Graduate education is costly. The National Center for Education Statistics (NCES) reports an average cost of $20,368 for a graduate degree from a public university. Fortunately, graduate school scholarships can cover all or part of the total cost for your degree. Your university can be a great source for scholarships. There are abundant graduate school scholarships through the private sector, national organizations, and industry-related associations. To help you find the right scholarship for your degree, we’ve listed the top and most-popular scholarships and how to apply for them. Learn about timelines for scholarship applications and what goes into them.
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Borrowing money for graduate school is no substitute for a scholarship, which does not require repayment. The Center for American Progress reports that more than $37 billion have been borrowed by graduate students, creating the nation more than $1.4 trillion in debt. Counterbalancing the loans, Debt.org reports that an estimated $53 billion in scholarships are awarded by the US Department of Education and private sources each year.
One of the best places to find a scholarship is at your university. More than 70 percent of scholarships come directly from the institution. The following factors may organize graduate school scholarships:
Merit-based graduate school scholarships may be based on the applicant’s exemplary professional and public service experience, academic performance, and promise. Need-based scholarships are determined by factors such as student income, family participation, and tuition costs.
The process for obtaining a scholarship begins with the search. We’ve done a lot of work for you already. Be sure to apply to as many scholarships for which you qualify. Here is a timeline for landing graduate school scholarships.
Gain acceptance to graduate school.
Perform a comprehensive scholarship search
Visit websites of scholarship-granting institutions to gather application requirements. Note application deadlines for every institution.
Complete the Free Application for Federal Student Aid (FAFSA). The application establishes your profile that is used to calculate financial eligibility.
Take all required graduate school admission exams if the scholarship requires them.
Organize applications for scholarships for graduate students by the deadline, tackling the earliest ones first.
Compile the supporting documents required for your application (test scores, essays, transcripts, recommendation letters).
Contact former professors and round up recommendation letters.
Complete personal essays required for the scholarship application. Personalize essays for each granting institution.
Begin submitting applications for scholarships with deadlines this month.
Continue applications to scholarships with May deadlines.
Double-check with the scholarship organization to ensure your application is complete and accepted.
Arrange and conduct on-site, telephone, or online interviews if required. That’s it. Now it’s time for the waiting game.
Apply early and apply to as many scholarships for which you’re qualified. Seek all scholarships, including those from public and private organizations. There is no law restricting you to one scholarship!
In addition, Online Masters Colleges provides expert advice on how to avoid Scholarship Scams.
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