How to Pay for Graduate School
There are numerous ways that graduate students pay for graduate
school. Most students use a combination of the options below over
the years or even during one academic year. Make sure that you
research all possibilities before attending a graduate program and
annually while enrolled in one.
Teaching Assistantships
Teaching Assistantships are considered to be part of a student's
training in many Ph.D. programs. Most programs have several
varieties of teaching assistantships that range from grading papers
to leading discussion sections to lecturing. The compensation for
each type varies according to the workload, but most will include
tuition remission and health insurance in addition to a stipend for
living expenses. Teaching Assistantships are competitive as the
number available in each program is based on undergraduate course
enrollments.
Research Assistantships
Some programs or individual faculty members offer Research
Assistantships for their graduate students. Research Assistants are
part of a team conducting research on a specific topic or as part
of a lab. They are more common in the sciences than in the
humanities. Compensation depends on the amount allotted for such
positions in research grants.
Administrative Assistantships
These assistantships involve working in an academic office for
15-20 hours per week. Compensation varies with some providing
tuition remission and others providing tuition remission and a
stipend. Most will still include health insurance. Administrative
Assistantships are often available outside one's academic
department or program, so make sure you look for postings from
other campus offices.
Resident Assistantships
A Resident Assistant or RA will live and work at a residence
hall on campus. Compensation varies but will include at a minimum
room and board.
Grants and Fellowships
Grants and fellowships may be awarded by a department, program,
university academic office, or outside institution. Not only do
they provide needed money, but they are prestigious and help build
an impressive curriculum vitae. Some criteria for winning grants
and fellowships include financial need, academic achievement,
research project potential, demographic background, or any
combination of the above. They can be for one year or multiple
years and may include fee remission, a stipend, and health
insurance. The purpose of a grant or fellowship is to allow
students to concentrate on their coursework or research without
having to worry about money. Some fellowships require students to
work as Teaching Assistants, while others do not. Neither
fellowships nor grants have to be paid back, although some require
progress reports to demonstrate students are using their time and
money appropriately. Most programs will include information about
what grants and fellowships are available to their students on
their websites. If you cannot find such information on the web, you
should contact the graduate secretary or Director of Graduate
Studies of prospective graduate programs to find out what grants
and fellowships each program offers its students.
Employer Assistance
Some employers offer assistance for their employees to gain more
education and training in a related academic program. Compensation
varies. This type of funding is most common in, although not
limited to, the business world.
Student Loans
Student loans can be taken out from both private (lenders such
as banks) and public (the government) institutions. The amount
available varies as do the interest rates and repayment terms. All
full-time graduate students qualify for $20,500 annually up to
$138,500 total through the Stafford Loan program. Be careful, these
amounts add up quickly and could take years to pay back. Plus,
depending on the expense of the academic program and local living
costs, $20,500 may not cover tuition, books and supplies, room and
board, and health insurance.
For more information on student loans and other funding
resources, see: