Most people would like to pursue higher education but these programs cost as much as undergraduate degree programs. You will find many things have changed from your undergraduate program and this includes your financial aid landscape. Read on to find out about the varying financial aid options that are available to people who will be taking up their master degree online.
The thing about financial aid is that an independent status will be difficult for students to obtain when they pursue undergrad studies. For the students who are able to obtain an independent status, qualifying for federal aid becomes an easier task to fulfill because the evaluators will not consider the income of their parents. There are a lot of people who take up graduate programs and most of these are considered as independent when it comes to financial aid leading to more options for assistance.
With that said, some federal aid is only offered to undergraduate students. The ideal form of financial aid, the Pell Grant, is the most popular example of this. There is another type of aid which is meant for undergrads only and this is the Federal Supplemental Educational Opportunity Grant.
Unsubsidized or not, there are Stafford Loans that are extended to students. For the parents of undergrads, Parent PLUS loans are readily available and the same terms apply to the graduate PLUS loans that students can take. The benefit of this type of loan to a graduate student comes in the form of an automatic deferment.
A lower rate of interest normally comes with the Federal Perkins loans that are offered on a need basis to students engaged in online masteral programs. The limit for this loan is up to ,000 for undergraduates and ,000 for graduate students. Since there are times when federal loans are restrictive, there are students that combine these with private loans to cover the costs of their education.
The thing about private loans is that they are challenging to qualify for and this applies to all students. When borrowing money, the student can choose to do so independently. This may hurt or help you, depending on your financial situation.
If they really need money and quick, it is possible for those in graduate courses to apply for federal work-study aid. The amount of money that can be granted to you depends on the school. There are plenty of students that you will be battling with when it comes to this kind of financial support as assessment allowances and rates are provided to graduates and undergraduates.
A number of students work while they study and this is why an online master degree program is patronized by these people. When it comes to this, financial aid can come from the company that you are working for. It is also likely to get this form of tuition assistance during undergraduate study but master’s degree students are older and more likely to have work that can provide tuition assistance than incoming undergrads.
If you will be pursuing graduate studies, you can also delve into research fellowships and teaching assistantships if you wish. A full tuition award including a stipend for room is not uncommon, though the competition for this can be tough at some departments and schools. This form of award is usually merit-based and not needs-based.
Students engaged in graduate programs have various options when it comes to the specific financial aid landscape which differs significantly. Considering that you get a slot in the assistantships or merit-based fellowships offered by your school, consider your tuition paid for. For the master degree online student, if there are no available slots left in these programs, other financial aid options like federal grants and private loans can be utilized where an independent status can be an advantage.
