Key Takeaways
- On average, tuition for a two-year master’s degree program was about $41,000, according to the National Center for Education Statistics (NCES).
- Room and board, textbooks, transportation, and other expenses can add to your overall cost of attendance.
- Approximately 74% of graduate students received some form of financial aid, including scholarships.
In some fields, a master’s degree is required. In others, a graduate degree can give your career a boost. Whatever your career goals, a higher degree can pay off. The median salary for those with graduate degrees was $80,200 — 20% higher than the median for bachelor’s degree, according to NCES.
However, graduate school can be expensive. The cost of tuition for a master’s degree program ranges from $25,000 per year at public schools to $60,000 per year at private schools. The good news? Financial aid is prevalent. In fact, most graduate students receive financial aid in the form of grants, scholarships, assistantships, or student loans.
Graduate school scholarships can lower your education costs and reduce how much you need to take out in student loans.
Are Graduate Students Eligible for Scholarships?
While you may think of scholarships as primarily for undergraduate students, there are thousands of scholarship opportunities for graduate students, too. In fact, NCES reported that graduate students received an average of $11,300 in grants or scholarships.
Unlike other forms of financial aid, scholarships have few strings. They don’t have to be repaid, so they’re particularly valuable tools for financing your education.
Types of Graduate School Scholarships
There are several types of graduate school scholarships:
Institutional Scholarships
Institutional scholarships come from your university. When you apply, your school will consider your academics, extracurriculars, and financial need, and you may be eligible for school scholarships.
For example, at New York University, high-performing graduate students can qualify for the Dean’s Scholar Program and receive $10,000 per year toward their degrees.
Contact your department or financial aid office to find out what scholarship opportunities are available.
State-based Scholarships
Some states operate their own scholarship and grant programs, including some options for graduate students. These awards may be merit-based or need-based, and you usually need to be a resident of the state for a particular period, such as five years before enrollment.
For example, Maryland students may qualify for the Graduate and Professional Scholarship Program. Eligible students pursuing degrees in dentistry, law, medicine, nursing, pharmacy, social work, or veterinary medicine can get up to $5,000 per year.
Visit your state education agency to find out about potential programs in your state.
Professional Association Scholarships
Many professional organizations and associations have scholarship programs for those furthering their education.
For example, the Society for Human Resource Management operates three graduate scholarship programs, including the Susan R. Meisinger Scholarship for Graduate Studies scholarship. This award gives qualifying students up to $20,000.
Contact your national and local professional associations to find out about potential opportunities.
Private Scholarships
Scholarships can also come from private companies and non-profit organizations. Awards are available based on career path, race or ethnicity, gender, or income. For example:
- American Speech-Language-Hearing Foundation: Each year, the foundation gives awards of $5,000 to 11 graduate school students.
- Society of Women Engineers: Graduate students may qualify for the Collegiate/Graduate Scholars program.
You can find potential opportunities by searching databases like FastWeb or Scholarships.com.
Fellowships
Fellowships are similar to scholarships in that talented students can receive funding for their education. However, fellowships are usually awarded based on a student’s future potential. A graduate school fellowship gives a student a stipend to cover some or all of their living costs and tuition so they can focus on their studies.
For example, the National Science Foundation operates a Graduate Research Fellowship Program for graduate school students studying degrees in science, technology, engineering, and mathematics (STEM). The program provides a $37,000 stipend and a $16,000 cost of education allowance.
Fellowships are available through schools and non-profit organizations.
Tips for Finding Scholarships for Graduate School
To maximize your chances of securing a scholarship, follow these tips:
- Start early: You can find scholarships well before your semester starts; the earlier you start looking, the better off you’ll be. It’s wise to start looking about nine to 12 months before the start of your program.
- Cast a wide net: Look at a variety of sources for scholarships. Include scholarship databases, professional associations, state aid, and school-based financial aid.
- Apply to many awards: You can apply to many scholarships — and even qualify for several of them. There’s no limit to how many scholarships you can apply for, so apply for multiple scholarships of different sizes.
- Make notes of requirements and deadlines: Some scholarship programs require very little; you may just need to submit an essay or video. Others are more intensive, requiring letters of recommendation, transcripts, and samples of your work. Carefully review the scholarship program’s requirements, and make a note of any key deadlines.
Other Financial Aid Options for Graduate School
While scholarships can be valuable financial aid tools, there are other options to cover your remaining costs in graduate school:
Assistantships and Work-Study Programs
Unlike scholarships, assistantships and work-study programs have work requirements. You receive pay for your work during the semester, and you can use the money to cover your education expenses.
- Assistantships: Assistantships are usually through your department, and are highly competitive. They usually cover your entire tuition.
- Work-study: Work-study programs are usually awarded based on financial need and are based on the information from your Free Application for Federal Student Aid (FAFSA)
Federal Student Loans
For graduate students who take out loans on or after July 1, 2026, the only federal loan option is Direct Unsubsidized Loans. With these loans, you can borrow up to $20,500 per year, but there is an aggregate loan limit of $100,000 for graduate students ($200,000 for professional students).
Private Student Loans
If you reach the aggregate or annual borrowing limits for federal loans, private graduate student loans can help with the remaining cost of your degree. With ELFI, you can borrow up to the total cost of attendance, and you can have up to 15 years to repay your loan. You can check your rate online without affecting your credit score.
FAQs
Can grad students get scholarships?
Yes, graduate students are eligible for scholarships. According to the National Center for Education Statistics, the average scholarship or grant total was $11,300 per student.
Will FAFSA cover a master’s degree?
Whether your FAFSA will qualify you for enough financial aid to cover the total cost of your master’s degree depends on your finances and family size. Depending on your information, you may qualify for a combination of scholarships, grants, work-study programs, and student loans.
Are there any scholarships for master’s degrees?
Yes, there are many scholarship programs available for students pursuing a master’s degree, including awards from private companies, non-profit organizations, and universities.
