Financial Aid for Post-Graduate Training

Deciding to continue your education and enter a post-graduate education program takes a huge time and financial commitment. Post-graduate schooling does not come cheap; however, there are a variety of financing options to decrease the monetary burden of continuing your degree. The financing options for post graduate students differ from those available to undergraduate students. Options include loans, assistantships and fellowships.

Loans

• Loans to cover tuition, books and related expenses are available through private institutions and Federal Government. The Federal Government offers the PLUS loan for graduate students, which max out at $18,500 per academic year. For students with yearly tuition costs exceeding $18,500, the Graduate Plus loan is an option if you are current on other student loan repayments.


• The amount received is based on information included in the loan application, need and repayment history. Loans from government sources typically offer a lower interest rate and longer repayment schedule. Private lenders often have higher interest rates and strict guidelines.

Assistantships

• Assistantships are an excellent way to fund post-graduate training. This funding option requires students to dedicate a specified amount of time teaching as a student teacher in their department. Teaching assistants lead discussions or labs for undergraduate classes. Student teachers use their education and knowledge to help undergraduate students and provide classroom assistance and tutoring. In return, a portion of the post-graduate tuition is waived, or a living expense stipend is awarded.

Fellowships

• Fellowships offer a similar opportunity as assistantships; the difference lies in the type of work done. Fellowships primarily revolve around research and are common in science degrees. Students receive a partial tuition waiver or living expense stipend in return of research work.


• Fellowship applications are available through colleges, university or private organizations. Government fellowship programs are available through the U.S. National Science Foundation, U.S. Department of Education, U.S. Department of Defense and the U.S. Department of State. Private organizations sponsor fellowship opportunities to post-graduate students. An Internet search for private fellowship programs brings up a wealth of opportunities.