The average cost of a graduate degree has risen to $70,000. Discover ways to help pay with our guide to financial aid and FAFSA for grad school.
Beth Walton Beth Walton Read Full BioBeth Walton is a writer with BestColleges. An award-winning journalist and educator, Walton has published extensively in the USAToday Network and its affiliate website, the Asheville Citizen-Times. She considers herself a lifelong learner and travele.
Updated on July 24, 2024 Danika Miller Danika Miller Read Full BioDanika Miller is a senior writer at BestColleges and Accredited Schools Online. Her writing has also appeared in Grad School Hub, Best Value Schools, Affordable Colleges Online, and Her Campus. Her financial expertise has been featured in The Simple .
Reviewed by Mark Kantrowitz Mark Kantrowitz Read Full BioMark Kantrowitz helps students and their families make smarter, more informed decisions about planning and paying for college. Mark has written five bestselling books about scholarships and financial aid and has also written for the New York Times, W.
Learn more about our editorial process Beth Walton Beth Walton Read Full BioBeth Walton is a writer with BestColleges. An award-winning journalist and educator, Walton has published extensively in the USAToday Network and its affiliate website, the Asheville Citizen-Times. She considers herself a lifelong learner and travele.
Danika Miller Danika Miller Read Full BioDanika Miller is a senior writer at BestColleges and Accredited Schools Online. Her writing has also appeared in Grad School Hub, Best Value Schools, Affordable Colleges Online, and Her Campus. Her financial expertise has been featured in The Simple .
Reviewed by Mark Kantrowitz Mark Kantrowitz Read Full BioMark Kantrowitz helps students and their families make smarter, more informed decisions about planning and paying for college. Mark has written five bestselling books about scholarships and financial aid and has also written for the New York Times, W.
Updated on July 24, 2024 Learn more about our editorial processwww.bestcolleges.com is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.
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Editor's Note: This article contains general information and is not intended to be a substitute for professional advice. Please consult a professional advisor before making decisions about financial issues.
More and more employers are seeking employees with advanced degrees. But with the average cost of a master's hovering just over $70,000, you might be wondering how to pay.
Graduate students took home some $64 billion in educational grants, loans, tax breaks, and work-study dollars during the 2022-2023 school year. This figure includes public and private scholarships and other financial aid.
Filling out your Free Application for Federal Student Aid, or FAFSA, for grad school is typically the first step to securing funding. We'll walk you through filling out the FAFSA as a graduate student, as well as your other financial aid options for graduate school — like scholarships, grants, fellowships, and work-study opportunities.
The FAFSA is an application for federal student aid. All students, whether they are in graduate school or undergraduate school, must complete the FAFSA to be considered for federal grants, work-study programs, and loans. Most colleges and universities also use the FAFSA for state aid and institutional aid.
As a graduate student, you may see higher financial offerings stemming from your FAFSA than your undergraduate peers because you are no longer obliged to report your parent's financial status and income on the form. At this point in your educational career, you'll be considered an "independent student," so you'll only need to report a spouse's income alongside your own.
However, some schools — such as law schools or medical schools — may still request that you provide your parents' financial information.
On average, full-time graduate students were awarded $28,300 in federal aid last year, according to College Board, while undergraduate students received an average of $15,480.
The amount of financial aid you qualify for during graduate school depends on your FAFSA results and the amount you borrowed during your undergraduate years. You can qualify for up to $138,500 total, which includes the amount you borrowed during your undergraduate studies. Students attending medical school can qualify for a maximum of $224,000 in loans.
The FAFSA does more than just qualify you for federal student loans, however. It is also widely used by public and private institutions to determine your financial need to qualify for scholarships, grants, fellowships, and other funding programs.
Not all graduate school financial aid comes in the form of a loan. You can also apply for scholarships, grants, fellowships, and work-study programs to secure funding.
Scholarships can help you lower the cost of your graduate degree. Unlike loans, these merit-based awards don't require repayment.
Scholarships are often awarded for academic or athletic excellence, to support students studying a specific field, or to help students of underrepresented backgrounds. Your best bet is to apply for awards that match your interests, expertise, and background. You can find funding opportunities in your field through your graduate school or on the websites of related professional organizations.
Like scholarships, grants are a good option for graduate school because they don't require repayment. Grants are typically awarded based on financial need — calculated, in part, by your FAFSA results.
There are several online databases that can make finding grad scholarships and grants a little easier. Take a look at these sites:
Graduate students also can become more specialized and gain experience by working part time in their field in exchange for funding.
How you spend the aid is usually less restricted with these options. Money can often be spent on a variety of education-related expenses, including housing, books, and food. Recipients are also occasionally eligible for employer-paid benefits like health care.
Tuition reimbursement is also a popular way to fund your graduate degree. Many graduate students are already working in their fields, and large employers like Apple, Amazon, Google, and Disney are willing to reimburse employees for a portion of their tuition costs.
This benefit allows you to upskill and become more specialized. Pay close attention to any corporate policy, however. Many employers will only reimburse funds for approved programs and will often require a certain GPA.
While money that doesn't have to be repaid is always the better option, the rising costs of tuition make it increasingly difficult to graduate without student loans. Some 60% of graduate degree holders went into debt to pay for their education, according to the Federal Reserve.
The federal government offers two types of loans, often with more favorable terms than private options.
Both types of loans offer a six-month grace period before the repayment cycle begins. However, graduate students are only eligible for unsubsidized loans.
Lastly, private student loans can be a financial lifeline if you have exhausted all scholarship, grant, and federal loan options. Though they don't always have as favorable terms as federal student loans, they can provide access to the funds you need to pursue your educational goals.
There are several private lenders that offer graduate school funding, including College Ave, Sallie Mae, and Ascent. Borrowers typically need a qualifying credit score or a co-signer.
Grants and scholarships are funds given to students to pursue higher education with no need for repayment as long as the student is meeting the terms set forth by the funder.
Grants are typically need-based and field-specific, whereas scholarships tend to focus more on academic excellence and merit.
Fellowships are short-term funding opportunities to allow students to conduct more specific research or gain on-the-job training. Fellowships often include stipends for living expenses or supplies.
Graduate students can receive as much as $138,500 in federal student loans and up to $224,000 for medical school. Amounts vary depending on financial need and the amount borrowed during undergraduate school.
The federal government's Student Aid Estimator can help you understand all of the financial aid options available to you.
Pell Grants are reserved for undergraduate students. However, there are other federal programs intended to support graduate students with financial need.
The TEACH Grant, for example, supports students studying education who want to work in high-need schools. Fulbright Grants are also available for graduate students seeking to add an international component to their current field of study.
Submit your FAFSA as soon as possible, following the financial aid deadlines of your preferred schools and any state-specific financial aid timelines. Typically, these deadlines are in early February.
The 2024-2025 FAFSA form is open until June 30, 2025. The 2025-2026 FAFSA opens on October 1, 2024, and is open until June 30, 2026. Within 1-3 days of applying, you will receive a FAFSA Submission Summary. At that time, you can review your application and make any necessary changes.
There are many opportunities to receive financial aid as a graduate student. In addition to a plethora of grants, scholarships, and fellowships available for advanced study, graduate students may qualify for more federal student aid than undergraduate students.
Your parent's income is usually no longer considered when you fill out your graduate school FAFSA. As a result, financial need is usually greater, which can lead to a more robust federal financial aid package.
Note: The insights on this page were reviewed by an independent third party compensated for their time by BestColleges. Page last reviewed July 18, 2024.
BestColleges.com is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.
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