For the lucky few, the question of how to finance a grad school education isn’t an issue. If you don’t come from a wealthy family or haven’t picked up a winning lottery ticket lately, you’ll need to come up with a plan to pay for the $20,000/year or more you’ll need to attend grad school. The following are three of the most commonly used graduate school funding sources:

Scholarships, Grants & Loans

You’re probably already familiar with many of these financing options, especially if you took advantage of them as an undergrad. Scholarships and grants are free money – typically need- or merit-based – that you can use to pay your education expenses. If you take out loans to fund your education – whether through your school or private lenders – you’ll be expected to pay them back upon completion of your grad school program.

However, it’s worth mentioning that there are significantly fewer scholarships available for grad students than there are for undergraduates. Those that are available are typically full-tuition awards for students in certain programs. Therefore, when calculating whether or not you can afford to attend grad school, it’s important not to rely on grants and scholarships to pay your way. You’ll need to plan on taking out some loans and working part-time as a grad student.

Teaching & Research Assistant Positions

Many colleges and universities hire grad students to assist full-time professors in conducting their research and in teaching their classes. As a teaching assistant (TA), you’ll teach a section of undergraduate students in an introductory level course related to your program. You’ll be responsible for grading their tests and homework assignments, as well as answering questions and hosting office hours. Working as a TA is a significant time commitment, but most universities will compensate you with free tuition and health benefits for your efforts.

Research assistants may work fewer hours than TAs, but these positions are often more difficult to come by. In this capacity, you’ll work closely with a professor in your field doing the grunt work of his or her research. You may find yourself out in the field, taking measurements or conducting surveys, or buried under textbooks, looking up facts and figures to support your professor’s hypothesis. In addition to the financial benefits, working as a research assistant gives you significant experience and professional contacts that will help you once you enter the working world.

Employer Sponsorship

If you’ve been working for awhile, check with your employer – many offer tuition reimbursement benefits if you decide to pursue further education that will benefit the company. This is a great way to finance additional education that few prospective grad school students consider. For example, if you’ve been working as a clerk in a financial firm, your employer may pay part or all of your tuition for attending an MBA program.

However, this bonus may come with some restrictions, so be sure to double check before you enroll. Your employer may require you to commit to working for the company for a number of years after you graduate. After all, they’ve paid for your education and should be able to benefit from your new expertise. Even if the money doesn’t come with any strings attached, you’ll still be responsible for scheduling classes outside of your normal workload – which can limit the programs you’re eligible for – and you’ll likely need to achieve a certain grade for the course to be covered.