Types of financial aid available for graduate study are somewhat different from aid with which you, as an undergraduate, may be familiar. Consider the following:

1.) Fellowships. On the graduate level, the equivalent of a scholarship is called a fellowship. It is usually a straight monetary award given on the basis of scholastic record. The fellowship may be derived from the institution's own endowment or current income, or it may be sponsored or controlled by a private foundation, industrial organization, or government agency. Donor fellowships are set up to assist students in specific fields. Most graduate school catalogs furnish information on specific donor fellowships at particular schools. The federal government supports some fellowships, particularly under such programs as the National Defense Education Act (NDEA), the National Institute of Health (NIH), and the National Science Foundation (NSF). Applications are made to participating institutions. It is worthwhile to apply, since to receive one of these national fellowships is a high honor. Consult this document for additional resources.

2.) Assistantships. Assistantships are awarded by individual departments for such work as grading, part-time teaching or research. Assistantships usually are half-time (20 hours per week) or quarter-time (10 hours per week). Applications for these positions should be made to the department or program. In exploring the possibility of a fellowship or assistantship, consider:

- How much time will be required?
- With an assistantship, will you be permitted to carry a full course load? If not, how long will your program take?
- How much of the award is taxable?
- How will your increased contact with faculty benefit you if you accept an assistantship?
- How will the assistantship affect your future plans? If you are interested in college teaching or research, an assistantship may afford valuable experience.

3.) Resident Assistantships. Some schools have programs in which graduate students earn money by working as assistants in undergraduate residence halls. If you do not receive information on this subject, inquire with the school's director of residence halls.

4.) Long-Term Educational Loans. Most institutions have loan programs for which graduate students may be eligible. Such programs include the Carl Perkins National Direct Student Loan Program, the Stafford Guaranteed Student Loan Program, supplemental loans for students, and private and state sponsored guaranteed student loan programs.

5.) College Work-Study Program. Under this program, eligible undergraduate and graduate students in participating institutions are provided part-time employment opportunities during the academic year, and part-time or full-time employment opportunities during the summer.

6.) Other Employment. Some communities and some institutions provide good opportunities for employment. Schools may have agreements with neighboring industries whereby students are hired to do research or consultation. Information on part-time work should be obtained from the institution you plan to attend.

As a prospective graduate student working out your total financial program you should not, of course, limit your thinking to any one of these types of assistance. Sometimes offers of financial aid cannot be easily compared, and each offer needs to be evaluated carefully. The final decision should not be made on the basis of financial assistance alone, but on the institution's academic offerings and quality of instruction.

Check out the Fellowship binder and the other financial aid resources in the Career Resource Library.

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