A funding provided for the sole purpose of benefiting a student in terms of his fees, accommodation, and provisions for educational purposes, can be termed as financial aid for graduate school. Here’s more…
While there are a lot of scholarships and grants available for a college education, more than 60% of those aspiring for graduate courses have to raise the money needed on their own. The prospects of a graduate degree are great, as people with a graduate degree earn twice as much as people who have stopped at a bachelor’s degree. With more realizing the potential of a graduate degree, graduate programs are being sought after across the country. Although any wish to enroll in a graduate program, the question in their minds is whether they can afford it. Rising costs and lack of funding have nudged universities to increase their fees and cost on amenities. Students are pushed to desperation, seeking part-time jobs to complete their educational aspirations.
The recent changes made by the government at providing subsidized loans to graduating students has ushered a new wave of optimism among them. Helpful ways are suggested to fulfill financial obligations. Some of the options are government loans, on campus jobs, teaching assignments, etc.
Assistantship
An assistantship is a great step to get a financial aid for a graduate degree, besides getting to work for your chosen field in the university. Students who are selected for assistantship get a waiver in their tuition fees, and at times a small stipend. The benefits of assistantship vary from university to university, and is the prerogative of the concerned university. You will need to fill in an application qualifying for an assistantship, and you are expected to have a good GPA. Normally, the work schedule demands you to work for around 18 hours a week, but this again varies in different universities. Your job requires you to teach low-level classes, grade assignments, etc. It also helps you gain knowledge, as you will have to work with professors and faculty. Financial aid for an educatee is good enough to take care of the expenses in the university.
Employer Aid
A lot of organizations encourage their employees to pursue their post-graduate courses by funding their graduate program. Of course, it means that you will have to sign a bond with your employer, but if you feel that the organization is a great place to work in, this would not be of any concern. Employer aid is one of the great ways to absolve an employee from the weight of liability to pay loans, debts, etc.
Government Loans
The government offers education loans to students at low-interest rates. FAFSA and Stafford are two examples of government subsidized loans. There is a massive influx of demand from the candidates applying for these loans, so drafting an application for them early holds high priority. To apply for a FAFSA, you need to fill in a FAFSA form, and if it is approved, the applicant become eligible for a subsidized government loan.
Personal Educational Loans
There are other sources providing educational aid in monetary terms, however, aid from these sources comes with a contingent of high-interest rates than the government subsidized loans, but has the advantage of being easily availed. Taking an educational loan from private lenders and some financial institutions may not be advisable, however, if the situation demands, it deft steps in fulfilling the debt obligations should be contemplated before a final commitment which salvages credit ratings.
The fact is that a majority of students who aspire graduate degrees have to borrow money from one source or the other. However, one should try to choose the best possible option, so that it does not affect your financial position later on.