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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