Graduate School Grants: What Are My Options?

Paying for graduate school can be a financial struggle, especially if you've already covered the cost of your undergraduate degree. The good news is that there are many options to help fund your advanced education. Grants, for example, are a form of financial aid that doesn’t have to be repaid, which can be a huge advantage if you don’t want to be overburdened with student loans after graduation. 

This guide to grad school grants and other financial aid for graduates will help you understand your options. 

1. Need-based grants 

Need-based financial aid programs are available to grad students with limited income. You'll need to complete the FAFSA to qualify for any federal or state grant programs that are based on financial need. While there are no FAFSA income limits, individual grant programs may have their own rules for how much you can earn to be eligible. 

Many federal grants are restricted to undergrads only. However, federal Pell Grants are available to postbaccalaureate students who are pursuing their first teaching credential. The maximum Pell Grant award is $7,395 for the 2024-25 award year, and the amount you’re awarded is based on your financial need and total schooling costs.

Some states also offer need-based financial aid programs. For example, the State University Grant (SUG) program provides awards to California residents, including graduate students, based on financial need. Funding of up to $7,176 is available for graduate students. 

2. Merit-based grants 

Some scholarships, grants, and fellowships are awarded based on merit, which means they’re given to students who demonstrate high academic achievement, leadership qualities, or other accomplishments. 

The TEACH Grant, for example, is a federal grant available to those who meet certain academic requirements, including:

• Receive a score on a college admissions test that is above the 75th percentile, or maintain a cumulative GPA of at least 3.25
• Participate in an eligible TEACH Grant program
• Complete the FAFSA
• Be enrolled in an eligible TEACH Grant school 

Full-time students may receive up to $4,000 each year in TEACH Grants, with a maximum award of $8,000 for TEACH Grant-eligible master's degree programs. There’s a combined limit of $16,000 for undergraduate and postbaccalaureate study. You must fulfill a four-year service commitment in a low-income area for a high-need subject, or the grant will be converted into a loan. 

Many individual schools also offer merit-based scholarships. For example, the University of Pennsylvania’s Graduate School of Education offers this type of funding to as many as 75% of incoming master's students in their first year of study. No special application is required — the strength of your application and demonstrated academic merit determine your eligibility. 

Related: How To Get a Scholarship for College

3. Specialized grants for research and projects

Many specialized grants are available to graduate students willing to participate in certain research or projects. 

For example, Fulbright Grants provide study and research awards to students who design their own projects and work with advisors at institutions of higher education in around 140 countries. These grants offer opportunities in the fields of art, business, journalism, communication, STEM, and public health. 

The National Science Foundation Graduate Research Fellowship Program (GRFP) is another option for graduate students in STEM fields. Applicants can receive as much as $138,000 in funding over five years if they are pursuing research-based master’s or doctoral degrees. 

When to apply for grad school grants

Most grant programs have limited funding, so it’s important to apply as early as possible. 

The FAFSA form for the next academic year generally opens up on October 1. The earlier you register for the FAFSA, the greater your chances are of receiving federal or state aid. 

Individual scholarship and grant programs also have their own deadlines, and many require you to complete a multi-step application. It's best to research these opportunities as early as possible to allow time to prepare your application. You should start exploring opportunities around a year prior to the time when you'll need funding for your graduate coursework. 

Application tips and strategies 

There are a few steps you can take to maximize your chances of getting as much grant or scholarship money as possible. These include the following:

• Pursue opportunities throughout the year and look beyond your school to the community and professional organizations.
• Gather documents early, including preparing a comprehensive resume.
• Develop your professional skills and earn excellent grades so you can demonstrate merit.
• Keep careful track of deadlines on your calendar and leave plenty of time to apply.
• Request letters of recommendation early and provide recommenders plenty of notice.

Types of graduate financial aid 

Grants are just one of several types of financial aid you can get to pay for grad school. Here are some of the options that could be available to you, along with some details about how each works:

• Grants: Grants are typically need-based and are commonly offered by the government. They do not need to be repaid. You’ll need to complete the FAFSA for graduate students to become eligible for many grants. After you register for the FAFSA and complete your online application, your school will notify you about the financial aid you're eligible for. 
• Scholarships: Scholarships also don’t need to be repaid. Many are merit-based, rather than need-based, and they can be offered by schools, businesses, and organizations. You may be awarded a scholarship based on your academic record, activities you're involved in, field of study, or other factors. You typically must apply for scholarships.
• Fellowships: Fellowships also provide funds that don’t need to be repaid. They’re usually awarded based on merit or for specific projects, such as doctoral research. You may be able to use fellowship funding for a wider variety of living expenses during graduate school, while scholarships usually go directly toward tuition and other related expenses. 
• Student loans: These loans can come from federal or private lenders, and they generally need to be repaid with interest. There are graduate loan limits for certain kinds of federal student loans, including Direct Unsubsidized Loans. You should ideally take out loans only after exhausting scholarships, grants, and fellowships.