If you're considering going back to school for your master's degree, you know that the cost can be pretty steep. Do you have to take out loans to cover the cost, or are there other options?
In this article, we'll talk about whether you can get a grant for a master's degree, the types of grants available, and the steps you can take to find them.
Can You Get a Grant for a Master's Degree?
Most people are familiar with financial aid options for undergraduate students. What you may not know is that many of the same types of aid are available for graduate students.
This includes college grants.
Grants differ from loans in that they do not have to be repaid. As such, they do not incur interest. They are similar to scholarships in this way, but are typically awarded based on need instead of merit.
Master's degree students are eligible for any number of grants that they may not realize are available. It's just a matter of finding them.
It's important to note that, though grants do not have to be repaid, there are often stipulations attached to them.
The TEACH Grant, for example, is awarded to graduate students of education. However, each student receiving the grant must agree to teach in a low-income school for at least four years after graduation.
What Grants Are Available to Graduate Students Based on Financial Need?
Grants may be awarded by various organizations and agencies. There are many different types of grants awarding a wide variety of funds.
Many of these grants are available through federal and state governments. Others are available through individual schools. Still others come from private organizations or individuals.
Not all graduate students are eligible for all types of grants. Many grants are available to students within a specific field and are not available to those pursuing other fields.
For example, someone seeking a master's degree in a healthcare field would not be eligible for a loan available only to education students, and vice versa.
What's more, different grants may have different criteria for establishing financial need, or different income requirements to be eligible for the grant.
Students from one state are only eligible for state-based grants within that state, and students attending a specific school cannot receive aid from another school.
So, in short, there are many different grants available for graduate students, but it may take some time to determine which specific grants you qualify for.
The good news is, financial aid is available for master's degree students if you are willing to put in the work to find it.
How do you do that? What are the specific steps you should take to find grants and secure financial aid for your master's degree? Keep reading to find out more.
Step 1: File the FAFSA
The Free Application for Federal Student Aid (FAFSA) is available to graduate students, as well as undergraduates. Yet many graduate students fail to take advantage of this valuable resource.
Filling out this form enables you to demonstrate financial need and makes you eligible for a wide variety of government grants, loans, and other types of aid.
Though the FAFSA specifically applies to federal aid, it is often necessary for receiving state-based and school-based aid as well.
You can file the FAFSA as early as October prior to the school year in which you plan to enroll. It's best to file it early to give yourself the best chance of receiving the aid you need.
Step 2: Fill Out State Financial Aid Applications
In addition to the FAFSA, many states have their own financial aid forms you may need to fill out. These additional forms can open up more opportunities for receiving state-based aid.
Each state may have different requirements to obtain this financial aid. You can typically find the necessary forms and requirements through your state's Department of Education.
You can also find a directory of state-based financial aid options on the National Association of Student Financial Aid Administrators website.
As with the FAFSA, make sure you fill out the appropriate forms as early as possible. State funds are often limited and available on a first come, first served basis.
Step 3: Research School and Private Grants
Filling out the FAFSA and any available state financial aid forms may be all that's necessary to receive financial aid through your school. However, it's always a good idea to check for additional options.
Check with your school's financial aid department to find out about program-specific grants, work-study programs, and other types of aid. You may need to fill out additional forms to apply for these options.
You'll also want to find out about private grants through individuals or organizations.
For example, if you are pursuing an advanced healthcare degree, you may be able to find grants through professional organizations in your chosen field.
These private grants may have additional application requirements beyond simply filling out the FAFSA or state applications.
Always do your research to find out about the specific requirements for a specific type of grant.
Pay for Your Master's Degree with a Grant
Getting a master's degree grant may not be as hard as you think. By applying for state and federal aid, as well as private or organizational grants, you could be well on your way to funding your advanced degree.
