Introduction

Graduate school is an exciting time in your life, but it can also be financially challenging. Your financial aid package will determine how much you pay for tuition and other expenses, so it’s essential to understand how your package works. This is a comprehensive analysis of the various kinds of financial aid that exist and how they can impact your budget.

Types of Financial Aid

Grants and scholarships are among the many forms of financial assistance available. Grants are money that does not need to be repaid. Scholarships are also free money, but they usually require some service or commitment in exchange for the award. Assistantships are jobs that pay tuition and living expenses for graduate students who work as teaching assistants or research assistants at their school’s campus or affiliated hospital/lab facilities.

An important thing to note about assistantships is that these positions will typically be reserved for students who have already been accepted into the program; however, if you’re still waiting on your acceptance decision, then there may still be some opportunities available to you through other sources like government programs like Americorps VISTA (Volunteers In Service To America), AmeriCorps NCCC (National Civilian Community Corps), Teach For America, etc…

Need-based aid

Financial assistance that is based on your financial need is determined by subtracting your Expected Family Contribution (EFC) from your Cost of Attendance (COA). Your EFC is calculated by considering your family’s taxable income and assets and information about you and/or your spouse. Once this calculation has been done, schools determine how much money they can offer in need-based aid based on their funding priorities.

Need-based grants do not have to be repaid; however, they come with one condition: if a student changes majors or drops out before completing at least 60% of their program requirements, any remaining unearned portion may be converted into loans that must be repaid with interest.

Merit-based aid

Merit-based aid is awarded based on your academic and personal achievements. The more impressive they are, the more likely they are to receive merit-based aid.

Grants

Grants are free money that you do not have to repay. They are based on financial need and can be used for tuition and fees, books and supplies, or living expenses. Graduate students have access to a wide range of grants, such as:

• Federal Pell Grant (need-based)
• Federal Supplemental Educational Opportunity Grant (SEOG)
• State Need Grant Programs – These state-funded programs offer need-based grants that vary by state; some states require you to be enrolled full-time at an eligible institution for their grant program to apply.

Scholarships and assistantships

Scholarships and assistantships are merit-based, meaning you must apply for them and be selected based on your academic achievement. Scholarships are usually awarded for one year at a time, while assistantships may be granted for more than one year.

Scholarships are typically awarded based on your GPA and SAT or ACT scores; however, some schools award scholarships based on other factors such as ethnicity or gender. If you’re applying for scholarships through an organization outside your school (for example, if you want to win a scholarship from Coca-Cola), there will likely be different requirements than what’s listed here.

Research institutions or government agencies often offer assistantships–and they typically require working part-time in addition to taking classes full-time so that you can earn money while still completing coursework toward your degree program.

Work-study programs

Financial aid in the form of work-study programs enables you to work part-time while pursuing your education. You’ll need to be accepted into the program and have financial needs, but once in it, you can use your earnings toward paying for tuition and other expenses.

Work-study jobs can be found on campus or within your community at organizations such as libraries, hospitals, museums, and nonprofits. The exact number of hours offered varies from year to year based on availability; however, most positions require between 10 and 15 hours per week during the school year (and no more than 20 hours per week during breaks).

As an example: Let’s say you were awarded $2,000 per semester through this program–that would mean earning $10/hour at minimum wage ($7.25/hour), which equals about 250 hours each semester!

Student loans

Graduate students frequently rely on student loans as a means of financing their education. The most common types of student loans include:

• Stafford Loans (subsidized and unsubsidized)
• Grad PLUS Loans
• Supplemental Loans for Students (SLS) * Perkins Loans

Graduate students should understand how their financial aid package works.

You should understand how your financial aid package works.

• Understand how financial aid works. First, you need to know that all federal and state grants are awarded through the FAFSA (Free Application for Federal Student Aid). Federal loans are also awarded through this form, but private loans don’t have to be taken out if you don’t want them–they’re optional. If you choose a personal loan, make sure it’s one with low-interest rates and flexible repayment terms so that it doesn’t burden your future finances too much once graduation rolls around!
• Understand how your financial aid package is calculated. Once you’ve filed your FAFSA form online with all of its required information (and hopefully received some money!), the school will then send out its offer letter detailing exactly how much money they think they can give back in grants and scholarships versus what amount of debt load would be best suited for each student based on their circumstances regarding income level/family size/etcetera… This figure is called “the expected family contribution” or EFC number; its purpose is to determine whether or not there will be enough money available during enrollment season without having any additional charges added onto tuition costs due solely because tuition rates tend to be relatively high these days regardless whether or not someone qualifies for any kind of financial assistance whatsoever!

Types of Financial Aid

There are several types of financial aid to consider when looking at your options. 

• Need-based aid. This type of funding is based on your family’s income and how much money you need to attend college or graduate school. It may also include other factors, such as what school you attend and whether or not you have children who are still in high school.
• Merit-based aid (merit). This type of funding recognizes academic achievement and can be used for either undergraduate or graduate studies. However, it’s typically only available for those pursuing an advanced degree like a master’s or doctorate program (Ph.D.).
• Grants: These don’t have to be repaid by the student who receives them because they come from outside sources such as government agencies or charities–not loans! Scholarships also fall under this category; however, with scholarships, some requirements might be attached, like maintaining certain GPAs while attending college/university, so make sure those details are precise before signing anything official!!

Need-Based Financial Aid

Need-based financial aid is awarded to students who demonstrate financial need. This type of aid can come as a grant, scholarship, or work-study program. The amount you receive depends on your school’s procedures, requirements, and eligibility.

Suppose you’re eligible for need-based financial aid. In that case, it will be awarded directly to your university so they can use it to help pay for tuition and other educational expenses like books and housing (if applicable).

Eligibility Requirements for Need-Based Financial Aid

• To be eligible, you must either hold U.S. citizenship or be classified as an eligible noncitizen.
• You must be enrolled in a degree program at least half-time (six credits).
• It would be best if you had financial need, which means your expected family contribution (EFC) is below the cost of attendance at Georgia Tech. You don’t have other resources to pay for your educational expenses.
• You must meet one of two academic progress requirements: To receive federal loans, students must pass 60 percent of their courses each semester with a grade point average (GPA) of 2.0 or higher on a 4-point scale; this requirement does not apply if you are an undergraduate student who has already completed 30 credit hours but has not yet earned an undergraduate degree from another institution; or If you are pursuing an undergraduate degree from another institution and plan on transferring into Georgia Tech’s graduate program later than fall 2019 and are applying for financial aid for 2020-2021 academic year, then this rule will apply regardless if it was previously waived by having been approved by GA Tech after having transferred into its graduate programs.”

Grants, Scholarships, and Other Free Money

Grants and scholarships are forms of financial aid that need not be repaid. Other free money may come in loans, employment opportunities, or campus jobs (if available).

There are many different types of grants and scholarships, so it’s important to know what you’re eligible for before applying. You can find out more about these by researching your specific field or department online or asking someone at the financial aid office at your school what kinds they offer. The following table provides an overview:

• Grant: A grant is a sum of money given by an organization or individual that only needs to be paid back if there are exceptional circumstances, such as leaving school early or dropping below half-time status (enrolling less than 12 credits per semester). Grants can be given based on merit, need, or both–you can find out which type yours falls into through research into the source itself!
• Scholarship: Scholarships differ slightly from grants because they do require some sort of repayment after graduation–usually in the form of continued service within some community group/organization related directly back toward their mission statement.”

Types of Loans, Repayment Plans, Interest Rates, and Disbursement Dates

The types of loans that you can borrow include:

• Federal Stafford Loans are the most common type of student loan available and offer low rates, flexible repayment terms, and generous deferment options. They’re open to both undergraduate and graduate students who demonstrate financial need. Still, there are limits on the amount you can borrow each year based on your enrollment status (undergraduate or graduate).
• Federal PLUS Loans allow parents to take out a loan for their children enrolled in school at least half-time as an undergraduate or graduate student. These loans have higher interest rates than other federal options but offer more flexibility in repayment plans and forgiveness programs.
• Federal Perkins Loans are intended for students with exceptional financial needs; however, they require schools to provide matching funds from their coffers before issuing any funds directly to students, so availability varies greatly depending on school policy and government funding levels each year.

Types of Loans, Repayment Plans, and Disbursement Dates

The amount you’ll receive in financial aid is determined by several factors, including:

• Your calculated cost of attendance (COA)
• Your family’s income and assets
• The type(s) of loans you qualify for
• Whether or not your parents are willing to contribute to your education costs and how much they can afford to pay.

Understanding a typical financial aid package for graduate students

There are many types of financial aid. Some sources offer need-based aid, while others provide merit-based scholarships and grants. Need-based assistance examples include:

• Grants
• Scholarships
• Work-study programs

Grants and scholarships are awarded based on your student’s financial need. Contributions do not require repayment, while scholarships may require repayment after graduation in the form of an award letter or check payable to your school or another designated institution (such as a bank). Congratulations if you earn an academic honor such as membership in Phi Beta Kappa Society or induction into Phi Kappa Theta Fraternity during your undergraduate career at [Your University]! You may be eligible for additional awards because these honors demonstrate high academic achievement and leadership skills that reflect positively on our institution’s reputation within its community.”

Conclusion

The best way for graduate students to understand their financial aid package is by contacting their school’s office. They can also talk to other students who have gone through this process and ask them questions about what they learned from their experience.