Does Financial Aid Cover the Cost of an HR Degree?

A degree in human resources management can open doors to a rewarding career with various companies and businesses. But with every credit hour potentially costing hundreds of dollars, you may wonder how to pay for an HR degree. Perhaps you'd like to know more about financial aid options and what they cover.

Many financial aid programs can help you cover your college costs if you're pursuing a bachelor's degree in human resources management (HRM) or a related degree. Federal aid like grants and work-study programs may cover part of your expenses; private funding through HR-specific scholarships and fellowships can also help.

These are just a few programs that can help you pay for your degree and fulfill your dream of becoming an HR professional. Keep reading to find out more about how these programs work.

What Is the FAFSA Form?

One of the fundamental steps in securing financial aid for college is completing the FAFSA, or Free Application for Federal Student Aid. Students typically fill out this form during their senior year of high school and each subsequent year throughout their college experience.

The FAFSA can help full-time and part-time students secure government aid, like the Pell Grant, and student loans, whether they pursue an associate degree, bachelor's degree, master's degree, or doctoral degree. Students with the most financial need generally earn the most educational benefits, but all eligible students are encouraged to complete the FAFSA to request aid.

Eligibility Requirements

To be eligible to complete the FAFSA, students must be:

• a U.S. citizen or eligible noncitizen in possession of a valid social security number
• enrolled or accepted into a school that maintains regional or national accreditation
• willing and able to submit all required tax documents
• in good standing with any student loan programs they have borrowed from

Does Financial Aid Cover Human Resource Management Degrees?

Yes, students receiving funds from the FAFSA can apply to any degree program if it's accredited by a U.S. Department of Education-recognized accrediting body.

Any school without this accreditation is not eligible to receive FAFSA funds. It's important to check the accreditation status of any school you plan to attend before enrolling in their HR program.

Can I Receive Financial Aid for an Online HR Management Degree Program?

Yes, FAFSA funds cover on-campus and online HR programs. As long as online students are enrolled in an accredited program, the FAFSA can help cover their human resources management program.

Again, it's important to check your school's accreditation status before beginning any online learning opportunity. If your online human resources degree is from an accredited institution with a valid FAFSA school code, you should have no trouble applying your FAFSA aid to your online bachelor's or master's degree.

Types of Financial Aid for HR Degrees

FAFSA funds rarely cover all expenses associated with pursuing higher education. Many students find it necessary to combine various forms of financial aid to cover their entire cost of attendance. Let's look at some financial aid options available to graduate and undergraduate students as they follow their career path into the HR field.

1. Explore HR Scholarships

Scholarships are a great way to cover tuition rates and other college expenses. They are often merit-based, meaning students must meet certain requirements like a minimum GPA, high ACT or SAT scores, and demonstrated leadership potential. Some top scholarships for those pursuing human resources training programs include:

Art Edgarian and Charles Umshied Scholarship

This scholarship comes from the San Antonio Human Resource Management Association. Two recipients are chosen each year among current and future human resources majors. Each recipient receives $1,000 to help with their education.

SHRM Foundation Scholarships

The Society for Human Resource Management (SHRM) awards various HR-related scholarships through its nonprofit arm, the SHRM Foundation. Graduate and undergraduate scholarships are both available in varying award amounts.

2. Look for HR Fellowships

Fellowships provide a valuable opportunity for aspiring human resources professionals to gain real-world experience, meet others in the industry, and earn money toward their degrees. Many fellowship programs are fully or partially funded, while others provide a salary or stipend, with benefits like healthcare insurance and travel coverage. Consider the following HR fellowships we've listed below.

Harvard University's Administrative Fellowship Program

Harvard University offers an administrative fellowship program designed for mid-career professionals focused on professional development. Fellows have opportunities to grow their network and gain valuable work experience in a supportive environment. To be considered for this fellowship, you must have at least a bachelor's degree and five years of work experience.

Columbia University Irving Medical Center Human Resource Fellowship Program

This fellowship program is open to students who have graduated with an HR management master's degree within 12 months of beginning the fellowship. The program lasts for 12 months and requires full-time participation. Fellows receive a competitive salary and benefits package as part of the program.

3. Discover HR Grants

In addition to the opportunities discussed above, you may be able to find grants to help fund your degree. If you're an aspiring human resources specialist, look for grants specific to human resources; you can also look for broader grants designed for any aspiring business administration professional.

Grants may be available from public and private organizations like state and local government agencies, nonprofit organizations like the SHRM, and businesses. Learners can use grants to cover coursework expenses and other college costs.

4. Evaluate Student Loan Options

Student loans make it possible for many students who wouldn't otherwise be able to afford college to earn their degree. They allow you to borrow the money you need for school and repay the funds later.

Both public and private loans are available. Public loans, available through the federal government, are generally thought to be the better option; private loans can be risky because they don't all have the same interest rates and repayment requirements. Regardless of the type of loan you choose, always ensure you understand the terms and conditions before taking out the loan.

5. Complete a Work-Study Program

Students with full-time or part-time enrollment status may be eligible for federal work-study programs at their school. These programs make it possible to work on-campus or at a nearby business to earn money toward their education.

To be eligible for work-study programs, you'll need to complete the FAFSA. If you qualify for a work-study program, this will be indicated when you receive your financial aid package.