Does Financial Aid Cover The Cost Of an IT Degree?

If you want to pursue a career in information technology (IT) pursuing a relevant degree can give you an edge over the competition. But how are you going to pay for that degree? Can you cover your costs using financial aid?

You can use financial aid to pay for your IT degree program. Federal financial aid such as the Pell Grant, private funds like scholarships and loans, and fellowship programs can all provide much-needed funding to help you earn your bachelor's degree and pursue your career goals.

Read on for more information.

What Is the FAFSA Form?

The FAFSA, or Free Application for Federal Student Aid, is a form you can complete to request aid from state and federal governments. The FAFSA can help you secure aid like the Federal Pell Grant and other grant programs, federal work-study programs, and student loans.

All FAFSA funds are need-based, so you must demonstrate financial need to be eligible. Additionally, you must meet and maintain eligibility requirements to receive and continue receiving FAFSA aid throughout your academic journey.

Eligibility

Students must meet the following eligibility requirements before applying for the FAFSA:

• must be a citizen of the U.S. or an eligible non-citizen
• must have a social security number
• must enroll in an accredited school
• must not have a history of defaulting on federal student loans
• must submit tax documents and financial records

Does Financial Aid Cover Technology?

Yes, FAFSA aid covers a variety of academic programs in technology for both graduate and undergraduate students. Associate degrees, bachelor's degrees, master's degrees, and doctoral degrees may all be covered. Those planning to study information technology should submit their FAFSA application well before the deadline, as funds are available on a first-come, first-served basis. You must renew the application each year you're in school to continue receiving aid.

What Disqualifies You from Getting Financial Aid?

Students who are not U.S. citizens or eligible noncitizens are automatically disqualified from getting FAFSA aid. So are students who have defaulted on loans or who choose to attend a non-accredited college or university. To maintain financial aid eligibility, students must demonstrate satisfactory academic progress throughout their high school and college experiences. Failing to meet minimum standards will disqualify students from receiving FAFSA funds.

Types of Financial Aid for IT Degrees

The FAFSA rarely provides enough funding to cover your entire attendance cost. Let's look at some other forms of financial aid you can pursue to help pay for your degree.

1. Explore IT Scholarships

Scholarships are available for students who demonstrate academic excellence. They are usually quite competitive but often provide some extra money to diminish the overall expense of higher education. Some good IT scholarships to consider include:

Heal Our World Software Scholarship

The Heal Our World Software Scholarship is for high school seniors, undergraduate students, and graduate students interested in pursuing a technology degree. Students who plan to use or have used open-source software to improve society are encouraged to apply for this scholarship, which awards $500.

Ohio Information Technology Scholarship

This scholarship is open to female high school seniors and college students in Ohio and Pennsylvania. It awards $1,500 to one student pursuing a degree and career in information technology. To apply, students must complete an essay explaining their interests and pursuits in IT.

Alex D. Sharpless II Memorial Scholarship

This scholarship is available to high school seniors in North Carolina planning to pursue a degree in information technology, business, or accounting. Students must write an essay about how they are working to address a social issue. One winner receives a $1,500 award.

2. Look for IT Degree Fellowships

Fellowships are available for students and recent graduates of many degree programs, including IT. These programs are similar to internships but are typically more competitive and provide better benefits. Some good IT fellowships to consider include:

The Foreign Affairs IT Fellowship

The U.S. Department of State funds this fellowship program. It is a two-year fellowship that helps fund your degree and provides various internship and mentorship opportunities and professional development. The program culminates in a Foreign Service appointment as a Diplomatic Technology Officer.

The Center for Information Technology Policy Fellows Program

Princeton University administers this IT fellowship program. It is a fully-funded program available for those who have recently graduated with a PhD in information technology or a related field, and professionals and scholars in other fields. Most post-doctoral fellowships last for about one year.

The NOAA IT Fellowship Program

The National Oceanic and Atmospheric Administration (NOAA) offers one- and two-year fellowships for undergraduate and graduate students, and recent college graduates, in IT fields. Students in an approved degree or certificate program can complete a fellowship part or full-time. Fellows are paid and may have opportunities to move into permanent positions upon completing the program.

3. Consider Student Loans

Student loans are some of the most common forms of financial aid. They enable students to cover their college costs and pay in incremental amounts. Both public and private loans are available, and both require repayment.

Students are encouraged to seek public loans first because they are often available through the federal government and may offer lower interest rates and better student protections. Private loans can also come in handy, but it's important to understand the terms and conditions of any loan you take out beforehand, as they may have higher interest rates and stricter borrower requirements.

4. Discover Student Loan Forgiveness Programs

Student loan forgiveness programs are typically available after graduating from college. They provide funds to cover some or all of your student debt, usually in exchange for working for an approved company or agency for a set period.

Most states offer at least one state-funded loan forgiveness program. Private and public organizations may also provide these programs. Find out if any of these programs are available in your state. You may qualify for them as an IT professional.

5. Complete a Work-Study Program

Work-study programs are often available through the FAFSA as part of your financial aid package. These programs allow you to pay for expenses by working for your school or a partnered business. Check with your school's financial aid office to learn about available work-study programs and to apply for any that you qualify for.