Can I Get Pell Grants for a Master's Degree?
Pell grants, one of the biggest federal financial aid programs for college students, are only available for undergraduate studies. Students who seek advanced degrees in graduate school have to rely on other types of financial aid to pay for tuition and related costs, such as federal Stafford loans or the PLUS loan program. However, post-baccalaureate students may apply for Pell grants to complete teaching certification, with some restrictions.
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Pell Grant Eligibility
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The federal government generally awards Pell grants to undergraduate students with significant financial need. These students cannot already have a bachelor's or a professional degree. Therefore, students pursuing a master's degree do not qualify. The one exception to the rule is that students can receive Pell grants for post-baccalaureate study in a teaching certification program. However, the program must be at a school that does not offer a bachelor's degree in education and the student must be taking only the courses required to receive a teaching certification in the state. A program that culminates in a master's degree will not count.
Master's Degree Grants
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Since they cannot qualify for Pell grants, students pursuing a master's degree have a few other options. The only grant the federal government offers for students in master's programs is the TEACH grant. This grant of up to $4,000 per year is good for graduate programs that culminate in a degree if the coursework is necessary for getting a teaching job. In addition, the student must work as a full-time teacher in an elementary or secondary school in a high-need area for at least four of the eight years following completion of the degree. Students interested in a master's degree in other fields will need to ask their schools about institutional grants because the federal government does not offer any besides the TEACH grant program.
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Stafford Loans
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Students pursuing a master's degree can take out government loans for each year of study under the William D. Ford Direct Loan program, commonly known as Stafford loans. While the undergraduate limit is $7,500 per year, or $12,500 for independent students, all graduate students can borrow up to $20,500 per year in Stafford loans. Students with significant financial need, as demonstrated on the Free Application for Federal Student Aid, might be awarded up to $8,500 in subsidized Stafford loans. The student does not have to pay any interest on subsidized loans until repayment begins.
Graduate Student PLUS Loans
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If Stafford loans do not provide enough money to pay for the tuition, fees and basic living expenses, a graduate student can apply for a federal PLUS loan, which allows a student to borrow the difference between the sum of all other types of aid received and the cost of attendance, as determined by the school.
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