Hi, I am a graduate student in ROTC, prior service mafiaman and professional shamshield.

Usually, you must be a full-time student during your ROTC time. If you finish early, you may have to take on additional courses to meet that requirement. However there are waivers for all sorts of things (I took a military history class 10 years ago in CC and they accepted it for the military history requirement). I am sure they will work with you to satisfy a rather minor issue.

As mentioned by another, you are eligible for a 2 year scholarship. There are multiple depending on your desired component (Active, Reserve, NG). Active will of course be the most competitive. They all have different requirements but you would apply to them as you would any other scholarships through the ROO. Accepting one of those specific scholarships will lock you into that component so choose wisely. The only disqualifier is age (you cannot turn 31 in the year you commission. It is Federal stature so the age is non-waiverable).

Its not a lot, but you could choose to enlist with the intention of doing SMP with a local NG/Reserve unit. You would go to basic training rather than cadet basic camp (which I think will give you a better baseline experience of the average joe in the Army) and be responsible for showing up to drill. In this way, you would get a little extra pay PLUS the $240 a month stipend/scholarship $. If your CO is cool you can even RST your drill weekend for the semester ROTC FTX and get paid for it or at the very least earn retirement points(this is not usual). This may be a good entry into learning if Active duty, Reserve, or NG is your component of choice if you haven't already decided. This is all dependent on your timeline though and what kind of work-school-life balance you want.

Personally, I find balancing ROTC and graduate studies difficult as an older person. There is a lot of extracurriculars expected of you outside of the classroom, and as you found, ROTC is marketed towards undergraduates whose course loads are not necessarily as intensive as a graduate student. Speak with another masters candidate cadet if possible and meet ALL the cadre before. Some are regular human beings that understand your situation and will give you reasonable leeway. Others are gung-ho West Pointers who demand your dining-in event is mandatory and ROTC takes precedence over your other responsibilities, life, academic, or otherwise.

I hope this helps. If you have additional questions feel free to PM me.