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Funded v. Unfunded Postgrad Programs: Which Should I Choose?
28/02/2022•4 minute read
***For those applying to PhDs, master’s degrees, and other postgraduate degrees, there are many decisions to be made regarding funded vs. unfunded postgrad programs. With so many options—from business, to the sciences, to the humanities and beyond—making a decision can be overwhelming. Read on to learn more about the pros and cons of funded and unfunded programs as you navigate the intricacies of graduate school applications. ***
What Is a Funded Program?
Many master’s and doctoral programs offer tuition waivers in exchange for working with the university for a predetermined number of hours per week, often 10-20. This is referred to as a “Teaching Assistantship” or a “Graduate Assistantship.” Most TAs and GAs tend to work a job related to their field of study, such as teaching undergraduate-level courses, conducting research, editing academic journals, or aiding in program administration. While some TAships and GAships only provide a tuition waiver, many also offer living stipends to their students. Though these stipends are often frugal, they are usually enough to cover basic necessities such as food and rent.
It’s important to consider that funding structures vary widely between universities and even across programs and disciplines. Many master’s and PhD programs offer GAships to all accepted students, while others only offer them to a select few. If the stipend and tuition waiver are not enough to cover all expenses, or they’re not guaranteed for the full course of study, this may sometimes be referred to as a “partially funded” program. Weeding out unfunded programs from fully funded programs can be tricky, but this information is usually available on departmental websites, as well as in databases like this one.
What Is an Unfunded Program?
Like most undergraduate programs, unfunded graduate programs require students to pay for their education themselves, often out of pocket or through student loans. Many unfunded programs offer partial scholarships to some admitted students, but they lack the guaranteed tuition waivers and salaries that GAships provide. Certain programs that lead to high-income degrees, such as medical school, law school, and MBAs lack the funding structures that are more common amongst academic degrees, and for this reason unfunded programs are the norm. Most part-time and/or online graduate degrees also lack funding, as they are designed to accommodate the schedules of working professionals. Additionally, there are a number of residential academic graduate degrees that don’t provide GAships. For this reason, it’s best to thoroughly investigate a program’s funding structure before committing to an application.
Pros and Cons
Obviously, receiving a tuition waiver and a small salary is an ideal way to avoid debt, especially when earning an academic degree in the arts, the humanities, or any other lower-earning field. Beyond providing a free education, GAships also provide valuable opportunities for students to develop their CVs and gain experience relevant to their fields. Often, this experience can be as valuable as the degree itself and should therefore be considered an integral part of one’s education.
However, there are other factors to consider. Fully funded graduate programs can be highly competitive, with many having lower acceptance rates than the Ivy League, so getting in can be a challenge. Many hopefuls apply to numerous programs for several years in a row before earning an acceptance. Because of the high level of competition, those who are accepted may only have one or two programs to choose from, limiting their options, especially for those looking to study in highly specialized fields or specific locations.
Which Should I Choose?
Though they are more difficult to get into, it is our suggestion that those pursuing degrees in the arts, humanities, sciences, and social sciences only apply to fully funded programs, especially if they are younger and have fewer work and familial obligations. It’s also important to consider that the academic job market is incredibly over-saturated with far more qualified candidates than there are tenure-track positions. Though there are many other jobs for master’s and PhD graduates outside of academia, it’s not worth taking on loans that you may never be able to repay when there are so many funded options available.
Working professionals with good salaries and/or those with families who are unable or unwilling to relocate to a new city may find it beneficial to take the unfunded route, through a part-time or online program. Those going into business, medical school, or law school will more than likely have to pay for the majority of their education on their own. However, even unfunded graduate programs offer financial aid, so if you go this route, make sure that you explore all of your options by asking program administrators about scholarships and other sources of assistance.
Crimson Is Here to Help
If you need help with your graduate school applications, from identifying your top programs to fine-tuning your materials to be as competitive as possible, don’t hesitate to get in touch with our world-class strategists at Crimson. We also assist with standardized test prep, academic coaching, and work alongside admissions specialists. We look forward to hearing from you!
