Does Financial Aid Cover the Cost of an Accounting Degree?

If you have plans to become an accountant, you're probably thinking about the degree you'll need to pursue. You know college can be expensive, so you want to know if financial aid covers accounting degrees, such as a bachelor's degree in accounting.

There are many different types of financial aid. If you're pursuing an accounting degree program, federal aid programs, like the Pell Grant, and private or school-based programs, like scholarships and fellowships, are just a few options to consider.

Keep reading for more information about financial aid opportunities for accounting majors.

What Is the FAFSA Form?

The FAFSA, or Free Application for Federal Student Aid, is a form you fill out to request financial aid from state and federal governments. By completing the FAFSA each academic year, you can qualify for financial assistance like grants, work-study programs, and student loans.

Students demonstrating the greatest financial need typically receive the largest amount of federal aid, especially if they apply early. That said, even those who think they might not qualify for need-based aid may be able to receive some assistance and are encouraged to complete the FAFSA.

Eligibility

Those who may be eligible for federal student aid should complete the FAFSA, as well as those who apply for other forms of assistance that require this form (i.e., scholarships). You must meet the following eligibility requirements to receive federal aid:

• U.S. citizen or eligible non-citizen
• valid Social Security number
• enrolled in an accredited degree or certificate program
• agree to submit necessary tax and financial documents
• not in default on any federal student loans

What Disqualifies You from Getting Financial Aid?

Those who do not meet the requirements listed above are automatically disqualified from receiving federal financial aid. Additionally, those who don't maintain eligibility will not qualify in subsequent years.

All students receiving aid with FAFSA must demonstrate satisfactory academic progress in high school and college. This means maintaining basic academic standards according to your school's requirements, such as minimum GPA.

Financial Aid Options for Accounting Degrees

FAFSA aid doesn't always cover the entire cost of attendance, so it may be necessary to find other funding sources for your accounting degree. Let's look at some top options.

1. Explore Accounting Degree Scholarships

Scholarships are a great way to help fund your higher education. Various scholarship programs are available to graduate and undergraduate students majoring in accounting. Consider the following merit-based programs listed below.

AICPA Scholarship Award for Minority Accounting Students

This scholarship program is specifically designed for minority students pursuing a degree in accounting. Award recipients can receive up to $5,000 each year for their degree program if they fill out a renewal application each year.

Striving for Greatness Accounting & Finance Scholarship

This scholarship is available through PMBA to those who demonstrate academic excellence and enroll full-time in an accounting or finance-related degree. Students receive a one-time award of $2,500. Students must have a 3.0 GPA and plan to sit for the certified public accountant (CPA) exam.

Frank L. Greathouse Government Accounting Scholarship

The Frank L. Greathouse Government Accounting Scholarship is available through the Government Finance Officers Association. Full-time, upper-level undergraduate and graduate students in accounting programs can apply and receive awards ranging from $5,000 to $15,000.

2. Look for Accounting Degree Fellowships

Fellowships are usually post-graduate programs that provide additional training and much-needed work experience in a candidate's chosen field. They're typically paid positions that provide salaries, stipends, or other benefits that can be used to pay off student debt. Some top accounting fellowships include the following.

Bentley Master's in Accounting Fellowship

The Master's in Accounting Fellowship available at Bentley University is a generous program providing full tuition coverage in the school's master's in accounting program, along with mentorship opportunities and career services. Students completing a bachelor's degree and willing to enroll full-time in the master's program are welcome to apply.

AICPA Foundation Fellowship for Accounting Doctoral Students

This fellowship is for licensed CPAs preparing to start or currently pursuing a doctoral degree in accounting. The AICPA Foundation provides renewable $15,000 fellowship awards to those interested in pursuing a career in accounting education.

Ohio Wesleyan University's Accounting & Finance Fellows Program

Ohio Wesleyan University sponsors a fellowship for accounting or finance students at the sophomore level or above. Fellows participate in various internships, classes, and mentorship activities throughout the fellowship. Those pursuing professional certifications in finance or accounting are awarded up to $300 for that certification.

3. Discover Accounting Grants

Some private and public organizations may offer grants for accounting students. Like scholarships, grants don't have to be paid back, but they are often less competitive than scholarships and may be based on need more than academic merit.

Grants are often available through government agencies, state and local organizations, nonprofits, and businesses. Check to find out if any accounting grants are available in your area.

4. Consider Student Loans

Student loans are one of the most common forms of financial aid. They allow both part-time and full-time students to borrow a significant amount of money to cover all educational expenses; most loans require repayment, with interest, within a set period.

Public student loans are available through the federal government and may be offered as part of your FAFSA financial aid package. Some students also take out private loans, which are available through various businesses and organizations.

Are Private Student Loans Worth It?

Private loans generally charge higher interest rates than public loans, and they may have stricter repayment requirements. Any student considering private loans should pay careful attention to the terms and conditions of the loan; it's important to know exactly what you're getting into before you agree to this type of loan.

That said, private loans can be highly beneficial for some students. They may cover any remaining expenses after all other aid has been applied, allowing students to attend college without paying anything upfront.

5. Complete a Work-Study Program

Federal work-study programs are often offered as part of your FAFSA aid package. These programs allow students to work on-campus at their school or a partnered business, during the school year. Any earnings the student makes are then applied to their college expenses.

These programs are great for students who aren't already working or who are willing to take on some additional responsibilities during college. Not only do they allow students to gain work experience, but they also make it possible for students to pay off some of their college debt, allowing them to borrow less in student loans.