How To Get More Financial Aid For Graduate School

Graduate students can borrow up to $20,500 per year in direct unsubsidized loans. They can also take out PLUS loans and private loans.

Yes. Every master’s and doctoral student should complete the FAFSA. In addition to qualifying for federal financial aid, some scholarships and grants require FAFSA information.

No. Federal Pell Grants fund undergraduates who demonstrate financial need. However, graduate students qualify for other grants and scholarships.

Yes. The federal student aid program gives TEACH Grants and Iraq and Afghanistan Service Grants to graduate students.

Graduate students can ask prospective schools to reconsider their financial aid offer. If their financial circumstances have changed since submitting the FAFSA, students can resubmit the FAFSA to potentially qualify for more aid. Similarly, admitted enrollees can ask for additional institutional aid.

When asking schools about graduate student financial aid, inquire about the full range of aid. This includes federal loans and any scholarships and grants the school offers. Students should also request information about graduate assistantships, fellowships, and work-study opportunities.

During a salary negotiation, job candidates who act professionally increase their chances of success. The same applies to graduate funding negotiations. When communicating with grad schools, express appreciation for the admission offer and financial aid package. Politely inquire about additional funding opportunities or funding for subsequent years of the program. And stay concise. Rather than rambling on about your expenses, remain focused on the goal.

Admitted students can write a negotiation letter to ask for additional funding or inquire about other graduate student financial aid opportunities. Admitted students typically send this letter to their school’s financial aid office.

In the best scenario, applicants receive admission offers with a financial aid package from multiple schools. As with competing job offers, admitted students can contact their top choice and ask if they can match a better financial aid offer. For example, if one program offers one year of graduate assistantship funding but another offers two years, admitted students can ask the first program to extend the offer to two years.

When asking schools to match another offer, provide clear information on the competing offer. During negotiations, always express interest in the program. Avoid negotiating for a higher financial aid package if you know you will turn down that school’s admission offer.

Graduate students need a clear idea of their financial aid needs when negotiating with programs. Rather than simply asking for more money, calculate the cost at different schools. Keep in mind that some programs cannot offer institutional aid above the cost of tuition.

However, students should mention any unique circumstances. For example, a financial aid package may cover in-state tuition and the graduate student must pay the out-of-state rate. Admitted students can request additional aid to pay the higher tuition rate or request a waiver to pay the in-state rate.

Most graduate students review their financial aid offers and accept one school’s offer. However, it pays to negotiate financial aid for graduate students. Investing some extra work during the admissions process can mean smaller student loan payments in the future.

Be persistent, even if you do not hear back from a school. Consider contacting the financial aid office, the department chair, or the college dean. Sometimes a phone call gets a faster response than an email. As the deadline for accepting the admission offer approaches, make sure to get a firm answer on the financial aid offer.

Who Can Apply: Learners pursuing a degree in a business-related field, including finance, management, and economics may apply. Applicants need a minimum 3.0 GPA.

Amount: $1,500

Who Can Apply: U.S. students qualify for the scholarship, which funds college costs. Applicants must submit an essay on why education matters to them and how they would convince others that attending college matters.

Amount: $5,000

Who Can Apply: This veterans scholarship at New York University Stern School of Business helps veterans afford a master of business administration program. The scholarship funds students during an intensive summer program.

Amount: Varies

Who Can Apply: The program, a partnership between Federally Employed Women (FEW) and Grantham University, offers scholarships for graduate students. Applicants submit an essay and must be a member of FEW or the spouse or child of a member.

Amount: $5,000

Who Can Apply: The program offers need-based grants to women completing a degree or certificate. Recipients must use the grant to cover educational expenses such as tuition, books, testing fees, and graduation fees. The grant also covers childcare costs.

Amount: Up to $3,000