Most graduate students need to take advantage of financial aid assistance of some kind while obtaining their advanced degree. Despite that fact, many prospective graduate students find themselves unsure of what types of financial aid exist and what kinds of financial aid are actually available to them as graduate students.

You may be concerned or confused regarding which financial aid options you should consider. You might not even know where to start. That’s okay. It’s normal to have questions about starting your next academic investment.

Let's explore some of the main types of financial aid for graduate students.

Main types of financial aid in graduate school

Even with the career-long benefits of obtaining a graduate degree, we recognize that the cost can be intimidating. However, there are a myriad of options for paying for graduate school, and plenty of ways to save on the overall price tag of continuing your education. 

Here’s the down-low on some of the best ways to decrease your tuition costs: 

Scholarships 

Awarded on the basis of academic merit, unique life circumstances, area of study, and countless other reasons, scholarships are one of the most diverse and beneficial ways to pay for graduate school. 

Scholarships do not need to be paid back, making them one of the most attractive types of financial aid for students seeking to continue their education.

Grants 

Like scholarships, grants are diverse. Some have to be paid back, but most don’t. Researching school and program-specific grants, as well as those designated for graduate students, will help you find the opportunities for the support you’re best suited for. 

Loans

Loans are one of the most common types of aid you can receive, but loans do have to be paid back eventually (the timeline for payment varies). You can take out loans of varying amounts, and many graduate students choose to take out fewer but larger loans to consolidate their debt. 

Graduate assistantships

A graduate assistantship could be a good option for you if you would be willing to work at your university as you pursue your degree. In this arrangement, graduate students work a certain number of hours, often as teaching assistants, and in exchange, they receive a tuition discount or stipend. 

Beyond the tuition benefits, you’ll gain priceless real-life experience in higher education departments as well as boost your time management skills. 

Employer reimbursement

If you are already a working professional and you’re considering going to graduate school, it’s worth asking your employer if they provide any reimbursement programs. Some employers will offer to pay a portion of your tuition as an investment in the skills and knowledge you will bring to your company with a graduate degree.

Tuition discount programs

Like scholarships and grants, tuition discount programs often consider your circumstances and provide ways to reduce your tuition costs. Research what tuition assistance and discounts are available at your institution to make sure you’re taking advantage of the options available to you. 

Veterans’ benefits

Many schools will provide special tuition benefits, discounts, and incentives to veterans or military personnel. Be sure to check out your school’s financial aid page for more information on all the offerings available for those with a history of military service.

Connect with us to explore Neumann University Financial Aid

Neumann University wants to help you obtain a graduate degree and feel confident about the financial investment you’re making in your future. We offer diverse and beneficial options for you to finance your education.

We have knowledgeable faculty and staff who would love to connect with you and answer any questions you may have about financial aid and our graduate programs.

If you’re ready to start your grad school journey today, you can apply now!

Ready to learn more about financial aid for graduate students?

We invite you to explore our Financial Aid Guide!