For many career paths, grad school isn’t an option.

If you’re looking to qualify as a lawyer, a medic, or see your future in academia, then grad school will have to be a part of your future. You’ve done the work, taken the first steps towards the career of your choice, and grad school will now be the crucial cherry on the top.

While you may be well aware of the necessity of attending grad school, the process is unfortunately far from simple. There’s a lot to keep in mind, but often the final point of that post is the real kicker: the cost. As a result, it’s worth looking further into cost management for grad school students and looking to see how you can fund the next step of your education.

How much does it cost?

As with almost anything related to education, the cost of grad school varies hugely. It depends on the subjects you’re studying, the grad school itself, the location of the school, and whether the school is public or private. The average cost, according to FinAid, is between $30,000 and $120,000. This is a pretty sizable difference between the lower and upper amounts.

Due to the sheer variety of programs and costs, it’s always best to research grad school programs individually to get an idea of what you might expect to have to pay. Don’t forget to add on additional expenses such as textbooks, living expenses, and so on.

Are loans available for grad school?

Yes, both federal and private grad school loans are available – though the interest rates can greatly increase the overall costs. As a result, most grad school students will look to explore other ways of paying for their tuition at least in part.

What are the alternative ways of paying?

Scholarships

• Scholarships can be offered by the school itself in any field, though are particularly common for medicine-based students. These types of scholarships can be offered both on merit or according to financial need.
• Private institutions looking to encourage the next generation also offer scholarships, particular in specialist fields such as law via the likes of Ogletree Deakins. Often, these scholarships include mentoring and other elements that could be beneficial for your eventual career.

There are numerous resources online that can help you find a scholarship that might suit you. You can also ask your chosen grad school for recommendations regarding which scholarships previous students have benefited from.

Assistantships

• Assistantships tend to require the student to work on-campus for around 20 hours per week, either assisting with teaching or research.
• In exchange, you will receive tuition remission and potentially a stipend that can be used for living expenses

Your chosen grad college is usually the best source for assistantships. Browse their website to see if there are any options available.

Graduate fellowships

• Fellowships offer similar benefits to assistantships – such as tuition remission and living expenses – but do not usually require you to work a set amount of hours.
• However, fellowships are fairly rare, and are usually only offered to PhD students rather than Master’s students – but there’s no harm in asking your college to see if any may be available.

How do I know which of the above is right for me?

Alas, there’s no way of knowing – most people tend to make the choice based on their personal preferences. It is helpful, though, to at least give yourself as many options as possible. Then make your final choice when you have all the information and possibilities gathered.

To do this, simply apply for any scholarship, assistantship, or fellowship that may be suitable for you. You don’t have to necessarily accept them if you dislike the terms of any offer that is made. So there’s no harm in finding out more.

Is it possible to attend without loans or any additional funding?

Yes, but it is more of a challenge. Most people who choose this option tend to have decent savings to rely on to help pay their living costs. They will fund their tuition and other expenses via a full-time job. Or maybe they have a side hustle that is capable of generating a good income. However, it is possible to manage work alongside studying if you are not keen on any of the other options.

If you are contemplating a career path that will require a graduate qualification, then working out how to fund the process is a huge task. Hopefully, the tips above will have provided a few insights. Explore further and see which option might work best for you.