Does Financial Aid Cover the Cost of a Business Analytics Degree?

If you're hoping for a career as a business analyst, you may be considering a bachelor's degree in business analytics. When choosing a degree, you'll also need to consider which financial aid programs are available to help you cover your college expenses.

Many different types of financial aid can combine to help you pay for your business analytics program. Scholarships, work-study programs, and fellowships are all great options that can cover your cost of attendance and help you avoid steep student debt.

Keep reading to learn about these financial aid options to cover your tuition.

What Is the FAFSA Form?

The FAFSA, or Free Application for Federal Student Aid, is the form used to apply for government financial aid programs. Domestic students can complete this form whether they plan to study part-time or full-time and whether they are enrolled in an undergraduate or graduate program.

Many forms of financial aid are available, including grants (e.g., Pell Grant), federal loans, and federal work-study programs. Both part-time and full-time students are encouraged to apply. Those demonstrating the greatest financial need typically receive the greatest consideration, though the FAFSA has no income limits; all students meeting the eligibility requirements are welcome to apply.

Eligibility Requirements

If you meet the following requirements, you are eligible to complete the FAFSA financial aid application:

• U.S. citizen or eligible non-citizen
• valid Social Security number
• willing to submit all necessary tax documents
• enrolled or accepted into an accredited school
• not in default on a federal student loan

Does Financial Aid Cover a Business Analytics Degree?

The FAFSA can be used for any accredited degree or certificate program. This means you can use the financial aid you receive through the FAFSA to cover your business analytics degree.

The important thing is to make sure your program is accredited by an organization the U.S. Department of Education recognizes as a regional or national accrediting body. Schools that aren't accredited are not eligible to receive federal financial aid. Ensure your school has a valid FAFSA school code, as this will prove its eligibility to receive the FAFSA.

Does Financial Aid Cover a Master's Degree in Business Analytics?

Students enrolled in a Master of Science in business analytics (MSBA) can receive funding for their education. The FAFSA covers degree programs for both undergraduate and graduate students.

Those enrolled in a master's program must meet the same eligibility requirements as bachelor's degree students; however, they may be eligible for different aid options, like PLUS loans and separate grants. They also enjoy fewer borrowing limits with some loan programs, potentially allowing them to borrow up to the total amount of their program cost.

Types of Financial Aid for Business Analytics Degrees

Those receiving FAFSA funds rarely receive enough financial aid to cover all college expenses, even those who take out loans. Let's consider other financial aid options that can help you cover your tuition rates and other costs while diminishing the amount you have to borrow.

1. Explore Business Analytics Scholarships

Scholarships are typically merit-based awards. Students must demonstrate academic excellence, leadership ability, or commitment to their chosen profession if they hope to secure these competitive types of financial aid.

Many schools provide scholarships for students pursuing a Bachelor of Science or Master of Science in business analytics. You can find other scholarships that aren't specific to your chosen degree by searching online. Many businesses, nonprofit organizations, and schools offer these financial awards to help promising students pay for their education.

2. Look for Business Analytics Fellowships

Fellowships provide a great opportunity for college students and recent graduates to learn more about their chosen field, gain work experience, and make valuable connections. Many fellowships provide funding for an advanced degree or a salary or stipend to help you to cover other educational or program expenses. Let's look at some top business analytics fellowships to consider:

The Wharton School at the University of Pennsylvania Fellowship

The University of Pennsylvania's Wharton School considers all incoming MBA students for a fellowship. Those selected for these programs receive partial to full tuition and fee coverage for two years of study as students pursue their MBA. Additional fellowship funding may be available to cover other expenses like room and board and book costs.

Elon University's Business Fellowships

Elon University offers a business fellows program for undergraduate students. More than just a degree program, students have opportunities to study abroad, travel on various company visits, and gain hands-on experience in their chosen business discipline. Fellows receive renewable $7,500 scholarships and a $1,000 global study grant as part of the program.

3. Discover Business Analytics Grants

Grants are similar to scholarships; they do not require repayment. However, they are typically available on a need basis and may have service requirements attached.

Like scholarships, grants may be available from many sources. Check with private businesses, government agencies, nonprofits, and local organizations to find out if there are any business analytics grants you may qualify for.

4. Evaluate Student Loan Options

Student loans allow you to borrow large amounts of money to cover your college costs and pay them back, with interest, over time. Public loans are available through federal and state governments; private loans may come from businesses and nonprofits.

While loans make it possible for many students to pursue higher education, they often charge high interest rates, so you end up paying more for your degree if it takes long to pay off the loan. This is especially true of unsubsidized loans, which begin accruing interest right away; in contrast, the government pays the interest on subsidized loans until you graduate.

Private Student Loans

Private student loans come from private organizations and individuals. They can be riskier than federal loans, as private lenders often set stricter repayment policies and higher interest rates.

That said, private loans can be beneficial as long as you understand the terms and conditions beforehand. Always read the fine print before agreeing to any private loan.

5. Complete a Work-Study Program

You can qualify for work-study programs when completing the FAFSA application process. If you are eligible, you will be notified when you receive your financial aid package.

Work-study programs enable students to work on-campus or at a partnered company during the academic year as they receive earnings applied to their education. In many cases, your salary will go directly to your school's office of financial aid. The money you earn in a work-study program can significantly reduce your student debt, ultimately helping you graduate more affordably.