Can You Get Help To Subsidize Graduate Degrees

by Anthony Soltis

Yes, you can get money to help pay for Graduate School. In fact, the great majority of grad students, both full-time and part-time, subsidize tuition through either a grant, through their place of employment or a loan.

GRANTS AND FELLOWSHIPS

To learn about grants or fellowships available to grad students, you’ll need to do some research. The internet is a great place to start and a web-search for a database will show there are more than 600 various programs which sponsor awards to deserving students. The federal government is the source behind much of this money and they tend to use their funds to promote study in specific fields. The U.S. Department of Education has a website that lists many of these opportunities.

ASSISTANTSHIPS

Full-time students pursuing either a master’s degree or doctoral degree can apply for a position working for the university in exchange for free tuition. Typically grad students are given teaching assignments, instructing either one or two undergrad classes. Other types of assignment could be assisting a professor either with research or teaching, working in a lab, or tutoring in a writing center.

In addition to having tuition covered, an assistantship also brings a stipend for the work. While it is seldom enough to cover all living expenses and books, it does reduce the amount one might have to cover with a loan.

EMPLOYERS

Nearly three-quarters of all corporations in the United States offers some sort of help to its employees seeking graduate degrees. It makes sense for them to do so because they end up with smarter employees. Also it shows a tenacious quality in an employee who is willing to work a full-time job and still go to graduate school part-time.

In addition, some unions also offer its members (or their dependents) help with paying for higher education needs.

STUDENT LOANS

Grad students can borrow larger amounts than undergrads can, which is good considering some med schools and law schools are quite expensive to attend (Harvard Med School for 2006-07 is $37,000).

Stafford loans are given to students who meet financial qualifications. These do not have to begin being repaid until six months after graduation. A Federal Grad PLUS loan does not have financial qualifications and can be used to cover any costs the grad student experiences. There are other loans available from private sources, but typically they charge higher rates and demand repayment sooner.

IRAs

If you have an IRA, a withdrawal that is used to pay for higher education (that includes things like tuition and books) is not hit with the 10 percent penalty.

Advertisement

Get More Information