So you're researching grad school, and like a lot of your peers, you're not sure how to pay for it. In the course of your research, you've heard the phrase "teaching assistantship" tossed around--you might even remember TAs from your undergraduate days--but what is it really like on the teaching side of the classroom? And what can a teaching assistantship do for you?

"Basically, being a teaching assistant means I have to teach a 101-level class every quarter and go to a weekly advisor check-in with other new TAs," says Carrie Graf, a first-year master's student in English Literature at Western Washington University. "We also attend a Teaching Methods class our first quarter. In return, I get my tuition waived, a monthly stipend--nothing extravagant, but it's enough to live on--and health insurance. Some schools offer other perks like free parking; mine's not one of them."

While a parking spot would be nice, getting your graduate degree (and healthcare and rent) without forking over any cash is a pretty sweet deal. In addition, you're scoring university-level teaching experience, which plumps up your resume for almost any field.

Not all assistantships are born equal, however. At New York University, an assistantship in the MBA Finance program requires "an average of ten hours of work per week for fifteen weeks and pays a scholarship grant of $3,600." That's a decent wage, but considering the two-year program will cost you a little over $32,000 per year, an assistantship there might not take as big a bite out of your bills as you'd like.

If you're not keen on teaching, keep in mind that there are assistantships for research too-good news for you happy-lab-rat types! And then there are fellowships; while the terms "assistantship" and "fellowship" are often used synonymously, in many cases, a fellowship is the same creature you knew in undergrad studies as a scholarship. One type of fellowship might offer no-strings-attached financial aid to students working on their dissertation, for example, and require nothing in return but the continuation of your program. Another might very well be tied to teaching or research obligations, like an assistantship--so find out what you're getting into before you sign on.

If you're interested in a teaching assistantship, here are three basic steps to take.

1. Research
"Definitely check the funding situation of schools you're considering," says Graf. "Ask how many assistantships they have. Some schools don't have any. I thought a big school like the University of Washington would have a lot of TAs, but I was told they only give them to about a third of the students admitted to my program. Western Washington is a smaller school, but this year they granted assistantships to a large percentage of people admitted--fourteen or fifteen out of twenty--and it includes a full tuition waiver."

Be sure to ask what your role and responsibilities as a TA would be. At some schools, assistants are just that; they grade papers or oversee quiz sessions. At others, a TA might be expected to teach two classes per term. While first-year TAs generally receive the springboard of a basic, structured curriculum and syllabus, you're still going to spend a lot of time on lesson plans, background reading, grading tests, and meeting with students--which can be overwhelming when you're trying to keep up with studies of your own. Assistantships can also create income-tax situations you'll want to plan for; be sure to get the full specs on what an assistantship means at your school before you commit.

2. Apply
Most schools include an application form for assistantships in their general grad school application packet. Many assistantships require a letter of recommendation and/or short essay--separate from those required for the grad-school application itself--that explain your qualifications, what subject you want to teach, and why a life in academia is for you. Having volunteer experience as an instructor or tutor of some kind can be helpful here, as can real-life, workforce experience in your field of study and, of course, great references.

3. Decide
A teaching assistantship may be a great way to gain experience and save money, but it's not for everyone. Is it more important to you to avoid racking up an unholy sum in student loans, or to attend a specific college that may not offer much aid? Are you excited (or at least willing) to stand in front of a class of jittery freshman to earn your keep, or would the pressures of teaching detract from your own coursework? Only you can make that decision--so go into it with as much information as you can!