Probably the biggest shock to incoming graduate students is the change in the type of financial aid available to cover educational costs. It seems like the amount of funding from grants is shrinking and the funding from loans is growing. What's going on?
Even if you were eligible for grant aid as an undergraduate and your personal/financial situation has not really changed, the likelihood that you will qualify for a grant or other "gift aid" (aid the does not have to be repaid) decreases tremendously when you enroll as a graduat student.
Why? Gift aid funds are in short supply and are typically given to those students with the greatest financial need and least ability to pay first. Now, I'm not saying that graduate students do not have financial need; but, the basic packaging theory in place at most universities is modeled on the assumption that graduate students,
- already have a degree,
- are much more employable than undergraduate students, and
- are more likely to be able to successfully carry higher loan balances and eventually repay them (after all, people with graduate degrees typically earn more in the long run).
Is there anything you can do about it? Unfortunately, the answer is usually no. Grants are awarded based on the rules set by the agency/organization providing the funding. Even if you have financial need, financial aid advisors will not be able to award grant funds to you if "undergraduate standing" is a requirement for eligibility.
Where do you turn if you do not have enough gift aid to cover your costs? Your immediate options are likely limited. You will probably have to take out loans or do work-study to cover the costs of your current enrollment. But you may have some future opportunities, if you are are willing to spend some time seeking them out.
Now is a prime time for you to visit with the Chair or Dean of your Department and the Dean of the Graduate Studies Department. Ask these individuals for information on major specific scholarships, fellowships and graduate research and/or teaching opportunities. These programs typically attach strings to their funding; but they can reduce your overall loan burden for a given semester or term. Also, try researching private/corporate resources for grants and scholarships. Organizations such as fasweb.com index a wide variety of private/corporate financial aid programs--and access to the index is free!
Keep your chin up and your eyes open. Where there's a will, there's always a way.
Until next time!
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