Financing Your Graduate School Education
Federal and state governments, private foundations, and universities all provide funds for graduate study in the forms of loans, grants and work opportunities. Financial aid for graduate study does exist, however, it will take some research on your part to uncover the opportunities.
Work Programs
When applicants apply to graduate schools, they frequently consider the idea of assistantships. Generally, they think of teaching assistantships. However, teaching assistantships are just one type of work program available. Assistantships usually require 10 to 20 hours of work per week depending on the position. Some assistantships pay only a salary, which is generally considered taxable income, while some also provide tuition breaks. Other work programs are usually on an hourly basis. Check with your chosen schools to find out which work programs are available and the benefits of each.
Teaching Assistantships
These assistantships are available to a student who is doing graduate work in an area which is also taught at the undergraduate level. English is an example of a subject that is sometimes taught at the freshman level by graduate teaching assistants. In a teaching assistantship, you will give lectures, grade papers, correct assignments, teach labs, and counsel students. Some schools abide by policies that require a teaching assistant to have completed a certain number of hours of graduate study or a prerequisite course.
Research Assistantships
Research assistants usually work directly with a professor. This type of assistantship may not be available for first year graduate students. Again, you should contact the academic department to inquire about the opportunities and their policies.
Administrative Assistantships
Administrative assistantships are frequently available to first year graduate students and can be found in a variety of offices. Usually, the graduate student is studying something that relates to that office, but that is not always the case. Assistantships can frequently be found in offices such as admissions, financial aid, student programs, career services, and others. Contact the academic department or the graduate school of the institution you plan to attend for more information.
Work-Study
The Federal student work-study program provides students demonstrating financial need with employment opportunities. These opportunities are usually within the institution the student is attending or another non-profit organization. Some institutions only provide work-study to undergraduates and not all have work-study funding. To qualify, you must be a U.S. citizen, national, or permanent resident and be enrolled in a degree or certificate program half-time or greater, and you must be making satisfactory progress toward completion of your program of study.
Other Employment
Many schools have an office that coordinates off-campus employment opportunities for students. These opportunities do not require financial need and are not subsidized. Job vacancy listings are usually found in Career Services or the Financial Aid Office. Contact these offices in your chosen institution for more information.
Grants and Fellowships
These are generally awards that do not require a service or repayment. Sometimes they are a set amount designed to help offset costs, and sometimes they cover specific costs such as tuition and fees plus stipend to help with expenses. A grant may require one to be studying a certain field and is usually awarded to someone who demonstrates need. A fellowship is usually awarded on the basis of ability and does not require a demonstration of financial need. The portion of a grant or fellowship that is used to cover anything other than direct educational expenses may be considered taxable income.
Grants and fellowships are available through federal or state agencies, the institution, or from foundations. Mrs. June Thompson, 1 Markle Hall, has a number of books that provide information on grant and fellowship sources. Skillman Library also provides such resources. Petersons: Scholarships, Grants, & Prizes is available for reference in Career Services (201 Hogg Hall).
Prestigious fellowships are available for international study. Two of the most prominent are the Rhodes and Fulbright. Applications are available through Mrs. June Thompson, 1 Markle Hall. See Dean Julia Goldberg to discuss your candidacy.
Special grants and fellowships are also available for members of minority groups through such organizations as the Ford Foundation and the Patricia Roberts Harris Fellowship Program. Contact Dean Julia Goldberg, 1 Markle Hall, for an appointment to discuss appropriate opportunities that fit your academic and educational interests.
Lafayette Scholarships and Fellowships Information:
http://www.lafayette.edu/academics/dean/
Loans
A number of loan programs are available for graduate study. Remember to borrow with care. Educational loans can become an overwhelming burden after graduation if overused. On the other hand, they are an important source for students who need financial assistance to attend the institution of their choice.
The Stafford Loan Program is guaranteed by the federal government and is preferred by students because it allows the student to defer payments until after graduation. Financial need must be demonstrated to qualify for a Stafford Loan. Contact the Financial Aid Office for the appropriate need analysis form. The loan covers only the cost of attending, less any other financial aid you receive.
Supplemental Loans for Students (SLS) are also guaranteed by the federal government, but repayment may be required while you are still in school. Also, the interest rate is generally higher than that of the Stafford Loan Program. Supplemental loans are attractive because you can receive one regardless of income. However, the loan cannot exceed the cost of attending the institution, less other sources of financial contribution.
Carl D. Perkins Loan Program is a long-term loan program with low interest rates. Check with your graduate institution regarding availability and additional details.
Other loan programs include the Health Professions Student Loan (HPSL) and the Health Education Assistance Loan (HEAL). These loans are available to students in the health professions. Not all schools have these loans.
Other loans are available through independent lenders and some schools and professional associations have their own loan programs. Check with your institution and any appropriate professional associations for information regarding these opportunities.
Additional Financial Aid Resources:
Peterson's Guide to Graduate and Professional School Programs: http://www.petersons.com/gradchannel/file.asp?id=1080&path=gr.pfs.overview
Free Application for Financial Student Aid (FAFSA)
http://www.fafsa.ed.gov/index.htm
FinAid
http://www.finaid.org/
Education Resource Organizations Directory
http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_ID=SHE
GradSchools.com
http://fellowships.gradschools.com/
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