1. Scholarships and Grants
2. Your Own Savings (as a student)
6. Fellowships and Assistantships
If you are attending graduate school, a fellowship is a great source of funding. It is awarded to graduate students based on merit. It allows the graduate student to focus on their studies rather than having to work or teach. Fellowships do not have to be paid back. They also look great on CVs and carry a certain cachet.
“It’s basically the Harry Potter scar on your forehead indicating you’re an amazing scholar,” stated Meredith Drake Reitan, associate dean for graduate fellowships at the USC Graduate School.
“The fellowship program is about research potential,” she said. “Faculty members might say, ‘They’re not ready to apply to for the NSF Fellowship because their research hasn’t quite jelled.’ But that’s actually right where the NSF wants them — it’s designed to be an early career accelerator.”
The takeaway: don’t think you aren’t qualified for a fellowship. They are certainly worth applying to. Speak with your educational counselor or advisor about how and which ones may have the highest potential for successful acceptance.
7. Aid Through School Work-Related Programs
8. Federal Student Loans
- Direct Subsidized (undergraduate): 3.734%
- Direct Unsubsidized (undergraduate): 3.734%
- Direct Unsubsidized (graduate or professional): 5.284%
- Direct PLUS: (parents and graduate or professional students): 6.284%
In regards to loans for college, you aren’t likely to find a better deal anywhere else.
Don’t believe us? Check out the Best Student Loan Rates here.
If you need to get a student loan, here’s the process on How To Apply For A Student Loan (Both Federal and Private).
9. Private Student Loans
Private loans are another and final option. These may be loans from banks or other lenders that are non-government. They will typically have higher interest rates than government loans and won’t provide the same advantages such as loan forgiveness, hardship options, and flexible repayment plans.
Private student loans should really be a last resort, and before borrowing, you should really do a full Return On Investment Calculation of your college expenses to even see if college is worth it.
We recommend students shop and compare private loan options before taking them out. Credible is an excellent choice because you can compare about 10 different lenders in 2 minutes and see what you qualify for. Check out Credible here.
You can also see the full list of private student loan options here: Best Private Student Loans.
Infographic
If you agree with this order of operations, share this handy infographic with your friends and family that need to know this:
