Finding Funding for Graduate School

Coins stacked on a desk with books behind it, with the tallest stack of coins with a tiny graduation cap on it.
By Tychira Brown, Data Science MS student

There are several ways to fund your graduate studies, such as, loans, scholarships, fellowships, and graduate or teaching assistantships.  Below, we will discuss each option.

Loans

The U.S. Department of Education provides two types of loans after a student has submitted their FAFSA form. The FAFSA is free to file with zero obligation to accept the loans, if granted. 

  1. Direct Unsubsidized Loans are loans that the borrower is immediately responsible for paying the interest regardless of the loan status and are not based on financial need.
  2. Direct PLUS Loans (commonly referred to as a grad PLUS loan) are to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. You can borrow the amount calculated by the cost of attendance (determined by the school) minus any other financial assistance you receive.

Private loans are also available to graduate students, but keep in mind the interest rates are usually not as favorable. 

Scholarships, Fellowships and Assistantships

Tuition scholarships are applied toward the tuition charges on your bill.

  • Examples at UAlbany: Graduate Opportunity Program (New York State residents from EOP, HEOP, SEEK programs), Grant Dane Grad Scholarship (UAlbany undergraduates and alumni), Dean’s Merit Award (master’s students). Learn more about these here. 
  • External scholarships can also be found at places such as the U.S. Department of Labor’s FREE scholarship search tool, your state grant agency, your library’s reference section, foundations, organizations (including professional associations) related to your field of interest, ethnicity-based organizations, your employer or your parents’ employers.

Fellowships provide a stipend without service requirements, allowing graduate students to be exclusively engaged in their academic work. The stipend is paid directly to you and can be used on any expenses. Your academic department might have fellowships available within your discipline, so it is best to ask about availability if it is not advertised. 

Assistantships often include a stipend, benefits, and a full or partial tuition scholarship in exchange for service to the institution. This service is typically limited to a set number of hours per week (e.g., 10-20) so that graduate students can remain focused on their degree. For all assistantships, it is a good idea to ask the duration (academic year or all year) and how many years the funding is available for. Service can take a few forms:

  1. Teaching assistantships involve helping a professor who is teaching a class (typically undergraduate) at the institution. Common responsibilities include holding office hours, grading, hosting review sessions, proctoring for exams, etc. 
    • At UAlbany: contact your department directly for availability 
  2. Research assistantships involve conducting research under the supervision of a specific faculty member or group of researchers. These assistantships are commonly grant-funded, with the faculty member(s) as the Principal Investigator(s) on the grant. This funding allows them to compensate graduate assistants for their work assisting with research, data cleaning and analysis, development of materials, and any other research tasks needed on the project. 
    • At UAlbany: contact your department and faculty directly for availability
  3. Graduate assistantships can involve working in a departmental office or other professional and academic offices at the institution. These positions frequently involve interacting with prospective and fellow students and carrying out administrative tasks needed by the office. 

Self-Funding

Students also have the option to pay for their degree themselves. For example, if you are an established professional, it may make more sense for you to remain in your current full-time job and complete a graduate degree part-time, paying as you go. If other funding sources are not available, you can also seek on-campus employment.