Let’s face it: a graduate degree isn’t exactly cheap. But in some careers, it’s a must if you want to be employable at all. And even if that’s not the case for your chosen career, it’s still worth giving a graduate degree some thought. After all, getting one correlates with a higher salary and lower unemployment.
Fortunately, you don’t have to foot the bill all by yourself. You have plenty of options, from loans and grants to scholarships and work-study programs. However, you should start looking into them as early as possible, lest you want to miss a critical deadline by accident.
Let’s dive into these and other financing options. But before that, a little sidenote: your options will vary depending on the university and program!
What Is Financial Aid Office, Exactly?
A Harvard law program won’t come with the same financing options as a UC Berkeley computer science one. That’s why it’s so important to reach out to a financial aid office and ask about your specific options directly.
Financial aid offices are part of colleges and universities. As the name suggests, advisors employed at such offices help students navigate their financial aid options. You can talk to them in person, over the phone, or by email.
Of course, you could just look for information online. But financial aid advisors can take your specific circumstances into account and suggest the best options on the table.
What Does the Financial Aid Office Do?
The exact answer depends on the university in question. Some may prioritize in-person meetings; others may ask you to contact them by email or fill out a form. Some offer comprehensive checklists; others put whole portals at your disposal.
That said, financial aid offices across the nation share a common purpose: helping students find and secure the right financial aid for their needs. They do it by:
- Advising on the available financial aid options (work-study programs, scholarships, etc.)
- Helping students navigate application processes for FAFSA, state aid, etc.
- Advising on accepting, declining, or modifying aid awards
What’s more, financial aid offices are also in charge of:
- Deciding how much aid students qualify for
- Reviewing and verifying required documents
- Issuing financial aid offer letters and emergency aid
When Should You Reach Out to the Financial Aid Office?
First and foremost, you need to have your acceptance letter on hand. Some financial aid offices may advise prospective students who haven’t been accepted yet, but it’s an exception rather than the rule. They usually publish whether they cater to prospective students’ inquiries on their websites, so check there first.
We’d also advise you to check out the information on the financial aid office’s website first. Chances are, you’ll have some of your questions answered this way. If you still have other questions — including but not limited to “What aid do I qualify for and how do I get it?” — contact the financial aid office for advice.
You can also turn to the financial aid office if:
- You want to review your financial aid offer or ask questions about it
- You need emergency financial aid due to an unexpected event
- You’re not sure how to correctly fill out the paperwork
Note: Federal student loans may require you to head to the financial aid office for mandatory counseling.
Questions to Ask at the Financial Aid Office
If you’ve decided to take an appointment with a financial aid advisor, it’s best to come prepared. Spend some time jotting down the questions you have for the advisor. Otherwise, you might get that “oh, shoot” moment when you remember you wanted to ask about something three hours after the meeting.
Of course, the exact list of questions depends on your particular situation. So, reflect on what aspects of the financial aid process are unclear to you. For example:
- What financial aid do I qualify for?
- Does your university offer specific financial aid options for students like me?
- How do I apply for these particular financial aid options?
- Can you help me complete the application form or clarify a specific question?
- Can you give me tips for boosting my chances of getting financial aid?
- How much should I expect to pay out of pocket after I secure the financial aid?
What Types of Financial Aid Can You Choose From?
Federal, state, and local governments all offer some type of financial aid for students. But they’re not the only ones: private businesses and universities themselves also have programs to help students finance their studies.
Grants
Grants have one undeniable advantage: they don’t have to be repaid. (That is, unless you violate terms in some way.) They can come with certain obligations, too. For example, the federal TEACH grant requires you to teach low-income students for four years.
Scholarships
Like grants, scholarships also don’t need to be repaid. They’re offered by schools, organizations, nonprofits, private companies, philanthropists; there are literally thousands of them. They can be merit- and need-based and paid out directly to your school or your bank account.
Work-Study Programs
As the name suggests, these are programs that let you pick up a part-time job to help cover your expenses. Usually, the university itself provides the job or partners up with a local organization to offer one directly to you. In other words, you get assigned a job; no job hunting on your part is necessary.
Loans
That’s probably the first financing option that came to your mind. However, loans have a downside: you’ll be on the hook for repaying them for years down the road. So, it’s better to minimize your student debt — and apply for federal direct unsubsidized loans via FAFSA.
Aid for Military Families
If you’re a former service member yourself, the federal government can cover up to 100% of your tuition fees. And if someone in your immediate family served in the military, you may also be eligible for certain grants, loans, and scholarships.
Aid for International Studies
Planning to go abroad for a semester — or get your whole degree in another country? Good news: federal student aid can help you offset some of the costs. Certain colleges and universities abroad actually take part in the Direct Loan Program.
Rinse and Repeat Every Year
Secured financing for the upcoming semester or year? Great! Now, remember: you may have to reapply for scholarships and grants to keep receiving them. Plus, you may lose eligibility for certain financial aid options you’re receiving now. On top of all that, the terms (e.g., the amount) of financial aid programs may change over time. New opportunities may appear, too.
So, keep track of your obligations and deadlines — and stay on the lookout for new funding opportunities. Don’t hesitate to discuss your options with a financial aid advisor.
In Closing
When you first lay your eyes on the cost of attendance for your program, you might feel dumbfounded or overwhelmed. But don’t give in to that initial shock. You can find a way to pay for your graduate studies — although it will probably take a lot of paperwork.
If you can’t make heads or tails of your options, check out your financial aid office’s website, as well as your department’s. Have a meeting with an advisor if you have questions that aren’t answered in online guides or FAQs.