Loyola University Maryland

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Step 4: Determine How You Will Finance Graduate School

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Financial Options for Graduate School

Graduate school can be very expensive. However, just like undergrad, there are many financial aid options for graduate school. Before confirming your enrollment in any program you should research the financial aid options available at your prospective school, check into federal financial aid, and research scholarships and fellowships. See information on paying for college

Financial Assistance Options

Fellowships

  • A graduate school fellowship is a financial award given to students entering graduate school. It is designed to help students cover academic and personal expenses while working on advanced degrees (eHow.com).
  • See a list of Graduate Fellowships.
  • See information about Fellowships at Loyola.

Federal Student Aid & Loans

  • The Department of Education’s Federal student aid programs are the largest source of student aid in America. These programs provide more than $100 billion a year in grants, loans, and work-study assistance. Learn more about these programs.
  • Remember that some federal aid has to be paid back (i.e. loans) and other sources don’t have to be paid back (i.e. grants).
  • See myths about financial aid.

Scholarships

  • Scholarships are a sum of money or other aid granted to a student, because of merit, need by an organization or corporation.
  • See a list of scholarship search databases.

Assistantships

  • Graduate Assistantships provide partial/full tuition reimbursement and/or stipends for opportunities to serve the university/college.
  • Assistantships can be found in various departments on campus depending on the size of the school. For example:

Greek Life Judicial Affairs Student Activities Academic Departments
Commuter Services Disability Support Services Career Center Recreation Services
Administrative Departments Resident Life Counseling Center Health Center
Admission Financial Aid Record Office
  • There are different types of assistantships including: Teaching, Research, Administrative.
  • Locate assistantships by contacting the graduate admission office or the various departments individually. Many departments have a competitive application and interview process for assistantships, which normally starts in the spring semester.
  • See a list of graduate assistantships at Loyola.

Grants

  • A grant is an award of financial assistance from an agency to a recipient to carry out your educational goals. Grants are awarded by various organizations and do not have to be paid back.
  • See a list of grants.

Part Time jobs – on/off campus

  • If you are unable to obtain an assistantship or need additional income to supplement your financial aid package you can look for a part-time job on campus or off campus. For assistance with job searching visit the school’s career center, financial aid office, or human resources office.

Helpful Website About Financing Graduate School

Continue to Step 5 - Make a Decision >>

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