Posted September 23rd, 2009

Image Courtesy of j.gresham

Let’s face it, graduate studies in most fields is expensive and can set you back many thousands of dollars right from the beginning. Begin your plan to finance grad school by estimating the annual cost of graduate study, including application fees, tuition, living expenses (groceries, rent etc.) and all the financial support that you are likely to have.

The cost of tuition for U.S. and Canadian graduate students differs significantly, so check the resources below depending on your country of origin.  

In the U.S.: To view the trends in the cost of college and university education, visit: http://nces.ed.gov/fastfacts/display.asp?id=76

In Canada: The costs associated with tuition vary somewhat from one province or territory to another. Here is a link to the Ontario Ministry of Training. Colleges and Universities, which includes both tuition as well as other costs to consider when applying to grad school, including living costs, application fees etc: http://www.edu.gov.on.ca/eng/general/postsec/costs.html

For other provinces and territories, visit the various departments of education:

Alberta: http://ednet.edc.gov.ab.ca/
British Columbia: http://www.gov.bc.ca/bced/index.html
Manitoba: http://www.edu.gov.mb.ca/
New Brunswick: http://www.gnb.ca/0000/index-e.asp
Newfoundland and Labrador: http://www.ed.gov.nl.ca/edu/
Nova Scotia: http://www.ednet.ns.ca/
Nunavut: http://www.gov.nu.ca/english/
Northwest Territories: http://www.gov.nt.ca/agendas/education/index.html
Prince Edward Island: http://www.gov.pe.ca/education/index.php3
Québec: http://www.meq.gouv.qc.ca/
Saskatchewan: http://www.education.gov.sk.ca/
Yukon: http://www.education.gov.yk.ca/

Unless your have a large amount of money set aside, it is strongly recommended that you apply for as many grants, scholarships and fellowships that you are eligible to receive. Scholarships and fellowships are essentially the same thing, in that neither requires you to pay back any amount that you are awarded. Don’t count on being able to earn much money working even part-time at a job, because most graduate programs expect students to pursue full-time studies while in graduate school.

Check out the following resources to determine which scholarships or fellowships that you may be eligible for:

U.S. Scholarship Search

Cornell Fellowship database: http://www.gradschool.cornell.edu/?p=132

Canadian Scholarship Search:
Each province awards its own scholarships; visit the links above to determine which ones you may be eligible to receive.

Private scholarships: Unlike scholarships awarded by the government, another option to you may be private student scholarships. These awards are professional groups, banks and non-profit organizations. These awards tend to be very competitive, but if you think you may have a chance, then you should apply. Check out the following links for more information on this:

In the U.S.

In Canada

Scholarships and grants are usually awarded based on merit, especially grades. If this is not the case for you, there are still other options that can help pay your tuition and other living expenses. These include: research and teaching assistantships available at the University or College that you are applying to, tuition and other fee waivers and loans. For more information on these options, check out the following link: http://MyGraduateSchool.com/payingforschool.htm

Whatever your financing situation, remember to start searching for funding opportunities and applying as early as possible. Deadlines for scholarships and grants can be quite variable, some requiring lengthy preparation, including letters of recommendation and letters of purpose, while others may require less. It is important to be organized and keep track of the various deadlines, as most awards are competitive and few exceptions are made for late applications. Also, some schools will automatically consider all their applicants for funding, while others require separate paper work, don’t get caught by surprise.

For more information and tips on applying successfully to graduate school, download the complete e-Book: Graduate School: Winning Strategies for Getting In With or Without Excellent Grades by Dave G. Mumby, Ph.D.