Scholarships You Might Not Know About: How to Help Your Family Pay for the Most Expensive Degrees If you have a child or grandchild thinking about graduate school, you already know that the sticker price can be shocking. Medical school, law school, nursing programs, and MBA degrees can cost tens of thousands of dollars per year, and that is before living expenses, books, and fees. The good news is that there is more scholarship money out there than most families realize, and a lot of it goes unclaimed every year simply because people do not know how to look for it. This guide covers some of the most expensive graduate degrees and a selection of scholarships worth knowing about for each one. One thing worth saying upfront: scholarships at the graduate level work differently than they do for undergraduates. Many are awarded directly by the school based on test scores and academic record. But there is also a whole world of external scholarships, including money from professional associations, law firms, nonprofits, and foundations, that students miss entirely because they focus only on what the school offers at admission. Starting the search early, ideally before applications go in, gives families the most options. Law school: one of the most expensive graduate paths Law school is consistently among the most expensive graduate programs available. Private law school tuition regularly exceeds $55,000 per year, and with three years of study required, the total investment can approach or exceed $200,000 before factoring in living costs. That is a serious commitment, and it deserves serious financial planning. The LSAT score plays a surprisingly large role in what a student pays. Law schools distribute merit scholarships heavily based on LSAT performance, which means a stronger test score can mean significantly less debt. Starting LSAT preparation seriously, several months before the target test date, is one of the most financially impactful things a prospective law student can do. A few scholarships specifically for law students worth knowing about: Medical school: the longest and most expensive path Medical school is in a category of its own when it comes to cost. Four years of medical school followed by residency means many physicians carry debt for a decade or more after training. Average medical school debt at graduation regularly exceeds $200,000, and students at private schools often carry significantly more. A few programs that help: Nursing: growing demand, real scholarship dollars Nursing education is expensive at the bachelor’s and graduate levels, and demand for nurses, particularly at the advanced practice level, continues to grow faster than the supply. That combination has produced real scholarship funding from hospital systems, nursing associations, and government programs. MBA programs: scholarships exist but require early research MBA programs vary enormously in cost, from affordable state school programs to elite private programs that rival law school tuition. Scholarships at the MBA level are often competitive and tied heavily to work experience, GMAT scores, and professional achievements. Where to search across all degree programs A few resources that cover scholarships across multiple graduate degree types: Tips for making scholarship applications count A few things that make a real difference in how many scholarships a student wins: Frequently asked questions Is it worth applying for small scholarships? Yes, for two reasons. First, small scholarships are less competitive than large ones. A $500 scholarship with 50 applicants is often a better bet than a $5,000 scholarship with 2,000 applicants. Second, they add up. A student who wins five $1,000 scholarships has reduced their debt load by $5,000, which at typical student loan interest rates makes a real difference over the repayment period. Treating scholarship applications as a part-time job during the year before enrollment often produces meaningful results. How do I help my grandchild find scholarships they actually qualify for? The most practical starting point is the free scholarship search databases. Fastweb and Scholarships.com both allow you to create a profile and get matched to scholarships based on field of study, demographics, academic record, and other factors. From there, research the professional associations in your grandchild’s intended field and check their scholarship pages. Ask the financial aid office at every school they are seriously considering what scholarship money is available and what it takes to qualify. And search specifically for scholarships in your state, which often have less competition than national programs. When should scholarship research start? For graduate programs, ideally a year before the student plans to enroll. Many major scholarships have deadlines in the fall or winter before a student would start the following fall, and some require materials like letters of recommendation or essays that take time to prepare well. Starting research at least a year out gives families the most options and the most time to prepare strong applications. For something like the ABA Legal Opportunity Scholarship, which opens its application cycle in January, a student who plans to start law school in the fall needs to have that deadline on their radar well in advance. What is the difference between a scholarship and a grant? Both are forms of financial aid that do not need to be repaid, but they typically come from different sources and have different criteria. Grants are usually need-based and awarded by the government or the school based on financial circumstances. Scholarships are more often merit-based, tied to academic achievement, test scores, field of study, demographic factors, or a combination, and can come from schools, professional associations, companies, nonprofits, or foundations. In practice, the terms are sometimes used interchangeably, and what matters more than the label is finding the money and applying for it. Cheryl Conklin created Wellness Central from her desire to share various resources and her thoughts on wellness. Apart from blogging, she enjoys traveling and going on endless adventures, and writing about her experiences at the end of the day.
