How to Get Financial Aid for Graduate School (Without Drowning in Debt)

Graduate school can be costly. On average, public schools charged $12,116 in tuition and fees, while private schools charged $21,110 in 2024-2025, according to the National Center for Education Statistics. Still, earning a graduate degree often leads to higher pay than a bachelor’s degree.

While there are still plenty of financial aid options for graduate school — such as scholarships, grants, assistantships, and fellowships — the Trump administration’s One Big Beautiful Bill (OBBB) introduced limits to the federal loan amounts graduate students can access.

This guide covers how to get financial aid for graduate school, the different types of aid available, and strategies to maximize your funding.

The first step to making graduate school more affordable is completing the Free Application for Federal Student Aid (FAFSA), which graduate students should submit annually.

The process is simpler for grad students than it is for undergrads. The FAFSA typically considers grad students financially independent, so you won’t need to report parental income. However, you need to provide your own tax and financial asset information.

Even if you don’t plan to take out loans, filing the FAFSA is still essential. Many types of student aid — including scholarships, grants, fellowships, and work-study programs — require it. In 2025-25, the average aid received per full-time equivalent grad student was $29,160.

If you do plan to take out loans, you should understand the changes established by the OBBB that go into effect on July 1, 2026, and which limit the amounts a grad student can borrow.

Gone will be the Grad PLUS loan program, which allowed students to borrow up to the full cost of the program. Additionally, graduate student loans will be capped at $20,500 per year, with an aggregate limit of $100,000. Students enrolled in professional degree programs will have an annual limit of $50,000 and an aggregate limit of $200,000.

The Department of Education (ED) finalized a rule defining the following 11 fields as professional, making them eligible for the higher loan caps:

However, 25 states and D.C. challenged ED’s final rule in court on May 19, attempting to overturn the limited definition of what a professional degree is. Pending a decision on the lawsuit, ED’s rule takes effect on July 1.

Scholarships are one of the most common forms of financial aid for graduate school and provide free money you don’t need to repay. You can apply for scholarships based on your degree program, career goals, background, or location. They can be merit-based, need-based, or awarded by specific organizations or schools.

Fellowships are merit-based awards that support students pursuing advanced research and professional development in specialized fields. Fellowships can come from government-sponsored programs, private foundations, or schools.

Assistantships are the primary form of funding for doctoral students. They often include tuition, a monthly stipend, and health insurance in exchange for part-time work (typically around 10-20 hours per week). Common types include teaching assistantships (TA), research assistantships (RA), and graduate assistantships (GA). In addition to the monetary benefits, assistantships provide valuable experience and often lead to research or academic jobs.

Grants also provide free money that you don’t have to repay. Federal options include:

The TEACH grant awards up to $4,000 per year for students enrolled in eligible programs, typically in high-need teaching fields such as mathematics, science, and foreign languages. However, each school determines which programs are eligible, so contact the financial aid office to confirm.

To receive this federal student grant, you must agree to complete a teaching service obligation. If you don’t meet this condition, the grant turns into a loan, which you must pay back with interest.

The prestigious Fulbright U.S. Student Program provides merit-based grants to participants who wish to pursue graduate studies, conduct research, or teach English abroad. To qualify, participants must hold a bachelor’s degree, but students with Ph.D.s are ineligible. Because of the prestige and highly competitive nature of the award, other eligibility requirements can be strict.

Loans are borrowed money that must be repaid with interest. Before considering loans, explore all available scholarships and grants. If you need to borrow, federal loans are a better option than private loans, as they offer lower interest rates and more flexible repayment terms. To qualify for federal loans, complete the FAFSA.

Unlike some undergraduate federal loans, all grad student loans are unsubsidized, meaning they begin accruing interest immediately upon disbursement.

Work-study programs allow you to earn money through part-time work, often on campus or related to your field of study. These jobs can help cover living expenses or tuition. You must complete the FAFSA to be considered for work-study programs.

Some employers offer tuition assistance or reimbursement programs. Check with your human resources department to understand eligibility, the application process, and any requirements or conditions set by your employer.

A scholarship is free money that you don’t have to repay and can help you reduce tuition costs and minimize student loan debt. Scholarships can come from a variety of institutions, such as colleges, employers, professional organizations, and non-profits. They can be merit-based, needs-based, and can also be designed for specific groups, including:

To learn more about scholarship opportunities for graduate students, contact the school’s financial aid office. You can also search online for scholarships.

How to Get More Financial Aid for Grad School

1. Ask Schools to Reconsider Your Aid Offer

• Federal loans
• School-specific scholarships or grants
• Assistantships and fellowships
• Work-study opportunities

2. Ask for Additional Financial Aid

3. Use Better Offers as Leverage

4. Know What You Need

5. Be Persistent