It is not that easy to pay for the high costs of undergraduate degrees and the same applies to graduate programs. You will find many things have changed from your undergraduate program and this includes your financial aid landscape. Here is an overview of the financial aid options you can get for your master degree online – and the changes to expect.
For financial aid during the time when you are pursuing your undergraduate studies, it will not be easy for you to obtain an independent status. There are some students who are able to obtain an independent status making it easier for them to apply for aid as the earnings of their parents will not be assessed. However, when you are a graduate student, you are often deemed an independent for financial aid and this could mean more access to federal aid.
For people engaged in undergrad studies, there are financial aid options specifically for them. The ideal form of financial aid, the Pell Grant, is the most popular example of this. There is the Federal Supplemental Educational Opportunity Grant which is a form of scholastic aid that is given to undergraduate students.
There are a couple of Stafford Loans that you can try to apply for as well. Rather than Parent PLUS loans that are often available to parents of undergrad students, you may obtain a graduate PLUS loan, which has similar terms. Such a loan comes with an automatic deferment that can be enjoyed by the graduate student while earning a degree.
For people who will be engaging in online master's degree courses, they can avail of Federal Perkins loans which are offered at lower rates of interest. The limit for this loan is up to ,000 for undergraduates and ,000 for graduate students. Most of the time, federal grants are mixed with private loans because there are students who cannot rely on just one of these options to pay for school.
The thing about private loans is that they are challenging to qualify for and this applies to all students. Master’s degree students may borrow without their parents’ credit history. This may hurt or help you, depending on your financial situation.
For graduate students, they can apply for federal work-study aid but this is only provided on a need basis. Your school has significant scope in knowing how much work-study aid every student can earn. 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. Normally, this kind of assistance is extended to undergraduate working students who do not have the means to pay for their entire tuition unlike grad students who have the kinds of income generating work that makes them financially capable to shoulder such expenses.
Another benefiting option for graduate students comes through things like research fellowships and teaching assistantships offered by most schools. Since these options come with a stipend not to mention a full tuition award, a lot of students are competing for slots. 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. Those who got assistantships or merit-based fellowships could see a good portion of their tuition fee 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.
