7 Methods for Paying for Graduate School
Earning a graduate degree can be expensive, whether a student choose to do so right away after finishing their undergraduate studies or after working for a while.
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According to Susan M. Brooks, senior associate director of graduate and federal programs for the Office of Scholarships and Student Aid at the University of North Carolina at Chapel Hill, “it’s a big life change, especially if you’ve gone into the workforce and you’re coming back to school after a couple of years of working.” “So if you can remove one stressor from the picture, i.e., if we can handle the money for you earlier, then you can focus all that energy on actually being a successful student,” the instructor said.
The following seven measures should be taken into account while making plans to pay for a graduate degree program, according to experts:
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Obtain financial aid from a company.
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Take out a fellowship or scholarship.
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Study graduate programs with no tuition.
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Think about doctoral programs.
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for the graduate school, work.
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The admissions office should be contacted.
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Think carefully before borrowing.
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How to get a company to pay for graduate school
Some businesses will pay all or part of an employee’s graduate tuition through tuition reimbursement or tuition aid in order to increase their collective skill set without hiring. According to a 2019 survey report from the International Foundation of Employee Benefit Plans, 92 percent of American businesses provide some kind of educational perks, for instance.
Experts urge students to speak with the human resources department at their employer to learn more about the requirements of the tuition reimbursement program because funding may be limited. After receiving their degree, some employers demand that their new hire stay with them for a predetermined amount of time or reimburse them for a portion of their tuition.
Possess a scholarship or fellowship.
Scholarships and fellowships are frequently non-repayable, merit-based rewards. Graduate students may be required to complete the FAFSA, or Free Application for Federal Student Aid, in order to be accepted.
Experts advise looking for local scholarships in addition to those available nationally, which can be located on websites like Fastweb, Cappex, and Unigo. Local scholarships can be obtained through an employment, charitable organization, or place of worship. Another website that provides information about specialized scholarships for graduate students is GoGrad.
Students can frequently seek for school-specific scholarships on websites for graduate programs. For instance, the University of Pittsburgh established the PittFund$Me, a central database that compiles all of the school’s available fellowships and scholarships.
To find out more about scholarships that are particular to a given degree or area of research, students can also get in touch with the financial aid office of a graduate school or consult an adviser from the program department.
Vice provost for graduate studies at Pitt, Amanda Godley, stated in an email that “graduate financial aid varies widely across graduate and professional programs. As a result, we encourage students to directly contact the school or program to which they are applying.”
Examine Graduate Schools without Tuition
Graduate programs with no tuition may be worthwhile. For instance, the Curtis Institute of Music in Pennsylvania provides merit scholarships that cover the whole cost of attendance to all undergraduate and graduate students, regardless of their financial circumstances. According to the institution, the graduate student award, which is renewed each year of enrollment, was worth around $60,300 for the 2022–2023 school year.
Additionally, Curtis provides need-based financial aid in the form of grants and on-campus jobs to assist with living costs.
A first-of-its-kind, full-tuition scholarship was made available to all students in 2018 by the Grossman School of Medicine at New York University. Each student who applies will receive the scholarship, which is worth around $60,100 for the school year 2022-2023 and is given regardless of academic ability or financial need. It also includes health insurance, but excludes other fees and living costs.
Research doctoral programs
In PhD programs, tuition-free offers are more typical and some even let students graduate with no debt.
Depending on the discipline, prospective graduate students might think about opting for a Ph.D. over a master’s degree.
The majority of doctoral programs are competitive. For instance, Ph.D. students at Duke University in North Carolina are assured five years of 12-month financing that covers their tuition and fees as well as a stipend. Additionally, students receive six years of fully paid dental and health insurance payments. They also have access to grants and child-care subsidies to assist with any unaffordable medical costs.
Work at the Graduate School
In exchange for conducting research or instructing in a classroom, research and teaching assistantships frequently pay a stipend on a regular basis and at least part of the student’s tuition.
Since assistantships are frequently offered by certain departments, Eric Eng, founder and CEO of AdmissionSight, a company that provides college admissions consulting, advises students to “definitely network with the professor, develop some rapport, and show your interest in that subject matter.” Make contact with the admissions office.
Writing a letter to the admissions office and explaining that you “are very keen on attending, but you’re unable to afford it” may help, though it is not a guarantee, advises Eng.
He explains, “They don’t want to leave that competition to other schools when they’re trying to attract talent.” Additionally, if you are a decent applicant who has already been accepted but cannot afford it, they will typically give you a buffer or some leeway.
Smart Borrowing
According to a research on graduate school debt from the 2020 Center for American Progress, loans given to graduate students make up 40% of all federal student loans given out annually.