A Guide to Getting Financial Aid for Graduate School

BY Bill Smith | 7 MIN READ

The adage “the more you learn, the more you earn,” is borne out by data compiled by the Bureau of Labor Statistics (BLS). In 2024, the BLS estimated the annual salary of the average worker with a master’s degree to be $95,680, while the average wage for those with a bachelor’s degree was about $80,326.

While it’s clear that a master’s degree can be a solid investment in your future, tuition, fees and living expenses can make attending graduate school costly. So, how do you pay for it? Is financial aid available for graduate students?

The answer is yes. Graduate students are eligible for various types of financial aid that can help defray costs and support an affordable investment in a master’s degree program that will have an immense impact on your personal and professional growth.

Types of Aid for Graduate Students

Prospective graduate students often make the mistake of thinking financial aid is only available to undergraduates when, in fact, there are many financial aid opportunities for graduate students, including:

Scholarships—need and merit-based awards that cover a portion or sometimes all of the tuition. Scholarships do not have to be repaid.
Graduate assistantships—offer a student hands-on professional experience at a university in exchange for a portion or sometimes all of tuition, except fees; many also provide students with a monthly stipend. Assistantships do not have to be repaid.
Grants—some universities will award grants to graduate students based on need, which is determined by a student’s FAFSA. For example, Elmhurst University may award students enrolled in a full master’s program up to $2,000 a year based on need. Grants do not have to be repaid.
Federal loans—direct unsubsidized student loans are offered to graduate students by the U.S. Department of Education and must be repaid with interest.

Where Can I Find Scholarships for Graduate Students?

Foundations, local businesses and professional, religious and ethnicity-based organizations are possible sources of funding. Some excellent resources for finding graduate student scholarships based on area of study, interests and community membership are:

Alternative Funding and Cost-Saving Opportunities for Grad School

In addition to the traditional financial aid opportunities, there are alternative opportunities that can help graduate students manage their investment in their education. These include:

Employer Reimbursement Programs

Employer-sponsored tuition reimbursement programs, sometimes called tuition assistance programs, provide financial support for employee academic pursuits. Most commonly, companies offer a fixed annual figure that they will reimburse for approved tuition expenses.

This is often an underutilized source of funding for graduate education that can help close the gap and make education and professional goals a reality. The goal of these programs is to foster long-term advancement of the knowledge and skillset of the company’s employees, keeping the organization agile and innovative in a fast-moving marketplace.

Typically, the human resources department administers this program in conjunction with the employee’s management to ensure the academic program selected aligns with current and future job requirements.

Tuition Vouchers

Some universities provide first-course savings vouchers for alumni or other qualifying students. For example, Elmhurst University’s graduate vouchers offer the opportunity for eligible alumni and members of the United Church of Christ to take their first course for free if admitted to a graduate program.

Accelerated Graduate Programs

Many universities also offer accelerated programs that allow you to complete your degree in one year, which gets you into the workforce and earning a salary sooner. Part-time programs are usually available to graduate students, so you can work while earning your degree.

Private Loans

Some graduate programs may require an investment over and above the amount that you can borrow with the direct unsubsidized loan. Private loans may be an option if this situation applies to you.

Elmhurst University can help you explore these options by using our ElmSelect Tool. Please note that you are not limited to the lenders listed in this tool, but it can give you a starting point. Find more information on private loans on Elmhurst University’s Graduate Financial Aid and Scholarships website.

Filing for Federal Aid as a Graduate Student

Applying for graduate school federal financial aid follows the same process as applying for undergraduate federal aid. To get started, you must first submit the Free Application for Federal Student Aid (FAFSA).

Keep these important facts in mind when applying for federal financial aid:

You must be a U.S. citizen or eligible noncitizen to qualify for federal aid.
The FAFSA application opens on October 1 for the year following’s fall semester.
You must submit a FAFSA form every year you are enrolled in a graduate program.

One important difference between the undergraduate FAFSA and the graduate FAFSA is that almost all graduate students are considered independent, which means you are not required to provide parent information; instead, you will enter your own income and assets. This is often a benefit for young students who just completed their undergraduate degree, as they may demonstrate higher need, making them eligible for need based institutional grants.

The FAFSA takes about 30 minutes to complete, and with the information you provide, the government can determine whether you are eligible for:

Graduate student loans known as direct unsubsidized loans (maxed at a borrowing limit of $20,500 per academic year)
Institutional grants

You can find detailed information on eligibility and types of available federal aid, scholarships and institutional grants on Elmhurst University’s Graduate Financial Aid and Scholarships website.

An Affordable Investment in Your Future

Elmhurst University offers several ways to help manage the cost of your master’s degree, including scholarships, fellowships, graduate assistantships and payment plans. These opportunities aim to ease your apprehension about pursuing a graduate degree. Here are some opportunities specific to Elmhurst:

Graduate Scholarships and Grants

Elmhurst Graduate Grant, need-based grant
Graduate Scholarships, merit-based awards
Graduate Student Legacy Scholarship*
Graduate Student Scholarship Competition, leadership award
Graduate International Scholarship**

*Available to students who have a direct relative who is an alumnus (father, mother, brother, sister, grandparent)

**Available to international students who are studying on a F-1 visa who are not eligible for federal aid

Fellowships and Graduate Assistantships in specific subject areas include:

Hardin Fellowship for Marketing and Consumer Insights
Goodban Fellowship for Communication Sciences and Disorders
Occupational Therapy Fellowship
Master’s Entry in Nursing Practice Fellowship
Excellence in Multilingual Personnel in Illinois Schools (EXCEMPILS) Scholar Opportunity
Project RISE (Research-informed Interdisciplinary Scholar Preparation in Evidence-based Practices) Scholar Opportunity for those pursuing graduate degrees in special education, occupational therapy or speech therapy
Graduate Assistantships*

*Available to select degree-seeking programs; positions can be found here.

First-Course Vouchers

Alumni Free Course Voucher*
United Church of Christ Voucher**

*Available to alumni who have received their undergraduate degree or a graduate degree from Elmhurst University. More information regarding this program can be found here.

**Available to United Church of Christ members, more information can be found here.

As with all aid, Elmhurst’s scholarships and fellowships are limited. The best way to give yourself an advantage is to plan ahead and apply early for your program of interest.

Next Steps

If you’re planning to pursue a master’s degree, congratulations on a decision that will unlock increased career opportunities and higher earning potential. As you begin the application process, Elmhurst University can help you explore ways to support your investment.

Applying for financial aid takes time and research. Start the process early, be aware of deadlines, and reach out to the Office of Student Financial Services for more information and assistance.

Uncover the many ways to fund your graduate education at Elmhurst University by requesting more information below.