How To Get Financial Aid For Graduate School

If you’re gearing up for grad school, chances are you’ve already got a million questions about how you’re going to pay for it. Good news: getting financial aid for graduate school is a lot like what you did for undergrad. But here’s the twist—there are some extra opportunities available to grad students that you might not have been aware of. Whether you’re heading to law school, med school, business school, or just a general grad program, there are some key steps you can follow to help get your finances in order. Let’s break it down.

Step 1: Apply for Scholarships and Grants

First things first, let’s talk free money—because who doesn’t want that, right? Scholarships and grants are always your best bet when it comes to financial aid. These are basically gifts that you don’t have to pay back, and they can make a big difference in how much you need to borrow. Whether you’re pursuing a PhD or a Master’s degree, it’s crucial to exhaust all of your options before diving into loans.

Here’s a pro tip: look for scholarships and grants that are specifically for graduate students. Many schools and organizations offer funding opportunities that are just for grad students, or they may be field-specific. For example, if you’re studying something like engineering or public health, there are often grants or scholarships set aside for students in those disciplines.

“Scholarships and grants are like the holy grail of financial aid—they’re free, so don’t leave any on the table!”

Start by checking out scholarship matching websites—these can give you a solid list of opportunities you may be eligible for. But don’t stop there. Always check with your school’s financial aid office. They might offer school-specific scholarships that aren’t listed anywhere else. And here’s a fun fact: applying for local scholarships (like those offered by community organizations or local businesses) can be a goldmine. There’s usually less competition, so your chances of snagging one can be way higher than trying for a big national award.

Step 2: Fill Out the FAFSA

Next up, the FAFSA (Free Application for Federal Student Aid)—you’ve probably heard of this one before. Just like undergrad, you’ll want to complete the FAFSA for grad school. It’s your gateway to federal financial aid, including low-interest federal student loans and even some grants. And here’s the kicker: you have to complete the FAFSA every year you’re in school, so make it a habit.

Even if you think you won’t qualify for much, still fill it out. Why? Because federal student loans tend to offer the most competitive rates and flexible repayment options. Trust me, you don’t want to leave this money on the table. In fact, the loans offered through FAFSA might be the most affordable option you have—especially if you’re dealing with high tuition costs or living expenses.

“Don’t skip the FAFSA! Even if you think you won’t qualify for grants, the low-interest federal loans are worth it.”

What Does the FAFSA Cover for Grad Students?

For graduate students, the FAFSA might offer two main things:

• Federal Direct Unsubsidized Loans: These are loans that don’t require you to make payments while you’re in school (but the interest will accrue). They have a fixed interest rate and can be a good way to borrow money at an affordable rate.
• Federal Grants: While grants are more common for undergrad students, some graduate programs (especially in fields like teaching or public service) may offer grants that don’t have to be paid back. So, it’s always worth checking!

Step 3: Grad PLUS Loans

Alright, so here’s where things get a little more specific for grad students. Once you’ve exhausted your scholarship, grant, and FAFSA loan options, you might still need extra help covering tuition and living expenses. That’s where the Grad PLUS Loan comes in. This federal loan is designed specifically for graduate students and can cover your full cost of attendance—including things like rent, food, and other living expenses.

The Grad PLUS Loan is a great option if you’re attending a rigorous program (like law or med school) that doesn’t leave you a ton of time to work. It allows you to borrow more money than a typical federal student loan would, helping to bridge the gap between what you’ve received in scholarships, grants, and other federal loans, and what you actually need to pay for school.

“The Grad PLUS loan is like your safety net when other funding falls short. It’s designed for grad students who need extra cash to make it through.”

But there’s a catch. Unlike other federal loans, the Grad PLUS Loan does look at your credit history. So, if your credit isn’t stellar, it’s possible you could get denied. However, don’t panic! If your credit score is low, you can still qualify by adding a cosigner who has better credit. If you’re approved, the loan will have a fixed interest rate, which means you won’t have to worry about it going up over time like a variable-rate loan would.

One thing to keep in mind: Grad PLUS loans have some of the best repayment options out there. You can choose from standard, graduated, extended, or income-contingent plans, and you can consolidate them with other federal loans if you need to. It’s a flexible, long-term solution for covering grad school costs.

Other Resources You Should Know About

Beyond the big three—scholarships, FAFSA, and Grad PLUS Loans—there are some other potential resources you can tap into to finance your grad school education:

• Employer Assistance: Many employers offer tuition reimbursement or assistance programs for employees who are furthering their education. If you’re currently working, check with your HR department to see if they offer any grad school support.
• Professional Associations: Many fields (especially law, medicine, and engineering) have professional associations that offer scholarships, grants, and even low-interest loans specifically for grad students. These are worth looking into!
• Research Assistantships and Fellowships: If you’re planning on pursuing a research-focused graduate program, you may be able to land a research assistantship or fellowship. These typically provide a stipend and may even cover tuition costs in exchange for your work on academic research projects.

In a nutshell, getting financial aid for grad school is a combination of similar steps you’ve already taken for undergrad and some new options that are unique to graduate students. The process is pretty straightforward: apply for scholarships and grants, complete your FAFSA, and consider Grad PLUS loans for additional help. Remember, financial aid is out there—it’s just a matter of doing your research and staying organized throughout the process.

“Grad school can be expensive, but with the right financial aid strategy, it’s totally manageable. Don’t let the cost scare you—there are plenty of options to make it happen!”

Good luck with your grad school journey, and don’t forget to celebrate those little victories along the way—like securing that scholarship or landing a sweet research assistant gig. You got this!