How to Finance Your Master’s Degree in Education
While your salary expectations long-term with a master’s degree in education are strong, we know it can be tough to figure out how to finance your graduate degree.
Below we discuss scholarships, grants, loans, and financial aid options, all of which may help you make a graduate degree financially feasible.
Loan Forgiveness Programs for Teachers
One way to fund your education is through federal student loans. As a graduate student, a federal unsubsidized student loan is one option available to you. Although you do have to pay back your loan with interest, there are options to pay it back or have part of the balance be forgiven.
Teacher Loan Forgiveness
Under the federal Teacher Loan Forgiveness program, you can be eligible for up to $17,500 of forgiven student debt depending on how long and where you teach.
To be eligible you must:
- Have been employed as a full-time teacher for five complete and consecutive academic years
- Have been employed at a school or educational service agency that serves low-income students
- Have made your loan before the end of your five academic years of qualifying teaching
Public Service Loan Forgiveness (PSLF) Program
With the Public Service Loan Forgiveness program, the remaining balance left on your loan is forgiven if you have made 120 qualifying payments and work full-time at a federal, state, local, tribal government, or non-profit agency.
Perkins Loan Cancellation for Teachers
The Perkins Loan Cancellation program forgives up to 100% of your Federal Perkins Loans if you teach at a low-income school, are a special education teacher, or teach certain subjects that have a shortage of qualified teachers.
SCHOLARSHIPS AND GRANTS
Scholarship and Grant Opportunities for Teachers
Another way to pay for your education is through scholarships and grants. This is a great option because you do not have to repay the aid. Read on to see which scholarships you may be qualified for!
PLU Excellence in Education Graduate Scholarship
These Excellence in Education Graduate scholarships aim to increase the number of underrepresented students in the program and classroom and support those who plan to teach in high-need areas.
The Martinez Foundation Scholarship for New Teachers
Pacific Lutheran University is privileged to partner with The Martinez Foundation to offer Martinez Foundation scholarships to graduate students of color who wish to become teachers and help eliminate the achievement gap in Washington public schools.
Shereen Paff Special Education Scholarship
Lloyd and LaVerne Paff established the Shereen Paff Special Education scholarship in memory of their daughter, Shereen, as a fitting way to continue the work she loved. Shereen Paff devoted her life to the improvement of education for children.
PLU Graduate Assistantships
The graduate assistantship program offers graduate students an opportunity to participate in academic and administrative activities that will enhance their graduate education experience, as well as provide financial assistance.
The Applegate-Jackson-Parks Future Teacher Scholarship
The Applegate-Jackson-Parks Future Teacher Scholarship honors three Michigan public school teachers who were fired for no other reason than their refusal to pay union dues.
One $1,000 scholarship is awarded annually to the education student who best exemplifies the dedication to principle and high professional standards of Carol Applegate, Kay Jackson, and Dr. Anne Parks.
A TEACH Grant can help you pay for college if you plan to become a teacher in a high-need field in a low-income area.
Become a Teacher in Washington State — Connect With PLU!
Choosing a career in teaching can be daunting, but there are many reasons why teaching continues to be a favorite field for people who want to make a difference.
There’s no time like the present to invest in your teaching career and invest in the next generation of American students. An advanced degree in education prepares you to be an excellent teacher, offers you greater opportunity and flexibility long-term, and allows you to create a career and a life of deep impact, one child and one classroom at a time.
If you are interested in learning more about joining a community of education experts at PLU, we encourage you to schedule a one-on-one appointment with us! You can also request more information or start your application today.
We look forward to helping you achieve your career goals!