Earning a second degree can be a strategic way to grow in your current career or shift into a new field. While many opt for a master’s degree after finishing their undergraduate studies, pursuing a second bachelor’s degree might be the better choice depending on your career objectives. This is especially true if it offers more specialized knowledge or practical skills relevant to your goals.
There are several reasons to consider earning another bachelor’s degree, such as switching to a completely different field or gaining specific academic expertise required for your dream job. No matter your reasons, financial aid options are available to help make it possible. Start by filling out the Free Application for Federal Student Aid (FAFSA®) to explore your funding opportunities.
FAFSA for a Second Degree
Completing the FAFSA is typically the initial step to obtaining financial aid. While the types of funds you may receive could be limited, you might still be eligible for certain federal student aid, as well as financial aid through your school and state.
When completing the FAFSA for your second degree, you will follow the same steps as you did for your first. Sign in using your FSA ID and follow the provided prompts. One important change will be how you answer a specific question: "Will you have your first bachelor's degree before you begin the 2025 - 2026 school year?" In this case, you should answer "Yes" to ensure appropriate financial aid allocation from your school. However, please note that this will make you ineligible for the Federal Pell Grant.
Type of Aid for a Second Undergraduate Degree
The types of federal student aid you are eligible for can be limited because you already received a bachelor’s degree. That said, let’s go over the general types of federal aid and how your eligibility is impacted for this go around.
Federal Grants for a Second Undergraduate Degree
All federal grants, including the Federal Pell Grant, FSEOG, Iraq/Afghanistan Service Grant, will no longer be an option for students who have already earned a bachelor’s degree. The school is required to uphold this rule and will not be able to offer you federal grants for your second undergraduate degree. It may be worthwhile to look for private scholarship opportunities to help cover the cost of your second degree with “free money”. There are number of scholarship opportunities out there and many do not require they be for your first bachelor’s degree.
Federal Student Loans for a Second Undergraduate Degree
You may be eligible to take out federal student loans for your second undergraduate degree. However, your previous borrowing history for your first undergraduate degree is crucial for determining federal loan eligibility. Most federal student loans come with aggregate borrowing limits, so if you're nearing this limit from your first degree, it could impact how much federal funding you can secure for your second degree.
Federal Direct Stafford Loan limits for a dependent undergraduate student is $31,00 of which no more than $23,000 can be used as subsidized loan funds.
Federal Direct Stafford Loan limits for an independent undergraduate student is $57,500 of which no more than $23,000 can be used as subsidized loan funds.
If you were initially classified as a dependent student for FAFSA purposes during your first undergraduate degree and now qualify as an independent undergraduate student, you may be eligible for additional loan funding. If you have diligently made payments on your loan, resulting in a reduced loan balance, you may also be able to access additional funds through the Direct Stafford Loan program.
If you are interested in using a Graduate PLUS Loan to pay for your second undergraduate degree, unfortunately you will be unable to access those funds. Even if you have already earned a master’s degree or completed graduate or professional level credentials, you are awarded financial aid based on the level of program you are currently attending. Meaning, if you are enrolled in an undergraduate degree, you will only be eligible for undergraduate student loans.
If you are hoping to borrow a private student loan to help cover the costs of your second bachelor’s degree, you may want to review your private student loan options. When used responsibly, private student loans may help you cover the costs of your continued education.
Federal Work-Study for a Second Undergraduate Degree
The fact that you already earned a bachelor’s degree will not affect your eligibility for federal work-study. While your financial aid office needs to determine your eligibility, work-study may be an option for you to pay for college costs while you earn your second bachelor’s degree.
While you may be eligible for federal work-study, you don’t have to accept the award. If you are already working full-time and earning a decent salary, it may be worth it to keep your job while you go back to school. While federal work-study jobs are required to pay at least minimum wage, you may find the hourly pay rates do not meet your income requirements or needs.
Other Types of Financial Aid for a Second Undergraduate Degree
We’ve gone over some of the limited options offered by the federal student aid programs. It’s great if your federal aid options help you cover the costs for your program, but if you need more funds there are a few more options to explore.
State and Institutional Financial Aid
While you may be wondering if you need to complete the FAFSA because your limited aid isn’t going to cover much, it is recommended you do it anyways. Unless you plan to pay out of pocket, you could be missing out of state aid options or financial aid from your school. These sources do not follow the awarding rules of federal student aid, and you don’t want to miss out on these potential funds to help you cover the cost of college. Double check with your school and state financial aid offices if any application beyond the FAFSA is required.
Scholarships
There are thousands of private scholarships out there, and there could be some scholarships targeting your specific situation. You want to do your research and find scholarship opportunities to help you continue your education. It is highly suggested that you read the terms and conditions for each scholarship carefully to ensure you are eligible to receive or win the financial aid funds.
Employer Benefits
If you are employed, check to see what tuition assistance options are through your employer. You may be pleasantly surprised to find options like tuition reimbursement, professional development funds (generally if your degree can be used to improve your job skills at your current job), or student loan repayment assistance.
Make some time to go through your benefits and if you have questions, schedule a meeting with your HR team.
Private Student Loans
Private student loans can be used to help you cover the costs of college. You always want to determine the exact amount you need to borrow to cover your actual school related needs and never borrow a penny more.
You want to review your private student loan options to determine which lender and loan is best for your situation.
Ways to Afford a Second Bachelor’s Degree
Since your financial aid options are more limited, it’s understandable that you may not want to borrow additional loans to pay for your degree, if that’s the case, there are a few techniques you can use to help cut down on the costs of your second degree.
Attend Your Program Half- or Part-time
Generally, schools will charge you tuition based on the number of classes or credits you are taking. By reducing your class load, you are reducing both the time commitment for your classes and the costs due at one time. Now if you are counting on federal student loans or private student loans, you may be required to be enrolled at least half-time to maintain your eligibility. Additionally, by going part-time, you will be extending the time it takes to complete your degree, but if this allows you to pay as you go it could very well be worth it.
Make Sure Your Previous Credits Will Transfer
Different schools will have different policies regarding transfer credits. If there are classes you already took that can be counted towards your second degree, it’s a great way to reduce the number of classes needed to complete your program and save on the amount you need to spend.
While applying to different programs, make sure to take some time to discuss your previous earned credits and determine what can be transferred to your new program. If your previous degree is in communications and now you are earning a degree in nursing, you may find that very few, if any of your previous credits transfer. However, if your new degree is journalism, you may find that many of your communication credits transfer. Shop around and check with multiple schools to see what each school is willing to accept.
Look into an Online Program
These days many schools offer online programs, and many times these online programs may be more affordable when compared to traditional in-person programs. This may also up your program options at different institutions. There are different models and types of programs available that may help you achieve your second-degree goals.