Graduate school is a great endeavor. Understanding the graduate school financial aid process is beneficial to the potential student. Oftentimes, the graduate school process can be challenging and hard to navigate. However, information is available to students to make the application process more effective. The key to understanding graduate school financial aid is understanding both the funding process and the return on investment after degree completion.
There are various funding opportunities for students, and each has its own benefit depending on the needs of the student. The federal government may offer loans, while many schools provide the opportunity for fellowships and scholarships. Setting a plan for research funding, analyzing degree programs and future career opportunities can help make sound decisions.
FAFSA
The Free Application for Federal Student (FAFSA) gives families and students resources when seeking financial aid. There are questions you should ask yourself before applying to graduate school. These include what career aspirations do you have after completing graduate school, which type of funding can you receive for graduate school, and which concentration do you want to major in? There are a few differences in filing for financial aid for graduate school as compared to undergrad. Furthermore, funding opportunities include grants, scholarships, tuition reimbursement, and loans.
Planning out the finances for a specific degree program and comparing which universities and schools will support your goals is vital. Identifying funding through FAFSA will determine which option is best for you. Additionally, speaking to colleagues and peers who have moved past the undergraduate level to the graduate level can help determine the best course of action. Knowing how FAFSA differs for graduate school comes with knowing the difference between grants and fellowships and how tuition reimbursement, loans, and fellowships will make the most effective impact on your future.
Grants
Obtaining a grant is a great way to fund the college process. There are different types of grants depending on the need. When it comes to graduate school students can benefit from grants. An example is when an individual student receives a grant to take specific classes or temporary funding for a research program. Another example of how a graduate student can benefit from a grant is when the college or university has a fellowship or assistantship offered through a program. Both a fellowship and assistant provide funding opportunities to graduate students, but they differ in the manner of the aid to the student. Scholarships are the most well-known method of supplying students with funds in undergrad and graduate school. There are scholarships that vary depending on a student’s race, gender, geographic location, or academic field.
Scholarships
Knowing how to find scholarships for graduate school can make the difference between having financial struggles or having most, if not all, of a graduate degree program paid for. Multiple scholarship programs provide support systems to graduate students on both the masters and doctoral levels. The PhD Project is a system of universities and organizations designed to enhance diversity within the business field. With the Ph.D. Project, women, minority students, and students of color can get funding, mentorship, and resources to obtain a Ph.D. in a business field. For graduate students who want to pursue a Doctor of Education, the Carnegie Project on the Education Doctorate (CPED) collaborates with over 130 schools of education to provide resources, research, support in the dissertation phase, and funding opportunities to students who want to pursue a Doctor of Education in the areas of K-12, higher education, and teacher development.
Funding for graduate school also comes in the form of fellowships and assistantships. However, knowing the difference between a fellowship and assistantship is important. Students who are given the opportunity to receive a fellowship are given funds for costs that students incur during school. This can include books, housing, tuition, and academic support. With an assistantship, students are given funds to support the student in exchange for working a certain amount of hours. The work done by the student is tied to the major the student is working. For example, graduate students with education majors may work as grad assistants or contribute to a think tank and support research.
Fellowships/Assistantships
Funding for graduate school also comes in the form of fellowships and assistantships. However, it is important to know the difference between a fellowship and assistantship. Students who are given the opportunity to receive a fellowship are given funds for costs that students incur during school. This can include books, housing, tuition, and academic support. With an assistantship, students are given funds to support the student in exchange for working a certain number of hours. The work done by the student is tied to the major the student is working.
For example, graduate students who have education majors may work as a grad assistant or contribute to a think tank and support research. The non-profit Black Doctoral Network supports students who want to pursue doctorates in the Social Sciences, humanities, and in the area of Science Technology Engineering and Math (STEM). The program specializes in networking with other colleges and universities as well as business to help students find multiple support systems and funding for students. Whether it is a network of professionals or obtaining a fellowship or assistantship there are positive avenues for students seeking financial support.
Employer Tuition Reimbursement
There are also companies that provide work incentives in the form of tuition reimbursement. This can be a great opportunity for graduate students who are working a full-time job but still need funding for school. The key to finding the right funding opportunity involves multiple aspects including career choice, family and home life, and what degree program can give a student the most effective and applicable financial support.
Loans
With the average American student debt around $30,000, knowing which loans should be used for the college experience is important. Being a responsible borrower is key to deciding how much money to borrow and how much time it will take to pay the loan back. Many students pay for school through a combination of loans, scholarships, and work-study programs. There is not one specific way to pay for school, and the necessity for financial aid depends on the student, their program of interest, and income needs. Regardless of which financial path you choose, obtaining a graduate degree can be invigorating and lead to career advancement and personal growth.
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