A graduate degree can accelerate your career advancement and help you qualify sooner for senior-level, higher-paying positions. If you’re considering graduate study, you’ve probably begun calculating the cost of earning your degree. As you do, it’s important to be aware that the sticker price doesn’t always reflect what students actually pay. In fact, most students receive financial assistance that considerably reduces their out-of-pocket costs.
With careful planning, you can take advantage of the many financial aid opportunities available to graduate students. This article outlines the various types of financial assistance available to the University of Tennessee (UT), Knoxville’s online Master of Science in Computer Science students, including federal aid, scholarships, military benefits, and public service loan forgiveness programs.
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Exploring Tuition and Fees
The UT online MSCS program tuition amounts to approximately $25,830 for in-state students and $28,080 for out-of-state students (based on the 2024-2025 tuition rate). Students must also budget for additional mandatory fees, such as technology and online support fees. Any financial aid you receive will be applied directly to your UT student bills. If your aid exceeds university charges, you will receive a refund.
Financial Aid and Scholarships
Graduate students benefit from various types of financial aid. Key categories of aid include federal aid, scholarships, and grants. You must complete the Free Application for Federal Student Aid (FAFSA) to apply for most types of aid, including UT scholarships. Remember to complete your FAFSA as early as possible to optimize your aid opportunities and to qualify for a prize from the VolShop.
Federal Financial Aid
The federal government offers several financial aid options to graduate students, including:
- Loans: Graduate students typically have access to federal loans such as Direct Unsubsidized Loans and Graduate PLUS Loans. Direct Unsubsidized Loans offer fixed interest rates and do not require students to demonstrate financial need. Graduate PLUS Loans can help cover additional educational expenses beyond the limits of unsubsidized loans, subject to credit approval. Both loan types allow students to defer repayment while enrolled at least half-time.
- Grants: Students may qualify for federal grants based on financial need. Grants do not have to be repaid.
- Work-study: The Federal Work–Study (FWS) program provides employment to students who fall below a prescribed income threshold to offset tuition costs.
You must file a FAFSA to be considered for financial aid. Federal awards are based on the FAFSA, and UT uses your FAFSA data to determine awards distributed by the university.
Scholarship Opportunities
UT offers various scholarships that online MSCS students may qualify for. Options to explore include the following:
- Graduate Student Research Awards advance the scholarship of graduate students pursuing research and creative activities.
- Carolyn R. Hodges Graduate Fellowships are awarded to first-time enrollees who have been admitted to a graduate degree program at UT and who demonstrate significant potential to contribute to the Graduate School’s educational mission and diversity-related goals.
- Fellowships are available through the UT Tickle College of Engineering.
Computer science students should take advantage of scholarship search engines like Fastweb to explore external scholarship opportunities from corporations, institutions, organizations, and individuals.
Employee Tuition Benefits
If you are currently employed, you may qualify for tuition assistance benefits offered by your employer. Nearly half of all U.S. employers offer this popular benefit. Employee tuition assistance programs can partially or fully cover tuition and related educational expenses. Eligibility requirements and coverage details vary by employer, so students should reach out to their company’s human resources department or benefits coordinator to learn more. Taking advantage of these benefits can significantly offset the costs associated with earning an advanced degree.
Military and Veteran Benefits
Military veterans and active duty service members may qualify for several education benefits.
GI Bill
The U.S. Department of Veterans Affairs offers tuition support to veterans and their families through the GI Bill. The Post-9/11 GI Bill provides financial support to veterans who served on active duty after September 10, 2001; the Montgomery GI Bill Active Duty applies to individuals who have served at least two years on active duty (at any time). Candidates may qualify for both of these benefits, but they can only use one at a time.
If you are a current member of the Army, Navy, Air Force, Marine Corps or Coast Guard Reserve, Army National Guard, or Air National Guard with a six-year service obligation, you may be eligible for up to 36 months of education and training benefits through the Montgomery GI Bill Selected Reserve program.
Additional Military Aid
Active-duty service members and veterans may qualify for various scholarships available through the Veterans Benefits Administration (VBA) at UT. For advice on how to access military aid, contact the Veterans Success Center.
Public Service Loan Forgiveness
If you work for a government or nonprofit organization after graduating from the online MSCS program, you could qualify for loan forgiveness through the Public Service Loan Forgiveness (PSLF) program. The PSLF program forgives the remaining balance on your federal Direct Loans after you’ve made the equivalent of 120 qualifying monthly payments under an accepted repayment plan. You must work full-time to qualify.
Next Steps and How To Get Help
Graduate school offers an exciting opportunity to broaden your skills, deepen your knowledge, become more capable and confident, and significantly improve your career prospects. Graduate study isn’t cheap, but many resources are available to make earning a master’s degree affordable.
You can start creating your graduate school financial plan today by reaching out to UT’s financial aid office for personalized guidance. Complete the FAFSA application to be considered for federal loans, grants, scholarships, and other awards. While you’re at it, you can get started on your UT online MSCS application.
