Just like undergraduate programs, there are many different ways to pay for your graduate degree. For many, paying for a graduate degree may require multiple options. The following list will equip you with information on how to expense your graduate school experience in a way that makes sense for you. 

1. Financial Aid

Continue to fill out FAFSA forms. As a graduate student, you will be considered independent and will no longer need your parents' information for your FAFSA forms. While you will no longer be eligible for Pell Grants, there are grants that are specifically for graduate students. Graduate students also may be eligible for loans, but generally at a higher interest rate than during undergraduate.

You must submit a FAFSA application every year that you are in need of financial aid. For the 2023-24 academic year, the application will be open from December (the exact date has not yet been announced by FAFSA) through June 30. In past years, the application window was October through June, and in future years, the dates might change again, so check fafsa.org at the beginning of the academic year to confirm that year’s application window. 

Additionally, there are many opportunities for graduate students to receive student loans to help cover the costs of school. While subsidized loans are not available to grad students, the U.S. Department of Education does offer unsubsidized loans and Direct PLUS Loans.  If you’d like to find out more about what loan options are available for graduate school, you can click the link here. For more information on how graduate loans differ from undergraduate financial aid, check out this article from US News.

2. Scholarships

There are many scholarships that exist for grad students. Check out the following websites to filter through and apply for applications that you may be eligible for:

• Sallie Mae

• Scholarships.com

• Unigo

• Go Grad type: embedded-entry-inline id: 5FejyBDadvIOaSrPJBAxCZ

3. Tuition Reimbursement

There are many major companies that offer tuition reimbursement. If you have a part or full-time job, you may be eligible. Here is a list of major companies that offer this benefit, but the best way to determine if your company offers this is to contact your manager or your HR representative and ask. 

• Chipotle

• Home Depot

• Starbucks

• UPS

• Verizon 

• Apple

• Sheetz

• Lowes

There are also a few questions to consider when it comes to tuition reimbursement. This article has a lot of good information about how the offerings of different companies differ, and all the factors you should consider for yourself as you make financial decisions. 

4. Fellowship/Assistantship/Student Teaching Stipends

Many colleges and universities will offer graduate students a work opportunity that provides them with a stipend to cover some of their grad school expenses. These opportunities, usually called fellowships or assistantships, are differ from work study programs of undergraduates. Usually, fellowships and assistantships will be relevant to your particular field of study. For example, if you are working on your Ph.D in philosophy, you might be a teaching assistant for a philosophy class. If you are studying chemistry, you might assist a professor in the chemistry department with their research. These are excellent options because in addition to helping you pay for graduate school, fellowships also give you a greater depth of experience in your field and allow you to expand your network. 

The stipends you receive for work as an assistant or fellow functions like a grant: you can use it for any and all expenses you incur as a graduate student. However, one important factor to note is that graduate stipends are considered taxable income by the IRS.