One of the biggest misconceptions about student debt is that it is mostly impacting college students. The reality is that the graduate school student debt is growing at an even more rapid pace. Luckily there are a number of great graduate student scholarships available!

So whether you are a masters student or a doctoral student you can receive funding to help pay for college (and also eliminate your student debt burden).

Jump ahead to:

• Paying for graduate school
• Top scholarships for graduate students in 2021
• Is graduate school worth it?
• Summary of scholarships for graduate students
• Expired scholarships

Keep on reading to learn more about paying for graduate school with financial aid and scholarships!

Paying for graduate school

Students will generally pay for graduate school using a few different funding sources. The most common sources are private scholarships, need-based financial aid and grants, and university-specific scholarships.

Private graduate school scholarships

There some great private organizations that offer scholarships for students pursuing their masters or doctoral degrees! These scholarships support graduate students of all stripes including medical school students, law school students, business school students, masters students, and doctoral students!

Jump ahead: Top Scholarships for Graduate Students

Need-based financial aid for grad school

Need-based financial aid is another important way to pay for graduate school. Need-based aid can include both grants (that don’t need to be repaid) and student loans (that do need to be repaid).

For need-based graduate school financial aid, students must submit the Free Application for Federal Student Aid or FAFSA. This allows students to be considered for both need-based grants and federal student loans. Some colleges may also require additional forms, so always check with your specific graduate program for more details about their financial aid process.

Many colleges may also require students to submit the CSS Profile, which is a financial aid application that is hosted by the College Board. The CSS Profile is how students can access institutional financial aid from the universities.

University-specific merit scholarships

Many graduate schools will also offer university-specific scholarship opportunities. You should check with the graduate programs that you are applying for for more information about scholarship opportunities that you may be eligible for.

Some graduate students may qualify for fellowships or assistantships that allow them to gain valuable experience and also receive funding to pay for grad school.

Top scholarships for graduate students in 2021

$1,000 Fund Your Future No Essay Scholarship

• Eligibility: Open to graduate/masters students in STEM, Nursing, and Business majors within two years of graduating
• Amount: $1,000
• Deadline: July 31, 2021

Goldman Sachs MBA Fellowship

• Eligibility: First-year Hispanic/Latino, Native American, or women MBA students pursuing a 2021 Summer Associate position at Goldman Sachs
• Amount: Fellowship recipients receive a $35,000 award in addition to the Summer Associate salary. Upon successful completion of the summer internship and acceptance of a full-time offer, Fellowship recipients will be awarded an additional $40,000, plus any full-time Associate signing bonus, as applicable.
• Deadline: March 28, 2021

Great Outdoors Wilderness Education Scholarship

• Eligibility: Open to undergraduate and graduate students who have incorporated the outdoors into their education, worldviews, and career goals in some meaningful way
• Amount: $1,000  
• Deadline: April 1, 2021

Greater Than Gatsby Annual Scholarship

• Eligibility: High school seniors accepted to college, undergraduate and graduate students in the USA interested in photography 
• Amount: $10,000
• Deadline: May 1, 2021

John Lennon Scholarships

• Eligibility: Current student or alumnus/alumna at a U.S. college or university between the ages of 17 and 24 who submit an original song in any genre
• Amount: $20,000 (three will be awarded!)
• Deadline: January 22, 2021

LeverEdge Better Rates No-Essay Scholarship

• Eligibility: Open to all college and graduate students who sign up a LeverEdge Student Loan Negotiation account
• Amount: $1,000
• Deadline: January 31

Little Bundle Superdad Scholarship — College Award

• Eligibility: Undergraduate or graduate level students who are either single fathers or are the children of single fathers are eligible to apply
• Amount: $2,000
• Deadline: January 1, 2021

Little Bundle Supermom Scholarship — College Award

• Eligibility: Open to undergraduate or graduate level single moms, children of single moms, or people whose lives have been impacted in positive ways by single moms 
• Amount: $2,000
• Deadline: July 1, 2021

Michael Moody Fitness Scholarship

• Eligibility: High seniors, college students, and graduate students interested in pursuing a career in health, wellness, or fitness
• Amount: $1,500
• Deadline: August 1, 2021

National Healthcare Heroes Grant for Nurses

• Eligibility: Open to aspiring or current nurses to aid with the cost of their tuition or student loans.
• Amount: $1,000
• Deadline: May 1, 2021

One Move Ahead Chess Scholarship

• Eligibility: Open to chess players of all ages.
• Amount: $1,000
• Deadline: March 29, 2021

Penny Hoarder Smart Money Scholarship

• Eligibility: Open to all college and graduate students who sign up for the Penny Hoarder Daily newsletter and then share how they applied what they learned to their personal finances
• Amount: $1,000
• Deadline: January 31

Run With Meg Scholarship for Female Entrepreneurs

• Eligibility: Open to undergraduate and graduate female students in any field of study who aspires to build a business or who is currently building a business
• Amount: $1,950
• Deadline: January 31

Smart Borrower No-Essay Scholarship & Loan Forgiveness Grant

• Eligibility: College and graduate students
• Amount: $5,000
• Deadline: January 31

Taco Bell Live Más Scholarship

• Eligibility: Open to students between the ages of 16 and 26 who submit a video entry about their life’s passion
• Amount: $5,000 to $25,000 per year
• Deadline: January 20, 2021

WayUp $1,000 Aspiring Accountant Scholarship

• Eligibility: Open to graduate/undergraduate students pursuing a degree in accounting or a recent graduate who hopes to begin an accounting career
• Amount: $1,000
• Deadline: June 1, 2021

WiseGeek LGBTQ+ Awareness Scholarship

• Eligibility: Open to  The scholarship is open to all Bold.org members who identify as members of the LGBTQ+ community.
• Amount: $500
• Deadline: July 1, 2021

Program-specific graduate school scholarships

If you are pursuing a specific graduate program, you can check out these program-specific scholarship guides:

• Accounting Scholarships
• Computer Science Scholarships
• Law School Scholarships
• MBA Scholarships
• Medical School Scholarships
• Nursing Scholarships

Is graduate school worth it?

Because of the cost, students who are considering graduate school need to give it serious thought before making the commitment. Primarily, students should ask themselves: “is graduate school necessary or worth it for me?”

Assessing return on investment (ROI) is an extremely important part of the grad school search and selection process. In some cases, it is better for students to go to the more expensive grad school if the payoff is higher. Employment statistics and average starting salaries are important metrics to look at when comparing different masters and doctoral programs.

As far as the necessity of graduate school, you should figure out whether your aspirations require it. If you want to become a doctor, lawyer, or professors, then yes, graduate school will be required.

If your aspirations are unclear or you are interested in a field that does not absolutely require a master’s degree or doctoral degree, then you may want to hold off on grad school. For many students, work experience will be more valuable than a graduate degree.

Summary of scholarships for graduate students

1. $1,000 Fund Your Future No Essay Scholarship
2. Goldman Sachs MBA Fellowship
3. Great Outdoors Wilderness Education Scholarship
4. Greater Than Gatsby Annual Scholarship
5. John Lennon Scholarships
6. LeverEdge Better Rates No-Essay Scholarship
7. Little Bundle Superdad Scholarship — College Award
8. Little Bundle Supermom Scholarship — College Award
9. Michael Moody Fitness Scholarship
10. National Healthcare Heroes Grant for Nurses
11. One Move Ahead Chess Scholarship
12. Penny Hoarder Smart Money Scholarship
13. Run With Meg Scholarship for Female Entrepreneurs
14. Smart Borrower No-Essay Scholarship & Loan Forgiveness Grant
15. Taco Bell Live Más Scholarship
16. WayUp $1,000 Aspiring Accountant Scholarship
17. WiseGeek LGBTQ+ Awareness Scholarship

Expired grad school scholarships

Adobe Research Women-in-Technology Scholarship

• Eligibility: These scholarships are open to female undergraduate and master’s students studying artificial intelligence/machine learning, data science, computer science or mobile/web development at North American universities, including Canada and Mexico
• Amount: $10,000
• Deadline: December 4 at 3:00pm CT

Annual Black Entrepreneurship Grant

• Eligibility: Open to current or aspiring Black entrepreneurs undergraduate or graduate students across any field or business stage 
• Amount: $2,000
• Deadline: December 1

Black Students in Public Health Grant

• Eligibility:  Open to black undergraduate and graduate students who are pursuing a career in any area of public health
• Amount: $1,000
• Deadline: November 1

codePost Computer Science Education Scholarship

• Eligibility: Open to undergraduate and graduate students who advance computer science at their schools.
• Amount: up to $500
• Deadline: June 30th

Delete Cyberbullying Scholarship

• Eligibility: High school seniors, college students, community college students, or graduate students who write an essay about cyberbullying
• Amount: $1,000
• Deadline: June 30

Markforged Distinguished Women Engineers Grant

• Eligibility: Open to all college and graduate students who share a project they are/have worked on that demonstrates their ability as an engineer
• Amount: $5,000
• Deadline: November 18

Paul and Daisy Soros Fellowships for New Americans

• Eligibility: Fellowships are open to college seniors, current graduate students, or prospective graduate students.
• Amount: $90,000 over two years
• Deadline: October 29, 2020

P.E.O. International Peace Scholarship

• Eligibility: Applicants must be qualified for admission to full-time graduate study and working toward graduate degrees in an accredited college or university in the United States or Canada. Students who are citizens or permanent residents of the United States or Canada are not eligible
• Amount: $12,500
• Deadline: December 15

Philosophy Scholarship

• Eligibility: Open to all undergraduate and graduate students studying philosophy.
• Amount: $1,000
• Deadline: May 22nd

Scholarcash Role Model Scholarship

• Eligibility: Open to all high school, college, and graduate students who submit any essay about role models
• Amount: $1,000
• Deadline: December 31

Straight North STEM Scholarship

• Eligibility: Open to undergraduate and graduate students studying a STEM subject.
• Amount: up to $1,000
• Deadline: August 1st

WiseGeek Life Isn’t Easy Scholarship 

• Eligibility: Open to college students at every level who have faced difficult circumstances head-on and come out stronger for it. 
• Amount: $500
• Deadline: October 31

WiseGeek Lifelong Learners No-Essay Grant

• Eligibility: Open to students at every level who have student loan debt
• Amount: $500
• Deadline: October 31

WiseGeek Mental Health Well-Being No-Essay Scholarship

• Eligibility: Open to college students at every level who have experienced mental health challenges
• Amount: $500
• Deadline: December 31