I'm trying to figure out my financial aid situation and I'm curious if FAFSA will help me pay for two associate degrees. I'm considering completing my first associate degree, and then pursuing a second one in a related field. Is FAFSA able to provide funding for both? I'm aware that they have some limits on the types of degrees they cover, so any insights on this would help. Also, if there's a difference in how much aid you can get for the second degree compared to the first, I'd love to know!
The amount of federal financial aid you can receive is not determined by the number of degrees you're pursuing, but rather by your eligibility and the cost of attendance at your school. The Free Application for Federal Student Aid (FAFSA) doesn't directly cover the cost of degrees. It's a tool to assess your financial need, and based on that, you may be awarded different types of federal student aid such as grants, work-study, or student loans.
However, there are limits on federal aid. For example, the Pell Grant, which is often awarded to undergraduate students who display exceptional financial need, has a limit of 12 semesters, or about six years. Once you reach this limit, you are no longer eligible for additional Pell Grants. The same applies to several other types of grants. Federal Direct Student Loans also have an aggregate limit, which depends on whether you're an independent or dependent student.
If you're planning on getting two associate degrees, it's essential to note that the second degree must be a necessary prerequisite for your career goals or it must be required for more advanced qualifications. Otherwise, your school may not certify your additional loan eligibility.
To determine how much aid you can get for each degree, you will need to fill out the FAFSA for each academic year you need aid. Remember that your financial aid award may fluctuate from year to year based on factors like family income and the number of siblings in college.
It may be beneficial to speak with the financial aid office at your college for guidance, as they can give you more specific information according to your circumstances and the policies of your institution.
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