Graduate Admissions 101: 6 Types of Financial Aid for Grad Students

Are you considering going to graduate school? Whether you’re in the process of submitting applications or thinking about applying next fall, we’ve put together different types of financial aid that will help you fund your graduate studies.

Cost of Attending Grad School

Even with financial aid, deciding to go to grad school is a significant investment of your time and money. If you’ve been living on your own for a year or more, some of the costs of graduate school won’t surprise you. But between tuition and books, the expenses add up quickly. First and foremost, you’ll want to start looking into the tuition and fees - “On average, annual tuition at public colleges and universities totals nearly $30,000 and at private schools nearly $40,000.“ Add living expenses such as housing, utilities, food, and health insurance into the mix, and you have a hefty bill coming your way for the next couple of years. That’s why we’ve put together this list of financial aid options for graduate students.

Before Applying for Financial Aid and Scholarships

Gather your materials. Here’s what you need to start applying for financial aid and scholarships:

Your Social Security Number
Your Alien Registration Number (if you are not a U.S. citizen)
Your federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)
Bank statements and records of investments (if applicable)
Records of untaxed income (if applicable)
An FSA ID to sign electronically.

6 Types of Financial Aid to Consider

Apply to be a Resident Assistant (GRA or Graduate Resident Assistant)
A great option for prospective students to consider is becoming a graduate assistant, as the role’s compensation usually includes room and board.
Take Boston University’s GRA job description as an example of what the job entails:
Graduates students are also eligible to apply for the Graduate Resident Assistant (GRA) position. GRAs are graduate students with an earned Bachelor’s degree who serve in a “senior staff” role where they assist the Residence Hall or Area Director, and the Assistant Director in the training and supervision of the RA staff, as well as support students in residence and collaborate in managing residential operations. To apply complete the RA application, and where it indicates, also select your interest in the GRA position. You will be required to submit an additional essay.
Similarly, at NYU: “RAs are compensated with a housing/dining grant which is utilized to cover the cost of room and board.” If you’re willing to be on call approximately 20 hours a week and support the residence life staff, consider this option to cover your rent and utilities bills.
Apply to be a Teaching Assistant (TA)
Do you enjoy working in a classroom setting? Are there classes you’d be interested in helping with? TAs support professors in a variety of tasks - from leading lectures to grading papers. If you’re looking for an opportunity to work with college students while paying your way through school, pursuing a Teaching Assistant role might be the right option for you.
Apply for paid research and/or internship opportunities.
Take a look at different department websites on campus and find out if there are any paid research or internship opportunities for graduate students. As you’re applying to schools, reach out to professors who you think you’d be interested in working with, the worst that can happen after an inquiry is the answer “no.” The best that could happen? A new job experience and a stipend or steady paycheck for the next semester or more.
Apply for Grants and Scholarships
Take a look at this database of scholarships for graduate students to get started. FastWeb also provides a list of grant opportunities. Start searching sooner rather than later to ensure to hit application deadlines.
Government loans and Financial Aid
Just like when you were an undergraduate, the FAFSA is an important part of the college application process. For graduate students, you may qualify for Federal Pell Grants and Federal Supplemental Education Opportunity Grants. Start filling out your FAFSA now so you know you’re handing your materials on time.
Company Funded Graduate Program
One of the most budget-friendly ways to go to graduate school is to remain at your full-time job while pursuing your master’s degree part-time. Not only will this allow you to continue having a steady paycheck while you’re incurring the expenses of grad school, but in some cases, your company may have tuition subsidies to help cover some or part of the tuition costs. Attending school part-time while working full-time may take longer, but for a lot of students it’s the best option financially.