Online Teaching Degree Program Scholarships and Grants
Obtaining a teaching degree online has never been more accessible, thanks to a multitude of scholarships and grants available specifically for prospective teachers. These financial aids help alleviate the costs associated with earning an online teaching degree, enabling students to focus more on their studies. Here are some noteworthy scholarships and grants that you might want to consider:Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant
The TEACH Grant is a federal program that provides up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Recipients of this grant are required to teach for at least four academic years within eight years of completing their course of study.- Eligibility: Undergraduate, postbaccalaureate, or graduate students who plan to become teachers.
- Application Process: Complete the Free Application for Federal Student Aid (FAFSA) and agree to the TEACH Grant service obligation.
Teacher.org's "Inspire Our Future" Scholarship
Teacher.org offers an annual scholarship called "Inspire Our Future." This award provides $500 to a student pursuing a career in teaching.- Eligibility: Undergraduate, graduate or doctoral students who are pursuing a career in teaching.
- Application Process: Applicants must submit an essay on a specified topic related to education.
The Applegate-Jackson-Parks Future Teacher Scholarship
The National Institute for Labor Relations Research offers this $1,000 scholarship annually. The scholarship honors three Michigan public school teachers who were fired for no other reason than their refusal to pay union dues.- Eligibility: Undergraduate or graduate students majoring in education.
- Application Process: Applicants must submit an essay on voluntary unionism and the problems of compulsory unionism in relation to education.
The TEACH Grant Program at American College of Education
The American College of Education offers a TEACH Grant Program that provides up to $4,000 per year for students planning to become teachers in high-need fields in low-income areas.- Eligibility: Students who plan to teach in a high-need field at a low-income school.
- Application Process: Complete the FAFSA, meet certain academic achievement requirements, receive TEACH Grant counseling, and sign a TEACH Grant Agreement to Serve.
Online Teaching Degree Program Loan Options and Repayment Tips
Federal Student Loans for Online Teaching Degrees
Federal student loans offer several benefits that private loans typically do not. These benefits include fixed interest rates, income-driven repayment plans, and potential loan forgiveness for teachers. To apply for federal student loans, you will need to fill out the Free Application for Federal Student Aid (FAFSA).- Direct Subsidized Loans: These loans are available to undergraduate students who demonstrate financial need. The U.S. Department of Education pays the interest on these loans while you’re in school at least half-time, during your grace period, and during deferment periods.
- Direct Unsubsidized Loans: These loans are available to both undergraduate and graduate students, and there is no requirement to demonstrate financial need. You’re responsible for paying the interest during all periods.
- Direct PLUS Loans: These loans are available to graduate or professional students and parents of dependent undergraduate students. While these loans have a higher interest rate than subsidized and unsubsidized loans, they can cover the entire cost of attendance minus any other financial aid received.
Private Student Loans for Online Teaching Degrees
Private student loans can be a good option if you’ve exhausted all other sources of funding. These loans are typically offered by banks, credit unions, and online lenders.- Interest Rates: Private student loans can have variable or fixed interest rates. Variable rates can start lower but may increase over time. Fixed rates stay the same over the life of the loan.
- Credit Check: Private lenders usually require a credit check. If you have a low credit score or no credit history, you might need a co-signer to qualify.
- Repayment Options: Repayment terms vary by lender. Some offer deferment options while you’re in school, but others may require immediate repayment.
Loan Forgiveness Programs for Teachers
Several loan forgiveness programs are available specifically for teachers.- Public Service Loan Forgiveness (PSLF): This program forgives the remaining balance on your Direct Loans after you have made 120 qualifying payments under a qualifying repayment plan while working full-time for a qualifying employer, typically a government or non-profit organization.
- Teacher Loan Forgiveness: This program is available to teachers who have been employed full-time in a low-income school or educational service agency for five consecutive years. It forgives up to $17,500 on Direct Subsidized and Unsubsidized Loans and Subsidized and Unsubsidized Federal Stafford Loans.
- Perkins Loan Cancellation: This program can cancel a percentage of your loan for each year of service if you teach at a low-income school, or teach special education or a subject with a shortage of teachers.
Repayment Tips for Online Teaching Degree Loans
Here are some tips to effectively manage your student loan repayment:- Understand Your Loans and Loan Agreements: Know the type of loans you have, their interest rates, and the terms of your loan agreement.
- Create a Budget: A budget will help you manage your finances and ensure you have enough money to make your loan payments.
- Consider Automatic Payments: Many lenders offer an interest rate discount if you set up automatic payments. This also ensures you won’t miss a payment.
- Make Extra Payments: If you can afford it, making extra payments can help you pay off your loans faster and save money on interest.
- Explore Loan Forgiveness Options: If you’re a teacher, look into the loan forgiveness programs mentioned above.