Getting the money you need to pay for grad school involves planning and patience. A smart financial aid strategy (not to mention application strategy) is to get started at least a year before you plan to go.

As you work through the process, think about the following:

• How long does it normally take to complete your program?
• Will your grant aid be similar from year-to-year?
• Will you be able to work while you study?
• What are the application deadlines for admission and financial aid?
• Have you researched loan interest rates, repayment obligations, and tuition tax breaks?

Action items
It may seem like applying to grad school is a job unto itself! Keep the end in mind. By putting the work in now, you’ll be that much more prepared once you get there, financially and academically.

Early fall

Make your list
If you want to be able to thoroughly research the funding opportunities available at your prospective programs, you’ll need to zero in on them as soon as possible. Finalize your list of target schools.

Start your first research project
Before you even start grad school, there’s plenty of research to do. Start looking for outside grants and awards.

Keep track of funding opportunities
As you identify your target programs, also research institutional funding possibilities. Many grants and fellowships carry strict application deadlines, and you’ll want to be prepared.

Late fall/ Early winter

Find your champions
If you’re still in college, talk to professors in your discipline. They’ll be a source of recommendation letters later, which could help when applying for awards.

Make the most of campus visits
While interviewing and checking out campuses, take some time to meet with a financial aid officer, as well as a dean in your field. They’ll know best the types of aid that may be available.

Keep track of time
Missing a financial aid deadline is not what you want to do! Make sure you know what’s due when.

Winter

Fill out the FAFSA
The FAFSA (which you may remember from college) is your passport to federal aid. Even if you don’t plan to take out a loan, fill it out. If circumstances change, it’s the only way you can qualify. Send it in as soon as possible after January 1 of the year in which you’ll apply. All grad students are considered independent for federal financial aid purposes.

Spring

Compare apples to apples
Along with acceptance letters come financial aid packages. Consider what’s being offered to you and remember to take into account the available aid for the duration of your program, not just the first year. The best offer may not be the one with the highest first-year dollar value.

Figure out what you still need
If you haven’t received the amount of aid you need, consider your loan options, including both federal and alternative sources.

Summer

Get ready
You made it! Prepare for fall’s tuition bill by estimating the amount you’ll have to pay, comparing loan options, and talking to your school about tuition payment plans, if necessary.