How much does it cost to go to graduate school? Maybe nothing!

Graduate school is very different from undergraduate school, in that there are many sources of financial support for graduate study, particularly for doctoral students. There are fewer sources of support for master's students, and there are few sources of support other than loans for professional students (e.g. attending medical school or law school). Students always face the possibility of borrowing money to cover the costs associated with education, but be very careful when considering loans that could hinder your options for years after completing the degree.

Graduate assistantships often (but not always!) pay for a student's tuition, fees, professional memberships, and travel to professional meetings. Make sure you understand what will and will not be covered by the graduate institution. Often the cost of books and health insurance, combined with the responsibility of covering the remaining cost of discounted tuition and the uncertain availability of summer support, can surprise students who aren't prepared for these "hidden" costs when they arise.

Assistantships generally provide the student with a stipend (salary) in return for a service (teaching or research). Graduate student stipends range from $10,000 to over $20,000 per year, depending partially on whether the school waives or reduces your tuition as well. The stipend should allow you to live comfortably, but not lavishly, while preparing yourself for your future career. Your assistantship experience becomes the key to developing the skills you will need for a career in academia and education or in corporate or government research.

An application for financial support is often submitted to the program along with the application for admission. A single application for financial support is often used for consideration for research assistantships (RAs), teaching assistantships (TAs), or fellowships.

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