Graduate school is costly – sometimes as costly as undergraduate degree programs. A lot of things can significantly change when you pursue undergraduate degree programs including your financial ability. 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.
If you are taking up an undergraduate degree, you will find it challenging to apply an independent status to your financial options. For those who manage to obtain this kind of status, it will be helpful when they apply for federal aid as their parents' income will be excluded. 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.
For people engaged in undergrad studies, there are financial aid options specifically for them. It is the Pell Grant that is one of the most popular forms of financial aid for students. If you are an undergraduate student, you can also apply for what is known as the Federal Supplemental Educational Opportunity Grant.
Students can also go for Stafford Loans, subsidized or not. Much similar to the Parent PLUS loans offered to the parents of undergrad students, the students themselves can avail of what is known as a graduate PLUS loan. Such a loan comes with an automatic deferment that can be enjoyed by the graduate student while earning a degree.
Offered through need basis only, the Federal Perkins loans come with a lower interest rate and are meant for individuals taking up online master's courses. The limit for this loan is up to ,000 for undergraduates and ,000 for graduate students. In some cases, students need more money for tuition payments than what federal loans provide and this is why some of them also take up private loans.
For all types of students, it is pretty hard to apply and qualify for something like a private loan. For those engaged in masteral courses, they can apply for loans independently. 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. Here is where the educational facility plays a role in determining the amount of money that students require. When it comes to this, assessment allowances and rates are provided to students from both graduate and undergraduate programs and this is why the process can come with some competition.
Some graduate students working full time attend an online master degree program. You can ask your boss for the necessary financial support when it comes to this. If you are an undergraduate student, you might be assisted by your employers when it comes to tuition payments but if you are taking a graduate course, chances are you already have the kind of work that can pay for your education.
Many schools give research fellowships and teaching assistantships to graduate students, and this can be a big benefit to the student. 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. These things are not need based but merit based.
Even if there are variations that come with the financial aid landscape for graduate students, there are some things that you can take advantage of. Tuition fees will no longer be huge problems for the students who manage to qualify for assistantships or merit-based fellowships. But not every master degree online student is that lucky, though one can get a mix of private loans and federal aid, and the fact that your standing is now independent could work in your favor.
