Advanced degrees can result in a step up the corporate ladder or a salary raise. The decision to return to school can not only be time-consuming but can cut into your current finances. If you are a student pursuing graduate school, know that there is funding available to you. Scholarships are available for graduate students making it possible to receive an advanced degree without stacking up the student debt.
Paying for graduate school
Just like with finding money for your undergraduate degree, the same steps and resources can be available to you as a master’s or doctorate student. Scholarships that cover your tuition, fees and books, etc., are desirable, but know that these kind of scholarships are highly competitive. Most graduate students use a combination of scholarship opportunities, tuition waivers, grants, and fellowships to fund their graduate school experience.
Scholarships for graduate students
Similar to your undergraduate degree, there are scholarships available for professional degrees. While there are fewer scholarships for college students attending graduate school, there is still money out there to be had so don’t discount this option without giving it a chance.
When it comes to scholarships, it’s a good idea to keep yourself organized. You may want to create a scholarship spreadsheet to keep track of the scholarships, the application requirements and due dates. Carefully check to ensure you qualify for the scholarship before beginning your application.
Fulbright Program
Fulbright Grants help promote the exchange of ideas across countries and are sponsored by the U.S. Department of State. Partnering with 140 countries around the world, the Program gives students the opportunities to pursue their study, conduct research, or teach English abroad. While receiving a Fulbright grant, you will be able to live, interact, and learn from those living in the host country. Fulbright Grants have a variety of award opportunities depending on the type of award you are applying for:
- Open Study/Research Award- you design and propose a project for a specific country
- English Teaching Assistant- you provide the presence of a native English speaker to help supplement local English language instruction
- Fulbright-Fogarty Fellowships in Public Health- promotes research of public health in locations with limited resources
- Fulbright-National Geographic Storytelling Fellowship- assist in producing online and digital content that develops the global narratives and commonalities that are found in spite of national or regional boarders
Programs like the Fulbright Grant Program facilitate an exchange of ideas through learning and sharing daily interactions and exchanges. Through cultural exchanges, students learn and question their own lives and cultures to promote mutual understanding.
Length and funding vary based on the grant applied for.
Rhodes Scholarship
The Rhodes Scholarship is the oldest and one of the most notable international scholarships, established in 1903. It seeks to connect learners with varied backgrounds and views to openly debate and challenge thinking to create new ideas. Many Rhodes Scholars go on to serve and impact their communities for good by serving within government, research, education, journalism, and many other fields.
Students are invited to apply for this opportunity and if selected will be supported throughout their time of study at the University of Oxford. 102 scholarships are awarded each year. These scholarships cover all school fees for two to three years and allow you to study any full-time subject at Oxford University.
Truman Scholarship
Undergraduate students with a strong potential for leadership, who excel academically, and are dedicated to public service are invited to apply for the Truman Scholarship. This scholarship is intended to help advance your academic pursuits in any graduate degree (except for MBA degrees). 55 to 65 scholars are selected to receive up to $30,000 for graduate school.
Applying for the Truman Scholarship begins the year before you graduate with your bachelor’s degree. You must be attending grad school directly following your undergraduate course work. This scholarship is directed to students who intend to use graduate school to help you pursue a career in public service. Your current or former U.S.-based accredited school will have to nominate you for the Truman Scholarship. This limits your school to four nominees along with three additional transfer nominees.
Beinecke Scholarship
The Beinecke Scholarship is geared to graduate-level studies of the arts, humanities, or social sciences. Undergraduate juniors who are enrolled in participating institutions must be planning on attending graduate school upon graduation and should contact the liaison of their particular institution for more information regarding the nomination process.
Scholarship recipients initially receives $4,000 prior to entering graduate school and receives $30,000 more while they are attending graduate school. You are encouraged to attend graduate school upon undergraduate graduation. This scholarship provides you five years after your undergraduate graduation to utilize the provided funding.
Other scholarship opportunities
In searching for a scholarship, realize that you can use lots of ways to customize your search. Scholarships can be specific to your industry, degree, region, or university. Talking to the financial aid office or to the department of your specific major could lead you to invaluable scholarships.
Also seek out for scholarships that are geared toward your demographic and specific population. Region-based scholarships make for a smaller pool of applicants, so contact your state’s Department of Education for more information.
The applications for scholarships are usually free, but you may have to pay for copies of your undergraduate transcript for your applications. You should read all the requirements for the scholarship prior to beginning your application.
More ways to pay for graduate school
Grants for graduate school are like scholarships in that you do not typically have to pay them back. Different organizations, companies, states, and others have available grants for graduate students. Grants usually are most often need-based and can be related to your prospective field. Federal grants are usually need-based and can be available if you are working to fill a specific need or discipline.
TEACH Grant
As a TEACH Grant recipient, you are required to be enrolled as a undergraduate, post baccalaureate, or graduate student in a school that participates in the TEACH Grant Program. You are also required to maintain a specific GPA. Students commit to a teaching service Agreement to Serve or Repay. The Agreement states that you will teach a high need subject in a low-income area with a shortage of educators. You also agree to serve for four years. If you do not uphold your end of the agreement, your grant will convert to a federal Direct Unsubsidized Loan.
Rotary Foundation Peace Fellowship
The Rotary Foundation's Peace Fellowship seeks to award students interested in helping find lasting solutions for the difficult issues. Candidates who have demonstrated devotion to seeking out peace and resolving conflict will take on extensive research with an involved and diverse cohort.
The program devoted to the study of peace and development and last 15-24 months. Fellowship applicants must have three years of full-time relevant experience. Your most recent degree should have been completed at least three years ago.
Fellowships
Fellowship funding is given to assist in subsidizing the cost of your education. Fellowship committees typically look at your future potential to make a positive impact within your academic discipline. Fellowships can also build your reputation as a scholar and sets you apart in the job market.
Often with a fellowship, your tuition can be covered, and you may also be given a living expenses stipend. Fellowship funds can often be used for tuition, textbooks, housing, or any other costs relating to your education. From time to time, fellowships may fund scholarly trips, projects, dissertations, or thesis projects.
More >>> Graduate Fellowships
Student Loans
In being dedicated to your education, it may become necessary to borrow a loan. After exhausting federal grants, scholarships, and fellowships, it may be time to weigh your student loan options. With both federal and private student loans, you can bridge gaps in your financial aid that may arise.
Federal Student Loans
Graduate students, no matter if there is a financial need or not, are eligible for Direct Unsubsidized Loans. These loans have low, fixed rates and also have access to federal repayment plans with forbearance and deferment terms. You are also not required to have a credit check, a cosigner, or a separate loan application.
Federal student loans also include Grad PLUS loans. While you should borrow as much as you can to cover graduate school costs with unsubsidized loans, Grad PLUS loans are available to you. These loans have a higher interest rate and origination fee. The loan limits for Grad PLUS Loans are dependent on your school’s cost of attendance minus any other aid received and there are no aggregate loan limits.
More >>> Student Loans for Graduate School
Private Student Loans
When it comes to private graduate student loans, you can seek out competitive rates based on the current market trends. It is possible to make private student loans feasible with a variety of terms and benefits that are offered by each lender. Along with flexible repayment terms and a variety of benefits potentially offered by each lender, you can make a private student loan work for you.
Private loans offered by banks and credit unions will complete a credit check to ensure you can qualify for a graduate student loan. You may be required to apply with a cosigner if you have an adverse credit history, a low credit score, and little to no employment history.
Best Private Student Loans for Graduate School
- Competitive fixed and variable APRs starting at 2.49%1
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years2
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
3As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 9/15/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
- Variable Rates: 3.37% APR - 13.72% APR. Fixed Rates: 3.75% APR - 13.72% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
- Apply online in minutes and receive an instant credit result2
- Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
- You may be 4X more like to be approved with a cosigner4 and it may help you get a better rate.
- Only undergraduate student loan that offers 4 months of free Chegg® study help5
- Borrow up to 100% of school-certified expenses, whether you're online or on campus6
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Sallie Mae loans are subject to credit approval, identity verification, signed loan documents, and school certification. This loan is available to students at participating schools and is not intended for students pursuing a graduate degree. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2From January 1, 2021 to December 31, 2021, instant credit decisions were provided to 98% of applicants. Other applications received credit decisions in 3 to 5 business days.
3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner from May 1, 2020 through April 30, 2021.
5This promotional benefit is provided at no cost to borrowers with undergraduate or graduate loans with a first disbursement between May 1, 2021 and April 30, 2024. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.
6Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.
Information advertised valid as of 9/26/2022
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
© 2022 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.
- AFFORDABLE variable rates starting at 2.52% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs
Rates are effective as of 09/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner.
Variable: 0.00% APR - 23.00% APR1
5-10 years
- MUST BE a US citizen or permanent resident
- MUST BE a college junior, college senior, or grad student
- No co-signer required
- Get approved in minutes. Pre-qualify without affecting your credit score
- Income-based repayment with built-in protections, like deferred payments if you lose your job
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
Loans from $5,000 - $25,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.
About this example: The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.
Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- Variable Rates: Starting variable rates range from 2.99% APR - 12.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
- Fixed Rates: Fixed rates range from 3.75% APR to 13.60% APR (with autopay)*
- Easy online application!
- No origination fees, late fees, and no insufficient fund fees. Period
- Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- 0.25% discount when you set up autopay*
*UNDERGRADUATE LOANS: Fixed rates from 3.75% to 13.35% annual percentage rate ("APR") (with autopay), variable rates from 2.99% to 12.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.50% to 13.35% APR (with autopay), variable rates from 3.69% to 12.13% APR (with autopay). PARENT LOANS: Fixed rates from 4.23% to 13.60% APR (with autopay), variable rates from 3.09% to 12.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 09/02/2022.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
- Check your eligibility in just 2 minutes
- Flexible repayment options you can choose from
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
- Will cover up to 100% of the school's certified cost of attendance
- 9-month grace period (3 months more than most lenders)2
This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.47% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 2.80% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
The information provided on this page is updated as of 9/19/2022. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.