Various forms of financial aid are available to students, ranging from loans to full fellowships. Many full-time students receive some form of financial aid. Awards are made on the basis of scholastic achievement and potential. The admission information submitted by applicants is used to select recipients of financial aid. The types of financial aid are below.
Research Assistantships
Appointments to assist a faculty member in conducting sponsored research are available. Most research assistantships are half-time appointments (20 hours per week) in which students work throughout the calendar year on a research project. In virtually all cases, the assistantship forms the basis for the student's M.S. thesis or report or Ph.D. dissertation. Pay rates for the 2005-06 academic year were $1,250 per month for entering M.S. students and $1,350 for entering Ph.D. students. The appointments also include payment of tuition and required fees, plus full employment benefits – identical to those of faculty - including health insurance paid at approximately $300 per month. For entering M.S. students, the total value of an assistantship on an annual basis is approximately $26,000. Most of the financial aid in the EWRE program is provided by research assistantships.
Teaching Assistantships
Appointments are available to assist a faculty member in undergraduate or graduate courses, usually in preparing and conducting laboratories. The total compensation (salary, fringe benefits, tuition, and fee payment) is similar to that of a research assistantship.
Engineering Foundation Fellowships
Available to entering U.S. students with outstanding records, the usual Fellowship award is for $1,000 to $8,000 along with a half-time research or teaching assistantship. The highest award, Thrust Fellowships, are reserved for outstanding students who have expressed interest in the Ph.D. program and continue for up to four years.
University Fellowships
These fellowships are awarded to a limited number of graduate students with exceptional academic records and are based on a university-wide competition. The fellowship stipend is approximately $11,000 - $16,000 per year plus tuition and required fees. No service is required as part of the fellowship. In addition, fellowship holders are frequently awarded a quarter-time research or teaching assistantship.
Loans
Loans are available for full-time Ph.D. students through the Ford Foundation and General Electric. The loans are forgivable for graduates entering the teaching profession. Other types of loans also are available.