Does Financial Aid Cover the Cost of a Healthcare Administration Degree?

If you're interested in a management or leadership position in healthcare administration, you'll need a degree from an accredited school. But you know college can be expensive, and you're wondering how you'll afford your education. Can financial aid help you cover the cost of your degree?

Whether you're pursuing a bachelor's degree or a master's degree in healthcare administration, you can seek various financial aid options to help you cut costs. Scholarships, federal financial aid, fellowships, loans, and grants are just a few options to pay for a healthcare administration degree.

Read on for more information about these financial aid programs.

What Is the FAFSA Form?

The FAFSA, or Free Application for Federal Student Aid, is a form used to apply for federal student aid like loans, grants, and work-study programs. As part of the form, you will need to demonstrate financial need.

All students are encouraged to complete the FAFSA each year, even if they don't think they are eligible for need-based aid. The FAFSA may also be required for private and state-funded scholarships and grants.

Eligibility Requirements

The FAFSA contains various eligibility requirements. To qualify, you must:

• be a U.S. citizen or eligible non-citizen
• have a valid Social Security number
• be willing to submit financial documents
• be enrolled or accepted into an accredited degree or certificate program
• not be in default on a federal student loan

Does Financial Aid Cover a Healthcare Administration Master's Degree?

The FAFSA is available for both undergraduate students and graduate students. For this reason, FAFSA funds can be used for Master of Healthcare Administration (MHA) programs as long as they're offered by an accredited school.

FAFSA funding is typically limited, and students are encouraged to apply early. All funds are available on a first-come, first-served basis.

Does Financial Aid Cover Online Healthcare Administration Degree Programs?

Online education provides flexible coursework for both part-time and full-time students. FAFSA funds can cover all forms of higher education, including on-campus and online programs.

Those hoping to enter the healthcare industry in an administrative role can benefit from an online bachelor's or master's degree in healthcare administration. Online programs are often more affordable than in-person programs, meaning you may not need as much financial aid to cover your education.

Learn more: Online Schools That Accept FAFSA Forms

Types of Financial Aid for Healthcare Administration Degrees

Now that you know a little more about obtaining FAFSA funds, let's look at some other forms of aid to consider pursuing. These forms of aid include scholarships, fellowships, and loans.

1. Explore Healthcare Administration Scholarships

Scholarships are common in the healthcare field and may be offered by private businesses, healthcare organizations, or nonprofits. They are usually merit-based, requiring a minimum high school or college GPA, essay, or some other demonstration of academic excellence. Some top health sciences scholarships include:

Richard J. Stull Student Essay Scholarship

This scholarship comes from the American College of Healthcare Executives (ACHE). Undergraduate and graduate students enrolled in eligible healthcare administration programs can apply for this scholarship. To be considered, applicants must write an original essay on a healthcare management topic like health education, health policy, or facility management.

The Frank & Linda Shelton Scholarship

This scholarship is one of several health-focused scholarships available through the Union Health Foundation. These local scholarships, including the Frank and Linda Shelton Scholarship, are available to students in the Wabash Valley region of Illinois and Indiana.

The Eleanor N. Royse Health Careers Scholarship

Another scholarship available through the Union Health Foundation, this scholarship is one of 34 awarded annually to local Wabash Valley students in healthcare-related degree programs. The foundation has been awarding scholarships since 1985 to students pursuing careers in healthcare administration, athletic training, nursing, and various other disciplines.

2. Discover Healthcare Administration Fellowships

Healthcare administration fellowships help students or recent graduates gain additional or specialized training. They are highly competitive and often provide full or partial funding in the form of salaries, stipends, and benefits. Let's look at some top healthcare administration fellowships to pursue:

Advocate Health Administrative Fellowship

Advocate Health provides a postgraduate fellowship for those who have graduated with an MHA or related degree. The program runs for one year and consists of a series of projects, helping fellows learn more about business, operations, human resources, and more.

Baylor College of Medicine Administrative Fellowship Program

The Baylor College of Medicine provides an administrative fellowship program for recent master's and doctoral degree graduates. Candidates must have studied healthcare administration, finance, or policy. The year-long program provides various hands-on learning experiences, projects, mentorship, and professional development services to help fellows grow into their chosen health services career.

3. Employer Tuition Reimbursement

Employer tuition reimbursement benefits may be a great option for those who are currently employed and looking to advance their career. Many companies and healthcare facilities will pay for some or all of an employee's tuition expenses through a tuition assistance program.

If you work for a healthcare system and want to pursue promotions within your company, ask about tuition reimbursement opportunities. Each company may have different terms and conditions, so it's important to communicate with your employer early and often to determine how much of your education they may be willing to cover.

4. Evaluate Student Loan Options

If you still need help covering your college costs, consider student loans. Federal loans are the most common, but many students take out private loans as well. Both types of loans will pay for all education-related expenses, allowing you to pay back the loans (with interest) in small increments.

Regardless of the type of loan you choose, it's important to investigate interest rates, repayment agreements, and anything else you can find out about the loan. Federal loans are generally more forgiving when it comes to interest rates and student protections, but it's important to understand what you're getting into before agreeing to the terms of any loan.

Can I Get a Loan for a Master's Degree if I Still Have Undergraduate Student Debt?

The amount of money you can borrow for your graduate program will depend on how much total student debt you have. Federal loans have a total debt limit of $138,500; if you reach this limit while working toward your undergraduate degree, you will not be able to borrow any more for graduate school.

That said, even if you have reached the federal limit, you may still be able to take out private loans to pay for graduate school. Check with any private loans you're considering to determine if they have debt limits or any other stipulations you should be aware of.

5. Look for Healthcare Administration Grants

Finally, you can look for healthcare administration grants to help fund your education. These grants may be offered as part of your federal financial aid package or through an outside organization.

Explore healthcare administration grants in your local area, your state, and through various organizations to find out what options may be available to you.