Graduate school is a significant financial investment, but numerous funding options can make it affordable or even free. Understanding the funding landscape is essential for making informed decisions about which programs to attend and how to finance your education. This guide covers all major funding mechanisms for graduate students.
Good News About Funding
PhD Programs: Most reputable PhD programs provide full funding (tuition waiver plus stipend) to admitted students.
Assistantships: Teaching and research assistantships cover tuition and provide living stipends.
External Fellowships: NSF GRFP, Ford Foundation, and many others provide prestigious funding.
Masters Programs: Funding varies but assistantships, scholarships, and employer sponsorship are common.
Types of Graduate Funding
- Teaching Assistantships (TA): Teach sections, grade papers, or hold office hours in exchange for tuition and stipend
- Research Assistantships (RA): Work on a professor's research project, typically funded by their grants
- Fellowships: Merit-based awards that typically do not require work obligations
- Scholarships: Need or merit-based awards from the institution or department
- Tuition waivers: Some programs waive tuition but do not provide a living stipend
NSF Graduate Research Fellowship
The NSF GRFP provides 3 years of support: $37,000 annual stipend plus $16,000 education allowance. It is one of the most prestigious graduate fellowships available. Apply in your senior year of undergrad or first two years of grad school. Applications require research proposals and personal statements. The fellowship follows you to any accredited institution.
Negotiating Funding Packages
- Compare offers: Factor in stipend, tuition, fees, health insurance, and cost of living
- Negotiate politely: If one program offers more, share that with other programs
- Ask about summer funding: Some programs only cover the academic year
- Conference travel funding: Ask about support for presenting at conferences
Financial Planning in Grad School
- Budget realistically: Grad stipends are modest so plan expenses carefully
- Emergency fund: Save 1-2 months expenses for unexpected costs
- Loan deferment: Federal student loans can be deferred while in grad school
- Side income: Check if your program allows outside employment
Pro Strategy: Never pay full price for a PhD. If a PhD program does not offer funding, that is either a sign of a low-quality program or a poor fit. Funded PhD offers cover tuition and provide a livable stipend. For masters programs, compare total cost of attendance including living expenses across programs to find the best value.