How Common are Graduate School Scholarships?

Graduate school scholarships are less prevalent and more accessible to receive than undergraduate scholarships. This does not mean they are impossible, however. Thousands of graduate-level scholarships are available; you just need to know where to look. Graduate scholarships are often listed on a school’s financial aid webpage, so that is a good place to start.

Here is just one list of potential scholarships available to graduate-level students. Graduate scholarships are typically awarded based on academic and professional achievements. They are separate from grants, however, which are based on financial need. Be sure to check if the scholarship(s) are available to all graduate students as opposed to only master’s students, as this is sometimes the case. You can always contact the provider directly to confirm whether you are eligible for a scholarship.

Myths and Facts about Graduate School Scholarships 

Don’t let yourself be a victim of scholarship misinformation! We’ve debunked the following common misconceptions about graduate school scholarships:

Scholarships are based on your financial status.

This is not true. Scholarships are based on achievements, as opposed to grants, which are awarded based on finances.

It’s too hard to apply for scholarships.

Each scholarship will have different requirements, so just because one requires you to jump through a lot of hoops to apply for doesn’t mean they all will be like that. And while there typically are a series of steps you must go through when filling out a scholarship application, it’s usually not more arduous than applying for graduate school. Plus, the payoff should be worth it! Just read the directions thoroughly and keep a spreadsheet to stay organized if you’re applying for more than one scholarship.

It’s not worth it to apply for small scholarships.

If someone handed you $500 on the street, would you turn it down because it’s not “enough”? A little bit goes a long way! Many people avoid the smaller scholarships because they don’t think the payoff is worth it, but it’s better than nothing! $500 can cover your books for an entire semester. Plus, sometimes smaller scholarships are easier because so many people believe they’re not worth it, so there’s less competition. Which brings me to my next myth…

Scholarships are too competitive.

There are literally over one million scholarships available. A few of them are indeed highly competitive, but the majority of them are not. Don’t let this common myth keep you from receiving free money! Do your research and follow the directions carefully; this will already set you apart from other students who rush through the application process.

Scholarships are suitable for all four years of school.

Don’t make the mistake that just because you were awarded a scholarship once means you’ll get it every year. Read the fine print; some scholarships require you to apply for them yearly. Also, make sure you continue to fit the criteria for the scholarship each year, and that you don’t do something that makes you ineligible.

How to Increase Your Chances of Getting a Graduate School Scholarship

Do your research.

We touched on this several times above, but a million scholarships are available. There’s no reason why you wouldn’t qualify for at least one, and likely more than one. Take the time to research your options, and don’t forget to check local sources. Often, community groups and organizations offer scholarships, and you’re more likely to receive them if you’re local to the community. Oftentimes, people overlook these, and then no one applies, and the money goes to waste that year! That money could be yours if you try to search for it.

Stay organized.

We recommend applying for more than one scholarship, but this can get confusing since the requirements for scholarships are generally different. Some might require you to write an essay, while others have a written application, and others might want professional references. We suggest creating a scholarship spreadsheet that lists all the scholarships you’re applying for, plus their individual requirements. Then, you can check off the boxes as you complete each requirement. You want to take advantage of a financial opportunity just because you forgot to complete part of the application.

Don’t skip the small ones.

They really do add up, and you can apply for as many as you want! A handful of small scholarships could pay for your books, your room and board, supplies, and more!

Here is another great resource to call on if you’re trying to find scholarship opportunities; enter your information and be amazed at the scholarships available! Happy hunting!

Educators never stop learning; check out our available graduate degree programs  to hone your skills and promote lifelong learning and academic excellence.

*Updated February 2024

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Federal financial aid for undergraduate and graduate students is very different. At the undergraduate level, many types of financial are need-based. This means that in order to qualify you must be below certain income thresholds. However, at the graduate level this is rarely the case. Almost all funds you can qualify for regardless of how much money you make.

The Federal Student Aid programs for graduate students are, by and large, for any student regardless of income or assets. This means that whether you are unemployed or working full-time when you apply for financial aid, you will often qualify for the same types and amounts of aid as most other students in your program.

What Kinds of Financial Aid for Graduate School are Available?

The main types of federal financial aid for graduate students are Direct Unsubsidized Loans, Graduate PLUS Loans, and (in some cases) Federal TEACH Grants. All three of these you can receive regardless of your income.

Direct Unsubsidized Loans

Federal Unsubsidized Loans are the most common type of federal financial aid for graduate students. These are non-need-based loans from the Federal Government and simply require you to submit your FAFSA to determine your eligibility. The FAFSA is your application for federal student aid and is available online or on the ‘myStudentAid’ app on your mobile device.

As long as you meet basic eligibility criteria (such as having a valid Social Security Number, be a US Citizen or Eligible Non-Citizen and not currently in default on any other federal student loans, for example) you can qualify for up to $20,500 a year in a Direct Unsubsidized Loan.

This loan does accrue interest while you are enrolled in your program but does not require payments while you are enrolled at least half-time in a degree program. The unsubsidized loan is one of the best options there is for financing a graduate degree as the interest rate, repayment terms, and eligibility criteria are the most flexible.

Graduate PLUS Loans

Federal Graduate PLUS Loans are the next most common type of federal financial aid program for graduate students and are also not need-based. These loans require you to submit a FAFSA and meet the same basic financial aid qualifications as a Direct Unsubsidized Loan, but these also do require a basic credit evaluation.

Graduate PLUS Loans have much more forgiving credit criteria than most (if not all) private alternative loans. They simply require the ‘absence of negative credit history’ and do not require any sort of income level or debt-to-income ratios like all other loans require. An absence of negative credit history is defined as not being delinquent or in default on any current financial obligations.

So, even if your credit score is not what you want it to be, as long as you are not currently behind on your financial obligations you should still be able to qualify for a Graduate PLUS Loan. These loans can be for any amount (up to the cost of attendance for the college or university of your choosing) and also do not require any payments while you remain in school.

Federal TEACH Grants

The last most common type of non-need-based federal financial aid is the Federal TEACH Grant. The Federal TEACH Grant is for students who are looking to teach in a low-income district or high-need subject area and commit to teaching for at least four of the following eight years after graduating in a qualifying position and school district.

This is one of the only types of federal grants that does not have any income level requirement, and any student can qualify for it regardless of current salary or financial status. It is important to note, though, that if you do not fulfill the required teaching obligations after graduation that your TEACH Grant will be converted into a Direct Unsubsidized Loan at that time.

Regardless of your current income situation, there are a large variety of Federal Student Aid programs for grad school students that can help make pursuing your graduate degree affordable.

The post I Work & have Income: Can I Still Qualify for Financial Aid? appeared first on Graduate Programs for Educators.

What is Student Loan Consolidation?

In essence, a student loan consolidation is when several individual student loans are grouped into one big loan. The interest rates are then averaged in many cases (although some lenders will negotiate and offer you lower rates to consolidate with them, so it’s best to shop around), and you have a longer period of time to pay them back. By consolidating, you not only pay less in interest over the long term, but you almost always significantly reduce your monthly payments. An average student who completed his/her bachelor’s degree in four years, and completed a two-year master’s program, will have an average of 10-14 individual federal loans.

Student Loan Categories

There are two main categories of student loans – federal loans (FFELP Stafford Loans and Direct Loans) and alternative (private) student loans.

• Federal loans are broken into two subcategories categories — FFELP Stafford Loans and Direct Stafford Loans. Each one has the same interest rate and fee structure, however, their consolidation rules are different. To see what loans you have, you can log into the National Student Loan Database (NSLDS) using your specific information and check your loan types.
• Alternative (private) student loans — these are loans that you would have applied for independently from your FAFSA application. These would have required additional steps, such as a credit check, proof of income, and (in many cases) a cosigner. These are held independently by a separate bank or agency (such as a Wells Fargo, Sallie Mae or other lenders). With rare exceptions, these loans are not typically eligible under most consolidation programs. These will also not show up in NSLDS when you log in, as NSLDS is just for your federal student loans and does not include alternative loan data.

Once you’ve logged into NSLDS to see what types of loans you may have, you can also check to see who your “servicer” is for each loan. When you look at each one your loans, there will be an individual servicer associated with it (who you write your checks to each month). Sometimes you may get lucky, and many of your loans have the same servicer, which makes consolidation a bit easier, but it’s more common that you may have several different servicers. In the student loan world, you have one or more individual loans from each year you attended school, so it’s highly possible that based on what school you attended and when, that you would have more than one servicer.

Question to Ask about Consolidation

While the consolidation rules are the same for federal aid programs regardless of which servicer you choose, it’s always best to contact each one and “shop around.” Sometimes different servicers will run programs to incentivize you to consolidate with them for a reduced interest rate or automatic payment reduction. Common questions you would want to ask would be:

• How much would your interest rate be if you consolidated with them?
• What repayment options would you have available?
• What would your monthly payments be?
• Will the interest rate be lowered with automatic payments (most lenders offer up to a .24%-.49% interest rate reduction simply by signing up for automatic payments)?

It’s also very important to let them know right away if you are going to be pursuing the Teacher Loan Forgiveness Program or Public Service Loan Forgiveness, as you must make sure you are enrolled in a qualifying repayment plan.

The post How to Consolidate your Student Loans appeared first on Graduate Programs for Educators.

The good news is that now, more than ever, employers and government agencies recognize the importance of this investment; they have a number of different options available for how to pay for grad school without breaking the bank.

Federal Student Loans

Federal student loans remain the most common and accessible financial aid option for graduate students. They are relatively easy to qualify for and, being federally funded, offer borrowers greater flexibility in debt repayment compared to private loans.

• Flexibility: Federal loans offer variety of repayment plans, including Income-Driven Repayment (IDR) plans, which help make repayment possible for graduates.
• Alternative to Private Loans: Borrowers avoid the lengthy application processes, collateral requirements, and credit history concerns associated with private student loans.
• Loan Forgiveness: Federal borrowers may qualify for Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness (TLF).

Student Loan Forgiveness Programs

Upon graduation, borrowers may access programs to help repay outstanding federal student loan debt:

Public Service Loan Forgiveness (PSLF)

• Eligibility: Available to professionals working full-time for a public or non-profit employer, including school administrators, counselors, social workers, teachers, nurses, firefighters, and police officers.
• Requirement: Borrowers qualify for loan forgiveness after making 120 qualifying monthly payments on federal student loans.
• Qualifying Payments: Payments made during deferment periods count, provided the borrower was employed full-time by a qualifying employer.
• Exclusion: Payments made while attending school do not count toward the 120 payment threshold, even if the borrower was employed full-time.
• Recommendation: Borrowers should use the PSLF Help Tool to confirm their eligibility and verify that their employer and student loans qualify.

Teacher Loan Forgiveness (TLF)

• Eligibility: Designed specifically for teachers.
• Requirement: Teachers must teach full-time in a Title I school district for five consecutive years.
• Forgiveness Amount: Borrowers may be eligible for loan forgiveness of up to $17,500 on their federal student loans if they are highly qualified secondary math or science teachers and special education teachers. Other highly qualified teachers can receive up to $5,000.
• Restrictions:
  • Borrowers typically need state certification which generally means having a bachelor’s degree and full state certification.
  • The borrower must be employed full-time as a teacher for five complete and consecutive academic years in a Title I school.
• Recommendation: Borrowers should consult their state Department of Education, the TCLI Directory and with their loan servicer regarding subject area qualification and certification requirements for TLF.

TEACH Grants: Funding for High-Need Fields

Grants are a form of non-repayable financial aid awarded based on merit, not repayment ability.

• Award Amount: The U.S. Department of Education awards up to $4,000 per year in grant money to graduate students pursuing a Master’s degree in a high-need subject area (e.g., mathematics, science, foreign languages, and special education).
• Maximum Award: The TEACH Grant Program provides a maximum of $16,000 over a four-year period.
• Use of Funds: Funds can cover a portion of tuition costs and living expenses.
• Application: Applicants must complete a Free Application for Federal Student Aid (FAFSA) each year.
• Service Agreement: To receive the grant, students must sign an agreement to teach in a low-income school for at least four years, within eight years of completing their graduate program.
• Grant Conversion: If a student fails to fulfill the service agreement requirements, the grant will convert to a Federal Direct Unsubsidized Loan, with interest accruing from the original date of disbursement. Careful review of the service agreement is essential.

Employer Tuition Reimbursement and Benefits

Employers, particularly school districts and educational institutions, are a likely source of funding through tuition reimbursement or tuition benefit plans.

• Employer Interest: Employers often invest heavily in employee education to retain qualified staff.
• Plan Models: Employer plans generally follow one of two models:
  • Direct Payment Model: The employer pays the tuition directly to the educational institution.
  • Reimbursement Model: The employer reimburses the employee for tuition costs after the employee submits proof of coursework completion (transcript) and payment receipts.
• Key Requirements: Eligibility criteria often include:
  • Maintaining a minimum GPA.
  • Committing to work for the district for a specified number of years after completing the degree.
  • Employees usually must enroll in the program and notify their HR representative before the semester begins.
• Recommendation: Before enrolling in a graduate program, employees should contact their HR representative to learn about the district’s policy, maximum available reimbursement, and required procedures.

With all these options available, you don’t have to worry about how to pay for grad school; now is the time to make an investment in yourself and your future!

Interested in learning more about your financial aid options for graduate school? Explore our comprehensive funding e-guide here.

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