Given how much of a monetary commitment graduate school is, it’s best to find as many financial resources as possible.
Financing your graduate education is one of the critical factors when considering a graduate program. You want to make sure that you are getting the most out of your investment. But often it’s hard to know where to begin and what options are available. Tennessee Tech has a number of resources for graduate students. While a student can pursue taking out a loan, there are other options, including:
Below are some tips from University of Maryland graduate, Joe Oudin:
1. Start thinking about your graduate school finances early.
Before you even begin applications, you should understand what loans you already have and consider what your financial situation might look like as a graduate student. If you’re considering graduate school at the same institution you attended for undergrad, look for opportunities to get graduate credit while you’re still an undergrad. When I was an undergraduate senior, my university allowed me to take graduate courses that counted toward my master’s degree and saved me thousands in future tuition expenses.
2. Learn about the different types of federal aid for graduate students.
Your federal aid package will probably be different than what you were offered as an undergraduate. FAFSA4caster can give you an idea of what types of federal aid you will qualify for. Graduate students have a variety of federal student aid options and are considered independent on the FAFSA. Make sure you complete your FAFSA on time. You might have to complete it even before you know your admission status.
3. Seek funding opportunities at your particular university or graduate program.
Individual schools offer a variety of graduate funding options such as scholarships, graduate assistantships, and graduate fellowships. These are sometimes a more significant source of aid for graduate students than federal aid. When you’re trying to decide on a graduate program, make sure you compare the types of funding offered to students. Once you commit to a graduate program, proactively seek funding opportunities from your program or university.
4. Be proactive and stay on top of everything.
I enrolled in a graduate program at the same university as my undergraduate study, so I expected a smooth transition. A few weeks after I committed to my graduate program, I received a notification from the university saying I was ineligible for financial aid. After a moment of panic, I realized there was no way that this could be true. It turned out that there was confusion in the school’s computer system because I was enrolled as both an undergraduate and a graduate. The problem was easily fixed when I called my school’s financial aid office. Despite submitting my FAFSA and all other paperwork correctly and on time, I still ran into a few speed bumps. With grad school, it is ultimately your responsibility to make sure that everything is submitted correctly and to follow up when necessary. Being proactive can make the financial aid process go much more smoothly.