Aid can be secured
from various sources including: the federal government, state governments,
educational institutions, foundations, corporations and other private
organizations such as churches and professional associations. The
information listed below is offered as a beginning guide to financial
aid; please consult a financial aid expert for specific advice about
your financial situation.
Fellowships
Fellowships generally require no service in return. Often they provide the
cost of tuition and fees, plus a stipend to cover expenses. A fellowship
is a prestigious award and is an indication of excellence important to a
student’s total career. Financial need is usually not a factor in
awarding fellowships. You may wish to contact Dr. Jayashree
Shivamoggi in the Office of
Student External and Competitive Scholarship Advisement for more
information about major fellowship and scholarship opportunities.
Be sure to visit Dr. Jay early in your academic career, as competition
for these prestigious honors can begin as early as sophomore or junior
year.
Several states offer
support for graduate study. In order to qualify for a particular state’s
aid, you must be a resident of that state. Residency is established in
most states after you have lived there for at least twelve consecutive
months prior to enrolling in school. Most state awards are based on
financial need.
Scholarships
Scholarships are
awarded through private sources based on parameters they determine.
Financial need is usually not a factor in awarding scholarships.
Although there are numerous opportunities for graduate-level
scholarships, you may feel as though scholarships are less common now
than at the undergraduate level. While this is somewhat true, part
of the challenge is simply finding available scholarships.
Instead of being offered primarily through the institution, many
graduate scholarships may be offered through private foundations and corporate
agencies, thus requiring a bit more research on your part.
Research Assistantships
A research
assistantship usually requires the student to assist in the research
activities of the faculty. These assistantships are rarely offered to
first-year students. You should contact individual faculty members
directly to determine whether you are eligible.
Teaching Assistantships (TA’s)
Such a position may
involve delivering lectures, leading study groups, grading papers,
counseling students, and supervising laboratory groups. Most TA’s work
approximately 20 hours each week. TA’s generally receive a salary and
often tuition is waived as well. Appointments are based on academic
qualifications and are subject to the availability of funds within a
department.
Administrative
Assistantships
This type of
position generally requires 10 to 20 hours of work each week in an
administrative office of the university. Some administrative
assistantships provide a tuition waiver; others provide a salary. Details
concerning these positions can usually be found in the school catalogue or
through the academic department.
Federal Work-Study Program
This federally
funded program provides eligible students with employment opportunities on
campus or in nonprofit organizations. Work-study is available to both
graduate and undergraduate students who can demonstrate financial need.
Not all schools have an earnings ceiling. The dollar value of a work-study
award depends upon financial need, the amount of money the school has to
offer, and the aid received from other sources.
Federal Stafford Student
Loans
This
government-sponsored program provides low-interest loans to graduate
students in two forms: subsidized and unsubsidized. The subsidized
component of the program provides an interest-free loan as long as you are
in school at least on a half-time basis. Under the unsubsidized component
of the program, you are responsible for paying the interest of the loan as
soon as the loan is disbursed. In order to qualify for the subsidized
loan, you must demonstrate financial need. You may borrow up to $8,500 per
year through the subsidized program; an additional $12,000 per year may be borrowed through the
unsubsidized program.
Graduate PLUS Loans
This federally-sponsored loan program can lend up to the full cost of
your education, minus money received from other sources, including Stafford
loans. Thus, a PLUS loan should be used if additional funds are
needed, only after all other resources are exhausted. Flexible
repayment options are available and no repayment is required while you are
enrolled in school on at least a half-time basis. The current fixed
interest rate on graduate PLUS loans is 8.5%.
Federal Direct Loans
Similar in scope to
the Federal Stafford Student Loans, some graduate schools offer Direct
Loans that are funded through the Department of Education’s Direct
Lending Program. Interest rates and policies are very similar; however,
there are more repayment options with Federal Direct Loans.
To apply for federal
financial aid, you must complete the Free Application for Federal Student
Aid (FAFSA). This application must be completed after January 1 preceding
fall enrollment. You may download the form from
http://fafsa.ed.gov.
Other Resources
There are numerous
sources of financial assistance available, but you must take
responsibility in researching various forms of aid. You can start by looking at some of the
following sites:
