Whether you're entering graduate school immediately following your undergraduate degree or you're an adult learner going back to graduate school on-campus or online, a variety of financial resources are available to help fund your education. Here's an overview of some types of graduate assistance as well as related resources to help graduate and professional students find educational funding.
Graduate Free Aid
You generally do not have to repay free aid as long as you continue to meet the award requirements. Free aid can include:
- Scholarships and grants. These funds are generally awarded by your school or by private corporations or organizations. If you plan to teach when you graduate, contact your school to find out if they participate in the Teacher Education Assistance for College and Higher Education (TEACH) grant program.
Contact your school for information on institutional scholarships and grants and go online to one of many free scholarship and grant search websites such as FastWeb or the Department of Education's Financial Aid and Scholarship Wizard.
- Research fellowships, teaching assistantships, and Federal Work Study. Although you don't have to repay this funding, you probably have to conduct research, teach classes, or work in on-campus or non-profit community jobs to receive payment.
- Other. If you are currently employed, your employer may offer educational benefits that pay some or all of your direct education expenses in exchange for continuing to work for them for a specified time.
Although not strictly "aid," you may be eligible for tax benefits. Read IRS Publication 970, Tax Benefits for Education.
Contact your graduate school financial aid office or department for more information on what types of "free" aid might be available to you.
Graduate Loans
Granted, no one really wants to take out and repay a loan but in today's economy, it may be a fact of life if you're trying to finance your graduate education. The Department of Education has published a Loan Programs Fact Sheet that provides more details on the following loans:
- Federal Perkins Loans. This loan is awarded and administered by schools and has cancellation benefits if you plan to teach.
- Federal Stafford Loans. These loans, which include subsidized and unsubsidized loans as well as graduate and professional PLUS loans, are offered through the William D. Ford Federal Direct Loan Program (the federal government is the lender) or the Federal Family Education Loan (FFEL) program (private lenders such as banks, credit unions, and lending corporations provide the funds). Schools generally participate in only one of the programs.
- Private Loans. These loans are offered by private lenders and do not have the same benefits as Stafford Loans but are an option of you've exhausted other loan options.
- Other. Loans specifically for law school, medical school, business school, or other graduate school programs are also available. Your graduate school or financial aid office should have more information on these loans.
Whether you plan to attend graduate school on-campus or online, financial aid may be available. Most graduate programs should have either a financial aid office or someone you can contact online who can help you figure out what aid is available and how to go about applying for it. Think of the aid application process as the first and perhaps one of the most important research projects of your graduate career.
About the Author:
Judi Sandall is a graduate of the State University of New York, with a BA in English Literature. She is a technical writer and editor who worked in student financial aid for over 20 years.
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