The Department of Mechanical Engineering provides financial assistance to many of its graduate students. Stipends are awarded in the form of a teaching assistantship, research assistantship or fellowship and students are paid monthly. In addition, all full-time graduate teaching assistants as well as some graduate research assistants receive a tuition scholarship which covers all tuition costs. Graduate teaching assistants' duties involve assisting the faculty in the undergraduate or graduate instructional programs. Special appointments which pay higher than normal stipends are also available on a competitive basis.

Prospective students are encouraged to apply for competitive national fellowships such as the National Science Foundation Graduate Fellowships. Students who receive these awards may have their stipends augmented as permitted by the donating agency in accordance with departmental policy. Any applicant from a foreign country should inquire as to the availability of financial aid from his or her government. Augmentation of stipends from these awards may be possible.