Funding Guide: How Online Merrimack Students Cover Program Tuition

Are you ready to complete your bachelor’s degree or looking to earn your master’s or graduate certificate? Merrimack College offers flexible online degree and certificate programs targeted to working professionals looking to return to school and bolster their professional credentials. At Merrimack, you can earn an online advanced degree in education, business, science and engineering and counseling. 

If you’re considering a return to school, you have probably considered the financial ramifications. Before starting your degree or certification journey, you should understand the associated costs and develop a funding plan. This article outlines funding options you can consider and provides tips on building your degree budget. 

Return on Learning: Understanding the Impact of Your Degree

Education pays. According to the U.S. Bureau of Labor Statistics (BLS), income increases with every advance in education level. Workers with a bachelor’s degree earn 50 percent more per week than their counterparts who have some college education but no degree. Those with a master’s degree earn 16 percent more than bachelor’s degree holders. 

This difference becomes more significant when you consider the impact of these increases over a 40-year career. According to the U.S. Department of Education, people with bachelor’s degrees earn 31 percent more in their lifetime than those with an associate’s degree and 74 percent more than individuals with just a high school diploma. Those with a graduate degree can anticipate earning at least twice as much over their lifetime as those with only a high school diploma and 18 percent more than those with bachelor’s degrees. Earning your bachelor’s or master’s degree can produce a significant return on investment. Keep this in mind when evaluating degree options and costs. 

Get to Know Your Financial Aid Options 

Many Merrimack students fund their tuition through federal financial aid. In addition to federal aid, some students secure private student loans, external scholarships or grants. If you seek federal assistance, you must complete the Free Application for Federal Student Aid (FAFSA). Any student, regardless of income, can apply for federal aid. The type of aid you receive will depend on your financial need. 

The U.S. Department of Education offers two main types of federal student loans: 

• Direct Subsidized Loans: Undergraduate students with financial need qualify for these loans. If you have a subsidized loan, the U.S. Department of Education will pay the interest on your loan while you’re studying and for the first six months after you leave school. 
• Direct Unsubsidized Loans: These loans serve undergraduate and graduate students, irrespective of financial need. With an unsubsidized loan, you pay all the interest.  

Make sure to apply for federal aid early in the admission process (and in line with FAFSA deadlines) to avoid potential roadblocks and improve your chances of receiving assistance. 

Explore Employer Sponsorship Options 

Many Merrimack online or hybrid degrees offer part-time study options, enabling you to work full time while earning your degree. You may qualify for employer tuition assistance by continuing to work while studying; almost half of U.S. employers offer tuition assistance benefits to their staff. 

Tuition assistance programs vary by employer; consult your human resources department to learn about your options. If your employer offers this benefit, you can expect them to cover some or all of your tuition costs if you meet their eligibility criteria. To qualify for employer sponsorship, you may need to provide a work-related justification for the degree, explaining how it will benefit your employer. Some employers enforce additional eligibility criteria around how long you have worked at the company; some may require you to commit to remaining with the organization for a set period after graduation. If your employer doesn’t offer tuition assistance, consider negotiating for it by highlighting the return on investment in potential tax savings, employee retention and increased skill set.

Merrimack College partners with a wide network of employers, school districts and organizations to provide tuition discounts. Check with your employer to find out whether it participates.

Build a Budget Before You Return to School 

Careful financial planning can ease your transition back into school and carry you through graduation. Regardless of how you plan to fund your education, you must develop a realistic budget. Take the time to create a detailed list of all expected educational expenses (including tuition, books and other required resources, like a computer and internet) before you enroll. Then, determine how much you will need to fund your degree while meeting your other expenses. Your budget will help you determine how much funding you need to secure. 

Take the Guesswork Out of Merrimack Tuition: Connect with an Enrollment Advisor 

Going back to school requires a significant investment. However, the benefits of earning your degree — both in terms of career prospects and earning potential — significantly outweigh the costs. As a Merrimack student, you have various options to help cover your tuition, including federal financial aid, partnership discounts, external scholarships and employer sponsorship. 

Start working on your funding plan alongside your program application to avoid surprises when classes start and tuition becomes due. Connect with a Merrimack enrollment advisor. In addition to identifying financial assistance options, enrollment advisors can help you prepare to approach your employer about tuition assistance and provide resources to help you develop your budget. They can also provide support in completing your application and enrolling in a program.