Key Takeaways:
- Pursuing a master’s degree costs $73,520 on average, and a doctorate could set you back $198,000 or more.
- Graduate students should complete the FAFSA for federal student loans and to be considered for grants and institutional aid.
- Students can also apply for scholarships or request tuition assistance from an employer.
Going to college for your bachelor’s degree is expensive. Add on a master’s or doctorate, and you could tack on $70,000 or more onto the cost for education. However, as with undergraduate school, there are financial aid programs for graduate and professional students to help make the cost of attendance more affordable. Below, we’ve highlighted some financial aid options for graduate school, from FAFSA to employer-sponsored tuition reimbursement benefits.
How Much Is Grad School?
A two-year master’s degree costs $62,820. Meanwhile, an entire Ph.D. program can range from $200,000 to upwards of $400,000 depending on the program. Very few students have this sort of cash laying around, and it can affect a student’s decision on whether to pursue a graduate degree.
Financial Aid for Graduate School
Thankfully, there are several financial aid options specifically for graduate and professional schools, including:
1. FAFSA
The Free Application for Federal Student Aid (FAFSA) isn’t just for undergraduates – graduates can (and should) use it, too. Depending on your financial need, you could be eligible for:
- Direct unsubsidized loans: Graduate and professional students can borrow up to $20,500 each school year. Some students are eligible for more, depending on their program.
- Teacher Education Assistance for College and Higher Education (TEACH) Grant: The TEACH grant offers up to $4,000 per year to students who are studying to be teachers.
- Work study: Qualified students can work part-time on campus or through a campus partner.
- Institutional aid: Many universities offer merit- and need-based grants and scholarships to their graduate and professional students. You need to complete the FAFSA and/or CSS profile to be considered for these financial aid packages.
- State grants: Select states have grants and scholarships for residents and/or grad students attending a school in the state. They usually need the FAFSA, as your university often determines eligibility, but you might also be asked to submit a separate state-specific financial aid application.
While Graduate PLUS loans used to be an option, the recent BBB bill ends the program on July 1, 2026. In addition, there are new lifetime borrowing limits (up to $257,500 total in undergraduate and graduate federal loans).
2. Scholarships
As with FAFSA, scholarships aren’t just for undergraduates! There are awards specifically for graduates, and many scholarships are for all students and degree levels.
Eligibility requirements vary, so read over the scholarship criteria carefully before applying. Scholarship databases can help you identify awards you qualify for, saving you countless hours on searching for and reviewing programs. They can also notify you when new scholarships are offered!
3. Private Loans
Private loans can help bridge the gap between what you have and what you need to pursue your master’s or doctorate degree. You can apply through a bank, credit union, or other financial institution, but they will need to review your income and credit history. If you don’t have a strong credit history, you’ll likely require a cosigner.
However, compared to federal student loans, private student loans tend to have higher interest rates and fewer borrower protections, such as forbearance and deferment. It’s best to pursue all other avenues first and only take out private loans if absolutely necessary.
4. Employer-Paid
Some employers offer tuition reimbursement or assistance, where they cover their employees’ education expenses as they pursue master’s or doctorate degrees. Program requirements and availability vary depending on the organization, and you may be asked to stay at the company for a set period of time after earning your degree. If you don’t stay at the company, you might have to pay back the full amount provided.
Even if your employer doesn’t currently have a tuition assistance program, it never hurts to ask them about assisting or adding it as a benefit to your current salary.
Pursuing a master’s or doctorate can be expensive, but with the right game plan, you might be able to pay a fraction of the expected cost – or even receive a full ride! Explore all of your financial aid options, complete the FAFSA as soon as possible, and compare schools to find the most affordable option for your goals.
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