If you’re finished with your undergraduate degree and starting graduate school, you might think there aren’t financial aid options available to you — but think again. From scholarships and grants to work-study programs and student loans, there are a variety of ways to make grad school more affordable.

Here’s what you need to know about paying for graduate school, the different types of financial assistance you can choose from, and how to take advantage of them to ease your financial burden while advancing your education.

Types of financial aid for grad students

While you may not have access to the same financial aid programs as during your undergraduate years, a variety of resources can help you cover the cost of tuition, fees, and living expenses. Financial aid for graduate school often includes a combination of loans, scholarships, assistantships, and other programs. Exploring all of your options early on is key to ensuring you can maximize your funding and focus on your studies without financial strain.

Types of graduate student aid available to you include:

1. Canadian student lines of credit

Some Canadian banks will offer student lines of credit for Canadian students interested in studying in the U.S., like Scotiabank! A student line of credit is a product offered by financial institutions to help students pay for expenses related to their post-secondary education. These lines of credit are a type of loan that lets you borrow money up to a pre-set limit depending on the bank.

2. Graduate assistantships

Becoming a graduate assistant is a great way to reduce your educational costs while gaining valuable professional experience. Assistantships typically involve working for your university in a teaching, research, or administrative role in exchange for tuition remission and a stipend. These positions help offset the cost of grad school, enhance your resumé, and provide mentorship opportunities with faculty and professionals in your field of study.

3. Scholarships and grants

Scholarships and grants are another key source of financial aid for graduate students — and the best part is that they don’t need to be repaid. Scholarships can be awarded based on academic achievement, research interests, professional experience, or community involvement. Many organizations, professional associations, and private institutions offer grants and scholarships specifically for graduate students. Start searching for scholarships early, as deadlines can vary, and be sure to tailor your applications to match your strengths and areas of study.

4. Employer tuition assistance

Many employers offer tuition reimbursement or assistance programs as part of their employee benefits package. If you’re working while attending graduate school, check with your employer to see if they will cover part or all of your tuition costs. Some companies even provide these programs as an incentive to retain employees long-term, often requiring you to stay with the company for a set period after graduation. Employer tuition assistance can be a valuable way to fund your education without taking on additional debt.

5. Private loans

Private loans are available to graduate students who need more funding beyond what federal loans and financial aid can cover. These loans are typically offered by banks or credit unions and may require a co-signer if you have limited credit history. While private loans often have higher interest rates than federal loans, they can be a helpful last resort. Be sure to compare loan terms and repayment options carefully, and only borrow what you need to cover your educational expenses.

6. Fellowships

Fellowships are highly competitive programs that provide graduate students with financial support, often in exchange for research, teaching, or service to the academic community. Unlike assistantships, fellowships may not require specific work responsibilities and are typically based on academic merit, research potential, or creative accomplishments. Fellowships also often supply stipends to help with living expenses, allowing you to focus on your studies or research full-time.

7. Canadian loan programs

As a Canadian student, you can still apply for Canadian student loans even if you plan on studying abroad. For example, you can use the federal portion of your Ontario Student Assistance Program (OSAP) funding to fund your studies in the U.S., as long as the institution is recognized by OSAP.

Start your graduate education at MCPHS

Learning and growing through further education is too critical to put on pause due to financial restrictions. At Massachusetts College of Pharmacy and Health Sciences (MCPHS), our financial aid office can help you gain necessary financial aid information and support planning details so you can focus on what’s most important: attending classes and expanding your academic experiences for whatever comes next.

We’re committed to making your educational journey as seamless as possible. In addition to financial aid options, we offer personalized guidance to help you navigate the application process and determine the best financial solution for your situation. Whether you're looking to pursue a degree in pharmacy, healthcare administration, or another specialized field, our dedicated team will support you every step of the way, ensuring that financial barriers don’t stand in the way of your academic and professional goals. Begin your path to success with MCPHS and take the next leap toward a brighter future.