Pursuing a degree in the education arena can be a smart move for students. The Bureau of Labor Statistics predicts that positions in the education arena will continue to grow by at least 17 percent in the future. If you are worried about the cost of pursuing a college education, you should not let this thought deter you from pursuing an education degree. There are plenty of education degree grants and loans that can make financing an education entirely possible for you.
Apply with the FAFSA
First, students should take the time to fill out the FAFSA. The FAFSA has been amended to only include three pages of information that a student must fill out. In the past, the FAFSA was an incredibly complicated document, and it would often take students hours to fill it out. When you fill out the FAFSA, you will automatically be considered for PELL grants and other government-funded programs. The government will consider whether you have the ability to finance your education in order to determine how much money you can receive in the form of grants from the government.
If you submit the FAFSA, you may find out that you qualify for a Pell grant. A Pell grant is administered to a student based on his or her family income and socioeconomic considerations. The only catch with obtaining a Pell grant is that you must submit the financial information of your parents in order to be eligible for one of these grants. If you do receive a Pell grant, then you may be able to receive at least $5,500 toward the completion of your degree program.
If you are a member of a low-income community, then you should apply for a TEACH grant. Every year, students can receive up to $4,000 from the Teacher Education Assistance for College and Higher Education program. The award can be renewed for every year that a student attends college. Students can also fund two years of post-graduate education with a TEACH grant.
Loan Forgiveness Programs
If you choose to teach in an impoverished school district, then you may be able to receive forgiveness of your loans. There are various state and federal programs that offer forgiveness of student loans for qualifying students. You may also have to commit to teaching in a certain school district for a certain number of years before you can be admitted into one of these loan forgiveness programs. The major benefit is that all of your loans will be forgiven upon the completion of the program.
You may be able to qualify for a subsidized loan from the government. The major benefit in taking out a subsidized loan is that interest will not be charged on the balance of your loans. You will be able to enjoy a certain time period in which interest will not accrue on your loans. It is important for you to submit the FAFSA if you want to be qualified for this type of loan.