Fellowships, scholarships and grants

Scholarships, fellowships and grants are forms of student financial aid that do not need to be repaid. Scholarship recipients are usually selected based based on a set of criteria, such as academic, athletic, or artistic merit, whereas grant recipients are usually selected based on financial need. There is often no real difference between a scholarship and a fellowship. Often an award to an undergraduate is called a scholarship and one to a graduate student is called a fellowship. Generally, fellowships are awarded to the most qualified students and are usually for a specified length of time—generally 1 to 3 years. Most fellowships cannot be renewed; however, after 1 expires, often the student is offered an assistantship for which teaching or other work is required. Scholarships, fellowships and grants can be given out by the school or can be privately sponsored. Private sponsors can include individual philanthropists, non-profit organizations, for-profit businesses and private foundations. Award amounts for these types of aid vary. Check with your school’s financial aid office or research scholarships at these sites:

• – www.collegeboard.com
• – www.nationalmerit.org
• – www.mapping-your-future.org

Work-Study

Colleges will sometimes award Federal Work-Study as part of financial aid. Work-Study students hold jobs offered through the school to help pay for some of their education and living expenses. Students selected for Work-Study are typically those with greater financial need. For information on Work-Study programs in your school, contact your financial aid office.

Employer education assistance/tuition reimbursement

Many companies will offer to pay a portion of your tuition for coursework in a related field of study. Tuition reimbursement amounts vary from company to company, but typically your employer may provide you with up to $5,250 in employer education assistance benefits for undergraduate or graduate courses tax-free each year. The benefits must have been paid for tuition, fees, books, supplies, and equipment. Payments above $5,250 may also be tax-free, if they represent a working condition fringe benefit. This means that if you had paid for the expenses, you would have been able to deduct them as an employee business expense. Tuition reimbursement generally requires a full-time work and part-time school schedule. If you work, ask your human resources department if they offer tuition reimbursement benefits.

Assistantships—graduate students only

An assistantship usually requires students to teach or assist in research or administrative work. A teaching assistantship requires you either to assist a professor in class or to teach a class on your own. A research assistantship, which often falls under the Science, Education, or Liberal Arts departments, generally requires laboratory or other work under the direction of a faculty member. Depending on the school and the field you are studying, the amount of money paid by the graduate program can vary significantly.

Working while you’re a student

Depending on your responsibilities and your financial situation, working while you are in school may be a necessity. If you have the choice to work or attend school full-time, there are several factors to consider. Working will allow you to keep your income and potentially earn raises and promotions while you're in school. You may also be able to take advantage of an employer-sponsored tuition reimbursement program. However, working can take up valuable study time. Completing your degree will take longer if you are studying part-time.

Cooperative and Internship Positions

These positions combine work experience in the field with your studies. Generally, the positions are part-time or full-time in the summer. These programs may be administered by a separate office or your department. Most often, schools will help you find a position related to your field; for instance, if you are studying information technology, the department you are majoring in will help you find a cooperative opportunity at a company in the field. You might go to school for one term and work for a company the next term. Or you might be able to work in the summer and earn enough to help pay for most of the academic year.