For many people, pursuing a master’s degree is an exciting dream that can help them elevate their career or pivot to a new job. The only problem? Finding the finances to support this educational endeavor.
Luckily, there are plenty of different ways you can reduce — or entirely cover — the cost of graduate school. Scholarships, for example, can dramatically alter the amount of money you spend on your master’s or doctoral degree. While they’re less common than undergraduate degree scholarships, they are available.
Here’s everything you need to know about grad school scholarships, including how to find the best ones for you.
How can I pay for grad school?
A master’s degree promises new skills, more knowledge and (usually) an increased salary in your field. But while graduate school will likely give your future salary a boost, you have to pay for it in the first place — and that can be a pricey undertaking.
Although most graduate schools don’t offer the comprehensive financial aid packages that are available at the undergraduate level, there are still opportunities to save money on your next phase of education.
Many people are able to juggle their full-time jobs and their classes, as master’s programs are often designed for working professionals. Student loans are also always an option. Plus, schools do offer grants and scholarships to incoming students, as do other organizations. In fact, many employers even help pay for their employee’s graduate education.
Are there scholarships available for grad school?
Yes, you can find scholarships for graduate school. However, they are not as widespread as undergraduate degree scholarships and often have more to do with your major or speciality. In addition, most grad school scholarships focus less on financial need and are instead rewarded based on what you’re studying and hope to accomplish.
When should I apply for grad school scholarships?
Since graduate school scholarships are more limited, they tend to be competitive. You’ll want to start applying for scholarships as soon you get into a program — the earlier, the better!
Keep in mind that scholarship opportunities arise throughout the year. If you miss one deadline, there may be other options available later on to help you pay for school.
What will I need to apply for graduate school scholarships?
Before applying for a university scholarship, you’ll want to gather some important materials. You’ll definitely need to fill out the Free Application for Student Aid (FAFSA), a form that keeps all your important financial information in one space for scholarships, grants, student loans and so on.
You may also need to gather letters of recommendation. Make sure to ask people who know you well and are familiar with your work, like a coworker, professor, manager or mentor. You also may be required to write an essay to gain a scholarship, so allow yourself enough time to brainstorm ideas and complete it.
Where do I find scholarships for grad school?
There are many different ways you can find a scholarship for grad school. First thing’s first: Turn to the institution itself. Try calling the university office so you can get more information about what kind of financial aid opportunities they offer, including grants and scholarships.
Just keep in mind that, while there are normally broad scholarships available for undergraduates, options for students pursuing a master’s program will likely be based on the degree or area of research you’re pursuing.
Once you’ve checked out the options at the school itself, it’s a good idea to look at the many scholarship databases that are out there. Some examples include Fastweb, GoGrad, Cappex and Unigo. These sites compile scholarship options and let you easily filter by “graduate school.”
It’s beneficial to check out local options, too. Maybe your employer or an organization in your community offers scholarship opportunities. Consider what the companies, institutions and civic organizations around you provide. You may be surprised at what you’ll find in your area. Plus, locally-based scholarships will naturally be less competitive than the ones you’ll find in national databases.
Finally, many career fields have associations — think the American Nurses Association, the Society of Women Engineers, the National Bar Association and such. These groups help sponsor people who wish to excel in their field and broaden their knowledge. And, even if you don’t get a scholarship out of joining a professional association, you’ll still be able to network with like-minded people in your field to propel your career forward.
Also, remember there’s not a limit on how many scholarships you can have. Go after as many opportunities as you can! After all, it’s free money, and the more you collect, the more affordable your master’s degree becomes.
The Bottom Line
Pursuing your grad school dreams can be scary, but a master’s degree is definitely attainable. Don’t let prices deter you from seeking a higher education and a better career.
Consider all the options that can help you pay for grad school, whether that’s working a part-time or full-time job as you attend, going after a grant or fellowship, turning to student loans or applying for a scholarship. If you’re interested in a scholarship, there are many opportunities out there. Somewhere along the way, you may very well find the perfect scholarship for you.
Explore USC Online graduate programs today.