Financial help for graduate students

Financial Help for Graduate and Professional Students

Thinking about graduate school, law school or perhaps studying for one of the health professions? Paying for graduate school can present a challenge, but there are options available to you in the form of grants, scholarships, loans and work-study programs.

The federal government offers the following (for each of these programs, you must meet the federal financial aid requirements):

TEACH Grant

If you're studying to become a teacher, you can receive a federal TEACH Grant that will provide you with up to $4,000 per year toward your education costs. In exchange, you must sign an agreement to work full time as a teacher in a high-need field serving low-income students. If you do not fulfill your agreement, any TEACH Grant funds you received will convert to an unsubsidized federal Stafford loan with interest charged from the date of each grant disbursement. Read the important details of this program.

Federal Work-Study

Schools participating in the Federal Work-Study program have a limited number of paid part-time jobs available for students with financial need. If eligible, you may be assigned to work on or off campus, usually in a job related to your course of study. You'll be paid at least the federal minimum wage and your work hours will take your class schedule into consideration.

Perkins Loans

If you have exceptional financial need and attend a participating school, you may be eligible to borrow up to $8,000 per year with a 5 percent interest rate through the Perkins Loan Program. These loans are administered directly by the school.

PLUS Loans

These loans allow you to borrow up to the cost of education minus any other financial aid. PLUS loans are meant to fill the gap between your financial aid package and the cost of education, and will typically offer better terms than a private loan. Your school must determine your federal Stafford loan eligibility before you apply for a PLUS loan, and it's in your best interest to take out the maximum amounts you qualify for in Stafford loans before applying for a PLUS loan.

To apply for a PLUS loan, complete the Free Application for Federal Student Aid, or FAFSA . In order to qualify, you'll need to meet credit eligibility requirements which state you cannot have any debts that are delinquent 90 days or more, or have any defaulted loans, outstanding tax liens, unpaid judgments, or any bankruptcy, foreclosure or wage garnishment within the past five years. If you do not meet the credit criteria, you may still receive a Grad PLUS loan if you know someone who can and is willing to endorse your loan.

Scholarships and Other Grant Aid

As a graduate or professional student, you may find there are fewer general scholarship and grant programs available; instead, aid usually relates to the specific course of study you wish to pursue. It may take a little more investigating, but there are scholarships and grants tailored to those studying business, political science, dentistry, physical therapy, law and many other fields. The links below will help you get started on your search; also check with your school's financial aid office for leads and to see if they offer institutional grants.