Paying
for Grad School
Information
provided by Kaplan Test Prep
Don't
make the mistake of thinking that you won't need financial aid
or that you won't be eligible for it. Grad school is usually a
major investment and almost all students need some form of
financial assistance at some point in their academic career.
To
avoid bankrupting yourself in the first year, you should work
out a sound financial plan from the very beginning. Financial
aid programs, both need- and merit-based, fall into two major
categories:
•
Gift Aid: does not have to be repaid
•
Self-Help Aid: must be repaid or earned
Gift
Aid Options
Institutional
Gift aid received from colleges and universities is referred
to as institutional aid, since the money comes directly from the
school's resources. This type of financial assistance,
naturally, is the most sought-after type of funding and the most
difficult to receive. Scholarships and graduate fellowships may
be awarded on the basis of need, merit, or both.
Most
fellowships provide for tuition and stipend. Many cover a
student's full academic career, but some must be renewed each
year. Most fellowship programs are highly competitive and are
designed to attract students with excellent academic records.
"Portable
fellowships" are offered by independent donors or
organizations and can be used at any university. Several
different guides to portable fellowships can be found in your
financial aid office or public library.
Institutional
fellowships are awarded through specific university programs.
The financial aid offices of the schools to which you are
applying can give you information on any available institutional
fellowships.
Outside
Scholarships and Grants
Many private grant and scholarship programs exist
through community groups, businesses, and non-profit agencies.
Spend time at the library or on the Internet and investigate
free resources.
Self-Help
Options
Assistantships:
Many graduate students, especially after their first
year, become teaching or research assistants. Through this
arrangement, teaching assistants help professors by leading
seminar sections, reading papers, and meeting with
undergraduates.
Research
assistants, common in the sciences, oversee laboratories and
assist professors on projects. Both arrangements allow students
to earn money while gaining experience in their field. Some
universities also reduce tuition for students working as
assistants.
Assistantships
provide stipends and/or tuition remission in exchange. In some
programs, assistantships are awarded to every student; in others
they are awarded competitively, based on academic performance.
Employment:
Although employment is not a financial aid program in
the traditional sense, many law students help finance their
education with income from full- or part-time jobs. Some
students choose part-time programs, extending the amount of time
it takes to receive a degree, but allowing them to finance all
or part of their education through employment.
Student
Loans:
Most medical students try to minimize the loan component
of their financing, but sometimes that just simply isn't
possible.
More
Information
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