5 Ways to Pay for Graduate School

Graduate school is a significant investment, both in terms of time and money. With the average debt balance among graduate students with federal student loans reaching $76,620 in 2023, the financial burden can be overwhelming. However, there are several strategies to finance your graduate education without falling into a debt trap. Here are five ways to pay for graduate school that can help you achieve your academic and career goals without the heavy financial burden.

1. Grants: The Need-Based Lifeline

Grants are a form of financial aid that does not need to be repaid, making them an attractive option for funding your graduate school expenses. However, grants tend to be need-based, meaning competition for them can be fierce. Availability of grants may also vary depending on the field of study and the institution. You’ll need to submit the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for grants. Federal grants for grad students include the TEACH Grant, Fulbright Grants, and Iraq and Afghanistan Service Grants. State grants, such as the Colorado "Critical Career" Graduate Grant, and university grants, like those offered by the Department of Comparative Studies at the University of Ohio, are also available. Private organizations, such as the American Academy for Jewish Research, offer grants to graduate students who meet specific criteria related to the student’s background and academic field.

2. Scholarships: Merit-Based Opportunities

Scholarships are another form of financial aid that does not need to be repaid. Unlike grants, scholarships are often merit-based and can be found through various sources, including online scholarship search engines like Sallie Mae’s Graduate School Scholarship Search and Collegescholarship.org’s Scholarship Search Engine. There are scholarships available for virtually every graduate student, including those based on field of study, ethnicity, university connections, and unique life circumstances. For example, the Hispanic Scholarship Fund offers scholarships ranging from $500 to $5,000 to students with Hispanic heritage in any field of study. The National Italian American Foundation offers $2,500 to $10,000 in scholarships to Italian-Americans who are members of the foundation. Additionally, the Double Husky Scholarship at Northeastern offers a 25% discount on graduate education in over 120 eligible programs for Northeastern alumni.

3. Fellowships: Research and Merit-Based Funding

Fellowships are similar to grants but are often awarded based on merit or specific research interests. They can help cover your graduate school tuition, living expenses, or research costs. Like grants, fellowships do not require repayment and can be highly competitive. You can find and apply for graduate student fellowships through your graduate university and private organizations. University fellowships for graduate students include the Eugene V. Cota-Robles Fellowship at UCLA, the Graduate College Fellowship at Arizona State, and the Slosberg-United Builders Supply Fellowship at Tulane. Private organization fellowships, such as those offered by the American Academy for Jewish Research, provide up to $4,000 for dissertation research.

4. Employer Tuition Reimbursement: Leveraging Your Career

Some employers offer tuition reimbursement or tuition assistance, meaning they cover a portion of your continued education costs. Employers may also be willing to help pay off student loans. If you’re employed and believe a graduate degree will be helpful to your organization, consider asking your manager or human resources (HR) department about tuition reimbursement. Keep in mind that an employer may require a commitment of up to several years in exchange for tuition reimbursement. Additionally, many universities offer full-time employees tuition remission—or the opportunity to take classes part-time for free. Consider applying for relevant roles at the university of your choice and working until you’re eligible to begin on a graduate degree program. Just keep in mind that you’ll have to remain employed full-time during the length of your program in order to qualify.

5. Part-Time Work and Savings: Balancing Education and Income

Working part-time during graduate school can help you cover your expenses without relying heavily on loans. Part-time jobs can provide a steady income stream while allowing you to focus on your studies. Additionally, if you’ve been able to save before starting grad school, consider allocating a portion of that money to your schooling needs. You shouldn’t dip into an emergency fund, or money that you’ve set aside to help in case of an unexpected problem, but using money you've already set aside—and therefore don’t have to repay—is preferable before turning to student loans. Deferring enrollment, working, and saving for a year or more can also help you build a financial cushion before starting your graduate program.



In conclusion, financing graduate school can be a daunting task, but with the right strategies, it is possible to achieve your academic and career goals without falling into a debt trap. By leveraging grants, scholarships, fellowships, employer tuition reimbursement, and part-time work, you can minimize your reliance on loans and avoid the long-term financial implications of excessive debt.