College Zone - Printable Version - Student Zone - Advanced Degree

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There are two basic types of financial aid — gift aid and self-help aid. Like the names says, gift aid is assistance received that does not typically have to be repaid. Self-help aid includes work opportunities and loans, and is called self-help because the individual takes responsibility for receiving this type of aid.

Many types of financial aid can help you pay for graduate or professional school, though they all work in different ways. Scholarships, grants, fellowships and traineeships, and teaching and research assistantships typically do not need to be paid back. Federal Work-Study programs and loans are self-help aid and do need to be earned or paid back. Financial aid also comes from many different sources, including the federal government, the State of Illinois, your graduate or professional school, and/or your employer. Plus, there are many private sources that provide financial aid, such as agencies, associations and organizations (e.g., corporations, civic, religious, philanthropic groups and associations related to your field of interest).

You can improve your chances of obtaining financial aid by planning ahead, applying early and reading directions carefully. Since private financial aid programs generally have early deadlines, start researching these sources during your sophomore or junior year college, or two to three years before you plan to attend graduate or professional school. You can find information at College Zone, colleges, libraries and related publications. You can apply for as many different types of financial aid as you’d like.

Be sure to talk with the department chairperson or dean at your graduate or professional school about the following possibilities:

Scholarships and grants given by your graduate or professional school
Scholarships and grants given by your individual academic department
Teaching and research assistantships (tuition and/or stipend may be provided in exchange for service)
Administrative internships and summer jobs
Cooperative education
Fellowships and traineeships
Work-study programs
If you are a veteran, inquire about additional funds that may be available.

Money may be available for specific career interests. Investigate the possibility of awards in your particular field of study. You can also contact the professional associations that serve your area of career interest.