Financial Aid

An application for financial aid will generally come either as a part of your application packet or in a separate mailing from a campus financial aid office. Obtaining financial aid for graduate studies is not dependent on whether you received it as an undergraduate.

Make sure that you read all financial aid materials carefully and always file documents on time! When aid money is limited, institutions tend to use deadlines as a way of limiting the pool of applicants.

There are three basic ways to finance a graduate education: fellowships, assistantships, and loans.

Fellowships

Fellowships are grants that are generally awarded on the basis of academic merit. They are similar to college scholarships and they are granted by the graduate school, private foundations, government, business institutions, etc. Fellowships generally provide payment of tuition and a stipend for living expenses.

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Assistantships

Teaching assistantships are paid work opportunities that may involve leading a discussion group, supervising a laboratory, grading papers, and occasionally lecturing. The typical appointment involves approximately 20 hours a week. These assistantships also provide excellent experience for graduate students preparing for a career in college or university teaching.

Research assistantships are probably the most important source of money for science/engineering graduate students. This support is usually available as you enter your thesis work and is funded by a professor’s grant.

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Loans

Federal loans are an important source of support for graduate students. The federal loan program is need based. Federal regulations make almost all graduate students independent of parental support unless they are claimed as dependents on their parents’ federal income tax return.

For further information, visit GradLoans.com.

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Additional resources

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