The potential return on investment surfaces quickly these days in many conversations surrounding college degrees. Earning potential nudges aside the notion of knowledge for knowledge’s sake, particularly with undergraduates running up an average of more than $37,000 in student loan debt .
With that debt load as a starting point, obtaining a graduate degree can be daunting for even the most ambitious prospective graduate student. But it doesn’t necessarily have to be that way.
Graduate fellowships can take a huge bite out of the cost of pursuing a master’s or doctoral degree. And with lower debt loads, the return on investment for a graduate degree can look a lot better.
[Find out how to weigh the cost and benefits of graduate school.]
These fellowships can help reduce the costs of grad school.
The U.S. Department of Energy offers a Computational Science Graduate Fellowship for full-time grad students interested in using math and computers to conduct doctoral research in fields including astrophysics, chemical engineering, materials science and environmental sciences, among others.
The fellowship pays full tuition and fees at any accredited U.S. university and provides a $36,000 yearly stipend. As a result, recipients cannot teach while pursuing the degree.
Students also receive a $5,000 academic allowance in the first year and $1,000 each renewed year to be used to buy a computer workstation or for research and professional development expenses. The fellowship is renewable for four years, provided the student meets requirements. The 2018-19 application will be available in late October.
[Discover how fellowships offer a path to graduate programs, study abroad.]
The National Heart, Lung, and Blood Institute’s Ruth L. Kirschstein National Research Service Award Individual Predoctoral Fellowship to Promote Diversity in Health-Related Research aims to help students from underrepresented racial and ethnic groups, those with disabilities or those who are disadvantaged pursue advanced degrees in biomedical, behavioral or clinical sciences.
Applicants must be U.S. citizens, noncitizen nationals or lawfully admitted to the U.S. for permanent residence and must have a baccalaureate degree and be enrolled in an eligible doctoral program. The fellowship includes a stipend, money toward tuition and fees, and an institutional allowance that can be used to help pay for expenses such as health insurance, research supplies, equipment, books and travel to scientific meetings.
Applications are accepted three times a year and are due April 13, Aug. 13 and Dec. 13.
The American Political Science Association also offers a Minority Fellows Program for students from underrepresented backgrounds — including African-American, Latino and Native American — applying to or pursuing doctoral programs in political science. Applicants must also be U.S. citizens.
The APSA presents up to 12 $4,000 fellowships. In addition to completing the online application, students must submit a letter of enrollment, transcripts and letters or recommendation. The Spring application cycle is currently open with a March 31 submission deadline.
[Check out smart ways to raise money for graduate school.]
While many fellowships have an application process similar to scholarships, others may require applicants to be nominated by a professor in their field of study. The Microsoft PhD Fellowship Program is one example.
A department chair in the applicant’s field of study must nominate the student. Applicants also must be in their second or third year of doctoral studies and enrolled in computer science, electrical engineering or mathematics or a department within the scope of those areas.
The fellowship covers full tuition and fees for two academic years and provides a stipend — currently $28,000 — to offset living expenses during. Recipients are also given a conference and travel allowance, which is currently $4,000, for each year. Look for the 2018 application to become available later this year.
These are just a sampling of graduate fellowships. Many colleges also offer fellowships as well as teaching assistantships to help students pay for advanced degrees. Additional funding opportunities, including scholarships, exist to help eliminate cost as a reason not to pursue graduate school.
Cost is just one factor in pursuing a graduate degree. Prospective students should consider their options carefully and consult a grad school calculator before determining whether the time, effort and money will be well spent.
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Fellowships Can Reduce Graduate School Expenses originally appeared on usnews.com
