How Common are Graduate School Scholarships?

Graduate school scholarships are less prevalent and more accessible to receive than undergraduate scholarships. This does not mean they are impossible, however. Thousands of graduate-level scholarships are available; you just need to know where to look. Graduate scholarships are often listed on a school’s financial aid webpage, so that is a good place to start.

Here is just one list of potential scholarships available to graduate-level students. Graduate scholarships are typically awarded based on academic and professional achievements. They are separate from grants, however, which are based on financial need. Be sure to check if the scholarship(s) are available to all graduate students as opposed to only master’s students, as this is sometimes the case. You can always contact the provider directly to confirm whether you are eligible for a scholarship.

Myths and Facts about Graduate School Scholarships 

Don’t let yourself be a victim of scholarship misinformation! We’ve debunked the following common misconceptions about graduate school scholarships:

Scholarships are based on your financial status.

This is not true. Scholarships are based on achievements, as opposed to grants, which are awarded based on finances.

It’s too hard to apply for scholarships.

Each scholarship will have different requirements, so just because one requires you to jump through a lot of hoops to apply for doesn’t mean they all will be like that. And while there typically are a series of steps you must go through when filling out a scholarship application, it’s usually not more arduous than applying for graduate school. Plus, the payoff should be worth it! Just read the directions thoroughly and keep a spreadsheet to stay organized if you’re applying for more than one scholarship.

It’s not worth it to apply for small scholarships.

If someone handed you $500 on the street, would you turn it down because it’s not “enough”? A little bit goes a long way! Many people avoid the smaller scholarships because they don’t think the payoff is worth it, but it’s better than nothing! $500 can cover your books for an entire semester. Plus, sometimes smaller scholarships are easier because so many people believe they’re not worth it, so there’s less competition. Which brings me to my next myth…

Scholarships are too competitive.

There are literally over one million scholarships available. A few of them are indeed highly competitive, but the majority of them are not. Don’t let this common myth keep you from receiving free money! Do your research and follow the directions carefully; this will already set you apart from other students who rush through the application process.

Scholarships are suitable for all four years of school.

Don’t make the mistake that just because you were awarded a scholarship once means you’ll get it every year. Read the fine print; some scholarships require you to apply for them yearly. Also, make sure you continue to fit the criteria for the scholarship each year, and that you don’t do something that makes you ineligible.

How to Increase Your Chances of Getting a Graduate School Scholarship

Do your research.

We touched on this several times above, but a million scholarships are available. There’s no reason why you wouldn’t qualify for at least one, and likely more than one. Take the time to research your options, and don’t forget to check local sources. Often, community groups and organizations offer scholarships, and you’re more likely to receive them if you’re local to the community. Oftentimes, people overlook these, and then no one applies, and the money goes to waste that year! That money could be yours if you try to search for it.

Stay organized.

We recommend applying for more than one scholarship, but this can get confusing since the requirements for scholarships are generally different. Some might require you to write an essay, while others have a written application, and others might want professional references. We suggest creating a scholarship spreadsheet that lists all the scholarships you’re applying for, plus their individual requirements. Then, you can check off the boxes as you complete each requirement. You want to take advantage of a financial opportunity just because you forgot to complete part of the application.

Don’t skip the small ones.

They really do add up, and you can apply for as many as you want! A handful of small scholarships could pay for your books, your room and board, supplies, and more!

Here is another great resource to call on if you’re trying to find scholarship opportunities; enter your information and be amazed at the scholarships available! Happy hunting!

Educators never stop learning; check out our available graduate degree programs  to hone your skills and promote lifelong learning and academic excellence.

*Updated February 2024

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Federal financial aid for undergraduate and graduate students is very different. At the undergraduate level, many types of financial are need-based. This means that in order to qualify you must be below certain income thresholds. However, at the graduate level this is rarely the case. Almost all funds you can qualify for regardless of how much money you make.

The Federal Student Aid programs for graduate students are, by and large, for any student regardless of income or assets. This means that whether you are unemployed or working full-time when you apply for financial aid, you will often qualify for the same types and amounts of aid as most other students in your program.

What Kinds of Financial Aid for Graduate School are Available?

The main types of federal financial aid for graduate students are Direct Unsubsidized Loans, Graduate PLUS Loans, and (in some cases) Federal TEACH Grants. All three of these you can receive regardless of your income.

Direct Unsubsidized Loans

Federal Unsubsidized Loans are the most common type of federal financial aid for graduate students. These are non-need-based loans from the Federal Government and simply require you to submit your FAFSA to determine your eligibility. The FAFSA is your application for federal student aid and is available online or on the ‘myStudentAid’ app on your mobile device.

As long as you meet basic eligibility criteria (such as having a valid Social Security Number, be a US Citizen or Eligible Non-Citizen and not currently in default on any other federal student loans, for example) you can qualify for up to $20,500 a year in a Direct Unsubsidized Loan.

This loan does accrue interest while you are enrolled in your program but does not require payments while you are enrolled at least half-time in a degree program. The unsubsidized loan is one of the best options there is for financing a graduate degree as the interest rate, repayment terms, and eligibility criteria are the most flexible.

Graduate PLUS Loans

Federal Graduate PLUS Loans are the next most common type of federal financial aid program for graduate students and are also not need-based. These loans require you to submit a FAFSA and meet the same basic financial aid qualifications as a Direct Unsubsidized Loan, but these also do require a basic credit evaluation.

Graduate PLUS Loans have much more forgiving credit criteria than most (if not all) private alternative loans. They simply require the ‘absence of negative credit history’ and do not require any sort of income level or debt-to-income ratios like all other loans require. An absence of negative credit history is defined as not being delinquent or in default on any current financial obligations.

So, even if your credit score is not what you want it to be, as long as you are not currently behind on your financial obligations you should still be able to qualify for a Graduate PLUS Loan. These loans can be for any amount (up to the cost of attendance for the college or university of your choosing) and also do not require any payments while you remain in school.

Federal TEACH Grants

The last most common type of non-need-based federal financial aid is the Federal TEACH Grant. The Federal TEACH Grant is for students who are looking to teach in a low-income district or high-need subject area and commit to teaching for at least four of the following eight years after graduating in a qualifying position and school district.

This is one of the only types of federal grants that does not have any income level requirement, and any student can qualify for it regardless of current salary or financial status. It is important to note, though, that if you do not fulfill the required teaching obligations after graduation that your TEACH Grant will be converted into a Direct Unsubsidized Loan at that time.

Regardless of your current income situation, there are a large variety of Federal Student Aid programs for grad school students that can help make pursuing your graduate degree affordable.

The post I Work & have Income: Can I Still Qualify for Financial Aid? appeared first on Graduate Programs for Educators.

What is Student Loan Consolidation?

In essence, a student loan consolidation is when several individual student loans are grouped into one big loan. The interest rates are then averaged in many cases (although some lenders will negotiate and offer you lower rates to consolidate with them, so it’s best to shop around), and you have a longer period of time to pay them back. By consolidating, you not only pay less in interest over the long term, but you almost always significantly reduce your monthly payments. An average student who completed his/her bachelor’s degree in four years, and completed a two-year master’s program, will have an average of 10-14 individual federal loans.

Student Loan Categories

There are two main categories of student loans – federal loans (FFELP Stafford Loans and Direct Loans) and alternative (private) student loans.

• Federal loans are broken into two subcategories categories — FFELP Stafford Loans and Direct Stafford Loans. Each one has the same interest rate and fee structure, however, their consolidation rules are different. To see what loans you have, you can log into the National Student Loan Database (NSLDS) using your specific information and check your loan types.
• Alternative (private) student loans — these are loans that you would have applied for independently from your FAFSA application. These would have required additional steps, such as a credit check, proof of income, and (in many cases) a cosigner. These are held independently by a separate bank or agency (such as a Wells Fargo, Sallie Mae or other lenders). With rare exceptions, these loans are not typically eligible under most consolidation programs. These will also not show up in NSLDS when you log in, as NSLDS is just for your federal student loans and does not include alternative loan data.

Once you’ve logged into NSLDS to see what types of loans you may have, you can also check to see who your “servicer” is for each loan. When you look at each one your loans, there will be an individual servicer associated with it (who you write your checks to each month). Sometimes you may get lucky, and many of your loans have the same servicer, which makes consolidation a bit easier, but it’s more common that you may have several different servicers. In the student loan world, you have one or more individual loans from each year you attended school, so it’s highly possible that based on what school you attended and when, that you would have more than one servicer.

Question to Ask about Consolidation

While the consolidation rules are the same for federal aid programs regardless of which servicer you choose, it’s always best to contact each one and “shop around.” Sometimes different servicers will run programs to incentivize you to consolidate with them for a reduced interest rate or automatic payment reduction. Common questions you would want to ask would be:

• How much would your interest rate be if you consolidated with them?
• What repayment options would you have available?
• What would your monthly payments be?
• Will the interest rate be lowered with automatic payments (most lenders offer up to a .24%-.49% interest rate reduction simply by signing up for automatic payments)?

It’s also very important to let them know right away if you are going to be pursuing the Teacher Loan Forgiveness Program or Public Service Loan Forgiveness, as you must make sure you are enrolled in a qualifying repayment plan.

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Federal Student Loans

One of the most common options are federal student loans. At the graduate level, federal student loans are simpler to qualify for and are more flexible than at the undergraduate level. Based on the information on your FAFSA, you could qualify for a Federal Direct Unsubsidized loan for up to $20,500 per year. These loans are at a low interest rate, require no payments while you are in school, and have no credit or income stipulations.

Additionally, upon graduation, there are several programs that you may qualify for to have your remaining loan balance “forgiven”. One of the most common forgiveness programs is called Teacher Loan Forgiveness. If you teach for five consecutive years after graduation in a low-income school district, the federal government will forgive up to $17,500 of your federal student loan balance. Learn current details on Teacher Loan Forgiveness, or to see if you may qualify.

TEACH Grant

Another option is the TEACH Grant. The TEACH Grant is a federal grant that you may qualify for based on the information provided on your FAFSA (your Free Application for Federal Student Aid). The TEACH Grant is available to students pursuing teaching in a “low-income” school district in a “high-need” field who go on to teach for four years of the following eight years after completion of your master’s degree. Learn more information, or to see if your school district and teaching concentration qualify. This grant pays up to $4,000 per year towards your master’s degree for two years (for a total of $8,000).

Employer Tuition Reimbursement

First of all, you may be surprised to know that many school districts and employers are already offering tuition reimbursement, or tuition benefits, for teachers or professionals who wish to obtain an advanced degree. Tuition reimbursement, or tuition benefits, are typically administered by your district’s human resources office; and many schools/districts will pay for most of (if not all!) of your master’s degree.

Sometimes these benefits require you attend a specific college, or to continue to work in the district after you complete your degree. That is why it’s important to check with your HR office prior to enrolling to understand what your district offers. In many cases, your district will send the money directly to your school on your behalf; some cases, they may pay you the money after you complete the semester and submit proof of your grades. In either case, make sure your college knows what type of benefits you may be using so they can help you in getting your classes paid for by your employer.

With all these options available, you don’t have to worry about how to pay for grad school; now is the time to make an investment in yourself and your future!

Interested in learning more about your financial aid options for graduate school? Explore our comprehensive funding e-guide here.

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