Can you get financial aid for graduate school?

Securing a place at graduate school is a major achievement but for many applicants the process also brings with it one question: how much is this going to cost me?

The US Department of Education has reported that the average graduate student finishes their studies with around $84,300 in debt, but the actual number can be far higher in certain programs and academic fields.

Around 60% of those who receive a Master’s or a Doctorate take on student debt to complete their studies. But there are various forms of financial aid available to help cover living costs and tuition whilst you study.

Department scholarships and teaching assistant roles

Many institutions will offer departmental scholarships depending on recipients’ academic performance, experience, and financial need. When submitting your application it is important to highlight your academic record and work experience to increase your chances of being successful.

Many graduate students are offered roles as teaching or research assistants for which they are paid or offered reductions in tuition. Working as a teaching assistant has an extra benefit for those interested in pursuing a career as a professor, as many colleges and universities prefer to hire academics with teaching experience.

The financial assistance distributed by each individual department should be available on the website.

Outside scholarships

There are thousands of scholarships for graduate students to apply to based on their background and the course that they are enrolling in. Many departments will encourage students to apply for outside funding and may offer a list of scholarships that students in that program have applied for and received as a guide.

Employer sponsorships

Many businesses and organizations offer programs that help to cover the cost of tuition for workers. Bear in mind that in most cases this requires that the recipient is in work while attending school, which may not be possible for all graduate students.

Before accepting a job experts advise graduate students to ask about the benefits that they could be eligible for as a result of their employment. It may be possible to have such a clause added into your contract.

Additionally, while some companies may not pay for employees to go back to school, some offer debt forgiveness programs based on the number of years they work at the company. This is a more long-term source of assistance, but one that can help borrowers cut down on the amount of debt they owe in the future.

Will President Biden forgive debt for graduate students?

Many with debt are calling for a major overhaul of the student loan system in the United States as the level of debt accumulated surpasses levels unseen before. More than 80 lawmakers, including Senate Majority Leader Chuck Schumer and Massachusetts Senator Elizabeth Warren, have called on the President Biden to cancel up to $50,000 worth of student loan debt for individual borrowers. Biden has baulked at the idea but has implemented more targeted measures and is expected to announce a major wave of debt forgiveness in the coming days.

Throughout the hotly contested 2020 Presidential Election Biden said that he would forgive at least $10,000 of student debt, a pledge which helped to galvanize support among younger voters.

Sources suggest that the new package of support programs will likely include cancelling $10,000 of debt for borrowers who make less than $125,000 per year. Biden is also expected to announce another short-term extension of the freeze on student loan repayments which is due to come to an end at the end of August.

These measures are unlikely to satisfy those in his party who have pushed for more widespread debt forgiveness, but it does strengthen his impressive record on student loans. Biden has canceled more student loan debt than any other president.

Speaking to CNN, a White House source said: “The President will have more to say on this before August 31. As a reminder, no one with a federally held loan has had to pay a single dime in student loans since President Biden took office, and this Administration has already cancelled about $32 billion in debt for more than 1.6 million Americans - more than any Administration in history.”