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Financial Aid Overview
The information in this section is meant to be a general overview of financial aid options. Be sure to review the specific terms of your financial aid package carefully before you accept and direct any questions to the university’s Office of Financial Aid or to the organization awarding your scholarship, grant, assistantship, etc. (e.g., your academic department, an outside foundation, etc.).
As a graduate student, the only type of federal aid you will be offered after submitting your FAFSA is a Direct Unsubsidized Loan. Graduate students can also apply for a second federal loan called the Graduate PLUS Loan. Additional details are outlined in the “Loans” section below.
Depending on the university you are applying to, additional funding (such as scholarships, grants, or assistantships) might be available through the Financial Aid Office or through your academic department.
Different Types of Financial Aid
If you are planning to use one or more federal student loans to help pay for graduate school, you will need to submit the FAFSA every year. The FAFSA might also be required for university-based scholarships and grants. Although the process is mostly the same for graduate students as it is for undergraduate, there are a few key differences. This article from Forbes does a good job of summarizing the key differences:
- Dependency status. All graduate students are considered independent for financial aid purposes. This means you’ll only have to enter your own income and asset information rather than your parents’.
- Aid options. Graduate students have different loan and aid options than undergraduate students. As a graduate student, the only loans you can qualify for are direct unsubsidized loans and Grad PLUS, so you’re responsible for all interest that accrues on your loan. Graduate students are also ineligible for Pell Grants, though you may qualify for other types of grant aid.
- Borrowing limits. Undergraduate student loans have annual and aggregate borrowing limits. Graduate Unsubsidized Loans also have borrower caps, but Grad PLUS loans have no borrower maximum. You can borrow up to the total school-certified cost of attendance.
Loans are types of financial assistance that must be repaid with interest. Be sure that you understand the terms of any loans you borrow for your education, and that you only borrow the amount you truly need for your education related costs.
Federal Loans
There are two types of federal student loans offered to graduate students, both of which are unsubsidized. Federal loans offer several different repayment plans, and their interest rates are usually (but not always) lower than those of alternative loans. Students must be enrolled at least half-time to be eligible for a federal student loan.
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- The Direct Unsubsidized Loan is the loan that you can potentially receive after filling out the Free Application for Federal Student Aid (FAFSA).
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- The Graduate PLUS Loan is credit-based and requires its own application in addition to the FAFSA.
Alternative Loans
Alternative loans, also known as private loans, can help a student cover the difference between their cost of attendance and financial aid. Alternative Loans should only be considered after careful review of your financial aid package.
The website ELMSELECT offers information and tools for comparing some of the most commonly used alternative loans.
This article from the Department of Education does a good job of explaining the differences between federal and private loans.
This type of funding Is broadly referred to as gift aid or non-repayable funds because recipient is not required to pay this money back as long as the terms of the award are met.
- Scholarships can be awarded by universities, state or federal governments, or private organizations. Scholarships can be awarded for a variety of reasons, such as financial need, academic achievement, being a first generation student, etc.. In order to remain eligible for an awarded scholarship, students are usually required to be enrolled in a certain number of credits and/or maintain a certain minimum GPA.
- Grants, Fellowships, and Assistantships can also be awarded for many different reasons and will have varying requirements for students to remain eligible for the award.
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- Grants and Fellowships usually require students to provide a specific result by the end of the award period.
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- Assistantships usually require students to spend a certain number of hours per week performing specific tasks (e.g., research, teaching, etc.).
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- Assistantships and Fellowships might include a stipend to help with living expenses in addition to paying for tuition.
Employer Tuition Assistance might be available from your employer. If you are working full-time and plan to continue doing so during your graduate program, check with your HR department to see if tuition assistance is part of your benefits package.
Questions to Ask Your HR Department
- What documentation do I need to submit in order to receive tuition assistance? Does documentation need to be submitted every semester?
- Do I need to be pre-approved to take a specific course?
- Will the company reimburse me, or will they pay the university directly?
- Is there a maximum amount of tuition assistance I can receive?
- Usually, it is either a maximum number of credit hours or a maximum dollar amount per calendar year. Employer tuition assistance up to $5,250 per calendar year is not taxed by the IRS.
- Do I need to earn a minimum grade in the course to receive tuition assistance for that course?
- What happens if I withdraw from or do not pass a course?
- What other policies should I be aware of?
Tips for Finding Scholarships, Grants, Fellowships, and Assistantships
These types of awards can come from your university, your academic department, professional organizations, service-based organizations, and more.
When searching and applying for scholarships, keep in mind that while the majority of scholarships and scholarship databases are legitimate, it is important for you to stay alert. You should not need to pay a fee to apply for a legitimate scholarship, nor should you need to provide extremely sensitive personal information such as your social security number (although your SSN might be needed for federal grants and scholarships).
Get (and Stay) Organized!
Our “Scholarship Application Tracker” spreadsheet is a tool you can use to keep track of each scholarship you apply for. Feel free to download this file and add/remove columns to suit your needs. Download the spreadsheet here.
The resources below can help you get started, but there are many other websites that can also help. The best way to find other websites that might be more tailored to you is to do a search online with more specific search terms, such as “scholarships for first generation graduate students”, “grants for women in STEM”, etc.
- Check the website for the professional organization associated with your field (e.g., the National Association of Social Workers offers scholarships through the NASW Foundation).
- Scholarships and Loans for Students Studying Abroad (iefa.org)
- Fulbright Scholarship (Fulbright.org)
- Review this tips sheet for undocumented students (nasfaa.org)
- Find out if you are eligible for in-state tuition and/or financial aid from your chosen university (higheredimmigrationportal.org)
- Submit your Colorado Application for State Financial Aid (CASFA) if you are planning to attend a graduate program in Colorado.
Additional Resources
Contact Information
Email: [email protected]
Campus Location:
Administration Building (AD)
Suite 270
(meetings by appointment only)