How to Pay for Grad School

Have you been looking for a way to stand out from the crowd of fellow job seekers vying for a career in the social-impact space? Then the idea of earning a graduate degree has probably popped into your head as of late.

While graduate degrees can come with many perks —networking opportunities with alumni and professors who work in a similar industry, new skills, and the ability to skyrocket into leadership roles—they can also come with a large price tag. Between the price of the program, the time you spend working on your degree, and the cost of your general living expenses, you will most certainly wonder how to pay for grad school without going into debt.

But don’t let that deter you! There are many ways to fund your grad school dreams—and you don't always need to rely on loans and loan forgiveness programs. This article is an entryway into the exciting (and sometimes daunting!) world of graduate school funding opportunities.

Start with the basics

Know where your money needs to go, even if you don’t know how much. Having an idea of how you will be spending next year (or couple of years) can help you quantify how much funding you’d like and help motivate you to keep applying.

Make a list of expenses you'll likely have in graduate school, keeping in mind the average amount of money you spend on groceries and living expenses. Get in touch with grad school representatives to see if they can send you a breakdown of the average cost of textbooks, dormitory rent, lab accessories, and other things you'll need to keep in mind.

Create a costs spreadsheet to compare application fees, fellowship opportunities, and other costs associated with graduate school to track potential expenses.

Know the opportunities

Fellowships are generally short-term (a few months to a few years) professional development opportunities sponsored by a specific organization or association. Awards usually support a specific field of study, type of research, program/organization development, training, or other opportunity to engage in work outside of the classroom. Compensation is usually not the equivalent of a full-time salary, but if they align well with your coursework and career interests, it may be that you are being paid to do work that you would still be doing otherwise (everyone wins!). Here's how to start researching what's available and what may be a fit for you:

• Ask program directors (or another points of contact) for information on available fellowships, and be sure to ask which fellowships students have been awarded in the past. 
• Research grants can help support those long hours of research you will need to put in for your thesis, dissertation, or final project. The applications tend to be very detailed, but don’t let that discourage you. The experience looks great on your resume as many organizations are in need of people with grant-writing experience.
• Turn to well-known funders of research, such as the National Science Foundation, National Institutes of Health, and Fulbright. They also have resources available to help you complete a successful grant application, and can point you toward more grant opportunities, such as those listed on the Fogarty International Center site. 
• Find professional organizations in your field of study, general interests, or career area. Many will have research grants available for members, as well as other types of support.
• Search for charitable foundations and organizations whose mission aligns with your research interests, then look to see if they have research grants or other funding sources available. This is especially useful if you are interested in social impact work since they will likely be interested in supporting research and programming with longevity. 

Identify the people

Ask for help—you can’t afford to be shy if you want to make the most out of your grad school experience. Letting people know you are wondering how to pay for grad school is the best way to ensure funding opportunities are not missed. They can help you with your letters of reference, application materials, and funding search.

Family and friends are a great place to start, but you can expand your network even more:

• The program coordinator at each school you're applying to is just as interested in finding funding as you are! Having students who are earning fellowships, research grants, and other awards makes their program looks good and can help the program grow its resources. This is also the person who is likely to know what past students have found and what is needed from the program to help you with your application.
• Contact the school’s office of finance. They will have insight into what types of awards are available through the school and they'll likely have some resources to share with you.
• Read about people whose careers you admire! They may have received awards or attended programs that you should consider.

Outline the details

Being organized is essential to a successful funding search. There are a wide variety of funding opportunities that are relevant at different times in your academic career. Don’t miss out on an opportunity because you lost the application information, couldn’t remember a previous award/experience you had, or forgot the contact information.

• Create a spreadsheet of every funding opportunity you find and each achievement you’ve had in your career journey. Be incredibly detailed. These notes will be useful in determining whether you're eligible for an award and when filling out the application.
• Have a dedicated “Grad School” folder on your desktop with subfolders of schools you are interested in and types of funding opportunities.
• Create a separate calendar for your grad school applications and funding applications.
• Add a reminder (at least once a week is a good framework) on your personal calendar to check your application timeline. Also be sure to dedicate time to your funding search. Just getting in the habit of routinely checking on the information you’ve collected will keep the information fresh in your mind and help you stay on top of the work.

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