In a bad economy, many recent college grads and laid off workers decide to make the move to go back to school. A number of current undergraduate students are also hoping to delay entry into the working world until the economy improves. Many of these prospective students will apply to graduate programs, hoping to land financial aid like a fellowship or assistantship on their way to a master's or doctorate degree. However, many programs that traditionally come with stipends attached are cutting enrollment, as their cash-strapped institutions try to find ways to reduce their operating costs.
A recent piece in Inside Higher Ed explains that while terminal master's degrees and other programs in which students commonly pay full tuition are still admitting large numbers of students, and in some cases even increasing enrollment, programs that typically give out more money than they receive, such as doctoral programs, are reducing admissions due to reduced budgets. While some master's programs and professional degrees come with fellowships, assistantships, or scholarship awards, the bulk of graduate financial aid goes to PhD students. These students typically serve as teaching or research assistants, receiving free tuition and a stipend in exchange. With university-wide cost cutting measures and rapidly shrinking departmental budgets, many institutions simply can't afford to offer as many of these generous aid packages as they have in the past. And rather than admitting and not funding doctoral students, these schools are choosing to admit fewer students in order to maintain their funding commitments to current and future students.
If you applied this year and didn't get in, at least you can console yourself with the knowledge that it was a particularly bad year for PhD applications. Whether it's your first time through the process or your second, if you're thinking of applying next year, start your college search early and consider sending out extra applications, especially if you're hoping for university funding. Competition may be fierce, and if the schools you want to attend decide to admit fewer students, applying to more schools will boost your odds of being admitted and winning scholarships, fellowships, or assistantships. If you're seeking a degree that may or may not have funding attached, such as a master's degree or professional degree, be sure to look into outside aid, such as scholarships for graduate students.
And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!