Financing Graduate School

Graduate school is expensive. Tuition is generally the same as for undergraduate studies, with private institutions usually costing more than public ones.

Students pay for their graduate studies in a variety of ways. They work on or off campus, take out private or government loans, receive gifts or loans from family, or get tuition waivers or discounts as well as cash stipends from the university in which they are enrolling. Some also apply for national merit scholarships or fellowships.

It is generally easier to receive funding from your graduate institution if you are applying for a Ph.D., rather than a master’s degree, and there are also more opportunities on the doctoral level to support yourself as a teaching assistant or research assistant.

It is of utmost importance to investigate your financial options early. Plan on applying for financial aid from your institution, as well as for national merit scholarships, in the fall before you enter graduate school, that is around the same time as you apply for admission. For a good overview on your financing options, see Grad School Tips. The non-profit organization Access Group can help you sort out any questions about loans. And FinAid.org is a good resource for links to scholarship and loan providers.

When planning your finances, don't go it alone. Speaking with a financial advisor is a good use of $200-300; it could save you thousands.