Does Financial Aid Cover the Cost of a Teaching Degree?

Financial aid programs provide funding that can help offset the cost of various types of teaching degrees by covering some or all of the program expenses.

Federal student aid and teacher-specific financial assistance help students pay for their education and depending on your eligibility, they have the potential to cover your entire teaching degree.

It is important to know the different types of financial aid and funding programs that you may qualify for so that you can utilize them to earn your teaching degree and advance your career.

What Is the FAFSA Form?

The Free Application for Federal Student Aid (FAFSA) is a form college students fill out and submit to determine the types and amount of financial aid they are eligible to receive from the federal government. It includes funding like grants, scholarships, work-study programs, and student loans.

Eligibility

Eligibility requirements vary depending on the type of financial aid program. Scholarships and grants are offered based on factors like academic achievements, GPA, income, and financial need. Work-study programs, which provide part-time jobs, are offered based on financial need. All students are eligible to submit the FAFSA so they can determine their status.

Does Financial Aid Cover a Second Bachelor's Degree?

You can still receive financial aid if you are enrolled in a second bachelor's degree, but some may not be available. For students enrolled in undergraduate teaching degree programs, the Pell Grant is offered for six years and the maximum amount of federal loans you can take out is $57,000.

However, you can still receive financial assistance to help cover your teaching degree by applying to teacher scholarships and grant programs. You can also pursue a teacher certification through a post-baccalaureate program.

Would Financial Aid Cover a Master's in Education Program?

Financial aid, like student loans and work-study programs, can be used to cover graduate school. If you are planning to earn a master's degree in education, you could also be eligible for funding through fellowships, grants, and scholarships that are aimed at teachers who are advancing their education.

Types of Financial Aid for Teaching Degrees

Aside from the general federal aid, there are extra types of aid to consider depending on your program of study. If you are pursuing a teaching degree, you can take advantage of the financial support specifically intended to assist teachers while they earn degrees.

1. Explore Teaching Scholarships

Various scholarships can provide financial assistance and help support aspiring teachers earning their degrees. Some scholarships are made specifically for aspiring teachers.

PDK Prospective Educator Scholarships

PDK Prospective Educator Scholarships offers various awards for students who want to pursue public education. The scholarships are awarded to high school students and those enrolled in undergraduate or graduate-level teaching programs.

American Montessori Society Teacher Education Scholarships

The American Montessori Society provides scholarships for college students who plan to become Montessori teachers. You can qualify to apply if you have been accepted or are enrolled in one of their affiliated teacher education programs.

2. Look for Teaching Degree Fellowships

Fellowships can be used to help cover your teaching degree expenses. These programs provide funding for college students as long as they fulfill the specific work requirements.

James Madison Memorial Fellowship Foundation

James Madison Memorial Fellowship is for graduate students who plan to teach American history, government, or civics subject areas at a secondary school. It awards students a maximum of $24,000 throughout their teaching degree program.

The Mind Trust Innovation School Fellowship

The Mind Trust Innovation School Fellowship is for teachers who are leaders or want to become leaders in their field. It provides them a $30,000 stipend to help support their innovative ideas and accelerate their growth in Indianapolis schools.

Fulbright Foreign Language Teaching Assistant (FLTA) Program

If you already have a bachelor's degree, you can apply for the FLTA program intended for English as a Second Language teachers. It provides them with the opportunity to enhance their understanding of different American cultures and improve their foreign language and bilingual education teaching skills.

Ignited Summer Fellowship Program

Ignited Summer Fellowship is a program that offers eight weeks of paid work at a company or university of your choice. With this fellowship, you can prepare yourself to create a better educational environment as a teacher by developing new skills and strengthening your existing ones.

3. Discover Teaching Degree Grants

In addition to scholarships and fellowships, grants offer financial assistance to college students, providing support during their degree programs. Some grants, like the TEACH grant, are field-specific and can help you cover your teaching degree costs.

TEACH Grant

The Teacher Education Assistance for College and Higher Education (TEACH) Grant provides $4,000 annually for students who agree to teach full-time for four years in a teacher-shortage area.

After graduating, TEACH Grant recipients work as highly qualified teachers, with all the necessary licensure and credentials. They're employed in the high-need field (e.g., math, special education, bilingual education, and reading) that consists of low-income school districts. If you don't meet the TEACH Grant service obligation then the grant turns into a direct unsubsidized loan.

TEACH Grant eligible programs include:

• math
• science
• computer science
• English language acquisition
• reading specialist
• bilingual education

4. Evaluate Student Loan Forgiveness Programs

Many student loan forgiveness programs offer financial relief to help teachers minimize the debt they accumulated while earning their degrees. We've listed some examples below.

Teacher Loan Forgiveness

Teachers who have worked consecutively full-time at a low-income school or other education agency for five years can have up to $17,500 of their Federal Stafford Loans or Direct Loans forgiven. The Teacher Loan Forgiveness program is limited to those who teach certain subject areas like math, science, or special education.

Perkins Loan Cancellation for Teachers

The Perkins Loan Cancellation is a federal program that cancels 100% of your Federal Perkins Loan. To qualify, you need to work full-time in a low-income elementary or secondary school or in a subject area that has a shortage of teachers, like math or science.

Public Service Loan Forgiveness Program

Public service workers, like teachers, can have their remaining Direct Loan balance forgiven through the Public Service Loan Forgiveness program after making 120 monthly payments. To be eligible for loan forgiveness through this program, teachers must work full-time and make 120 monthly payments.

5. Complete a Work-Study Program

Work-study programs can help college students pay for their teaching degrees. They are offered based on financial need and provide part-time jobs so that students can earn money for tuition costs and other education-related expenses. When you complete the FAFSA, you will be considered for work studies.