Do Graduate Students Get Financial Aid? 7 Ways To Fund Grad School

If you’re finished with your undergraduate degree and starting graduate school, you might think there aren’t financial aid options available to you—but think again. From scholarships and grants to work-study programs and federal loans, there are a variety of ways to make grad school more affordable.

Here’s what you need to know about paying for graduate school, the different types of financial assistance you can choose from, and how to take advantage of them to ease your financial burden while advancing your education.

Do Graduate Students Get Financial Aid

Yes, there are financial aid options available to graduate students. While you may not have access to the same financial aid programs as during your undergraduate years, a variety of resources can help you cover the cost of tuition, fees, and living expenses. In fact, graduate students received an average of $28,420 in federal financial aid during the 2023-2024 academic year, according to CollegeBoard.

Financial aid for graduate school often includes a combination of loans, scholarships, assistantships, and other programs. Exploring all of your options early on is key to ensuring you can maximize your funding and focus on your studies without financial strain.

Types of graduate student aid available to you include:

FAFSA: Federal Direct Unsubsidized Loans or Graduate PLUS Loans

Filing the Free Application for Federal Student Aid (FAFSA) is still a critical step for graduate students seeking financial assistance. Through FAFSA, you may qualify for federal direct unsubsidized loans which have fixed interest rates and are not based on financial need. Another option is the Graduate PLUS Loan, an alternative that can cover any remaining tuition costs after other forms of aid. Although these loans accrue interest while you’re in school, they offer flexible repayment choices, including income-driven plans.

Graduate Assistantships

Becoming a graduate assistant is a great way to reduce your educational costs while gaining valuable professional experience. Assistantships typically involve working for your university in a teaching, research, or administrative role in exchange for tuition remission and a stipend. These positions help offset the cost of grad school, enhance your resume, and provide mentorship opportunities with faculty and professionals in your field of study.

Scholarships and Grants

Scholarships and grants are another key source of financial aid for graduate students—and the best part is that they don’t need to be repaid. Scholarships can be awarded based on academic achievement, research interests, professional experience, or community involvement. Many organizations, professional associations, and private institutions offer grants and scholarships specifically for graduate students. Start searching for scholarships early, as deadlines can vary, and be sure to tailor your applications to match your strengths and areas of study.

Employer Tuition Assistance

Many employers offer tuition reimbursement or assistance programs as part of their employee benefits package. If you’re working while attending graduate school, check with your employer to see if they will cover part or all of your tuition costs. Some companies even provide these programs as an incentive to retain employees long-term, often requiring you to stay with the company for a set period after graduation. Employer tuition assistance can be a valuable way to fund your education without taking on additional debt.

Private Loans

Private loans are available to graduate students who need more funding beyond what federal loans and financial aid can cover. These loans are typically offered by banks or credit unions and may require a co-signer if you have limited credit history. While private loans often have higher interest rates than federal loans, they can be a helpful last resort. Be sure to compare loan terms and repayment options carefully, and only borrow what you need to cover your educational expenses.

Fellowships

Fellowships are highly competitive programs that provide graduate students with financial support, often in exchange for research, teaching, or service to the academic community. Unlike assistantships, fellowships may not require specific work responsibilities and are typically based on academic merit, research potential, or creative accomplishments. Fellowships also often supply stipends to help with living expenses, allowing you to focus on your studies or research full-time.

State Financial Aid

In addition to federal aid, many states offer financial assistance programs for graduate students. These can come in the form of grants, scholarships, or state-sponsored loan programs. The availability of state financial aid varies depending on where you live and where you attend school, so it’s important to research the options in both your home state and the state in which your school is located. Be mindful of deadlines and requirements and your financial aid eligibility, as state aid often has different criteria compared to federal programs.

How Can Graduate Students Get Financial Aid

One common misconception that many graduate students believe is that finding help with college bills is extremely difficult outside of their undergraduate programs. However, this isn’t the case. When you’re getting ready to start your graduate education, you can also start the application process for whatever type of financial aid you’d like—following the similar path you took your freshman year.

While there’s no hard-and-fast rule for applying for financial aid, you can follow these steps to help guide you from start to finish:

Complete the FAFSA

The FAFSA is the first step in receiving a federal student loan for both undergraduate and graduate students. While this process is the same, there are a few changes when filing for continuing education. First, graduate and professional students are almost always granted independent status, meaning they’ll be considered separate from their parents or legal guardians. This is the case for some undergraduate learners, but most are regarded as dependent during their first four years.

As an independent student, you’re not required to have your parents provide their financial information. Be sure to gather all necessary documents, such as tax returns and financial information, before you begin. Also, submitting your FAFSA early increases your chances of receiving aid. Even if you don’t qualify for grants, you may be eligible for federal loans or other aid packages.

Research Scholarships and Fellowships

Graduate-level scholarships and fellowships are often merit-based and offered by either the university or an external organization. You won’t be qualified for all scholarships, but researching opportunities specific to your field of study or experience can help you pinpoint the ones that are right for you. Websites like Fastweb, Chegg, or your university’s scholarship database are helpful resources. Just be sure to note deadlines and tailor your applications to align with the scholarship’s criteria.

Apply for Assistantships

Many graduate programs offer teaching or research assistantships, which can help cover tuition costs and provide a stipend. Reach out to your department or professors to inquire about available assistantships. Not only do these positions supply financial relief, but they also offer valuable professional experience. Keep in mind that competition can be stiff, so prepare a strong application, including a well-crafted resume and cover letter.

Look Into State and Institutional Aid

If your school offers financial aid packages specifically for graduate students, check with your university’s financial aid staff members to see what options are available. Additionally, some states offer grants or scholarships for residents pursuing graduate education, particularly in high-demand fields like healthcare, education, or public service. Be proactive in understanding these opportunities and applying early so you have every opportunity to get financial assistance.

Explore Private Loans

If you’re going the private loan route or if federal loans aren’t enough to cover your costs, you should shop around to compare interest rates, terms, and repayment plans. Make sure you understand the long-term financial commitment, as private loans often have higher interest rates and less flexible repayment options than federal loans. Look for lenders that offer favorable terms and provide student loan discounts. To improve your chances of qualifying, it can be helpful to apply with a co-signer who has a good credit score, as banks and credit unions will look at this information when deciding to give you a loan.

Find Employer Assistance Programs

If you’re getting your graduate education while already in your career, some employers offer reimbursement or assistance programs. Check with your HR department to see if your company provides educational benefits. If available, these programs can significantly reduce the cost of graduate school, especially if you’re pursuing a degree that aligns with your career goals. Be sure to understand the terms such as whether there are employment commitments after graduation.

Consult With the College’s Financial Aid Office

No one understands graduate financial aid assistance quite like your university’s financial aid office staff. They’re experienced in finding the right economic solutions based on your degree and specialization and can help you identify options that you’re most qualified for. It’s their role to keep informed of new or returning financial aid choices and what their requirements are. That way, you don’t have to do all the research on your own and you have a knowledgeable place to start.

Schedule an appointment to discuss all available options, from grants and scholarships to loan opportunities and assistantships. They can also provide guidance on deadlines and required documents. Regularly checking in with the office can help you stay informed about new potential funding and ensure you’re on track with your applications.

Start Your Graduate Education at MCPHS

Learning and growing through further education is too critical to put on pause due to financial restrictions. At Massachusetts College of Pharmacy and Health Sciences (MCPHS), our financial aid office can help you gain necessary financial aid information and support planning details so you can focus on what’s most important: attending classes and expanding your academic experiences for whatever comes next.

Look into graduate financial aid through MCPHS to help fund your next educational steps. We provide several types of economic assistance so you can continue learning and accelerate your career.

The types of aid we offer include:

1. Direct student loans
2. Graduate PLUS loans
3. Private student loans
4. Your financial aid award

We’re committed to making your educational journey as seamless as possible. In addition to financial aid options, we offer personalized guidance to help you navigate the application process and determine the best financial solution for your situation. Whether you're looking to pursue a degree in pharmacy, healthcare administration, or another specialized field, our dedicated team will support you every step of the way, ensuring that financial barriers don’t stand in the way of your academic and professional goals. Begin your path to success with MCPHS and take the next leap toward a brighter future.

Connect with our financial aid office to learn more and apply to start your graduate education today.