GRADUATE BUSINESS SCHOOL FUNDING
Unfortunately, there are many wonderful things in life that are not free, like education. The expenses associated with sustaining and effectively operating an institution can add up quickly when factoring in costs for resources, staff, facilities, and student support organizations. It would be intellectual and administrative suicide for an institution, therefore, to offer free education to every student. But this justification does little to nothing to ease the pain of thousands of students who may lose out on their ideal future because they cannot afford to finish their degree.
The solution to the nightmare comes in the form of various means of funding aimed at helping graduate students to pursue their degree. The options include different kinds of financial assistance, with or without a clause of repayment, attached. There are multiple options available to graduate and professional students to fund their college. Graduate funding is available in the form of scholarships, assistantships, grants, work-study, and loan support. In addition, there are numerous external resources available for students to obtain funding for their respective programs.
Graduate school funding
Graduate students who live in the state of Texas and show financial need are eligible for financial aid from the Graduate School Fund (GSF).
Amount
The amount of an award will depend on the student’s enrollment, financial need, and the availability of money. The GSF is only available for use toward the price of required fees and tuition. The scholarship amount is not refundable, and it will be modified if it surpasses the true cost of a student’s tuition and required fees. The GSF is not available to students who hold a Graduate Tuition Fellowship (GTF).
Eligibility
- Be a U.S. citizen or noncitizen who is eligible to complete a FAFSA
For the 2024-2025 academic year, priority consideration will be given to students who completed a FAFSA (Free Application for Federal Student Aid) annually and if selected, completed the verification process by April 15th. Funds are limited and, therefore, are offered on a first come, first offered basis.
- Demonstrate financial need.
- Be classified as a Texas resident.
- Be a degree-seeking graduate student, enrolled in a minimum of 6 credit hours during a long term (Fall/Spring), according to the policy set in the Graduate Catalog.
- Demonstrate Satisfactory Academic Progress in course work, and timely progress in completing the degree requirements, including both course work and thesis/dissertation (Students who do not meet SAP will only be eligible for GSF with an approved SAP appeal.)
- Not be the recipient of a Graduate Tuition Fellowship (GTF) or any other tuition exclusive waiver or fund
Funding options for a graduate school
Student Loans
Whether they are federal, state, or private loans, student loans are typically the first response that comes to mind. Everywhere you look, there is advertising for student loans. Even with few assets and little means of collateral, you can usually obtain an amazing amount of financing through student loans, but proceed with caution. The total cost of student loans ends up being significantly more than the original loan amount because of compound interest, variable annual percentage rates (APRs), and other hidden costs.
Fully Funded Graduate Programs
A Ph.D. or master’s program that is “fully funded” provides all admitted students with a “full funding” package. Complete support includes a yearly living allowance for the length of your study in addition to full tuition coverage. Complete money may be provided by a “no-strings-attached” fellowship, which is occasionally given to a select group of deserving candidates. Complete financing can also be obtained through an Assistantship, which is a part-time position at the university reserved for graduate students. It is also known as a Studentship or Instructorship. Through assistantships, universities support research students whose work enhances the university’s standing as a leading research institution.
Graduate Programs with Merit-based Fellowships and Scholarships
The best applicants can also be considered for merit-based fellowships and scholarships offered by numerous graduate programs. Make sure you check each program’s eligibility for merit-based fellowships and scholarships before applying to a graduate program. For the rewards, you may occasionally need to submit an application by an early deadline or submit a separate application. Since many rewards are given out at the time of admission and cannot be applied for after you are admitted to the program, make sure to ASK Admissions about these chances as soon as possible.
External Fellowships Funded by Foundations, Corporations and Government Agencies
There are also external graduate fellowships offered by foundations, non-profits, companies, and government agencies to fund master’s or doctoral degrees. Some examples include the Fellowship for Graduate Students in Economics at George Mason University, The Chinese Language Fellowship, The Gulf Research Program Science Policy Fellowship, Adam Smith, the Frédéric Bastiat, and the Oskar Morgenstern Fellowships.
Needs-based Financial Aid
It is uncommon to find financial need-based financing at the graduate level. Merit-based funding sources predominate. This is due to the fact that you are regarded as an independent adult of working age who can pay for your own education. Nevertheless, there are instances in which needs-based financial aid is available to American students from low-income and underrepresented backgrounds, and overseas students from lower-income economies may be eligible for financial aid at U.S. universities. It’s always beneficial to inquire about these options with Admissions!
Conclusion
It is worthwhile to seek out a combination of internal and external funding sources to increase your chances of covering the high cost of graduate school without taking out student loans. I think the best plan is to research and apply to fully funded graduate programs, but merit-based scholarships and external fellowships are also worth investigating to expand your potential options.