Navigating Financial Aid for Graduate Students: A Comprehensive Guide

The pursuit of a graduate degree is a significant investment in one's future, offering increased marketability, more available job opportunities, and higher pay. However, financing graduate school can seem daunting. Many students are unaware of the numerous financial aid options available that not only are manageable but also can enhance their learning experience. Student loan debt has grown significantly in the last decade, with 43 million borrowers owing $1.73 trillion in the United States as of June 2024. For many, this debt is not only a financial burden but a mental burden as well-leaving many anxious or depressed about their debt. Students also report delaying or missing out on life events, such as starting a family or buying a home, as a result of their debt.

It's important to remember that there are plenty of resources to help you fund your education. For example, in the 2022-2023 academic year, graduate students received an average of $28,300 in federal financial aid through grants, loans, and work-study programs. Private institutions also offer significant financial aid packages to students. Many graduate students return to school after gaining valuable work experience, so they often have access to tailored financial aid that considers their professional backgrounds. By starting the financial planning process early and leveraging available resources, you can effectively navigate the landscape of financial assistance to support your studies. The biggest mistake you can make is to assume you can’t afford grad school and put your educational and career dreams on hold. This article will guide you through the various financial aid options available to graduate students, helping you make informed decisions and achieve your academic goals.

Understanding the Basics of Financial Aid

Before diving into specific programs, it's crucial to understand the fundamental principles of financial aid. Graduate students should apply for financial aid by following the same procedures as undergraduate students. Graduate students may be considered for federal financial aid funding by completing the Free Application for Federal Student Aid (FAFSA).

Eligibility Requirements

To be eligible for most financial aid programs, students must:

Be a U.S. citizen or an eligible non-citizen (including citizens with dual citizenship, refugees, or asylees). Note that individuals with Deferred Action for Childhood Arrivals (DACA) status are not eligible for federal aid.
Be enrolled or accepted for enrollment at least half-time in a degree program. (Federal Pell Grants are an exception to this rule).

The Role of the FAFSA

The Free Application for Federal Student Aid (FAFSA) is the gateway to federal financial aid. By completing the FAFSA, graduate students may be considered for various federal aid programs. Students can fill out the FAFSA as early as Oct. 1 for the following calendar year but can also apply for a loan after the semester has started if the need arises.

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Cost of Attendance (COA)

All graduate and professional aid applicants are assigned an annual estimated Cost of Attendance budget (COA). Your COA includes typical billed and non-billed costs and is used to determine your eligibility for certain types of funding, including federal and private education loans. Your actual costs to attend may vary.

Types of Financial Aid for Graduate Students

Financial aid for graduate students comes in various forms, each with its own terms and conditions. Understanding these options is crucial for creating a manageable and effective financial plan.

1. Scholarships

Scholarships are a form of gift aid that does not need to be repaid. They are typically awarded based on academic merit, field of study, ethnicity, university connections, or unique life circumstances.

Where to Find Scholarships:

Online Scholarship Search Engines: Start your scholarship search with online scholarship search engines, such as Sallie Mae’s Graduate School Scholarship Search and Collegescholarship.org’s Scholarship Search Engine. SFA’s Scholarship Search Engine contains a comprehensive database of college-awarded scholarships and aid for graduate students.
Field of Study-Specific Scholarships: Whether you are studying biotechnology or earning your EdD, there are scholarships available in your field.
Ethnicity-Based Scholarships: Some organizations offer scholarships for students of a certain ethnicity. For example, the Hispanic Scholarship Fund offers scholarships ranging from $500 to $5,000 to students with Hispanic heritage in any field of study. You can also find general minority scholarships that are available to a wide range of ethnicities and aid opportunities for certain nationalities.
University Connections: You may be able to earn a graduate scholarship or tuition discount by applying to your alma mater. Northeastern, for example, offers the Double Husky Scholarship, which gives Northeastern alumni a 25% discount on their graduate education in over 120 eligible programs.
Unique Life Circumstances: Do you live with disabilities, or have you overcome adversity in some way? There is a good chance there is a scholarship for your unique situation.
Federal and State Aid: You can access federally funded scholarships simply by filling out the FAFSA. Each state has a variety of financial aid allocated for its residents. Many of these awards are designated for individuals working in public service or for degrees that are in high demand in the area in an effort to help support the state’s workforce needs.
Rollins College: Rollins gladly accepts outside scholarships. Visit the scholarship search page.

2. Grants

Grants, like scholarships, do not need to be repaid upon graduation.

Types of Grants:

State Grants: State-level grants are available to residents and, in some cases, residents of nearby states.
Institutional and Organizational Grants: School-funded grants are given by graduate schools to encourage diversity, support field-specific research, or help graduate students with financial need. Many private organizations also offer grants to help students pursue an education in the fields they support.
Tuition Assistance Grant: The Tuition Assistance Grant administered by the Graduate School on behalf of the Office of FInancial Aid and is available to graduate students. It provides up to $3,000 in grant assistance to students demonstrating financial need regardless of state residency.

3. Fellowships

Graduate School Fellowships are premier awards for newly enrolled PhD and MFA students and provide four years (three for MFA) of support, including full tuition, plus a nationally competitive stipend. All packages include at least one year of a graduate research or teaching assistantship. Grinter Fellowships are supplemental awards to help recruit truly exceptional graduate students. Currently enrolled students are not eligible, except when entering a PhD program. Supplemental stipends are normally $2,000-4,000.

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4. Military Benefits

If you spent time serving this country, your college costs might be covered. Look for Yellow Ribbon schools that will pay for most, if not all, of your tuition if you are a post-9/11 veteran. Rollins supports veterans and dependents of veterans as an active participant in the Yellow Ribbon Program. Admitted students will receive enough grant aid through the Veterans Administration and Rollins College to pay tuition and eligible fees.

5. Work-Study Programs

Graduate students who fill out the FAFSA and demonstrate a financial need may be eligible for Federal Work-Study. Depending on your university, there may be other opportunities to gain professional experience and a paycheck while in school. At Northeastern, forty percent of graduate programs integrate full-time co-op opportunities with industry leaders for three to eight months.

6. Assistantships

Graduate students can apply for several kinds of assistantships, either upon program acceptance or at any time throughout their studies, depending on the institution. Research assistants perform research duties under faculty supervision, while teaching assistants help with direct student tasks, such as grading or holding office hours. Ninety-nine percent of Cornell’s Ph.D. students are fully funded to pursue their degrees through a combination of competitive internal and external fellowships and research and teaching assistantships. These awards are typically offered by graduate fields and departments at the time of admission - application requirements vary.

7. Employer Tuition Reimbursement

Approximately 48% of employers offer some type of tuition reimbursement as an employee benefit, although only 2% of eligible employees take advantage of this benefit. The average tuition assistance provided by employers annually is $10,500 for graduate education, which can dramatically reduce your tuition costs. Even select part-time or contract positions offer these benefits to employees. If you work for a smaller company without an HR department, arrange a meeting with your boss to discuss the possibility of tuition assistance. They might have to do more research on the matter, but mention that there are tax benefits available to them if they offer partial tuition reimbursement. Tuition deferment is a benefit Rollins provides students who receive tuition reimbursement from their employer. The deferment agreement is between the student and Rollins - not between Rollins and the student’s employer. The student is responsible for the payment regardless of payment from the employer. Funds from an employer will be applied to the student account after receipt and after financial aid has been applied to the account. Students must complete a Tuition Deferment Request on or before the start of each term.

8. Student Loans

You’re likely familiar with the idea of student loans-federal or private funds that will need to be paid back, with interest, after graduation.

Federal Student Loans:

Direct Unsubsidized Loans: These loans are available to graduate students through the Department of Education, meaning that they don’t have to demonstrate financial need in order to qualify. Graduate students are eligible to borrow up to $20,500 per academic year, provided they fill out the Free Application for Federal Student Aid. The federal government does not pay the interest on behalf of the student. Instead, the borrower is responsible for all the interest that accrues and capitalizes from the time the loan disburses. Graduate students may be eligible for up to $10,250 in federal loans per semester.
Direct PLUS Loans: In addition to direct unsubsidized loans, graduate students can apply for a Direct PLUS Loan. The maximum amount of this loan is the total cost of attendance (including living expenses) minus any other financial aid, including scholarships and loans. This amount will vary depending on the program in which a student enrolls. A credit-eligible professional student can receive a loan to cover the cost of attendance less other aid after they complete the FAFSA.
Federal Grad PLUS: Graduate students may be eligible for Federal Work Study, Unsubsidized Federal Stafford, Federal Grad PLUS, and some scholarships.
Loan Forgiveness Programs: The Public Service Loan Forgiveness Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments while working full-time for an eligible not-for-profit organization.

Private Student Loans:

Private student loans are credit-based loans utilized by students who either do not qualify for federal student aid or who may need supplemental financing to meet their educational costs. To qualify you need to be a credit-eligible borrower. To apply for a private education loan, submit a loan application directly to the private lender of your choice using the lender’s online application process. Your private lender will then ask Cornell University to certify your eligibility electronically. Eligibility criteria, interest rates, repayment terms, borrowing limits vary.

Important Considerations for Student Loans:

If possible, federal student loans should be favored over private student loans.
We recommend exhausting your William D. Ford Direct Unsubsidized Loan eligibility, before considering federal Graduate PLUS Loans or private education loans.
Evaluate your private education loan options carefully before applying - Cornell University does not recommend, prefer, or endorse any private lenders or loan products.
Each student’s maximum loan amount (combining all loan sources) is limited to the student’s total Cost of Attendance minus any other aid received.

Tips for Maximizing Your Financial Aid Opportunities

To make the most of the available financial aid resources, consider the following strategies:

Treat the pursuit of financial aid as your job. Don’t rush your applications or essays, and don’t reuse the same answers for different award submissions. Instead, take your time with each submission, personalizing it to that specific prize or opportunity.
Provide Additional Information: If your scholarship or grant application allows you to answer optional questions or submit extra documents, such as a personal essay, take advantage of the opportunity.
Stay Organized and Proactive: Be on the lookout for financial aid opportunities all year long. Some scholarships or internship opportunities open up at the beginning of the year, while others align their deadlines with the school’s fall semester. With thousands of available financial aid opportunities, it’s impossible to keep track of the details of every scholarship or program. Use a simple planner dedicated only to scholarships, grants, and other aid opportunities. Use the planner’s calendar to track submission deadlines, and make sure to mark down when you should start working on the application. Write down essential points of each aid opportunity, such as which documents to send, essay questions to answer, and reference letters to gather.
Start Early: Starting your financial aid application(s) early is a small step that can make a big difference.

Additional Considerations

Satisfactory Academic Progress

Second master’s degree-seeking students will be reviewed as graduate students for Satisfactory Academic Progress purposes.

Impact of Scholarships and Waivers

Please note that any scholarship, fellowship, or waiver will affect the financial aid eligibility. Per federal regulations, total aid cannot exceed the cost of attendance. Students applying for loans or work through SFA should understand that fellowships, fee waivers, and health insurance benefits are considered part of a student’s financial aid package, and as such, affect eligibility for aid through SFA.

Financial Aid for Part-Time Students

Graduate students may be eligible for federal financial aid funding by complete the Free Application for Federal Student Aid (FAFSA).

Financial Aid for International Students

Loans are also available for domestic and international students through private lenders. International students receiving fellowships may have an income tax liability.

Financial Aid for Students Taking Undergraduate Hours

Per federal regulations, undergraduate hours taken by graduate students must count towards graduate degree requirements in order for the undergraduate hours to be considered for federal financial aid eligibility. Financial aid eligible graduate students taking undergraduate hours must provide a memo from their advisor to be considered for federally funded student aid.

Costs Not Included in Estimated Cost of Attendance

Your estimated cost of attendance for financial aid only includes mandatory fees charged to all students. Fees not charged to all students are excluded - for example, optional course fees, gym memberships, premium on-campus or off-campus housing options, and the cost of the Cornell Student Health Insurance Plan (SHP). Need-based grant or scholarship aid is not available for these costs. Cornell requires all students to have health insurance. If you are not covered by a family policy or your insurance coverage does not meet university requirements, you will be automatically enrolled in and billed for the Cornell Student Health Plan (SHP). Because the cost of SHP is not charged to all students, it is not included in the estimated cost of attendance for financial aid. You may request student loan funding to cover the cost of optional fees and the Cornell Student Health Insurance Plan (SHP).

Cost of Attendance Appeals

To access additional loan funds, you may need to request a Cost of Attendance Increase (annual loan limits apply).

Important Reminders

IMPORTANT: once you have completed all courses required for the degree, you will not be eligible for Federal financial aid.

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