There are several different types of financial aid available to graduate students. If eligible, you can receive more than one type of aid. Most students get a combination of grants and loans. Some students may receive scholarships in addition to grants and loans. There are multiple sources of funding for graduate students. Graduate students usually finance their education through fellowships and assistantships in addition to grants and loans. In order to prevent using your own money for school, consider the various options and apply for various government and private aid.
Grants
Grants are gifts that you do not need to repay. There are several different types of grants available to students. Students may receive grants from the government or through private sources of funding. Usually, government grants are given to students with need, such as having a low household income. However, government grants require students to maintain a specific GPA throughout their academic career in order to continue to receive aid. Private grants usually come in the form of scholarships and have their own guidelines. The amount being offered varies for each individual based on different criteria. In graduate school, grants can be used towards, travel, research, experiments, or projects.
Scholarships
Scholarships are awards given to students based on academic excellence and/or talent. Additionally, students may receive scholarships based on other factors, such as ethnic background, field of study, or financial need. Scholarships vary in their amounts and the number of years given aid. For example, they can be awarded a one-time payment or receive aid annually for a certain number of years (for example: $1000 scholarship vs. $5000 per year for four years). Like a grant, students do not need to pay back the money awarded in a scholarship.
Scholarships can be awarded through your school or through private sources. Institutions offer various scholarships based on merit, talent, and/or need. Contact your school for a list of scholarships being offered to students. Private scholarships are offered through organizations or companies. Some organizations make students compete for awards through performance or essay writing, whereas some look for students that fit specific requirements and standards. You can search for private scholarships on the internet, through online scholarship search engines (such as FastWeb), scholarship books, or by contacting your school.
Fellowships
Fellowships are granted to graduate and post-grad students. They are like scholarships and, similarly, do not require repayment. Fellowships are awarded by private organizations, institutions, or through the government. Fellowships vary in the amount being awarded and can be used either towards research or education. Students can be given a 1- to 4-year stipend with or without a tuition waiver. The type of fellowship awarded is based on merit, need, and the institution's/faculty's grant. Some schools allow you to directly apply for fellowships offered through the schools. However, some schools only award fellowships to students who have been recommended by a faculty member.
Assistantships
Assistantships are similar to internships or work-study programs awarded during your undergraduate years. However, assistantships require students to usually work as assistant teachers (TA), research assistants (RA), assistants to professors, or perform other duties on campus. The amount awarded through assistantships varies based on faculty/institution grants or state or federal aid. Research positions are paid through grants and teaching positions are paid through the institution. The research and teaching positions acquired are in your field of study or department. TA's usually teach introductory-level courses and RA's assist faculty in conducting laboratory work. Every school and department has its own regulations and requirements for TA's and RA's. Contact your department for more information.
Loans
A loan is money that is awarded to a student based on need. Unlike a grant or scholarship, loans must be repaid to the institution that it is received from (government, school, bank, or private organization). There are several types of loans that are available. The different loans vary in the amount you can borrow, in their requirements, interest rates, and repayment plans. Individuals who are not eligible for government loans may receive loans through private organizations. Private companies have their own qualifications, interest rates, and repayment plans. Many banks offer private student loans specifically for college students. However, private companies are believed to have higher interest rates and stricter guidelines.
FAQs
Besides financial aid, you should also think about what you can do to lower your costs when you go to college.
- Grants. ...
- Scholarships. ...
- Work-Study Jobs. ...
- Loans. ...
- Apply for Financial Aid. ...
- Aid for Military Families. ...
- Aid for International Study. ...
- Aid and Other Resources From the Federal Government.
The average grad school student received $27,300 in 2021-2022 from federal loans, grants, work-study programs and tax credits. However, amounts vary depending on your program's tuition, the cost of living and your eligibility for additional grants.
What 3 types of financial aid you can get through completing the FAFSA? ›
Aid is available from the federal government in the form of grants, work-study funds, and loans. Students use the Free Application for Federal Student Aid (FAFSA®) form to apply.
Should a graduate student answer questions about parents on FAFSA? ›
Do I still need to include that information when I file as a graduate/professional student? A: No, you don't need to include your parent's tax information on the FAFSA when filing as a graduate/professional student.
What are the four main types of financial aid? ›
There are four basic types—grants, scholarships, loans, and work study—and four basic sources—federal, state, institutional, and private—of financial aid. All financial aid awards have a "type" and "source." For example, a Pell Grant is grant (type) that is funded through the federal government (source).
What are the two basic types of financial aid? ›
There are two basic types of financial aid — gift aid and self-help aid. Like the name says, gift aid is assistance received that does not typically have to be repaid. Self-help aid includes work opportunities and loans, and is called self-help because the individual takes responsibility for receiving this type of aid.
How much aid does FAFSA give for a master's degree? ›
Do grad students qualify for more financial aid? In general, graduate students don't receive as much in grants and scholarships as undergraduate students. Grad students can apply for Federal Unsubsidized Direct Loans (up to $20,500) annually until they reach the lifetime aggregate limit.
Will FAFSA pay for a master's degree? ›
Absolutely. Anyone pursuing their education should apply for FAFSA whether you're just looking for scholarships, or a combination of scholarships, work-study, and federal loans.
Can you get FAFSA for a master's degree? ›
Unfortunately, many graduate students don't think the FAFSA applies to them, so they fail to complete it. But that's a mistake. “Do a FAFSA,” Selvage explains. “While generally you're looking at loans for a master's degree, Step 1 is always the FAFSA.
What type of federal funding is free? ›
Most types of grants, unlike loans, are sources of financial aid that generally do not have to be repaid. Grants can come from the federal government, your state government, your college or career school, or a private or nonprofit organization.
The government does not offer "free money" for individuals. Federal grants are typically only for states and organizations. But you may be able to get a federal loan for education, a small business, and more. If you need help with food, health care, or utilities, visit USA.gov's benefits page.
Why don t I qualify for financial aid? ›
Students must be in good academic standing to receive federal aid. The required GPA varies from school to school, but typically students need a 2.0 or higher. If your grades fall below the minimum GPA, you could lose eligibility for financial aid. See also: What GPA do you need to get a full scholarship?
Do parents fill out FAFSA for grad school? ›
Just as with undergraduate school, filing a FAFSA is the first step in getting financial aid for graduate school. Most grad students are considered independent, which means you may not have to provide your parents' financial information on the application. Grants and loans are both available to graduate students.
Do grad students get Pell Grants? ›
Pell Grants are typically awarded only to undergraduate students who have not earned a bachelor's, graduate or professional degree, and who demonstrate financial need. In certain situations, students enrolled in a postbaccalaureate teacher credential program may be eligible to receive a Pell Grant.
Does FAFSA consider parents income for grad school? ›
Almost all graduate students are considered independent for financial aid purposes. This means you'll only have to enter your own income and asset information rather than your parents'.
Which 3 of the 4 types of financial aid do not need to be paid back? ›
Students have to pay back financial aid if it is in the form of a loan, but they do not have to pay back grants, scholarships or money awarded through a work-study program.
What is the difference between FAFSA and Pell Grant? ›
A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circ*mstances. To qualify for a Pell Grant, a student must demonstrate financial need through the Free Application for Federal Student Financial Aid (FAFSA®) form.
Is financial aid and a Pell Grant the same thing? ›
Unlike student loans, Pell Grants are not required to be paid back; they are considered “free money,” and can be used to cover your educational expenses. Financial aid is a broad term for any form of funding used to help pay for college expenses.
What is the most common financial aid? ›
Grants and scholarships1 and loans are the major forms of federal financial aid for first-time, full-time degree/certificate-seeking undergraduate students. These are distinct forms of financial aid. Loans typically have to be repaid, whereas grants do not.
