How to Get Financial Aid for Graduate School (Without Drowning in Debt)

Q: What’s the maximum aid available to graduate students?

Graduate students can borrow up to $138,500 in federal subsidized and unsubsidized loans. This total amount includes any federal loans you took out as an undergraduate. So, if you borrowed federal loans before grad school, that amount counts toward the $138,500 limit. More funds are available through PLUS or private loans to cover additional costs.

Q: Do I need to complete the FAFSA for graduate school?

You should complete the FAFSA to access federal student loans (like unsubsidized loans), certain federal grants, or work-study programs. It’s also important for schools to assess your financial need and consider you for other forms of aid.

Q: Does FAFSA offer grants for grad students?

Graduate students may be eligible for TEACH Grants and Iraq and Afghanistan Service Grants through FAFSA. However, Pell Grants, which are more common for undergraduates, are generally unavailable for graduate students.

Q: How to pay for grad school without loans?

You can avoid loans by focusing on other types of financial aid for graduate school, including scholarships, fellowships, and assistantships. Work-study, part-time jobs, and military benefits are also options. Crowdfunding or university endowments may also help cover costs.

Updated on June 20, 2025

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Learn how to secure financial aid for grad school through scholarships, grants, loans, and work-study programs.

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Graduate school can be costly. On average, public schools charged over $11,000 per year in tuition and fees, while private schools cost more than $20,000, according to 2023-2024 data from the National Center for Education Statistics. Still, earning a graduate degree often leads to higher pay and lower unemployment than a bachelor’s degree.

The good news is that there are many financial aid options for graduate school to help cover the cost. Graduate students can apply for scholarships, grants, assistantships, fellowships, and loans and save thousands of dollars annually.

This guide covers how to use the FAFSA for graduate school, the different types of financial aid available, and strategies to maximize your funding.

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FAFSA for Graduate Students

The first step to making graduate school more affordable is completing the Free Application for Federal Student Aid (FAFSA), which graduate students should submit annually.

The process is simpler for grad students than it is for undergrads. The FAFSA typically considers grad students financially independent, so they don’t need to report parental income. However, they need to provide their own tax and financial asset information.

Even if you don’t plan to take out loans, filing the FAFSA is still essential. Many scholarships, grants, fellowships, and work-study programs require it.

How to Get More Financial Aid for Grad School

There are other ways to increase your financial aid beyond the FAFSA. Use these financial aid strategies to boost your funding and reduce the cost of grad school.

1
Ask Schools to Reconsider Your Aid Offer
If your financial situation has changed since you submitted the FAFSA, reach out to the school and ask them to review your aid package. You can also request additional institutional aid, even without a change in circumstances.
When you contact the school, ask about all types of funding they may have available, such as:
- Federal loans
- School-specific scholarships or grants
- Assistantships and fellowships
- Work-study opportunities
2
Ask for Additional Financial Aid
Consider asking for more financial support after your admission. Start by thanking the school for your acceptance and any aid you’ve received. Then, politely ask if there are other funding options.
You can send your request as a letter or email to the financial aid office or the program coordinator. Keep your message brief and focused on your goal. Don’t list personal expenses you have.
3
Use Better Offers as Leverage
If one school offers more aid than another, you can ask your preferred school to match it. For instance, if one program offers two years of assistantship funding but another only offers one, request an extension.
But avoid negotiating for more aid from a school if you already know you won’t attend. It’s best to start these conversations only with programs you’re seriously considering.
4
Know What You Need
Before negotiating, calculate your estimated expenses at each school. If your aid only covers in-state tuition and you’re paying out-of-state tuition rates, request more funding or a tuition waiver. Be clear and specific about your needs.
5
Be Persistent
Most graduate students review their financial aid offers and choose the best one. But, taking the time to negotiate can lead to better support and less student debt.
If you don’t hear back right away, don’t give up. If needed, follow up with the financial aid office, the department chair, or even the college dean. Sometimes, a phone call can get a quicker response than an email.
As the deadline to accept your offer approaches, try to get a clear answer on your financial aid situation so you can make an informed decision.

Types of Financial Aid for Graduate Students

Scholarships

Scholarships are one of the most common forms of financial aid for graduate school and provide free money you don’t need to repay. You can apply for scholarships based on your degree program, career goals, background, or location. They can be merit-based, need-based, or awarded by specific organizations or schools.

Grants

Grants also provide free money that you don’t have to repay. Federal options include the TEACH Grant, Fulbright Program, and Iraq and Afghanistan Service Grant.

Loans

Loans are borrowed money that must be repaid with interest. Before considering loans, explore all available scholarships and grants. If you need to borrow, federal loans are a better option than private loans, as they offer lower interest rates and more flexible repayment terms. To qualify for federal loans, complete the FAFSA.

Work-Study

Work-study programs allow you to earn money through part-time work, often on campus or related to your field of study. These jobs can help cover living expenses or tuition. You must complete the FAFSA to be considered for work-study programs.

Employer Assistance

Some employers offer tuition assistance or reimbursement programs. Check with your human resources department to understand eligibility, the application process, and any requirements or conditions set by your employer.

Scholarships for Graduate Students

AICP Scholarship Program

Eligibility Requirements: Students pursuing a degree in a business-related field, including finance, management, and economics, may apply. Applicants need a minimum 3.0 GPA.

Award Amount: $2,000

Education Matters Scholarship

Eligibility Requirements: Students in the U.S. qualify for the Education Matters Scholarship, which funds college costs. Applicants must submit an essay on why education matters to them and how they would convince others that attending college matters.

Award Amount: $5,000

P.E.O. Program for Continuing Education

Eligibility Requirements: This program offers need-based grants to women completing a degree or certificate. Recipients must use the grant to cover educational expenses such as tuition, books, testing, graduation fees, and childcare costs.

Award Amount: Up to $4,000

Frequently Asked Questions About Grad School Financial Aid

Does FAFSA cover graduate school?

You can and should file the FAFSA for graduate school. Filing the FAFSA helps determine your federal financial aid eligibility, including grants, scholarships, and loans. However, graduate students are not eligible for Pell Grants and direct subsidized loans.