6 Questions to Ask About Graduate School Financial Aid
Gain a better perspective on your options with careful research and proactive planning
Are you considering earning a graduate degree but wonder if you can swing the cost?
Before you talk yourself out of an opportunity that could help you expand your knowledge or seek that promotion or shift to a profession that more closely aligns to your goals, why not consider some options for how you can pay for your education.
Tuition, fees, living expenses and other costs can quickly add up, making it crucial to ask the right questions. Here are six important ones to consider when it comes to financing your education.
1. What types of financial aid are available?
Graduate students can explore scholarships, grants, fellowships and student employment opportunities to pay for their education. Some financial aid does not need to be paid back, such as scholarships and grants. Some fellowships—which support research and academic work in particular fields—may provide a stipend and other benefits.
Federal and private loans are an option. The U.S. Department of Education, for instance, offers Direct PLUS loans to eligible graduate or professional students through schools participating in the Direct Loan Program.
Academic institutions can have their own financial aid programs, sometimes for specific career paths or degree programs. There are many federal, state and outside sources that can help you pay for in-person and online graduate school programs. Sacred Heart University’s financial assistance program has many online resources that can help with that search. The University also offers information about graduate aid programs through additional financial assistance resources.
Veterans can access specific programs and benefits, including the GI Bill®, vocational rehabilitation and survivors and dependents educational assistance.
2. How do I apply for financial aid?
Each university or college has its own application process, deadlines and submission requirements. For federal financial aid, most students must complete the Free Application for Federal Student Aid (FAFSA), which determines eligibility for federal loans, work-study programs and some forms of need-based aid.
3.What are the eligibility criteria?
There’s no one standard for eligibility. What’s required for federal financial aid can differ from the criteria for a national association’s scholarship. Some programs might be need-based; others are available to you because of the work you do, the field you are in or the degree you pursue.
You should clarify what will keep you eligible to receive funds throughout your studies. You may need to maintain a certain GPA or number of credit hours each semester.
4. How much money will I receive?
The amount will depend on many factors. Some graduate students may have a substantial portion of their costs covered with aid; others may not.
When pursuing financial aid, consider the full cost beyond tuition or fees. A more comprehensive look at living expenses, books, course materials, supplies and equipment, transportation and licensure or credential fees can give you a better sense of your total investment.
Also, with any financial aid you receive, clarify whether the financial aid is for one year or whether it runs the full duration of your degree program.
5. What is the repayment process for loans?
If you intend to pursue loans for your education, it’s essential to know about the interest rates, repayment plans and grace periods for federal and private loans. In some cases, there may be loan forgiveness programs that could be a factor in the degree program you pursue. Or, you may have flexible repayment options based on the type of loan.
6. Are there additional funding opportunities?
Colleges and universities may have scholarships and grant opportunities for graduate students entering specific programs, such as teaching, health or STEM. Outside organizations such as civic groups, corporations, nonprofits, professional associations and foundations can offer scholarships, while other students may be eligible to receive assistance because of their ancestry, ethnicity or family history.
You can start with a list of outside scholarships compiled by the Sacred Heart financial assistance team and check out resources such as CareerOneStop from the U.S. Department of Labor. This site lists more than 9,500 scholarships, fellowships, grants and other financial aid award opportunities.
You may want to investigate research or teaching assistantships or department-specific opportunities for funding that may provide a stipend, benefits and sometimes a tuition waiver. At Sacred Heart, graduate students can pursue graduate assistant positions, which, depending on the job, may come with a stipend, tuition benefits, course credit or housing and meal waivers.
Additional Information How can I pay for graduate school?
Read MoreWant to learn more about graduate degree programs at Sacred Heart University?
A graduate degree program can be a considerable investment, but gaining an advanced degree can help you to acquire the skills to seek a better job, a higher salary or to work in a field that aligns with your passions.
From a doctoral in social work to a master’s in computer science & information technology (and many other offerings in between), SHU’s diverse graduate, doctoral and certificate programs can help you explore your passions and advance in your career. Take that next step by talking to our team of admissions counselors, virtually or in-person. Email gradstudies@sacredheart.edu, call 203-365-7619 or schedule an appointment.
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