Does Financial Aid Cover Double Majors?

Costs associated with college continue to rise, and more students turn to financial aid programs to make higher education possible. Some students pursuing double majors wonder how their educational plans affect their financial aid eligibility.

Most double-major degree programs will be treated no differently than a single-major plan, but some factors can impact this.

How Does Financial Aid Work if I Pursue a Double Major?

Most student financial aid is used towards college-related expenses and isn't tethered to specific courses or majors. This means that aid for a double major degree works about the same as a single major. However, that doesn't mean all your expenses will be covered in college.

Scholarships and grants are often spread out over a set period, such as four years. Although most double majors are completed within these four years, some students take additional semesters to complete their programs, meaning their last semesters might not be covered. Additionally, some scholarships and grants are tied to certain semesters, meaning summer courses might not be covered, even if your other courses for the year are included.

Types of Financial Aid Available for Double Majors

Financial aid is most commonly associated with student loans, but there are several other options that college students can pursue. Beyond loans, students can apply for grants, scholarships, and other free money programs that won't require them to pay anything back.

To determine eligibility for federal student aid, students must start by filling out their Free Application For Federal Student Aid (FAFSA).

Federal Grants

The most well-known government federal aid is the Federal Pell Grant, which awards money based on semesters (depending on full-time or part-time enrollment status). Students receive varying amounts of money based on need and the cost of attending your school.

One of the other grants that students can apply for is the Federal Supplemental Educational Opportunity Grant (SEOG). This federal grant is awarded through the financial aid department or registrar's office. However, the money allocated is based on financial need and the amount the school has available to award. Most students collect between $100 and $4,000 per school year.

Grants aren't loans and repayment isn't required.

Work-Study Programs

Work-study positions are coordinated through the Department of Education which uses part-time employment as financial aid. Students work jobs set up at local businesses, nonprofits, or governmental agencies to help pay for their education.

Some students might not want to pursue a work-study program, especially while working on a double major, because they will add work hours to their busy school and study schedules.

Student Loans

Federal loans are one of the most common forms of financial aid. These loans are awarded to students based on financial need to help pay for costs associated with college, such as tuition or supplies. This form of federal financial aid requires repayment of the initial amount and interest.

Direct loans from the government have less strict requirements than private bank loans, and they have more flexible payback opportunities. Additionally, some careers are eligible for loan forgiveness, which will reduce or eliminate the amount of money you owe.

Scholarships

Scholarships are a free money program, usually awarded by nonprofits or private organizations such as charities, churches, or other entities. They are sometimes based solely on financial need, but others are based on charitable works, extracurricular activities, or other criteria.

Because scholarships are considered free money, no repayment is required. However, more requirements may be tied to how the money is used, especially if the money is from a nonprofit or group associated with certain professions.

Institutional Aid

Unlike federal aid, institutional aid comes from your college or university. Most institutional aid opportunities are scholarships or grants using university funds or donations from alumni groups.

Tips on Applying for Financial Aid

Before you apply for any financial aid package, there are several steps you should take to improve your chances of qualifying.

Ensure You Meet the Eligibility Requirements

Meeting eligibility requirements will vary based on the type of aid you're applying for. Filling out your FAFSA form will give you general eligibility information, but you should also consider eligibility requirements such as:

• enrollment status: full-time, at least half-time, or less than half-time
• financial need
• educational qualifications
• qualifying demographic information

Speak To an Academic Advisor

You probably can review the course load for a double major degree program online, but speaking with an academic advisor will give you a better picture of what college will look like and, more importantly, how much you might need in financial aid. Academic advisors can also explain your school's satisfactory academic progress (SAP) standards. These standards are a threshold that affects your aid status.

Visit Your Insitution's Financial Aid Office

Speaking to someone from your school's financial aid office can give you a better understanding of where you sit in terms of institutional aid. To help avoid student loan debt after graduation, pursue more free money. They can also help you with questions about FAFSA.

Strive for a Good GPA

You should always strive for the best High School GPA you can earn, but if your grades begin to drop you could see an impact on your financial aid eligibility. Some scholarships are awarded based on academic performance and can be revoked if your grades fall below your school's satisfactory academic progress (SAP) standards. It's important to maintain good academic standing in high school and college.

Build Up Your Transcript

Your transcript is important, especially when applying for scholarships. A well-rounded education and extracurricular transcript can qualify you for additional scholarships, both from your institution and private groups and nonprofits.

FAQs About Financial Aid for Double Majors

Financial aid can be hard to understand, especially relating to double majors. There are several frequently asked questions about the connection between the two.

What Is the Difference Between Federal, State, and Institutional Aid?

Financial aid comes from multiple sources. Three of the most common are federal, state, and institutional aid. Federal and state aid are both government-based financial aid, usually in the form of grants or loans. Institutional aid comes from the school and is almost always grants or scholarships that don't require repayment.

Can You Get the FAFSA Twice?

You must fill out your FAFSA forms every year you are eligible, but you only need to do it once annually. Filling out the form more than once a year won't change your status or eligibility.

Will FAFSA Cover Two Bachelor's Degrees?

Your FAFSA may apply for both degrees if you earn them simultaneously through a dual degree program. If you return to school for a second bachelor's degree, restrictions may prevent you from applying for financial aid.

Would It Be Better To Pursue a Dual Degree Rather Than a Double Major for Financial Aid?

In most cases, double majoring in college is better for financial aid. Dual degree programs often include a graduate degree and might take longer than a double major. Because dual degree programs are viewed as two separate degrees, financial aid might not apply to them the same.