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Student Aid Eligibility Question

W

weiv0004

Senior member
I currently work a full time salaried job with benefits (including 401k), but I'm considering going back to school to get a second degree. I'd be going nights and weekends and still working at my current job.

Does anybody know what my chances of getting federal student aid (grants, not loans) while still working a full time job?

Thanks
 
Depends on your income, family size (any dependents), etc., but if you make a decent amount the aid you become eligible shifts more towards loans. The spectrum is grant->subsidized loans->unsubsidized loans->horrible private loans....and the amount of each/any you're eligible for is based off income.

Your best bet is to contact the school directly and explain your situation, many programs with dedicated night/evening/weekend programs have aid packages tailored to working professionals.

However, you will likely be footing the majority of the bill via loans. Other options include asking your employer to (help) pay for it, scholarships, etc. Good luck.
 
I'd guess you would get very little federal money if you're extremely lucky unless you served in the Army or something. Your best luck is institutional aid, which varies greatly by school. I know my school will cover 100% of financial need with mostly grant money using some formula.
 
There are two issues. First you have to figure out your EFC (expected family contribution). Since (I presume) you're independent, it would be based on your salary, savings, and obligations (ie children). After you fill out the FAFSA (Free Application for Federal Student Aid), they will give you your EFC. You won't get federal aid for more then your EFC. State grants have different qualifications.

Assuming your EFC is greater then 0, most schools will only provide aid up to your EFC, whether in the form of scholarships or federal loans. If you aren't a desirable student, it's unlikely that you'd get scholarships, so you'd be stuck with loans only.
 
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