All three of these terms relate to financial aid for grad studies, but there are key differences you should know:

• Scholarships: Typically awarded based on merit (according to academic achievements, extracurricular activities, etc.) or specific demographics. Scholarships generally don't require repayment, but always review the terms and conditions just to be sure.
• Grants: Often awarded based on financial need, with the purpose of making graduate education accessible. Grants typically don't require repayment, but some programs may come with service requirements.
• Fellowships: Often provide stipends for living expenses in addition to tuition assistance. Fellowships usually involve working for pay in a research or teaching role related to your field of study.

You found your favorite program, or at least have narrowed down your options. Now, it’s time to apply for grad school scholarships, and you should start as soon as you’re accepted into a graduate program, preferably before the school year starts. It’s important to consider that there are two types of graduate scholarships — institutional and private.

There are two types of graduate scholarships — institutional and private.

• Institutional scholarships — Check with the school's financial aid office or program advisor to inform yourself about the scholarships at your chosen school.
• Private scholarships — Organizations, churches, and groups offer this type of scholarship.

You can apply for more than one scholarship at the same time. You can find scholarships for graduate students online. To apply for scholarships, you need to submit the Free Application for Federal Student Aid, or FAFSA, which you can send from October until June for the upcoming school year. Also, you need to write an essay and provide recommendation letters.

With that in mind, here’s what you should know to ace the application process:

• The FAFSA is Your Key: The Free Application for Federal Student Aid (FAFSA) is often a prerequisite for scholarships and grants. Complete it early to unlock potential funding opportunities.
• Embrace the Application Hustle: Apply for multiple scholarships with no fear! The more applications you submit, the higher your chances of securing funding.
• Deadlines are Your Friend: Scholarships are awarded on a first-come, first-served basis. So mark the deadlines on your calendar and prioritize completing applications well ahead of time.
• The Power of Storytelling: A compelling essay should highlight your academic achievements, research interests, and career aspirations. Proofread your essays to ensure you’ve written a good one. Watch out for typos and other mistakes!
• Strong Recommendation Letters: Secure nice recommendations from professors who can vouch for your academic aptitude and potential.

To get a scholarship, you generally submit the Free Application for Federal Student Aid (FAFSA). Scholarships, which can be awarded by educational institutions and other organizations, are based either on a student’s financial need or merit, i.e., accomplishments in fields such as academics, the arts, or community leadership. Deadlines for scholarships are usually between October and May. Some are full-ride scholarships that can cover all graduate school expenses, and some can cover only a part of the costs.

You should start applying for scholarships for master's degrees or doctoral degrees as soon as you're accepted into a graduate program — preferably before the school year starts so that you can find funding options.

You should know that scholarships are awarded on a first-come, first-served basis. Always check for new scholarships to make sure you’re not missing out on any good opportunities. Usually, scholarships don't have to be paid back, but be sure to read the terms and conditions.

There are full-ride scholarships for graduate school that can cover all expenses and those that can cover only a part of the costs.

If you need financial aid, here are the steps to applying for scholarships for graduate school:

1. Submit the FAFSA — You have to fill out the FAFSA each year for which you need funding. Governments and graduate schools use your FAFSA information to evaluate your eligibility for student loans, grants, and scholarships.
2. Apply for multiple scholarships — You can apply for more than one scholarship and combine that funding to reduce grad school expenses.
3. Check the deadlines — When researching opportunities, keep the application deadlines in so you can prepare everything you need to submit on time. Be sure to follow the instructions. Once you’ve finished preparing the documents, ask someone to proofread your essay to ensure you've written a good one that’s free of typos and other mistakes.

Scholarships

• American Indian College Fund — AICF gives out scholarships in the amount of $1,000 to $2,000 to eligible American Indian, Native Hawaiian, and Alaska Native students pursuing a graduate or doctoral degree.
• Davis-Putter Scholarship Fund — This institution gives up to $15,000 to graduate students who plan to advocate against homophobia, racism, sexism, and other forms of oppression.
• The Foundation of the American College of Healthcare Executives — This scholarship gives up to $5,000 to students in their final year of a healthcare management program.
• American Speech-Language-Hearing Foundation — This organization offers $5,000 for those enrolled in a communication sciences and disorders graduate program.

Grants

• American Association of University Women — Women enrolling in graduate schools to advance in their careers or change fields can obtain between $2,000 and $20,000. It covers graduate studies in the fields of education; health and medicine; sciences, technology, engineering, and math (STEM); or social sciences.
• TEACH Grant — With this grant, you can get up to $4,000 per year, and you subsequently must teach for at least four years in elementary or secondary school serving low-income students.

Fellowships

Fellowships are typically offered by colleges and universities, government agencies, and foundations. They come with a stipend that can help you with tuition or other expenses and offer additional benefits in some cases. Explore specific fellowship opportunities aligned with your field of study and research interests.

While traditional scholarships are fantastic, you can find specialized funding options tailored to your academic ambitions, including:

The high cost of law school makes scholarships even more crucial. Prominent scholarships are offered by top law schools and national organizations, each designed to alleviate financial burdens and encourage academic excellence.

• ABA Legal Opportunity Scholarship Fund: This scholarship aims to promote diversity in the legal profession by providing financial assistance to law students from historically underrepresented groups. (Tip: Highlight your commitment to diversity and social justice in your application.)
• Law School Admission Council Scholarship Directory: A comprehensive resource that helps you identify relevant opportunities based on your background and career goals. This directory includes scholarships offered by individual law schools, bar associations, and private organizations. Explore early to ensure you meet various application deadlines.

Pursuing an MBA comes with unique financial considerations. Scholarships offered by leading business schools and national organizations can significantly reduce the cost. These scholarships often seek candidates who demonstrate leadership potential and business acumen.

• Forté Foundation Scholarships: These scholarships support women pursuing an MBA, aiming to increase female representation in business leadership. The foundation partners with top business schools to offer fellowships and resources. Highlight your leadership experience and future goals in your application.
• Consortium for Graduate Study in Management Fellowship: Targeted at promoting diversity and inclusion, this fellowship is available to MBA candidates from underrepresented backgrounds. It includes full-tuition scholarships and extensive networking opportunities. Prepare to demonstrate your commitment to diversity in business.

Scholarships specifically designed to support women and minorities play a critical role in fostering diversity in higher education.

• The Women In STEM Scholarship is available to female graduate students studying for a degree in science, technology, engineering, or mathematics. The award is $3,000.
• American Association of University Women (AAUW) Fellowships: These fellowships support women pursuing graduate studies, with a focus on breaking barriers in traditionally male-dominated fields. Ensure your application highlights your commitment to advancing women's issues.
• National GEM Consortium Fellowships: These fellowships provide funding for African Americans, Hispanics, and Native Americans pursuing graduate degrees in STEM fields. The program partners with leading corporations, government agencies, and universities to offer comprehensive support. Focus on your academic achievements and professional aspirations.

Educators pursuing advanced degrees can access scholarships and grants specifically aimed at supporting their professional development.

• TEACH Grant Program: This federal program provides grants to students who are completing or plan to complete coursework needed to begin a career in teaching. Recipients must commit to teaching in high-need fields at low-income schools. Understand the service obligation to ensure you qualify.
• Master Teacher Program by the U.S. Department of Education: This program incentivizes teachers to obtain advanced degrees in high-need subjects. It offers substantial financial support in exchange for a commitment to teach in underserved areas. Highlight your dedication to teaching in high-need areas.

The nursing shortage makes scholarships even more valuable for aspiring nurses seeking advanced degrees. Various organizations offer scholarships to support the education of future nurse leaders.

• American Nurses Foundation Scholarships: These scholarships support nurses at various stages of their education, from undergraduate to doctoral levels. They aim to advance the nursing profession through education, research, and practice. Showcase your passion for nursing and future plans.
• National League for Nursing (NLN) Scholarships: NLN offers scholarships to students enrolled in nursing education programs at member schools. These scholarships are designed to help meet the nation's demand for well-prepared nurses. Demonstrate your commitment to nursing education and leadership.
• School-Specific Nursing Scholarships: Many nursing schools offer scholarships based on merit, financial need, and specific areas of interest. These programs provide significant financial assistance tailored to the needs of nursing students. Research your desired schools for specific opportunities.

• Start your scholarship search as soon as you're accepted into a graduate program.
• Apply for multiple scholarships and grants to maximize your funding options.
• Be mindful of deadlines and submit applications well in advance.
• Craft compelling essays that showcase your unique strengths and academic goals.

There are two primary scholarship categories — Institutional scholarships offered by schools and local scholarships offered by professional organizations, churches, and civic groups.

Here are the steps to follow when applying for scholarships:

1. Submit the FAFSA — It will determine your eligibility for student loans, grants, and scholarships. This form must be filled out annually between October and June.
2. Apply for multiple scholarships.
3. Check the deadlines — Ensure all required documents are sent on time, including well-crafted essays and recommendation letters. It's advisable to have someone proofread your essays and provide comments if necessary.

Fellowships differ from scholarships as they typically provide the opportunity to work for pay during your studies. They also include stipends to help with tuition and expenses.

Scholarship applications should commence as soon as you’re accepted into a graduate program, preferably before the school year begins.

Scholarships are often provided on a first-come, first-served basis, so staying vigilant for new opportunities is crucial. Scholarships generally don't require repayment, but you should carefully review the terms and conditions before committing to one.

Don't let finances hold you back from pursuing your graduate dreams. With a strategic approach and this guide as your compass, you can achieve your goal of securing graduate school funding and embarking on the educational and career path you've been hoping to experience.