You will typically forfeit a competitive salary, workday routine and leisure time. Everybody places a different value on education and ultimately you will need to decide if graduate school is worth the financial sacrifice. Before making that decision, however, you should familiarize yourself with potential funding sources. Fellowships or scholarships may be awarded by individual departments or institutions as well as outside organizations. Institution-based aid most frequently takes the form of a graduate assistantship.
Federal loans are also available to many graduate students.
The types of aid available to you will vary tremendously from one institution to another. Make sure you investigate these options carefully before making any decisions. Once you've made the decision to attend graduate or professional school, you'll then need to evaluate which institutions and programs are best suited to you. It is also very important to understand how the application process works. In deciding where to apply and ultimately which graduate program to enter, there are many factors to consider.