If you’re graduating this May, or looking to advance in your career, you may have graduate school in mind. A graduate degree can provide a valuable boost to your resume and give you a leg up as you search for jobs. But it’s important to take cost into mind before you decide to head back to school - make sure to find a program that’s compatible with your career goals and affordable. We know the price tag for graduate programs can be significant, so we’ve pulled together a summary of different options to help you pay for school. From fellowships to tax credits to federal grants, you’ll find something that can help reduce your out-of-pocket costs in our slideshow below.

1. MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY
PAYING FOR
GRADUATE SCHOOL

2. Steps to help
pay for
graduate
school

3. 1. Complete
financial aid
applications

4. The FAFSA:
Required by every school
The CSS/Financial Aid
PROFILE®
Required by some schools
Your college/university financial
aid application
Required by some schools
Submit applications by the deadline!

5. You will be
considered
for:

6. College Loans
Direct Unsubsidized Loan
$20,500 max per year (more for
health care programs)
Perkins Loan
$8,000 max per year

7. Other Aid
TEACH Grant
For teaching programs
Federal Work-Study
Earned through part-time work on campus
Massachusetts Graduate Tuition Waiver
Your college/university-specific funds

8. 2. Ask each
school about
merit-based aid

9. Based on achievement
You might need to submit:
•A separate application
•An essay
•A nomination
Each school will have different
opportunities

10. 3. Look For
Fellowships

11. Start here at GradSchools.com
Ask for opportunities at each school
Prepare for academic work, training, or
research
Your monetary award:
•Can cover up to full cost of tuition &
stipend
•Can be awarded on financial need or merit

12. 4. Search for
Teaching or
Research
Assistantships

13. Seek out faculty to ask about opportunities
Check with individual departments at each
school
Prepare for classroom instruction or research
Your monetary award:
can cover up to full cost of tuition & stipend

14. 5. Apply for
Private
Scholarships

15. U.S. Department of Labor
Fulbright Program
Fastweb
Seek out scholarships in your field through:
•Associations
•Foundations
•Professional Organizations

16. 6. Research
Other Ways
to Pay

17. Resources for Veterans and Active
Military Service Members
Employer’s tuition remission
Part-time evening classes
College payment plan

18. 7. Consider
Private Loans

19. MEFA Graduate Loan
Graduate PLUS Loan
Loans from other banks/lenders

20. 8. Seek Out Tax
Benefits

21. Lifetime Learning
Tax Credit
For eligible tax payers, earn up to a
$2,000 tax credit based on paid
qualified school expenses

22. 9. Take These
Steps Now

23.  Work to establish good credit
 Understand your undergraduate
loan repayment options
 Pay down current debt
 Start saving
 Practice living on a budget

24. Questions?
Contact us:
(800) 449-MEFA (6332)
www.mefa.org
info@mefa.org