If you think that undergraduate degree courses are expensive, wait until you see the fees that come with graduate programs. For those who engage themselves in undergraduate degree programs, several changes including that of their financial aid landscape will surely occur. If you are interested in pursuing a master degree online, here are some of the financial aid options that you can avail of.
The thing about financial aid is that an independent status will be difficult for students to obtain when they pursue undergrad studies. 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. When it comes to this, one of the most sought after forms of assistance is the Pell Grant. There is the Federal Supplemental Educational Opportunity Grant which is a form of scholastic aid that is given to undergraduate students.
You can still try unsubsidized or subsidized Stafford Loans. For undergraduate students, their parents can avail of Parent PLUS loans but there are graduate PLUS loans that a student can also avail of. 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. If you are an undergrad, you will be allowed to take a 00 loan while graduates are allowed a sum up to 00. Other than federal loans, many students get private loans to fill the gaps between school-based aid and federal aid and the entire tuition cost.
Undergrad or graduate students will not have an easy time applying for a private loan. What you have here are loans that can be applied for by graduate students sans the credit history of their parents. 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. Here is where the educational facility plays a role in determining the amount of money that students require. Even if you apply for this kind of aid, there are no guarantees that you will receive a grant since there are other graduate and undergraduate students vying for assessment allowances and rates.
In some cases, students choose to go with an online master degree program if they need to work. When it comes to this, financial aid can come from the company that you are working for. What you have here is something that is ideal for undergrad working students who have limited finances because those who are in graduate programs are usually established enough to pay for their own tuition.
There are institutions that provide graduate students with the opportunity to engage in research fellowships and teaching assistantships. Not everyone can be accepted into these programs and so the lucky few manage to get a full tuition award and room stipends. What you have here are awards that are given based on merits.
The financial aid landscape is somewhat different for graduate students; nevertheless, those differences may work in your favor. Those who got assistantships or merit-based fellowships could see a good portion of their tuition fee paid for. 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.
