A Second Bachelor’s Degree Has Additional Costs. One of Those Costs Include Limited Financial Aid Funding

Pursuing a second bachelor’s degree is often a dream for many students. And while that dream has many benefits, including the opportunity to further your knowledge and skills, there are several costs to consider when seeking a second degree. Remember, the value of a second degree is not just in the credential itself, but in the personal and professional growth it can bring.

Additional tuition costs are the most significant source of frustration for students pursuing a second degree. After paying four years of tuition, the thought of fathoming an extra year or two additional tuition costs is enough to send shudders down anyone’s spine. Fortunately, most students enrolling in a second bachelor’s degree have completed enough of the general education requirements to avoid repeating unnecessary courses. Verifying the number of courses needed to earn a second degree is essential to understanding your total tuition costs for the second credential. Chatting with an academic advisor or consulting a degree audit worksheet can simplify this process.

Financial aid funding becomes more restricted after a student completes their bachelor’s degree. Most colleges do not offer institutional aid for students pursuing a second degree after completing their first one. However, chatting with the financial aid office about any institutional aid you may qualify for is still helpful, even after exhausting your initial financial aid package.

The federal government severely restricts financial aid to only federal student loans and work study. Students with a second degree are still subject to aggregate loan limits. For the most part, a student pursuing a second bachelor’s degree cannot receive a Pell Grant award. If you are interested in working, federal work study positions may be available to defray your educational expenses.

At this stage, some students may need to consider private loans to achieve their aim of a second degree. Private loans tend to have higher interest rates than federal student loans, so reviewing the private loan servicer’s covenant terms is crucial. When in doubt about a private student, a financial aid counselor can walk you through your options and explain the most sensible option given your situation.

Another sensible route is pursuing a certificate credential, which may have lower tuition costs than a full-fledged second degree. Employers are increasingly valuing certificates, especially for upskilling purposes. If you intend to upskill with a second degree, then a certificate program is a wise credential to pursue. Likewise, a graduate degree, although more expensive and even more restricted in financial aid funding, may make more sense from a return on investment perspective than a second bachelor’s degree.

When reviewing your options for a second degree, consider your objectives (upskilling, passion, etc.) and see what financial aid options are available for that second degree. If the financial aid package is insufficient for a second degree, then a certificate program or graduate degree may be more sensible. Whatever you decide, always remember that you’re not alone on this journey. Your academic advisor and financial aid counselor are there to guide and support you through the educational and financial aid components of a second degree.