After going through all the work to finance your first degree, you may be wondering how the rules change as you begin to search for financial aid and scholarships for your second degree. Depending on what type of second degree you are pursuing, you may be eligible for a whole new set of scholarships!
In this article, we will give you advice for getting financial aid and scholarships for your second degree. Your opportunities will depend on what degree you have now, and what type of degree you are pursuing. We’ll break down a few different scenarios to bring you the answers to fit your situation.
Students with an Associate’s degree seeking a Bachelor’s degree
Students with an Associate’s degree who are seeking a Bachelor’s degree have roughly the same tools at their disposal as most undergraduate students. They are eligible for federal aid, including the Pell Grant and federal loans. Both the grant and the loans are obtained by completing the FAFSA, so make sure that you apply.
Additionally, these students are eligible for most scholarships for current undergraduate students. Most of these scholarships require students to be accepted or enrolled in a Bachelor’s degree program.
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See all opportunitiesStudents with a Bachelor’s degree seeking another Bachelor’s
There are several reasons why a student with a Bachelor’s degree might decide to return to school for another Bachelor’s. Some people become interested in a dramatically different field from the one they majored in. If so, they could enroll in another undergraduate program to gain a foundational knowledge in the field, and become a candidate for a more advanced degree in the field.
Unfortunately, students seeking a second Bachelor’s cannot utilize the same federal resources as first-time Bachelor’s candidates. These students are not eligible for Pell Grants, but they do qualify for Federal Stafford Loans if they have not already reached their undergraduate loan limit. You can also talk to the school you are going to be attending directly. They may be able to point you in the direction of financial resources or tell you about scholarships that their school can offer.
Related: When is this year’s FAFSA deadline?
The bottom line for Bachelor’s degrees
Scholarships are the best resource to find financial aid for a second Bachelor’s degree. Many undergraduate scholarships require that students are accepted or enrolled in an undergraduate program. Luckily, candidacy is not based on a prior Bachelor’s.
If you have an inspiring story behind your decision to return to school and study a dramatically different field, try to leverage that in your scholarship applications; seeking a second Bachelor’s is a relatively rare pursuit, and you can stand out from the crowd by telling the story of what brought you there!
You can also seek out scholarships that cater to students who have had an unconventional educational path. Scholarships360 has vetted lists of scholarships for:
Make sure to investigate these lists if any of these categories apply to you, as these scholarships will be especially relevant to your background.
Students with a Bachelor’s degree seeking a graduate degree
Students with a Bachelor’s degree who are looking to enroll in a graduate program have a wealth of resources at their disposal. Most graduate programs offer paid opportunities that can be relevant to your coursework, including research and teaching assistant positions. These typically pay better than on-campus jobs at undergraduate programs, and can be a significant help in funding your degree.
Graduate students can also take out Direct Unsubsidized federal loans for up to $20,500 per year. Though these loans have higher interest rates than subsidized federal loans, they are typically a better option than taking out private loans. There are also many external scholarships available for graduate students.
Try our scholarship finder tool
No matter what type of second degree you are seeking, our scholarship search tool is a valuable resource. Input your demographic information and the types of scholarships you are seeking, and get custom-matched with opportunities that suit your educational and financial situation.
Income share agreements
While ISA’s are not super common, they are something that you may be able to use to help you fund your second undergraduate degree. An ISA functions very similarly to a student loan, with the difference being in how you pay that money back. After you graduate and find a job, ISA’s take a percentage of your pay each month until the amount you agreed to pay back is paid. For those who are planning to go into a field with high starting salaries, these can sometimes be a good option. However, like with any financial decision, make sure you do your research and understand what you are getting into before signing anything!
Key Takeaways
Frequently asked questions about financial funding for a second degree
Is it worth getting a second bachelor's degree?
That being said, most students do not go to school with the plan to return for a second bachelor’s degree. Students with multiple interests typically choose to double major or add a minor instead. It is possible to pursue multiple interests in school without earning two degrees.