joint effort with the federal government to reduce the financial burden.

Additionally, depending on your area of study, there are different financial aid opportunities.  Three categories of students that tend to have an easier time at getting aid for graduate school are:

• Math, science, and technology students; there are numerous foundations and government agencies from which to receive funding.
• Very low-income students hold priority when it comes to available loans.
• Top students are often pursued by the schools themselves and offered attractive financial aid packages as incentive to attend a particular graduate school.

There are also work-study scenarios in which graduate school students can work as a teacher assistant, or research assistant in exchange for reduced or even free tuition.  They also may get paid for their time.  These types of positions are fairly plentiful in the master’s program environment.

Graduate school fellowships are also a great resource, and can be very generous; some cover all expenses including the cost of living.  Getting a fellowship can be very competitive, and it is very much worth doing research to discover just as beneficial, but not as well known opportunities for them to increase your chances.

Applying for federal student loans is always an option, but it is much better to pursue other forms of free money first.  Loans take out the cost of tuition factor for the present, but many graduate school students accrue an average of $40,000 in debt or more; and it is quite often more.  In order to be eligible for financial student aid, you must fill out a FAFSA application, and the sooner you do it, the better your chances.