Usually, federal student loans are not available for a second bachelor’s degree. However, there are some exceptions. For instance, you may be eligible if you’re pursuing a second bachelor’s degree in a field that is significantly different from your first, or if you’re pursuing a teaching certification. There are also some private lenders who may be willing to lend to students pursuing a second bachelor’s degree. It’s important to research your options carefully and compare different lenders before making a decision.
Federal Funding Options for Second Degrees
Students pursuing a second degree may be eligible for federal financial aid programs to help cover the costs of their education. While not all federal aid programs are available to second-degree seekers, there are several options that may be of assistance.
Federal Pell Grant
The Federal Pell Grant is a need-based grant that can be used to pay for undergraduate education, including second degrees. The amount of the grant varies depending on the student’s financial need and the cost of attendance at their school.
Federal Direct Student Loans
Federal Direct Student Loans are low-interest loans that are available to students enrolled in undergraduate and graduate programs. Second-degree seekers are eligible for both subsidized and unsubsidized loans.
* Subsidized loans are based on financial need and the government pays the interest on the loan while the student is enrolled in school.
* Unsubsidized loans are not based on financial need and the student is responsible for paying the interest on the loan while in school.
Federal Work-Study Program
The Federal Work-Study Program provides part-time jobs for students with financial need. Students who work in the program earn money to help pay for their education.
Other Federal Aid Programs
In addition to the programs listed above, there are several other federal aid programs that may be available to second-degree seekers. These programs include:
- Federal TEACH Grant
- Federal Iraq and Afghanistan Service Grant
- Federal Graduate PLUS Loan
Table of Federal Funding Options
| Program | Eligibility | Amount | Repayment |
|---|---|---|---|
| Federal Pell Grant | Undergraduate students with financial need | Varies | Not required |
| Federal Direct Subsidized Loan | Undergraduate and graduate students with financial need | Varies | Interest paid by government while in school |
| Federal Direct Unsubsidized Loan | Undergraduate and graduate students | Varies | Interest paid by student while in school |
| Federal Work-Study Program | Undergraduate and graduate students with financial need | Varies | Earned through part-time work |
| Federal TEACH Grant | Undergraduate and graduate students who plan to teach in high-need schools | Up to \$4,000 per year | Not required if recipient teaches for four years in a high-need school |
| Federal Iraq and Afghanistan Service Grant | Students whose parent or guardian was a member of the U.S. Armed Forces who died as a result of service in Iraq or Afghanistan after September 11, 2001 | Up to the full cost of attendance | Not required |
| Federal Graduate PLUS Loan | Graduate students | Up to the cost of attendance | Interest paid by student while in school |
Employer Assistance Programs for Second Degree Funding
Many employers offer tuition assistance programs to help employees pay for the cost of higher education. These programs can be a valuable resource for employees who want to pursue a second degree.
Here are some things to keep in mind when looking for an employer-sponsored tuition assistance program:
- Eligibility requirements: Most tuition assistance programs have eligibility requirements, such as minimum length of service or job performance requirements.
- Coverage amounts: The amount of coverage provided by tuition assistance programs can vary widely. Some programs provide full coverage for tuition and fees, while others only provide a partial reimbursement.
- Repayment requirements: Some tuition assistance programs require employees to repay the cost of tuition if they leave the company within a certain period of time.
If you’re interested in pursuing a second degree, it’s worth checking with your employer to see if they offer a tuition assistance program. If they do, it could help you save a significant amount of money on the cost of your education.
| Company | Eligibility Requirements | Coverage Amounts | Repayment Requirements |
|---|---|---|---|
| Company A | Minimum of 1 year of service | Full coverage for tuition and fees | No repayment requirements |
| Company B | Minimum of 2 years of service | Partial reimbursement for tuition and fees | Repayment required if employee leaves within 2 years of receiving assistance |
| Company C | Minimum of 3 years of service | Full coverage for tuition and fees | Repayment required if employee leaves within 1 year of receiving assistance |
Educational Grants for Second Degree Students
If you’re considering pursuing a second degree, there are a number of educational grants available to help you fund your education. These grants can be awarded based on factors such as financial need, academic achievement, and career goals.
Here are some of the most common types of educational grants for second degree students:
- Federal Pell Grant: This grant is available to low-income undergraduate and graduate students who have not yet earned a bachelor’s degree. The maximum amount of the Pell Grant for the 2022-2023 academic year is $6,895.
- Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is available to low-income undergraduate students who are enrolled in a four-year college or university. The maximum amount of the FSEOG for the 2022-2023 academic year is $4,000.
- Teacher Education Assistance for College and Higher Education (TEACH) Grant: This grant is available to undergraduate and graduate students who are enrolled in a teacher education program. In order to receive the TEACH Grant, you must agree to teach for four years in a low-income school district.
- Iraq and Afghanistan Service Grant: This grant is available to undergraduate and graduate students who are the spouses or children of veterans who died or were permanently disabled in the Iraq or Afghanistan wars.
In addition to these federal grants, there are also a number of private and state-based grants available to second degree students. To find out more about these grants, contact your financial aid office or a local scholarship search engine.
Here is a table that summarizes the key information about these grants:
| Grant | Eligibility | Amount | Application Deadline |
|---|---|---|---|
| Federal Pell Grant | Low-income undergraduate and graduate students | Up to $6,895 | May 1 |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Low-income undergraduate students | Up to $4,000 | Varies |
| Teacher Education Assistance for College and Higher Education (TEACH) Grant | Undergraduate and graduate students in teacher education programs | Up to $4,000 | April 15 |
| Iraq and Afghanistan Service Grant | Spouses and children of veterans who died or were permanently disabled in the Iraq or Afghanistan wars | Up to $6,195 | None |
## Scholarships and Fellowships for Second Degree Learners
Pursuing a second degree can open up new career opportunities and advancement possibilities. While the cost of higher education can be a barrier, there are various financial assistance programs available specifically for second degree learners. Scholarships and fellowships provide financial support without the obligation to repay the funds.
### Scholarships
Scholarships are typically based on academic merit, financial need, or a combination of both. There are several scholarships available for second degree students, including:
- Gates Millennium Scholars Program: Supports outstanding African American, American Indian/Alaska Native, Asian Pacific American, and Hispanic American students pursuing undergraduate and graduate degrees in STEM, education, library science, public health, or social work.
- Fulbright U.S. Student Program: Provides funding to U.S. graduate students and early career professionals for research, study, or teaching abroad in over 140 countries.
- American Association of University Women (AAUW) International Fellowships: Supports women from developing countries to pursue graduate or postdoctoral studies in the United States.
### Fellowships
Fellowships are typically awarded to graduate students who demonstrate exceptional academic achievement and research potential. They often provide a stipend, tuition coverage, and other benefits, such as health insurance and research funding.
Here are some notable fellowships for second degree students:
- National Science Foundation Graduate Research Fellowship Program (NSF GRFP): Supports outstanding graduate students in STEM fields, providing a three-year annual stipend, tuition, research allowance, and professional development opportunities.
- National Institutes of Health (NIH) Ruth L. Kirschstein National Research Service Award (NRSA): Provides research training support to predoctoral and postdoctoral students in biomedical, behavioral, and clinical research.
- Ford Foundation Predoctoral and Dissertation Fellowships: Supports underrepresented minority students pursuing doctoral degrees in the social sciences, humanities, and education.
Note: The eligibility criteria, application procedures, and deadlines for scholarships and fellowships vary. It’s essential to thoroughly research and apply well in advance to maximize your chances of receiving funding.
Welp, there you have it! I hope this article has been helpful in shedding some light on whether or not you can get funded for a second degree. If you have any more questions, be sure to leave a comment below or check out our other articles on the topic. Thanks for reading, and we’ll catch ya later!