The first step in charting your financial path is figuring out what the real costs are, so you can develop a strategy for meeting them. To avoid bankrupting yourself in the first year, you should work out a sound financial plan from the very beginning. Gift aid received from colleges and universities is referred to as institutional aid, since the money comes directly from the school's resources. This type of financial assistance, naturally, is the most sought-after type of funding and the most difficult to receive. Scholarships and graduate fellowships may be awarded on the basis of need, merit, or both.
Most fellowships provide for tuition and stipend.
Many cover a student's full academic career, but some must be renewed each year. Most fellowship programs are highly competitive and are designed to attract students with excellent academic records. Several different guides to portable fellowships can be found in your financial aid office or public library. Institutional fellowships are awarded through specific university programs. The financial aid offices of the schools to which you are applying can give you information on any available institutional fellowships.