Aid

Graduate studies are a costly endeavor- but there are ways to help finance your education. Check out these strategies.

1. Employer-funded assistance (get your boss to pay)

   Many companies looking to boost their collective skill set are willing to sponsor all or part of an employee's graduate schooling through tuition reimbursement. Most employers expect that the coursework is relevant to your career field, but not all require it. Some companies have a waiting period before this benefit goes into effect, and may require you to pay back part of the tuition.

   Even when a company doesn't have a formal tuition remission program, workers can often earn assistance if they demonstrate to the boss how a course of study could add value.
   
   

2. Fellowships, scholarships and grants (secure a scholarship)

   Fellowships and scholarships are awarded on academic merit and are often very competitive, since they don’t need to be repaid. Funding from outside organizations can be applied to any school, while institutional funds are offered through specific departments and universities. Many schools list these opportunities on their websites. Funding assistance is limited, it’s best to apply as early as possible.

   Some outside search sites for scholarships to try are:

   • Scholarsite.com
   • Scholarships.Fatomei.com
   • Fellowships.ssrc.org
   • ScienceCareers.ScienceMag.org
   • Scholarships.com
     
     

3. Research and teaching assistantships (work for the school)

   Research and teaching assistantships generally cover at least part of tuition and pay a periodic stipend in exchange for research or classroom instruction, and are often presented by individual departments.
   
   

4. Loans (borrow smart)

   Educational loans are available through private and public lenders. Loans from the federal government usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources. Look into Stafford Loans, Perkins Loans, and the Graduate Plus Loan, before loans from private lenders. Be sure to understand information on rates and repayment terms.
   
   

5. Take your credit

   Grad students will also want to see if they qualify for the federal Lifetime Learning Tax Credit, which allows individuals to subtract up to $2,000 annually from their tax bill.

   The credit applies to 20 percent of tuition and other required education expenses up to $10,000, and is available to single filers whose modified adjusted gross income is less than $61,000 or married people with under $122,000. 

Other resources

• Federal student aid - graduate and professional students
• Gradschools.com