Financial Aid for Teachers Getting a Master's Degree

If you're a school teacher planning to attend graduate school, you may be wondering about your options for financial aid. After all, getting a master's degree can be incredibly pricey. Are there any programs available that can reduce or eliminate your out-of-pocket expenses?

You have many options for financial aid when pursuing higher education as a graduate teaching student. These options include federal student aid, public and private grant programs, scholarships, and loan forgiveness programs.

Read on for further information about financial aid for master's degrees in education and teaching.

Federal Financial Aid for Graduate Students

Whether you're attending college right out of high school or returning for a master's in education program, federal financial aid programs are typically the easiest type of financial aid to secure. As long as you apply by the deadline and meet basic eligibility requirements, you will likely receive at least some form of aid.

Filing the FAFSA for Graduate School

Applying for federal financial aid involves completing the Free Application for Federal Student Aid, or FAFSA. This online application is available to all eligible students regardless of income. Some types of financial aid you could receive by filling out the FAFSA are listed below.

Federal Direct Unsubsidized Loans

The U.S. Department of Education provides two types of student loans: federal direct subsidized loans and federal direct unsubsidized loans. As a graduate student, you may qualify for unsubsidized loans.

These loans differ from unsubsidized loans in that they begin accruing interest right away rather than deferring interest until after you graduate. That said, borrowing limits are much higher, allowing you to cover more of your education costs each year.

Graduate PLUS Loans

Direct PLUS loans are available to different groups of students, including those pursuing graduate degree programs at participating schools. These loans come from the U.S. Department of Education. Though this loan has a separate application process, you must first complete the FAFSA to establish your eligibility for the loan.

Federal Work-Study Programs

Federal work-study programs allow students to work part-time jobs on-campus to pay for everyday expenses associated with college; however, in some cases, you may be allowed to apply your funds toward tuition and other direct costs.

You receive your funds in the form of a weekly, biweekly, or monthly paycheck. These programs may have limited funds, so students interested in a work-study position should complete the FAFSA early and indicate their interest in work-study on the form.

Grants and Scholarships for Teachers Pursuing a Master's Degree

Grants and scholarships are similar in that they are both financial awards for college that don't require repayment like student loans do. Let's look at some grants and scholarships you could apply for to help you cover the cost of your education degree.

TEACH Grant

The TEACH Grant program is a federal grant with a service obligation. The grant provides up to $4,000 a year for those demonstrating financial need but requires students to sign an agreement.

They must commit to work their first four years in an elementary or secondary school serving low-income students or teaching in a high-need field. Those who do not fulfill this obligation must repay the grant as if it were a loan.

State-Specific Grants

Various states offer grant funds for qualified teachers pursuing or advancing their education. These states include California, Texas, and New York. Check with your state's board of education to find out if teacher grants are available and how to apply for them.

Professional Association Scholarships

Many professional associations and nonprofit organizations offer scholarships to help you pay for your graduate degree. Some scholarship programs you may be eligible for as a teaching student include the following.

National Education Association (NEA) Scholarships

The National Education Association (NEA) provides various scholarships and grants for aspiring and current teachers pursuing education programs. One of these is the Jack Kinneman Scholarship for Aspiring Educators. This program awards $3,500 scholarships to five teaching students each year.

Phi Delta Kappa (PDK) Scholarships

The Phi Delta Kappa Foundation provides scholarships to students meeting eligibility requirements regardless of their chosen major or program. Scholarships vary in award amount. Those interested in obtaining this scholarship should complete an application and essay for consideration.

Private Foundation Scholarships

Private foundations may also provide funds for those pursuing education graduate programs. Some top private scholarships to consider include the following.

James Madison Memorial Fellowship Foundation

This Fellowship Foundation provides scholarships for students selected to participate in the James Madison Graduate Fellowship. This program awards $24,000 to graduate students who intend to become high school teachers. Fellowships go to one student in each state each year.

American Federation of Teachers (AFT) Robert G. Porter Scholars Program

The American Federation of Teachers (AFT) provides the Robert G. Porter Scholars program. This program provides $1,000 awards to AFT members looking to further their education or gain funds to strengthen their teacher's union. To be eligible, those applying for the grant must be in good standing with the AFT and have been members for at least one year.

Loan Forgiveness Programs for Teachers with a Master's Degree

Loan forgiveness programs pay off some or all student debt for qualifying low-income graduates. Various loan forgiveness programs are available. Some good options for teachers include the following.

Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program is available through the federal government. It repays any remaining loan balance after you have made 120 consecutive monthly payments on your loans.

To qualify for this program, you must be employed full-time by a government agency or non-profit organization. Those who teach at public schools are eligible for this program and may receive loan repayment funding by completing an online application.

Teacher Loan Forgiveness Program

The Teacher Loan Forgiveness Program provides loan repayment of up to $17,500 for qualifying teachers. To be eligible for the program, you must have five consecutive years of full-time teaching experience at a low-income or high-need school. You must complete an online application to apply for this program; it typically takes about two to three months to complete the application process.

Employer-Sponsored Tuition Assistance for Teachers

Many employers provide financial support for employees looking to further their education. If you are already working as a teacher, check with your school or school district to find out if tuition assistance is available.

Many employer tuition assistance programs cover most or all of your tuition costs; others may cover all school-associated expenses. These programs can be a great way to fund your graduate studies without having to worry about paying back the money you receive.