Does Financial Aid Cover the Cost of a Finance Degree?

A finance degree teaches college students the ins and outs of financial theory. Learners are prepared to manage securities, investments, and client portfolios. A bachelor's degree in finance helps students qualify for roles like the following:

• financial analyst
• accountant
• financial advisor
• budget analyst
• financial planner
• portfolio manager

The field of finance offers many career prospects. But what if you want to start a finance career and can't afford a degree program? Financial aid options like the Federal Work-Study Program, Federal Pell Grant, and student loans can help cover tuition costs.

You can also use scholarships and fellowships to pay for your finance degree. Below, we'll discuss how the FAFSA form can help you qualify for student aid. We'll also look at different types of financial aid for finance degrees.

What Is the FAFSA Form?

The Free Application for Federal Student Aid (FAFSA) from the U.S. Department of Education helps students qualify for federal financial aid. Some federal aid options include grants, loans, and work-study jobs. The application also helps students access need-based programs offered by states, schools of higher education, and other financial aid providers.

Eligibility

Students interested in filling out the FAFSA form should meet specific financial aid eligibility requirements. Some include:

• being a US citizen or eligible non-citizen
• showing financial need for need-based aid programs
• having a valid Social Security number
• being enrolled or accepted for enrollment in a qualifying degree or certificate program
• maintaining satisfactory academic progress throughout college
• showing eligibility to obtain a college education via a high school diploma or equivalent, like a GED

What Disqualifies You From Getting Financial Aid?

While numerous students qualify for federal financial aid programs, disqualification is possible. Here are some reasons that you might be disqualified from FAFSA or lose your eligibility:

• defaulting on your student loan
• not making satisfactory academic progress in college
• expired or revoked eligible non-citizen status
• incarceration without enrollment in a prison education program (for Pell Grants)
• received too much federal student loan or grant money
• doesn't have a high school diploma or state-recognized equivalent
• guilty of a crime involving fraud to obtain federal student aid

Depending on your circumstances, you might be able to get your aid reinstated. Speaking with your financial aid office for assistance is recommended.

Does Financial Aid Only Cover One Degree?

It's possible to get financial aid for more than one degree. You can receive federal student loans and participate in the Federal Work-Study Program if you enroll in an undergraduate or graduate degree program after completing your first undergraduate degree.

It's good to note that students who have earned a bachelor's degree or used up 12 semesters of eligibility can't qualify for a Federal Pell Grant; the Federal Supplemental Education Opportunity Grants (FSEOG) is also only available to undergraduates.

Understanding the FAFSA form and how to qualify are the first steps to attaining financial aid. Next, we'll explore financial aid options for finance degree program enrollees.

Types of Financial Aid for Finance Degrees

Students who need help with tuition and other educational expenses can pursue different types of financial aid. Here are some scholarships, fellowships, and other aid options to consider.

1. Explore Finance Degree Scholarships

A scholarship is free money students don't have to repay. Review the following scholarships to see which might help you cover the cost of your finance degree.

Jane M. Klausman Women in Business Scholarship

The Jane M. Klausman (JMK) Women in Business Scholarship from Zonta International helps women pursue undergraduate and graduate degrees in business management. Zonta offers 37 international scholarships of $5,000 each. To qualify, women must be pursuing a business degree in at least their second year of an undergraduate program.

Numerix Women in Finance Scholarship

The Numerix Women in Finance Scholarship awards one eligible woman $20,000 to help support their graduate-level studies in finance. Half of the award is given to the winner and the other half goes to their school to help with tuition. Applicants must be women attending a master's or PhD finance program full-time.

Matt Fong Asian Americans in Public Finance Scholarship

The Matt Fong Asian Americans in Public Finance Scholarship awards two $5,000 scholarships to full-time undergraduate students. Winners must attend a four-year college or university in California. They should also be of at least 50% Asian heritage and have at least a 3.0 GPA. Majors in social science, accounting, business administration, and related fields qualify.

2. Look for Finance Degree Fellowships

Fellowships offer students funds to complete short-term goals. They might receive money to conduct research, take graduate courses, or train in a certain field. Here are some fellowships for finance and related majors.

AIER Summer Fellowship Program

The American Institute for Economic Research (AIER) Summer Fellowship Program is a two-week program. Students go to lectures and seminars while staying on campus. They receive room and board and a $500 stipend. To qualify, students should be college seniors preparing to enter a doctoral program in economics or a related program.

Byron Hanke Fellowship

The Byron Hanke Fellowship offers a stipend of up to $5,000 for a graduate student to prepare a research project focused on community associations. To qualify, students must be enrolled in a master's, doctoral, or law program in the U.S. or Canada. Areas of study include law, sociology, economics, and urban planning.

MSF Fellows Program

The Master of Science in Finance (MSF) Fellows program at Villanova University lets students pursue an MSF degree full-time. Fellows also take part in a paid research project with faculty members. In exchange for their efforts, students receive a 50% tuition discount. They also receive a living stipend.

3. Consider Student Loans

Student loans are borrowed funds students can use to pay for school. Unlike grants and scholarships, loans require repayment with interest. The federal government offers federal student loans like the following:

• Direct Subsidized Loan: up to $5,500 for eligible undergraduate students
• Direct Unsubsidized Loan: up to $20,500 for eligible undergraduate, graduate, and professional students
• Direct PLUS Loans: up to the cost of attendance for eligible graduate or professional students and parents borrowing money for their dependent students

In addition to federal direct loans, students can borrow private loans for school. Private loans are typically available at banks, credit unions, and private lenders.

4. Discover Student Loan Forgiveness Programs

If you've taken out federal student loans, you might qualify for a student loan forgiveness program. These programs cancel or discharge loans so repayment is no longer required. According to the U.S. Department of Education, more than 150,000 borrowers received $1.2 billion in forgiveness as of February 2024 under the Saving on a Valuable Education (SAVE) Plan. Additional forgiveness options include:

• Public Service Loan Forgiveness: for government or nonprofit organization full-time workers who have made 120 qualifying payments
• Income-Driven Repayment (IDR) Forgiveness: for students repaying under IDR plans for 20 to 25 years
• Teacher Loan Forgiveness: forgiveness of up to $17,500 for teachers who meet specific teaching qualifications
• Total and Permanent Disability (TPD) Discharge: for individuals with disabilities that severely limit an ability to work

Military service members might receive interest rate caps on student loans under the Servicemembers Civil Relief Act. Students who believe their school misled them or lied about their loan might have it discharged through a borrower defense loan discharge.

5. Complete a Work-Study Program

The Federal Work-Study Program offers part-time jobs to students with financial need. Students can work on campus for the school or find jobs off campus. Pay starts at the federal minimum wage. Students can use the money earned to cover education-related expenses. Undergraduate and graduate students qualify.