Five years ago, when he was thinking about pursuing a Ph.D., Damien Frierson knew what he wanted to study—social work—and where he wanted to study it—Howard University in Washington, D.C.—but not where he would get the money. He'd already accumulated some debt from earning a bachelor's and two master's degrees and didn't want more, and faced giving up the $72,000 he earned annually.
He applied anyway, and discovered something every prospective grad student should know: By applying very early (about three months before the deadline) he put himself on the radar of the social work school, which contacted him about applying separately for a generous fellowship. For three years, the award covered the full cost of Frierson's tuition and provided a biweekly stipend totaling $18,000 annually in exchange for 15 hours per week of research, teaching, or other work.
[Explore the U.S. News Best Graduate Schools rankings.]
Frierson expects to graduate in 2014, and is covering the rest of the tab with his earnings as an assistant director of a domestic violence program in Philadelphia. "You really need to put funding somewhere at the forefront," he says.
To do so, consider these smart strategies.
1. Get your boss to pay: Many companies looking to boost their collective skill set without hiring will sponsor all or part of an employee's graduate schooling through tuition reimbursement. Last year, 58 percent of the 550 employers responding to a survey by the Society for Human Resource Management offered some form of financial assistance for grad school.
Most firms require that the coursework have some connection to the employee's job role—tax courses for an accountant, say, or computer science training for someone working in IT. And some companies require that the employee work at the firm for a certain period after school or pay back part of the tuition. Up to $5,250 of such tuition assistance qualifies as a tax-free benefit.
Absent a formal tuition remission program, workers can often earn assistance if they demonstrate to the boss how a course of study could add value, says Peter Cappelli, director of the Center for Human Resources at the University of Pennsylvania's Wharton School. And many universities offer reimbursement programs for their own qualifying workers.
[Get tips on persuading your boss to pay for grad school.]
2. Secure a scholarship: Graduate programs typically award scholarships and fellowships based on merit. "It's going to vary from school to school and where that particular student sits in that applicant pool," says Joseph Russo, director of student financial strategies at the University of Notre Dame in Indiana.
At many schools, aid is given out by academic departments or the specific graduate school instead of a central financial aid office, so you may have to do some digging. A graduate admissions official or someone affiliated with your desired program can help you sort through the options. Experts advise applying for funds as early as possible to ensure access to the full pot.
[Learn more about scholarships for graduate school studies.]
A range of private and public organizations also offer money for graduate school, though these fellowships are typically highly competitive. The Truman Scholarship Foundation, for instance, annually awards up to $30,000 to each of about 60 prospective grad students looking at public service fields. Both Cornell University and the University of California—Los Angeles provide comprehensive online databases of awards across a range of fields.