Whether a student decides to jump into grad school right after undergrad or waits a few years in the workforce first, getting an advanced degree can be expensive.
“It’s a major life shift, especially if you’ve been working for a while and then decide to go back to school,” says Susan M. Brooks, senior associate director of graduate and federal programs at UNC Chapel Hill’s Office of Scholarships and Student Aid. “If we can remove one big stressor—like money—early on, you can focus all that energy on actually succeeding as a student.”
When it comes to funding grad school, experts recommend starting the planning process early and keeping these seven strategies in mind:
- Get your employer to cover grad school costs.
- Land a scholarship or fellowship.
- Look into tuition-free grad programs.
- Consider a doctoral program.
- Work for the grad school itself.
- Contact the admissions office directly.
- Borrow smartly.
Get Your Employer to Pay for Grad School
Some companies invest in their employees’ education through tuition reimbursement or assistance, helping them gain skills without hiring new staff. In fact, 92% of U.S. organizations offer some kind of educational benefits, per a 2019 report from the International Foundation of Employee Benefit Plans.
Experts suggest checking with your HR department about reimbursement policies, as funding may have limits. Some companies also require employees to stay for a set period after earning their degree—or pay back part of the tuition if they leave early.
Secure a Scholarship or Fellowship
These merit-based awards don’t need to be repaid. Grad students might need to fill out the FAFSA (Free Application for Federal Student Aid) to qualify.
Along with national scholarships (found on sites like Fastweb, Cappex, and Unigo), experts recommend looking for local opportunities through employers, nonprofits, or community groups. GoGrad is another great resource for niche scholarships.
Many grad programs also have their own scholarship portals. For example, the University of Pittsburgh’s PittFund$Me database lists all available school-specific funding. Students can also reach out to the financial aid office or their department advisor for degree- or research-specific awards.
“Financial aid varies a lot between grad programs, so we encourage students to contact their school directly,” says Amanda Godley, vice provost for graduate studies at Pitt.
Explore Tuition-Free Grad Schools
Some grad programs waive tuition entirely. For instance, Pennsylvania’s Curtis Institute of Music offers full-tuition scholarships to all undergrad and grad students, regardless of financial need. In 2022-2023, grad students received about $60,300 per year. Curtis also provides need-based grants and on-campus jobs to help with living costs.
Similarly, NYU’s Grossman School of Medicine offers full-tuition scholarships to every student—no merit or financial requirements. The 2022-2023 award was around $60,100, covering tuition and health insurance (but not other fees or living expenses).
Consider Doctoral Programs
Ph.D. programs often come with full funding, making them a debt-free option in many cases. Depending on the field, experts suggest considering a doctorate over a master’s.
These programs are competitive, but many—like Duke University’s—guarantee funding. Duke’s Ph.D. students get five years of full support, including a stipend, tuition coverage, six years of health and dental insurance, childcare subsidies, and emergency medical grants.
Work for the Grad School
Research or teaching assistantships usually cover part of tuition and provide a stipend in exchange for work.
“These opportunities often come through departments, so networking with professors and showing genuine interest in the subject is key,” says Eric Eng, founder of college consulting firm AdmissionSight.
Reach Out to the Admissions Office
One underrated strategy? Writing directly to the admissions office to explain your financial hurdles.
“If they see you’re a strong candidate but struggling with costs, they might offer extra support to keep you from choosing another school,” Eng says.
Borrow Wisely
Grad students make up 40% of federal loan borrowers each year, per a 2020 Center for American Progress report.
After filing the FAFSA, loans are often part of the aid package. Grad students can access federal options like Stafford and direct unsubsidized loans (up to $20,500/year). Private loans are another route, but experts recommend federal first.
Note: The Public Service Loan Forgiveness (PSLF) program cancels remaining debt for those in qualifying public service jobs (like teaching, nursing, or government work).
Before taking loans, experts stress researching interest rates.
“Some assume they won’t qualify for federal loans, but unless you’ve defaulted or hit borrowing limits, you’ll likely get approved,” Brooks says. “Knowing your interest rate can save thousands over time. We want students to explore all options and choose what’s best for them.”
