Going to graduate school is a great opportunity to secure higher earnings. It could also help you ascend to a higher position at a company. However, grad school is expensive.
Did you know that there are scholarships available designed for graduate education?
In this article, we’ll talk about the importance of a scholarship, the requirements for these scholarships, and the best resources to find graduate school aid.
Benefits of a Scholarship
Aside from being free money, scholarships have huge benefits. First of all, they help reduce the amount you need to take out in student loans. It can also help you focus on your studies more by reducing the need to get a job to support your graduate education.
Earning a scholarship can be difficult to accomplish. Because of this, it could be a great addition to your resume if you earn a scholarship, especially for graduate students.
What GPA Do You Need to Get Graduate School Scholarships?
It depends on the scholarship provider, but typically a 3.5 GPA would be a minimum requirement for securing a graduate school scholarship. This is important if you’re applying for a scholarship that considers academic achievement. Other scholarships might require a 3.0 GPA if they’re based on aspects such as community service or even financial need.
Keep this in mind when applying for scholarships. The goal of the scholarship can help you determine if it requires a higher GPA. For example, if the scholarship is meant to celebrate students in STEM, you might need at least a 3.5 GPA to be eligible.
How to Apply for Graduate School Scholarships
There are multiple routes to take in order to get a scholarship for graduate school. For some graduate programs, you will be automatically considered for merit-based scholarships. Other programs might have separate applications to apply for scholarships.
Before applying, think about the requirements they have for the application. Many will require an essay or personal statement in-line with the goal of the scholarship. A resume might be required because it will highlight campus involvement or community service. Every provider will have different requirements. It’s important to do your research and find scholarships that are fit for you.
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How to Find Graduate School Scholarships
In order to apply for a graduate school scholarship, you have to actually find said scholarships.
Reach out to your university’s financial aid office to see what scholarships, or even grants and fellowships, are available for you. Once you’ve done your research at your university, it’s time to find scholarships elsewhere.
Here are a few resources you can use to start your grad school scholarship hunt.
Professional Organizations
If you’re passionate about your field of study, joining a professional association could have many benefits. A professional organization offers exclusive resources to members passionate about those career interests. Such resources are scholarships for undergraduate or graduate students in the association. For example, the American Bar Association awards scholarships to first-year law students from underrepresented communities. Find a professional association and learn about the scholarship opportunities they offer.
Search Engines
Search engines are a great way to find scholarships available for you. You can use them to find awards based on a degree program of interest such as an MBA, law school, or a medical program. You can even search for scholarships based on the amount they’re providing. This tool can help you prioritize the ones that you believe will benefit you the most.
GoGrad
GoGrad helps you find scholarships for graduate school. The platform has specific categories for LGBTQ students, military veterans, women, and students pursuing an MBA. GoGrad also gives you a timeline of financial aid for graduate school, helping you stay on track as you apply for scholarships.They also debunk common misconceptions about scholarships and provide educational resources.
Sallie Mae
Sallie Mae is one of the most recognizable private student loan companies. Did you know that they also offer free scholarship resources? Sallie Mae offers a free Scholarship Search tool for both undergraduate and graduate students. You can easily create a profile that finds the best scholarships based on your field of study, skills, and interests. Plus, by registering for the free tool, you could have a chance to win one of their $1,000 monthly sweepstakes.
Scholarships.com
Similar to Sallie Mae’s Scholarship Search tool, Scholarships.com matches you with scholarships. This tool also organizes and filters scholarships for you by dollar amount or due date. This can help you prioritize certain scholarships before others.
Chegg.com
When you create a free account with Chegg, you will have access to over 25,000 scholarships. You can also find tutors to review a scholarship essay if you need someone to look through it.
Fastweb.com
Fastweb provides access to over 1.5 million scholarships through the search tool. The tool also personalizes your options when you make a free profile and sends you notifications when you’re matched to a new scholarship.
Niche.com
Niche not only helps students find the right universities and programs, but it also provides access to thousands of scholarships through their search tool. The tool matches applicants with scholarships that fit their backgrounds and interests. As a great bonus, many of the Niche scholarships are “no-essay,” meaning that an essay is not required to apply.
Cappex.com
Cappex also matches students with scholarships. They even segment scholarships by the current level of undergraduate enrollment. When you create a free account, you will be entered for a chance to win a $1,000 Cappex Easy Money Scholarship. With over a billion dollars in scholarships on the platform, there are bound to be a few scholarships fit for you.
Scholarships360
Aside from scholarship matching, Scholarships360 offers a section dedicated to graduate scholarships. They even offer tips to pay for your education. You can find the top scholarships of the year for graduate programs such as law school, medical school, or an MBA.
Bold.org
Bold offers exclusive scholarships only found on the platform. They also match you with scholarships after making a free profile. By creating a profile, you can showcase your experiences and skills to the scholarship panels. Plus, everything is done on Bold, meaning that you can manage your scholarships, check the status, and even have funds applied to your tuition right through their website.
Student loan rates from our partners
Ascent
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
LendKey
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
Earnest
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
College Ave
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Final Thoughts from the Nest
Applying for financial aid as a graduate student can be hard. There aren’t the same amount of resources available for graduate students as there are for undergraduate students. However, there are so many ways to secure the funds you need to pay for your graduate studies. Scholarships are a great option to consider before deciding to take out a student loan. Reach out to your university’s financial aid office and check out all these search engines for scholarships fit for you!
If you need to take out private student loans once you’ve exhausted all other options, consider using Sparrow. Sparrow matches you with private student loans fit for your needs and your educational goals. You can even compare loans side-by-side, helping you determine which loans work best for you.