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Paying for grad school works differently than undergrad — and in some ways, better. Many graduate students are paid to attend through assistantships and fellowships. Here’s the order to fund a master’s or doctorate, and what changes once you’re past your bachelor’s.
Assistantships (the gold standard)
Teaching (TA) or research (RA) assistantships often waive your tuition AND pay a stipend in exchange for ~20 hours/week of work. Common in PhD and many funded master’s programs. A "fully funded" program means you’re paid to attend — chase these first.
Fellowships & grants
Merit awards from the school, the field, or outside foundations (NSF GRFP, Fulbright, field-specific fellowships) that pay tuition and/or a stipend with no work required. Competitive, but they’re free money for grad school — apply widely and early.
Employer tuition assistance
Many employers help pay for a job-related graduate degree (often up to ~$5,250/year tax-free). If you’re working, ask HR before you borrow — it can cover a part-time master’s with no debt at all.
Federal grad loans (last, not first)
Grad students can borrow federal Direct Unsubsidized loans and, beyond that, Grad PLUS loans. There are no subsidized loans in grad school — interest accrues from day one — so borrow only after exhausting funding above.
A funded PhD should pay you, not the other way around
In many fields — especially doctoral programs — the norm is that the school covers tuition and pays a living stipend. If a PhD program expects you to pay full freight, treat that as information about how much it wants you. Fully funded offers are worth holding out for.
Grad debt has no subsidized cushion and can climb fast through Grad PLUS. Before borrowing for a degree, be honest about what it adds to your earnings and how long repayment takes. A funded program, an employer-paid part-time degree, or waiting until you have funding can beat borrowing the full cost — especially for fields where the salary bump is modest.
Borrow wisely: compare grants vs. loans, understand federal loans, and check whether the degree will pay off.