Graduate school is a meaningful step toward what’s next. Paying for it can feel a little less straightforward, especially as Grad PLUS loan changes shifted on July 1, 2026 on how many students plan for graduate and professional programs.  

Grants, fellowships, assistantships, federal loans, private student loans, employer support, scholarships, and personal savings can all play a role in paying for school, and understanding how they work can help you build a plan that fits your goals. 

This guide walks through common ways to pay for grad school so you can choose the best option for you with confidence.  

What Are Grants for Graduate School? 

Grants are financial aid that usually does not need to be repaid, as long as you meet the program’s requirements. For graduate students, grants may come from your school, state programs, nonprofit organizations, professional associations, or certain federal programs. 

Graduate grants can be need-based, field-specific, or connected to a service commitment. For example, some education-related grants may require recipients to teach in a high-need field or eligible school after graduation. Read the requirements closely so you understand what’s expected and whether the grant could turn into a loan if the service commitment is not completed. 

Where to Look for Grad School Grants 

• Your graduate school’s financial aid office 

• Your academic department or program coordinator 

• State higher education agencies 

• Professional associations in your field 

• Nonprofits, foundations, and community organizations 

• Employer tuition assistance or reimbursement programs 

Can Graduate Students Get Scholarships? 

Yes. Graduate students can apply for scholarships, though the search may look a little different than it did in undergrad. Graduate scholarships are often tied to your field, academic achievement, career goals, research area, community involvement, financial need, or professional path. 

Scholarships may be offered by universities, nonprofits, employers, professional associations, private companies, community organizations, and even lenders. Some are open to many types of graduate students, while others are specific to MBA, law, medical, education, STEM, public service, or doctoral programs. 

Graduate scholarships can be competitive, so it helps to stay organized. Track deadlines, eligibility rules, essays, recommendation letters, and award amounts in one place. Even if one scholarship does not cover a large part of your program, several awards together can help reduce what you may need to borrow. For more tips, read out guide on how to find and win scholarships. 

What Are Fellowships? 

Fellowships are competitive awards that can help fund graduate study, research, professional development, or living expenses. Some are offered by universities, while others come from government agencies, foundations, research organizations, or private institutions. 

Unlike assistantships, fellowships may not require you to teach, research, or work for a set number of hours each week. They often have specific eligibility requirements, application deadlines, essays, recommendation letters, and goals tied to the award. 

If you’re applying to research-focused programs, especially doctoral programs, ask each school what fellowship opportunities are available before and after admission. Some programs automatically consider applicants for internal fellowships, while others require a separate application. 

What Are Assistantships? 

Assistantships are school-based roles that may provide a stipend, tuition support, or both in exchange for work. Common options include teaching assistantships, research assistantships, and graduate assistantships. 

These roles can be helpful because they may give you hands-on experience in your field while lowering your education costs. Ask how many hours are required, whether tuition is fully or partially covered, and whether the assistantship can continue for more than one term or academic year. 

How Federal Student Loans Work for Grad School 

Federal loan options for graduate students are changing, so it’s worth reviewing the latest guidance before you borrow. Grad PLUS loans have historically helped graduate and professional students borrow beyond standard federal Direct Unsubsidized Loan limits to cover the full cost of attendance, minus other financial aid. Starting July 1, 2026, Grad PLUS loans are no longer available for new borrowers, which may leave some students with a larger funding gap to plan for. 

Graduate students may still have access to federal Direct Unsubsidized Loans, depending on eligibility and program type. Current Ascent resources note annual federal unsubsidized loan caps of $20,500 for graduate programs and $50,000 for professional programs, which may not cover the full cost of some programs. Your school’s financial aid office can help you understand what options may apply to your program, timeline, and borrower status. 

Before borrowing, review your financial aid offer and ask your school what federal aid you qualify for, how much you can borrow each year, when interest begins accruing, and what repayment options may be available after you leave school. 

When Private Graduate Student Loans May Fit Into Your Plan 

Private graduate student loans may help cover remaining education costs after you’ve reviewed scholarships, grants, fellowships, assistantships, savings, employer assistance, and federal aid. These loans are offered by private lenders and banks, and eligibility, rates, repayment terms, and borrower benefits can vary. 

Before choosing a private student lender, compare the interest rate, repayment term, in-school payment options, grace period, fees, cosigner release options, and total cost of borrowing. Ascent’s Student Loan Calculator can help you estimate your potential monthly payment and total loan cost, so you can compare options with a clearer picture of what repayment may look like. 

Estimate What You May Need to Borrow 

Once you’ve added up grants, fellowships, scholarships, assistantships, employer support, savings, and federal aid, you can estimate your funding gap, or the amount you may still need to cover. 

How to Compare Grad School Funding Options 

As you build your plan, it can help to compare each funding source side by side. Look at what the money can be used for, whether it needs to be repaid, how competitive it is, and what obligations come with accepting it. 

Funding Option	Usually Repaid?	Best For	What to Watch
Grants	No	Need-based, field-specific, or service-based aid	Some grants may have service requirements
Scholarships	No	Reducing out-of-pocket costs	Deadlines, eligibility rules, and essay requirements
Fellowships	No	Research, professional development, or advanced study	Competitive applications and specific requirements
Assistantships	No, but work is required	Tuition support, stipends, and experience	Weekly hour commitments and renewal rules
Employer Assistance	No, depending on policy	Working students	Reimbursement limits, grade requirements, or retention rules
Federal Loans	Yes	Eligible students who want federal borrower protections	Annual limits, interest accrual, and Grad PLUS changes
Private Student Loans	Yes	Covering remaining funding gaps	Credit requirements, repayment terms, and total loan cost

 

Final Thoughts 

Financing grad school can feel like a lot, but you do not have to figure it out all at once. Start with your total cost, look for funding you do not have to repay, understand how federal loan options and Grad PLUS changes may apply to your timeline, and use loan calculators to estimate what borrowing could look like before you make a decision. 

Ascent is committed to providing students and families with the financial resources needed to pursue their dreams.     

From financial wellness resources to our flexible private student loans and undergraduate student loans, we are here to help students and their families make informed decisions about their future in college, and beyond.