Paying For A Finance Degree

Becoming a finance major for a degree of any level is a significant investment. Almost no one can pay for a finance degree without some type of financial assistance.

Fortunately, there are many avenues available to make a finance degree within reach, including:

  • Grants. Grants are funds that do not need to be paid back when you leave school. In essence, it is a gift toward the attainment of your degree. Because grants do not need to be paid back, financial need is usually the primary consideration taken into account when reviewing applications. Sometimes it is the only consideration, as is the case with the federal Pell grant, for instance. However, any student is eligible to apply for consideration for most grants.
  • Scholarships. Scholarships are generally awarded by private institutions to assist in education expenses. The criteria for scholarship awards are entirely up to the awarding institution, so they can vary widely. Universities typically award scholarships for academic excellence at the high school level, ranging from a few thousand dollars a year up to full tuition (generally dependent on maintaining a certain grade point average in college). Scholarships based on excellence in other areas, such as music, theater, or athletics can also be available depending on the programs the university offers. Scholarships from outside institutions may be based on residence, gender, ethnicity, disability, or many other criteria.
  • Student loans. The federal government recently took over a large portion of this industry, so any student loans you receive will most likely be governmentally backed. Loans must be paid back, with interest, usually starting six months after you graduate or leave school. Subsidized loans do not accrue interest while you are in school, but unsubsidized ones do. Financial need is usually the main criteria looked at when determining how much assistance to award, but other factors may also be taken into consideration.
  • Other types of financial aid. While grants, scholarships, and student loans are the three most prevalent forms of financial aid to consider when considering funding for your finance degree, other assistance is available as well. If offered by your university, you may want to consider a federal work-study, a program where wages from an on-campus job are used toward educational expenses. Visit your campus's financial aid office to discuss additional options for obtaining funds for your finance degree.

Last Updated: 06/08/2014

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