What is Financial Aid Refund?

While any basic research will provide the answer, generally, financial aid refunds are those monies that remain after a learning institution is paid the tuition and any other associated costs for attending that organization.

These may originate from federal grants, any need-based aid awarded, and even school loans, but typically will be generated from any private grants or scholarships a person receives. Most need-based awards do not offer extra money, so the latter are often better at providing refunds.

It’s an easy math formula to determine whether someone will receive a financial aid refund. Simply subtract the total bill from the school from the total amount of aid one has been granted. For example, if a post-secondary establishment’s final billing is $15,000 and a student has been awarded $16,500, once the bill is paid, that student will receive a financial aid refund of $1,500.

Bear in mind that it can be returned if a person qualifies for more money than they need to cover post-secondary expenses. This, in effect, will lessen the amount needed to be paid back in student loans after completing schooling (unless it is grant money that does not need to be paid back) which means less interest compounding during one’s educational involvement.

How Do You Know if You are Eligible for a Refund?

In a world that sometimes provides over-communication, it is quite easy to find out how much you may have been rewarded. Most schools now provide an online portal that allows students to check the details of their bill and any financial aid (scholarships, awards, etc.) that has been credited to them. Also, depending on whether parents or students directly applied for the awards, letters and emails will be generated to inform the recipients of the numbers and possible refunds.

Again, depending on where students may receive their funds, the online FAFSA portal will give some information individually. Logging into the account, navigate toward the “My Activity” section and details will be available. Students can also call their institution’s financial aid office or registrar’s office to learn more, though they may direct students back to online accounts.

Keep in mind that all schools may have different disbursement time periods. Several schools work within a 30-day period, so students must plan carefully if they rely on those funds to live and operate.

What Are the Different Types of Financial Aid That Can Contribute to a Refund?

1. Many opportunities abound for receiving money toward post-secondary learning, but some require time-consuming, focused directives.

Federal grants are one method of gaining oft-needed financial assistance. These will vary based on four-year colleges, community colleges, and technical career schools. As long as a person is in need and remains in the program for which they received the necessary money, these grants don’t need to be paid back. The most recognizable grant is the federal PELL grant for undergraduate students. Completing the FAFSA will make one eligible to qualify.

Lesser-known grants may be awarded to those who have served in the military, such as a service grant for members who went on deployment. Some institutions participate in supplemental grants to enhance amounts for individual students. With the national teacher shortage occurring, numerous grants and incentives exist to help build teacher graduate programs, such as the Teacher Education Assistance for College and Higher Education (TEACH) grant.

In addition to grants, the federal government offers opportunities to earn money through its work-study programs (not available at all schools) and federal student loans.

2. For those students who have acquired high academic success prior to enrollment in a post-secondary life, scholarships are another form of earning financial support through merit-style awards. These do not usually require repayment and are often bestowed according to academic achievement.

As always, depending on the school and chosen career programs, these will differ in amounts, especially with private schools. These can often be awarded based on special career pathways at the school or offered as sibling discounts if there is a family tradition toward attendance.

3. Finally, school loans are those funds that must be paid back. They are characteristically low-interest loans that build during the time one spends at the institution and take effect at some point shortly after graduation. Both students and parents can apply for these types of federal loans to support finances for attendance in post-secondary schooling. And depending on the amounts disbursed, these can also help qualify for financial aid refunds.

How Do You Receive Your Financial Aid Refunds?

Receiving refunds is easy overall. Most funds can be deposited directly into personal bank accounts, making the money instantly accessible. Some individuals may desire the paper check for physical record-keeping and would simply require signatures and a deposit into a bank account. Either way, this credit balance can be used for college texts, additional club fees, or simply money to help with living expenses.

One of the most important actions is to ensure one has a direct deposit set up for these refunds, especially if it is the only option for a return of funds. These require specific information depending on the bank. Some of the most common include the bank’s address and phone number, the type of account (checking or savings), the specific account’s routing number, and the specific account number.

This can be completed online or in the bank through paper forms. If for some reason, one changes banks or deposit information, it is imperative to keep this information up to date in order to receive any future refunds or significant money transactions.

Doing due diligence in research and preparation for entrance into a post-secondary institution and earning scholarships, grants, and school loans will certainly enhance any college experience and provide some relief in handling financial questions.

Financial aid refunds are extremely important to understand and acquire as one enters the career landscape. Students must continue to explore the incredibly different ways to invest in their education, while doing it in a fiscally responsible way, as it affects them for the remainder of their lives.

Educators never stop learning; check out our available graduate degree programs  to hone your skills and promote lifelong learning and academic excellence.

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This includes both federal and private loans. In today’s global market, obtaining an education is important both for individuals and for families. Finding effective solutions to cut costs and pay for graduate school out of pocket is crucial to reducing stress and being proactive with finances and professional development.

Understanding the graduate school financial aid process is important for finding resources and analyzing which situation is best for the student. Paying for graduate school out of pocket can come from personal cash reserves, obtaining a scholarship, or a grant. School is a lifetime investment, and the student should consider their degree an investment to pay off over time.

According to the Bureau of Labor Statistics, graduates with a master’s degree make up to $1,800 per week, while those with professional degrees above a master’s or doctorate earn at least $2,000-$2,200 per week. Additionally, the Social Security Administration reports that men with graduate degrees make over $1.6 million and women make over $1.1 million dollars over their lifetime. In order to get the most beneficial return on investment it is important to know the most effective ways to pay for graduate school out of pocket.

How to Pay for Graduate School Out of Pocket

Finding Affordable Graduate Programs

When looking for graduate programs, it is essential to find a program that will give the student practical knowledge and skills to be an asset in their career field but also affordable. Often, prospective students go for degrees from schools with a high national reputation, but at an even higher price. Usually, the end result is the student obtaining a large amount of debt whether the degree is completed or not.

The solution to finding affordable graduate programs is finding programs that are low cost or that pay for the student on a tuition-free basis. Oftentimes, instead of pursuing a master’s, some programs provide free tuition or pay a significant amount of fees when the student pursues a doctorate degree. In the US and World News Report article 7 Strategies to Pay for Graduate School,  the article details multiple ways to find affordable programs and programs that can be paid for by an employer, graduate school scholarships or fellowships.

In addition to these programs, students can take a more traditional route to pay for graduate school as well. Additionally, some students have joined the military in order to pay for schooling. For many military personnel, the G.I. Bill provides a way for students to serve their country and have the U.S. government help pay for school. Finding affordable programs comes from the combination of personal goals, having a structured support system, and planning for the long term.

Personal Cash Reserves

When looking at school as an investment it is important to use the money wisely to support the personal educational business. For example, parents can contribute to what is called a 529 College Savings Plan. This is a plan where parents put money into an account to save for when their children attend college in the future. This plan is tax-free and offers benefits to parents who save.

Another way to save money is to stay at home with a parent or an extended family member. Instead of paying for room and board or for extra tuition expenses, many students who have been successful at paying for school out of pocket have saved money for the long term or save money by paying as they go through school while staying at home with family.

Scholarships and Grants 

Actively seeking out scholarships and grants is important for paying for school out of pocket. Many graduate programs offer scholarships and grants to pay for school. These are programs where institutions, universities, and non-profits provide funding to students who have financial hardships when it comes to paying for graduate school. In a video provided by Dave Ramsey’s, describing How to Pay for College, the Dave Ramsey team describes ways to go to college debt-free.

The video describes how to use scholarships and grants to pay for college. Furthermore, learning how to make a proper college choice is essential to obtaining a degree without any debt. Identifying which major is profitable for the student is important. Researching degree programs that make an impact on the student personally and professionally, but also others, will be most beneficial.

Do Your Research

Researching which schools and degree paths are best for the student is important. Taking time to research and analyze affordable programs, have a positive career outlook, and have opportunities for funding will help cut costs. Considering why to go to graduate school is important in determining the outcomes of the graduate program. Understanding the need for a graduate degree, the impact on the student personally, and the value the degree will bring to the career and family life are all factors to consider.

With proper research, focusing on affordable programs, and seeking out extra funding, there is a path to obtaining a debt-free degree. This will allow the graduate to learn more about personal finance, educational opportunities, and how to show others how to live and learn debt-free.

Educators never stop learning; check out our available graduate degree programs  to hone your skills and promote lifelong learning and academic excellence.

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As a person on a career path in education, it is a tough decision whether or not to go back to school to further your education. It is often a cost-benefit analysis when deciding whether or not to spend the money on education.

Obtaining a master’s degree (whether an online master’s degree or in-person) in a school district often means a pay increase. The biggest concern is often how much it will cost you before that time comes, though. Tuition reimbursement can certainly help in making that choice but first, what is tuition reimbursement from employers?

What is Tuition Reimbursement?

Tuition reimbursement is when an employer reimburses an employee for college credits or continuing education credits. It is considered a fringe benefit, and many school districts have different tuition reimbursement plans.

Many are similarly structured, but the caps on monetary reimbursement and the timeline of when you are reimbursed can vary from district to district. Some school districts do not offer tuition reimbursement plans, so it is also important to keep that in mind.

What are the Benefits?

Reimbursement from employers can be mutually beneficial for the employee and the employer themselves.

Pay Raises

Personally, I have always had the mindset that you need to spend money to make money, and tuition reimbursement is not an outlier. As mentioned previously, in most districts you can get a pay raise when you obtain a higher degree, such as a master’s degree. A pay raise on a teacher’s salary combined with a discount on tuition can be a push for an employee to go back to school.

More Knowledge

Employees that go back to school gain more knowledge; this is another mutual benefit for the educator and the district. The employee then brings more in-depth knowledge to the table and can pass it on to co-workers. The world of education is forever changing, and being that we are all lifelong learners, continuing education is important.

Job Opportunities

Tuition reimbursement can also put your solid paraprofessionals, teachers, and administrators in the market for a different job. The school district might have employees who they see a lot of potential for job opportunities that require an additional college degree.

Teacher Retention

Tuition reimbursement can aid in the employee’s decision to go back to school because it won’t be quite as expensive as if it was being paid for solely by the employee. This can benefit the entire school district.

Tuition reimbursement can make an employee feel important and that the district wants to invest in them. This can aid school districts in retaining quality employees and attracting new ones that meet the unique needs of their district. Employers should never underestimate the importance of making employees feel valued.

A little bit can go a long way. With the current trends in education, teacher retention, teacher burnout, and the lack of high school graduates entering college to obtain teaching degrees, it is essential to keep your quality employees and be sure they feel valued and appreciated.

How Does Employer Tuition Reimbursement Work?

Employer tuition reimbursement works just the way it sounds: employers reimburse employees for continuing their education. Colleges and universities generally charge students by credits, and employer tuition reimbursement often pays for a portion of each credit. Classes are usually three credits, so the compensation can add up.

The employee typically pays for the course and the credits upfront. After the course is completed, the employer will reimburse the employee for a portion of the money spent. Depending on the district, and if you are lucky, you might get reimbursed for the total amount.

Do All Districts Approach Tuition Reimbursement the Same?

Tuition reimbursement is not a one-size-fits-all approach. This process is not the same across school districts, so some districts may look more appealing than others when teachers are on a job search.

Some school districts pay a certain amount per college credit with a maximum per year. For example, the school district that I work in reimburses the employee $175 per credit for up to 12 credits each fiscal year (July 1- June 30). The employee must pay for the courses out of pocket, and once the course is completed and the grade is posted, you may submit your reimbursement form.

Prior to the start of the course, a request for reimbursement must be submitted and approved by the building principal, assistant superintendent, and the superintendent of the school district. Checking with your district on their employer tuition reimbursement policy should be at the forefront of your decision to further your education.

Can Tuition Reimbursement Impact Financial Aid?

Tuition reimbursement is considered gift aid, and it is possible that it can affect your financial aid eligibility. A good rule of thumb is to reach out to the financial aid office at the college/university that you plan on attending to determine whether tuition reimbursement will affect your financial aid status and student loans.

Additionally, any tuition reimbursement received over $5,250 must be declared as income to the Internal Revenue Service (IRS). Anything under the “magic number” of $5,250 does not need to be reported to the IRS.

Additional Considerations

Many school districts require you to earn a specific grade to be reimbursed for your credits. For example, in the school district that I work in, you must receive a “B” (or equivalent to a “B”) average in order to be reimbursed for your credits. This can vary from district to district, so it is important to check on that before beginning your course.

Other important questions to keep in mind are:

• Will you have obligations to your school if you accept?
• Do you need to complete the course in a specific time frame?

A good piece of advice is to jot down any questions you may have about your school district’s reimbursement plan and reach out to human resources (HR) before you start the courses to determine what you are eligible for and what the requirements are on your end.

As Brian Tracy stated, “Continuous learning is the minimum requirement for success in any field.” It is essential to keep learning and pass that learning on to your students and your fellow educators. Modeling lifelong learning for your students can be invaluable to their success. What better incentive to keep that learning going than getting reimbursed for part or all of it? I can’t think of any!

Interested in learning more about your financial aid options for graduate school? Explore our comprehensive funding e-guide here.

*Updated April 2022

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Unfortunately, there seems to be a trend where teachers, including special education teachers, are very hard to find. With such a shortage, now is an excellent time to pursue a special education teaching degree. More now than ever, schools are working tirelessly to fill the learning gaps that students are experiencing, but students aren’t the only ones experiencing tremendous learning gaps.

Special education programs are also experiencing shortages of certified teachers. By earning a teaching degree, you could secure a rewarding job where you affect students’ lives of all ages every single day. Our students need us more now than ever and the amount of support needed is a must for our students to be successful within the classroom. Candidates are limited as school districts continue to seek out qualified educators striving to make a difference.

Educators who pursue a career in special education take pride in knowing that they truly can make an impact on every one of our students. With the right combination of education and classroom experiences, teachers can begin their career feeling equipped with all of the right tools to be the very best that that can be when students walk into their classroom.

Each day you gain new experiences, new encounters, and develop new ways to best communicate with your students and their families. As an educator, each day in the classroom instruction is enhanced. Educators can also build upon student-friendly strategies to help develop success within the classroom.

Financial Aid

It may feel as if taking courses is not financially possible; the good news is there are options to help out with the cost of tuition.

Scholarships and TEACH Grants

Now is the perfect time to take advantage of a TEACH grant. The TEACH grant is different from other federal student grants because it requires you to agree to complete a teaching service obligation. The obligation locks someone into an agreement to serve as a full-time, highly qualified teacher for four?elementary or secondary school?years at a school or educational service agency that serves low-income students.

The other alternative to the TEACH grant is to teach?in a high-need field and complete the required four years?of teaching within?eight years after?you graduate from or otherwise cease to be enrolled at the institution of higher education where you received?your grants. If?you do not?complete?your teaching service obligation, the TEACH grants received will be converted to loans that must then be paid?in full, with interest.?Often the TEACH grant is referred to as a service scholarship.

In regards to scholarships, according to Go College, “The Federal government offers a number of scholarship and grant programs designed to benefit education students.” Explore more about scholarships here.

Loan Forgiveness

There are also several student loan forgiveness programs that are available to educators.  While these programs do not wipe away an educator’s debt, they provide some relief. They make it more affordable to repay college debt and reward educators with forgiveness after years of regular payments.

If becoming an educator is something that someone wants to do, there will be a way to work through the financial burden of college tuition. Financial advisors can help students through this process as well as the financial aid office on campus; it has tools to assist students who need some financial relief. By speaking out and looking for help, different paths can be taken to earn a college education.

There are some additional perks to think about! Flexible hours and holidays can be a real positive. Teachers generally get summers off, a long winter, and spring break. There are times when several late nights are spent grading papers or planning for the next day, but this all can happen from your home or sitting in the car waiting for a sports practice to be over. While this isn’t the sole purpose going into the teaching profession, it definitely adds additional highlights to this life-changing career decision.

Becoming a special education teacher is not a decision that should be made overnight. Wanting to make an impact and having the desire to positively influence a child’s life are musts when considering taking this path.

*Updated October 2021

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Just like with your studying, do not procrastinate when coming up with a plan to repay your loans. If you do, you will never be officially debt-free. Check out the following tips to help you get on the right track.

Pay off Interest While in School

Some of your loans may not require you not start paying anything until after you have graduated. However, the interest is still accruing. If you can financially begin paying some of the interest while you are studying, this will help immensely in the long run. Whether you set aside money weekly, biweekly, or monthly, having a set routine like this will be beneficial after you graduate and start making these payments.

Make More than the Minimum Payment

Just because the bottom line says you only have to pay this amount does not mean that is the best decision. If you only make the minimum payment each month, it will take you significantly longer to pay off the entire loan. It is very common to pay more than the minimum payment. Even doing so in small increments can be very helpful financially.

Additionally, making extra payments each month will chip away at the accruing interest. You can even set up auto-pay so that you do not even have to decide whether or not to make that extra payment.

Choose Loans Carefully

Reach out to your financial aid office before enrolling in a degree program. Ask them to explain all of the different types of loans that you qualify for (such as federal student loans vs. private), what interest rates they have, when you have to begin paying them back, and how much debt you will have when you graduate. Educating yourself will make you financially savvy and ensure that you are not surprised by the debt you are accumulating.

Jobs that Help Pay Back Student Loans

There are many jobs and companies that offer incentives to workers that include assistance programs to pay back student loans also known as student loan forgiveness. Teachers, volunteer organizations, doctors, nurses, and some government workers can enroll in loan forgiveness programs after a certain amount of time in the job. If you do your research and graduate in that field, try to find a job like this.

Choose a Payment Plan

Take the time and call the banks or companies that own your loans. Speak to an actual person and have them explain how to set up a payment plan; a payment plan will be created based on how much you can pay per month and will show you how long it will take you to pay off the loan. Be honest with yourself about your finances to set up a plan that you can stick to and not create more stress in your life. There is no point in making a payment plan if you do not commit to it.

Refinance Your Loans

Do your research on interest rates. Compare current interest rates with the interest rate on your loans. If the current rates are lower, it could be advantageous to refinance your loans and possibly combine loans. This will lead to lower payments and the ability to pay off the loans more quickly. However, be aware that if you refinance federal loans with a private lender, you will not be eligible for federal loan forgiveness programs or deferment programs.

Student loan debt can be overwhelming, but you do not have to let it be. You have done all of the hard work by studying and getting your degree; try not to let the stress of student debts overwhelm your life. Instead, sit down, take the time to understand your loans, and make a plan to pay them back.

Finally, do not accept a plan that will make it difficult for you to live your life from month to month just because you will be able to pay back the loans faster. You will most likely never stick to a plan like that, and then you will end up accumulating even more interest and lengthening the time it takes to become debt-free. Do your research about paying back student loans; it will be worth it.

*Updated January 2022

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As a teacher that has completed a bachelor’s, master’s, and a doctorate in education, I encourage teachers to further their education by obtaining a master’s degree. It is definitely worth the time, energy, and money required. I am thankful I pursued graduate degrees at the beginning of my education career.

I have been given the opportunity to teach in the classroom, serve as a school administrator, work at the school board office, and teach higher education with my graduate degrees. The prestige and respect that come with having a master’s degree in education are also an advantage.

My hesitation was how to pay for grad school and managing many tasks along with my responsibilities. However, the benefits far outweigh the costs.

Why Do Teachers Pursue Master’s Degrees?

Many teachers pursue master’s degrees after completing their undergraduate degrees. Although, most classroom and resource teaching positions do not require a master’s degree in the teaching profession. However, increasing positions within the school system require a master’s degree or additional courses to be qualified to teach specific curricula. In many cases, teachers are placed in positions where they must further their education in graduate-level programs, and they are expected to pay for these out-of-pocket.

There are many different options to explore when deciding how to pay for master’s degrees.

How Do Teachers Pay for Master’s Degrees?

Grants and Scholarships

There is a plethora of federal student loans: subsidized, unsubsidized, and public service loan forgiveness programs. The “free money” (doesn’t have to be paid back) includes scholarships, grants, fellowships, and assistantships.

There is need-based aid (scholarships and grants) and merit-based aid (scholarships, fellowships, and assistantships/paid internships). Again, this is a way of how to pay for grad school without loans and are funds that you don’t have to pay back as long as you meet the minimum requirements of the programs.

All students should complete the Free Application for Federal Student Aid (FAFSA). This will determine eligibility for additional aid, including state financial aid, work-study, or federal student loan options. If your state provides graduate financial aid, you will learn if you qualify. When searching for graduate programs, students should look at the state’s website to see if they support graduate financial aid and explore those opportunities.

Work-study and internships allow students to be placed in a job opportunity on campus to help pay for the cost of attendance. This is a good way to pay for the program’s cost or make money for needs such as rent, food, and other living expenses. Schools have subsidized a portion of the pay from the federal program; school divisions have more options to help pay for the loans.

Teachers should meet with their school boards to check on any applicable funding for furthering their education. Oftentimes, they will pay for the master’s degree if the teacher agrees to teach in a specific content area after completion. Another option is local economic development authorities trying to attract talent to their area by offering loan forgiveness.

Federal Student Loans

There are federal student loans available for teachers, and they may be available to assist in paying for your graduate program. The Graduate PLUS Loan is credit-based and has a higher interest rate than Federal Direct Loans.

Students should always consider public service loan forgiveness if they work in a field that meets the loans’ criteria. Examples of these are teachers who have worked in a shared, poverty-based school for ten years and make on-time payments.

Payment Plans

Payment plans are an option of how to pay for graduate without loans. There is typically a registration fee, but teachers can make payments over an established period to avoid having to take out big student loans.

Out of Pocket

Out-of-pocket is another payment option for teachers that want to pay for their graduate program up-front. If students or families have enough spendable money to pay for their education from a checking or savings account, this is better than taking out a loan. Still, one should always be careful to budget over needs and living expenses appropriately.

Private Student Loans

As far as private graduate loans, these are also available and may save money over time. Teachers may work with local banks, and these loans are based on credit worthiness. These could be either fixed or variable rates based on each financial institution.

Students should always consider the loan repayment options available to them. Many federal and private student loans offer options to pay-as-you-go or defer payments until a time period after graduation. Some may offer income-based repayments which look at your income and monthly expenses to consider what the graduate can afford to repay.

*Updated February 2022

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