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Paying for Graduate School

There's no doubt about it -- earning your graduate degree is an expensive proposition. And while it's certainly worth it, finding a way to pay for it can be incredibly difficult. For those students who aren't independently wealthy (probably 99.9999%), you'll need to rely on some form of financial aid -- either fellowships, scholarships, assistantships, or employment -- to manage the ever-rising costs of your degree program.

Free Money: Fellowships and Scholarships

Fellowships and scholarships are obviously the most ideal form of financial aid: you don't have to pay them back. Unfortunately, they're the most difficult to obtain and, even if you manage to get one, odds are good that you'll still have to supplement that money with some form of loan to pay off the balance of your education. Most fellowships provide for tuition and a stipend; some cover your entire degree program, while others must be renewed annually. Fellowships can be incredible competitive -- you'll need a strong record and great recommendations to get the best ones.

Grants and scholarships are out there, too -- you just have to find them. The hardest part is sometimes just tracking them down. Check online resources, at your university, at your local library, community organizations, business, labor unions, and anywhere else you can think of.

Assistantships: Earning Your Keep

Remember the annoying, coffee-guzzling grad student TA in your freshman writing class and kept leaving coffee stains on your papers? Now you can be that TA!

At some point in their career, most graduate students become teaching or research assistants. In return for leading class sections, grading papers, overseeing laboratories, and helping professors, these assistants usually receive a stipend or a tuition break. While it may not sound terribly glamorous, this assistant work is a great way to gain experience while going to school and -- perhaps most importantly -- build relationships with faculty.

Employment: Tried and True

One of the classic ways of financing your education is to pick up a part-time job that may or may not be related to your chosen field. One big drawback of this route is that it may extend the amount of time you're in school -- especially if you have to work a lot of hours to pay off your costs each semester. But it's a good option if you have the time and want to lower your dependence on student loans.

Loans and Other Financial Aid

Most students have to take out some form of loan (often multiple loans) to finance their education. Almost every student should fill out the FAFSA -- the Free Application for Federal Student Aid. Most financial aid comes in the form of loans and grants by the federal government and the FAFSA is the way to apply for that aid. The FAFSA is usually available in January for aid to be used beginning in the fall term that year.

Remember that financial aid, especially loans, can be a big obligation. Defaulting on a student loan payment can have drastic consequences -- ruining your credit history, bringing the wrath of collection agencies, etc. But if you keep on top of your debt and pay your bills on time, you should find that you'll pay off your college debts in a reasonable amount of time and you'll have a great education -- and career -- to show for it.