How to Pay for Grad School

1. Look for Scholarships

When it comes to paying for grad school, the best money is money you don't have to pay back. That's why your very first step—as soon as you start applying to graduate programs—should be looking for scholarships.

You can find graduate school scholarships designed for all kinds of applicants. Scholarships may be based on need, merit, demographic, field of study or even geographic area.

A quick search for scholarships turns up so many options it can be overwhelming. To narrow your options, start by looking for scholarships through the school you plan to attend. Then, move on to a broader search. Sites like Scholarships.com and the U.S. Department of Labor let you search and filter opportunities by different criteria.

Tip: When applying for scholarships, keep a close eye on deadlines and be aware of renewal policies. And keep in mind, you can apply for new scholarships each year.

2. Save for Grad School

It may sound obvious, but don't discount the power of saving for grad school. Depending on how soon you plan to get your degree, you might be able to save a significant chunk of change to put toward your education.

Start by creating a budget if you don't already have one. This can help you build a grad school savings goal into your monthly plan. If your budget doesn't allow much room for savings, cut expenses where possible.

For example, you might:

• Get a roommate
• Negotiate your utility bills
• Lower your grocery bill with coupons and meal prepping
• Cancel subscriptions
• Limit your discretionary spending

Little adjustments to your budget may not feel like much, but each dollar you save is one more dollar you can put toward school.

If you're determined to save a significant chunk of your grad school expenses, you can always consider deferring your admission. This can give you time to gain some work experience while earning a steady paycheck.

Tip: As you save, consider putting the money into a high-yield savings account. That way, you can earn more interest on your savings than you would with a traditional savings account.

3. Ask the School for Help

Everyone has to find a way to pay for graduate school, so why not ask how other students do it? Contact the school you plan to attend and ask how their students typically pay for your intended program. The admissions department might point you to financial aid options, including scholarships, grants or fellowships available through the school or even your specific graduate program.

You may also learn about research or teaching assistantships for graduate students. These roles involve helping out a professor in your field, either via research or teaching duties, in exchange for tuition reimbursement and a stipend. Plus, you'll gain valuable experience in your field along the way.

4. Work Part-Time During School

Any money you can earn during grad school can help you pay down your loans or avoid taking on more debt—both of which can make years of difference in your payoff timeline.

If you aren't able to get an assistantship through your school, there are plenty of other ways to earn part-time income while getting your degree. A part-time job can also be a way to pursue other hobbies outside of your chosen field. For example, maybe you're studying to be a veterinarian, but you work part time at the school's climbing gym in exchange for a paycheck and a free membership.

If you're looking for something more flexible, there's always gig and freelance work. For example, you could write for an online publication, walk dogs or house-sit.

Learn more: Ways to Make Extra Money From Home

5. Get Help From Your Employer

If you went straight into the workforce after undergrad, there's a chance you're already employed in your chosen field. If that's the case, it's worth finding out whether your employer (or a potential future employer) offers tuition assistance or reimbursement.

Tuition assistance and reimbursement are benefits in which an employer reimburses or contributes to an employee's continuing education. Programs and criteria vary widely by employer. For example, you may need several years' tenure at your company (or commit to several years at the company post-degree) to qualify for this benefit.

6. Understand Federal Grad School Loan Options

If you've exhausted other options and need student loans to pay for grad school, start with federal student loans. Federal student loans come with lower interest rates and more benefits than private loans, such as income-driven repayment plans and Public Service Loan Forgiveness. However, there are some changes you should know about when it comes to federal loan limits and eligibility.

Starting July 1, 2026, the U.S. Department of Education won't offer grad PLUS loans to new graduate students. In their current form, grad PLUS loans let you borrow up to the cost of your program. However, unless you qualify for an exception, starting July 1, 2026, you'll face new loan limits as a grad student:

• Graduate students will be able to borrow up to $20,500 each year in unsubsidized federal loans. PLUS loans will not be available.
• Professional students will be able to borrow up to $50,000 each year in unsubsidized federal loans, and PLUS loans will not be available.

If you take out federal loans, you'll generally have a six-month grace period after graduating before you need to start making regular loan payments.

Learn more: PLUS Loan Changes: What Borrowers Need to Know

7. Consider Private Loans

With the upcoming limits on federal student loans, you might look to private student loans to make up the difference. Private loans come from banks, credit unions and other lenders and don't have the standardized guidelines that federal loans do.

With private student loans:

• Interest rates vary by lender but are typically higher than federal loan rates.
• Your creditworthiness can affect your ability to qualify and the interest rate you receive.
• You may have access to forbearance or deferment, but it depends on your lender.

Be aware: Unlike federal student loans, private loans don't generally offer income-driven repayment plans. This lack of flexibility can add stress to your budget if you're ever underemployed after you graduate.

Frequently Asked Questions

The Bottom Line

Paying for graduate school may feel overwhelming, but knowing all your options can help you chart a path forward. With scholarships, work opportunities, savings and loans, you can ideally put together a plan that covers the cost of your degree. Be sure to plan ahead, start saving early and, if necessary, get creative with how you finance your graduate studies.

If financing grad school involves taking out private loans, a lender will check your credit to determine your eligibility. Get ahead of the game by reviewing your credit report and taking steps to improve your score.