A graduate scholarships is funding offered to students pursuing a master’s or doctoral degree to help pay for their education. Unlike student loans, scholarships do not need to be repaid.
There are many scholarships available for grad students, and here are some of the best options to consider:
1. Private Foundations and Nonprofits
Private organizations like the Bill & Melinda Gates Foundation, Ford Foundation, and Alfred P. Sloan Foundation offer competitive scholarships for graduate study, especially in fields like education, healthcare, technology, and business. The application process is extensive, but the awards can be generous, ranging from $5,000 to $50,000 per year or more.
2. University-Sponsored Aid
Most colleges and universities offer aid for their own graduate students, like teaching assistantships, research assistantships, and tuition waivers. As a TA or RA, you work 10 to 20 hours per week helping undergrads or assisting a professor while earning a stipend and getting your tuition covered. Some schools also offer merit-based aid for outstanding applicants.
3. Federal Grants
If you’re pursuing a degree in a field with a shortage like nursing, teaching, or social work, Federal grants from the US Department of Education can fund your graduate education. Programs like the TEACH Grant and Graduate Assistance in Areas of National Need (GAANN) provide up to $4,000 per year for master’s degrees and $12,000 for PhDs.
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Diversity Scholarships
There are many scholarships aimed at promoting diversity in various fields of study. These include aid for underrepresented minorities, women, LGBTQ students, students with disabilities, and more. Awards can range from $500 to $30,000 per year or more. Check with organizations like the UNCF, Gates Millennium Scholars, AAUW, and Pride Foundation for options.
Scholarships for Graduate Students From Top Universities
When it comes to paying for grad school, scholarships are a graduate student’s best friend. Top schools often offer generous funding for their students, to attract the best and brightest.
1. Stanford University
Stanford offers full funding packages for the majority of their PhD students, including tuition remission, health insurance, and a living stipend. They also offer merit-based scholarships like the Stanford Graduate Fellowships, which provide three years of funding for exceptional students in the sciences, engineering, and humanities.
2. Harvard University
At Harvard, PhD students receive full tuition coverage as well as health insurance and stipends for living expenses. Harvard also awards merit scholarships for master’s and professional degree students, like the Frank Knox Memorial Fellowship which provides full tuition and a $10,000 stipend.
The university is especially generous with funding for students in STEM fields, the arts and humanities.
3. Massachusetts Institute of Technology
MIT guarantees full funding for all PhD students, including tuition, health insurance, and a living stipend, for up to 5 years. Master’s students can apply for departmental funding and private scholarships. The institute is a leader in funding for students in technology fields like computer science, engineering, mathematics, and the sciences.
How to Apply for the scholarship
Here are some tips to help you submit a strong application:
1. Find scholarships that match your needs
Do some research to find scholarships suited for your field of study and financial situation. Sites like FastWeb, Cappex, and Peterson’s offer large databases of awards. Look for ones that match your demographic, location, major, interests, and future career. The more tailored the scholarship is to you, the better your chances.
2. Check eligibility and deadlines
Double check that you meet all eligibility criteria, like GPA, residency, enrollment status, etc. Note application deadlines and give yourself plenty of time, ideally starting 6-8 months before deadlines. Some awards require additional materials like portfolios, so account for the extra time needed.
3. Gather required documents
Common requirements include a personal statement, academic transcripts, test scores, and letters of recommendation. Ask professors and mentors to write recommendations at least a month before the deadline. Obtain official transcripts from all schools attended. Have GRE and GMAT scores sent directly to scholarship organizations.
4. Complete the applications thoroughly
Follow all instructions carefully and double check that you’ve included everything requested. Answer essay questions thoughtfully, showcasing your personality, goals, achievements, and enthusiasm for your field of study. For online applications, have information ready to input like GPAs, names of recommenders, lists of honors and extracurriculars. Check and recheck for any errors before submitting.
5. Apply for as many as possible
Applying for multiple scholarships increases your chances of being awarded one or more. Look for smaller, local awards in addition to larger national ones. While time-consuming, the potential payoff of graduate funding makes the effort worthwhile. Stay organized to avoid missing deadlines or duplicating work.
Conclusion
With determination and patience, you can navigate the graduate scholarship application process successfully. Do your research, focus on fit and deadlines, gather materials efficiently, put your best effort into each application, and don’t be afraid to apply broadly.