Funding Graduate School
There are various ways to fund graduate school. A graduate degree can be expensive, and your future wage growth may be delayed. This means that you need to make sure you are aware of all funding options available to you. Luckily, there are many types of funding that can assist you through graduate school.
Funded Graduate Programs
Many graduate degree programs are fully funded. This means that they offer students an annual stipend that includes tuition and a stipend for living expenses. There may be GPA requirements and a limit to how many years you can spend to complete the program. Some programs automatically consider all applicants for this funding. Other programs require prospective students to apply for funding. Be sure to read the requirements and information about funding.
Depending on the career field you plan to go into, the discipline your graduate degree is in may not matter. Your graduate degree can be in a field related to your chosen career field but not the exact same. In this case, it is a good idea to choose your graduate degree field based on funding. Keep in mind, however, that reputation of your graduate degree institution can matter greatly. So, while you want to find a fully funded program make sure that you are choosing a reputable institution.
Federal and Private Student Loans
If your program is not funded, another option for funding graduate school is with federal and private student loans. Many graduate students have to borrow to pay for graduate school and many report that student loans are quite burdensome. Therefore, it is important to consider how much to borrow within the context of your potential future income.
You can find fully funded graduate degree programs on ProFellow.
Fellowships
One creative way to fund graduate school is through fellowships. Fellowships can greatly reduce your graduate school costs and, sometimes, they can even pay for the entire cost. These are usually offered by government organizations, private organizations, and universities for a specific area of study. These are offered for specific research projects that can help further the organization offering the funding. You’ll need to apply with a clear proposal for a research that you plan to focus on in graduate school. There are also fellowships that are available which are not research based. Fellowships are a great way to fund graduate school while advancing your skills and expertise in your chosen career field.
Work-Study
The work-study program is a federally funded programs available to both undergraduate student and graduate students. Work-study positions are usually on-campus jobs like bookstore, writing center, and administrative office positions. However, there are sometimes off-campus opportunities where you will be working in service-related positions within the community. These can also help build your work experience for employment after graduate school.
Assistantships
Assistantships are generally part-time academic employment opportunities for graduate students. These positions within the university provide a small stipend for working on research, teaching, or other university positions. Assistantships are a great way to fund graduate school while at the same time building your curriculum vitae.
Grants
Grants are a form of financial aid that do not need to be repaid. Unlike fellowships, grants are awarded based on financial need. Some grants are awarded for research funding as well. Still, there are some qualifications that must be met to receive a grant. Usually, the university where you are earning your degree must be accredited for you to qualify to receive a grant. Other requirements may be maintaining a certain grade point average, research goals, or pursuing a certain type of degree.
Federal grants: Some grants are federal grants awarded by the government based on financial need. Some federal grants are state specific, awarded by the state based on financial need or research goals.
Field grants: There are grants that are awarded to graduate students in a specific field of work. These are called field grants and they are typically awarded by universities or professional organizations
Demographics: Grants awarded to members of a certain demographic to help bridge the gap in certain field are called demographics grants. These can be grants for women in STEM or people who have served in the military.
Based on school: Certain grants are offered to students who attend certain universities. For instance, the State University Grant Program is available for students who attend schools in the California State university system.
Departmental: There are departmental grants which graduate programs offer through the department chair. Usually, these grants are based on academic accomplishments. Contact the Department Chair or Dean of your graduate program to ask if this type of funding is available.