Overview
What it is
Graduate and professional school is funded differently from undergrad — and the best funding is often free money you don't repay: assistantships and fellowships. Loans exist too, but a major change hit in 2026: the Grad PLUS loan was eliminated for new borrowers. Prioritize funded offers, then grants, then federal loans.
How It Works
How it works
- Assistantships (TA/RA)Teaching or research assistantships that waive tuition and pay a stipend in exchange for work — the gold standard, common in PhD and many master's programs.
- Fellowships & grantsMerit- or research-based awards from your program, the university, or external funders (foundations, government) — often no work required.
- Federal loansGraduate students can borrow Direct Unsubsidized loans; the Grad PLUS loan ended for new borrowers on July 1, 2026, so plan around loan limits and private options.
- Employer tuition assistanceMany employers help pay for job-relevant graduate study.
- Service-based programsLoan forgiveness/repayment for working in high-need fields (health, teaching, public service).
How to Apply
Applying, step by step
- Ask programs about funding up frontAssistantships and fellowships are often awarded with admission
- Apply for external fellowshipsNationally competitive awards exist in many fields
- File the FAFSA for federal loansStill the gateway to Direct Unsubsidized loans
- Check employer benefitsTuition assistance can cover a lot
- Plan for the Grad PLUS changeKnow the 2026 loan limits and any private-loan needs
Tips
Tips to maximize it
- Prioritize fully funded programsEspecially for PhDs — many fund tuition + a stipend
- Negotiate/compare offersFunding packages vary between programs
- Minimize borrowingGrad debt can be large; use gift aid and assistantships first
- Explore service forgivenessPSLF and field-specific programs can erase loans over time
- Use employer helpEven partial tuition assistance adds up
FAQ
Frequently asked questions
- What's the best way to fund grad school?Assistantships and fellowships — they waive tuition and often pay a stipend.
- Did grad loans change?Yes — the Grad PLUS loan ended for new borrowers on July 1, 2026.
- Can I still get federal loans?Yes — Direct Unsubsidized loans (within limits).
- Do employers help?Many offer tuition assistance for job-relevant study.
- Is there loan forgiveness?Yes — PSLF and field-specific service programs.
At a Glance
Key facts
- Best (free)Assistantships (TA/RA) & fellowships
- GrantsProgram & external awards
- LoansDirect Unsubsidized (Grad PLUS ended 2026)
- EmployerTuition assistance
- ServicePSLF & field forgiveness
Official Sources
Where to learn more
Learn more and plan your funding: