Best Need-Based Scholarships for Graduate Students

Are you looking for the best need-based scholarships for graduate students? If you are, then read on for useful information. We’ll also discuss effective strategies to secure these scholarships.

You’re right to look for need-based graduate scholarships, too. Earning a master’s or a doctoral degree has its benefits, including:

• Higher earning potential. Master’s degree holders earn $1,737/week in median wages. Doctoral degree holders earn $2,109/week. In contrast, bachelor’s degree holders earn $1,493/week. (BLS Education Pays, 2023)
• Lower unemployment risk. Master’s and doctoral degree holders have a 2.0% and 1.6% unemployment rate, respectively. Bachelor’s degree holders have a 2.2% unemployment rate.
• Better quality of life. You can experience job satisfaction, work-life balance, and excellent health.

But earning a graduate degree isn’t easy either. Besides the academic challenges, you must also deal with the significant costs.

The average cost of a master’s degree ranges from $44,640 to $71,140 for a two-year program (DEI, 2024). But tuition and fees can be in the six-figure range, too. For example, MIT’s MBA program costs upwards of $136,000 in tuition and fees alone.

Then, there’s the significant cost of earning a doctoral degree, too. The cost of attendance ranges between $106,860 and $150,835 on average. But it can be as high as $425,000 for an 8-year PhD program at the University of Florida.

With these significant costs, it’s no wonder that up to 85% of doctoral students receive financial aid. Even with financial aid, doctoral students owe between $79,790 and $89,526 in student loans.

Indeed, if you’re planning on pursuing a graduate degree, plan your finances. Planning boosts your chances of success.

What Are Need-Based Scholarships for Graduate Students?

Start by exploring the best need-based graduate student financial aid. You’ll find that these are oftentimes easier to find and win than merit-based scholarships.

And speaking of merit-based scholarships, these are different from need-based scholarships. Merit-based scholarships are awarded based on achievements. These can be academic excellence, artistic talents, and leadership and service, among others.

In contrast, need-based scholarships are based on demonstrated financial need. Every scholarship program has its specific eligibility requirements and criteria. But you’ll find the following aspects being common among master’s scholarships based on financial need.

Income level

Need-based scholarships usually have income limits or income thresholds. Check for these aspects first and consider your eligibility.

But even if you don’t fall under the income limits, you may still have a shot. Your extreme financial hardship due to job loss or medical expenses can be your shot.

Evaluation of financial need

Your scholarship evaluation will cover your personal income, family income, and financial circumstances. So, it’s important to be honest in your FAFSA and CSS Profile.

Again, explain your financial hardship to boost your chances. You can do so in your personal statement and interview.

Academic performance and progress

Not all need-based graduate scholarships have an academic requirement, but it’s common. Your undergraduate GPA can be a secondary criterion, so be ready.

Citizenship and residency

Need-based graduate scholarships usually have U.S. citizenship or permanent residency requirements. International students may also be welcome.

Programs offering doctoral scholarships for low-income students typically have these requirements, too. Applicants may also have to meet additional eligibility requirements, including:

• Extensive history of presentation and publication of research works 
• Demonstration of exceptional research knowledge and skills
• Specific research interests aligned with the scholarship program’s focus

Suffice it to say that need-based scholarships for graduate students are highly competitive. It isn’t enough to demonstrate financial need. You must also meet academic, research, and character eligibility requirements.

On another note, where can you find need-based scholarships for graduate students?

• Colleges and universities
• Professional organizations and industry associations
• Corporations and businesses
• Nonprofit organizations and charitable foundations
• Government programs (e.g., federal and state governments)

If you look hard enough, you may even get enough funding to get a full-tuition graduate education. Better yet, stack as many scholarships as you can and get a free ride.

Top Need-Based Scholarships for Graduate Students

Fulbright U.S. Program

This is among the best need-based grants for grad school because of its many benefits. While the award amount varies between countries, it usually includes:

• Tuition and fees
• Travel costs
• Living costs stipend
• Health benefits

But it’s a highly competitive program with a merit-based component. Applicants must be U.S. citizens with a bachelor’s degree and a strong academic record. Project feasibility and language proficiency are also a must.

The 2026-2027 competition opens in Spring 2025.

Federal TEACH Grant

This is among the top scholarships for graduate students, thanks to its high award. Selected students receive up to $4,000 per year for up to two years.

Eligibility requirements include:

• U.S. citizen or eligible non-citizen
• Current enrollment of at least half-time
• With a 3.25 GPA or a score above the 75th percentile on a college admissions exam

Recipients must agree to complete a four-year teaching service obligation. Otherwise, the grant converts into a direct unsubsidized loan.

Paul & Daisy Soros Fellowships for New Americans

This is the best financial aid for grad students because of its generous award. Selected students receive up to $90,000 in financial aid. But it’s also among the most competitive, with only 30 fellows chosen every year.

Applicants must be:

• 30 years old or younger
• New American
• Planning to enroll or continue in an eligible graduate degree program

Applications open in April 2025 and close on October 30, 2025.

Princeton University

The Ivy League university offers full graduate school funding for low-income students. In fact, it provides full funding to every PhD student.

Funding sources include fellowships, assistantships, and graduate student employment. Students also receive funding for their dissertations, summer research, and professional development. Military and veteran education and AmeriCorps benefits are available.

Princeton goes beyond financial aid, too. Graduate students have access to a child assistance program and graduate cash advances.

Washington University in St. Louis

At WashU, 99% of its PhD students receive full funding. This means full tuition coverage and 9-12 months of stipend for living expenses.

Funding comes from different sources, including:

• Fellowships granted on a competitive basis
• Grants
• Loans
• Federal work-study programs
• Clinical internships

The funding lasts between four and six years, depending on program length.

Harvard University

Harvard’s Griffin Graduate School of Arts & Sciences offers excellent financial aid options. Every PhD student receives guaranteed funding for the first five years of their studies. The funding package covers:

• Tuition grants
• Stipends
• Teaching fellowships
• Traineeships
• Research assistantships
• Subsidy payments for transportation and dental insurance costs
• Summer research support

Other PhD students have access to a wide range of funding options, too.

Yale University

Yale’s funding package for its PhD students covers:

• Tuition fellowships
• Stipends for living expenses
• Healthcare benefits

PhD students can receive over $500,000 during their studies. The funding package is available for at least five years. PhD students also receive supplementary aid for their conferences and research travels.

Candidates must work with the Office of Graduate Financial Aid to maximize their opportunities.

Jack Kent Cooke Foundation Graduate Scholarship

Cooke Scholars are eligible for up to $150,000 in scholarships. The money must be used within four years. There’s a $75,000/year scholarship limit. 

Applicants must submit their applications before starting their graduate school. If you were an undergraduate Cooke scholar before, you gave up to three years to apply.

Competitive candidates have at least a 3.0 GPA, unmet financial need, and leadership. Active involvement with the Cooke Foundation is a must.

The Leopold Schepp Foundation Scholarship

Applicants must demonstrate a combination of:

• Academic excellence and ability with at least a 3.3 GPA
• Financial need (i.e., tax returns and a detailed estimate of academic resources and costs)
• Fine character and compassion (i.e., letters of recommendation)
• Strong sense of volunteerism

There’s an age limit – under 40 years at the time of application. Applications will be accepted starting in July 2025. The maximum award is $10,000.

Roothbert Fund Scholarships

The scholarship program seeks “candidates whose daily actions are guided by spiritual motives.” Candidates are also chosen based on their financial need.

The scholarships range between $5,000 and $7,000 per Fellow. These are renewable scholarships, but competition is tough.

The deadline for application is usually February 1 every year. Application documents include three letters of recommendation and three autobiographical essays.

How to Apply for Need-Based Scholarships

Here are our steps and strategies on how to apply for need-based scholarships for success. Your active participation and proactive approach at every step are a must.

Let’s start with our step-by-step application guide.

• Determine your interests and goals in pursuing a graduate degree first. You can narrow down your preferred scholarships in this way. Plus, doing so will help in writing your personal statement or scholarship essay.
• Do diligent research for need-based scholarships. Use scholarship databases and websites. Research the available scholarships offered by the colleges you’re interested in. Ask local businesses, nonprofits, and community organizations for opportunities.
• Create a scholarship calendar, checklist, and portfolio. Take detailed notes of eligibility requirements and criteria, application process, and deadlines.
• Complete your FAFSA and, if necessary, CSS Profile. Complete the specific application forms in every scholarship program, too.
• Gather the supporting documents. Prepare your tax returns, bank statements, investment records, and proof of non-taxable income. Present proof of financial hardship, too, if necessary.
• Write a compelling personal statement or essay. Highlight your financial need and, if necessary, your achievements. Edit and proofread. Ask for constructive feedback, too.
• Ask trusted recommenders for letters of recommendation 4-6 weeks before the deadline. Provide them with relevant information.
• Request for your official transcripts ASAP. Your alma mater usually sends them directly to the colleges you’re applying to.
• Submit your application forms with supporting documents. Double-check for completeness and accuracy before submission.
• Follow up on your application. Respond to questions and additional documents promptly.

To err is human, but you want to avoid these common mistakes.

• Not submitting your FAFSA and CSS Profile on time
• Failing to double-check entries on your application documents 
• Missing deadlines
• Submitting a generic or weak personal statement or essays
• Overlooking smaller scholarships and merit-based scholarships

In the end, you bear the ultimate responsibility for your success and failure. 

Tips for Securing Need-Based Graduate Funding

Remember these financial aid strategies for master’s and PhD programs, too.

• Plead your case, so to speak. Need-based scholarships are as competitive as merit-based scholarships. The main difference is that you must highlight your financial need. If you must appear in dire need of aid, then so be it.
• Highlight your resilience, drive, and determination to succeed against the odds. You may have overcome extraordinary adversities. Tell your story of resilience in your personal statement and during interviews. Request your recommenders to highlight it, too.
• Present concrete proof, if necessary. You may, for example, show that despite working to support yourself, you earned a 4.0 GPA. Medical records, awards, and volunteer logs are also good ideas.
• Explore as many financial aid options as you can. Look beyond scholarships and seek grants, work-study, and assistantships. Employer tuition reimbursement, local scholarships, and loan forgiveness programs are great, too.

Yes, it takes time and effort to find financing for your graduate education. But if you can spend as little of your money as possible, it’s worth your while.

Conclusion Finding and Applying for the Right Need-Based Graduate Scholarships

In conclusion, it’s no walk in the park to get need-based graduate scholarships. You’ll face many challenges, from proving your case to facing tough competition.

But here’s the thing about scholarships – these are free money that funds your education. The more you have it, the better your finances, career prospects, and quality of life can be.

The best first steps you can take are to research your opportunities and apply early. Then, once you’ve received scholarships, maximize them to your advantage.