Financial Aid

While the benefits of pursuing a graduate-level education are innumerable, grad school can be prohibitively expensive. Despite the fact that nearly three quarters of all U.S. graduate students receive financial aid in the form of grants, tuition waivers, low-interest federal loans and work study, the average master’s degree student still owed over $40,000 in student loans at the Department of Education’s last count in 2008.

Graduate students are more likely to pay for their education without the assistance of their parents, and some may have families of their own to support, which adds to their financial strain. For some students returning to school after a few years away, the constraints of their current job will determine when and where they can seek a master’s. Depending on the academic field, financial situation, and location, financial aid may be difficult to obtain, unless you know where to look.

There are a number of funding options available to students entering graduate school. And if you’re willing to take the time to fully research your options, you have a good chance of covering a significant portion of your graduate school costs.