Paying for
Graduate School
Information provided by Kaplan
Test Prep - Kaptest.com the mistake of thinking that
you won't need financial aid or that you won't be eligible for
it. Grad school is usually a major investment and almost all
students need some form of financial assistance at some point in
their academic career.
avoid bankrupting
yourself in the first year, you should work out a sound
financial plan from the very beginning. Financial aid programs,
both need- and merit-based, fall into two major categories:
- Gift Aid: does
not have to be repaid
- Self-Help Aid:
must be repaid or earned
Gift Aid Options
Institutional
Gift aid received
from colleges and universities is referred to as institutional
aid, since the money comes directly from the school's resources.
This type of financial assistance, naturally, is the most
sought-after type of funding and the most difficult to receive.
Scholarships and graduate fellowships may be awarded on the
basis of need, merit, or both.
Most fellowships
provide for tuition and stipend. Many cover a student's full
academic career, but some must be renewed each year. Most
fellowship programs are highly competitive and are designed to
attract students with excellent academic records.
"Portable
fellowships" are offered by independent donors or
organizations and can be used at any university. Several
different guides to portable fellowships can be found in your
financial aid office or public library.
Institutional
fellowships are awarded through specific university programs.
The financial aid offices of the schools to which you are
applying can give you information on any available institutional
fellowships.
Outside
Scholarships and Grants
Many private grant
and scholarship programs exist through community groups,
businesses, and non-profit agencies. Spend time at the library
or on the Internet and investigate free resources.
Self-Help Options
Assistantships:
Many graduate
students, especially after their first year, become teaching or
research assistants. Through this arrangement, teaching
assistants help professors by leading seminar sections, reading
papers, and meeting with undergraduates.
Research assistants,
common in the sciences, oversee laboratories and assist
professors on projects. Both arrangements allow students to earn
money while gaining experience in their field. Some universities
also reduce tuition for students working as assistants.
Assistantships
provide stipends and/or tuition remission in exchange. In some
programs, assistantships are awarded to every student; in others
they are awarded competitively, based on academic performance.
Employment:
Although employment
is not a financial aid program in the traditional sense, many
law students help finance their education with income from full-
or part-time jobs. Some students choose part-time programs,
extending the amount of time it takes to receive a degree, but
allowing them to finance all or part of their education through
employment.
Student Loans:
Most medical students
try to minimize the loan component of their financing, but
sometimes that just simply isn't possible.
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