MAT Financial Aid
MAT Financial Aid
MAT students are enrolled in a program that was created to streamline the process for training new teachers. It is but one example of the efforts that have been made to cure the teacher shortage, which is particularly acute in the fields of science and mathematics. The federal government and many states have developed programs that use financial incentives to try and increase the number of teaching professionals for public schools. We have listed some of the better known financial aid options here, but MAT students should check with the state and with their school financial office about available grants and scholarships for teaching students, particularly those opting to specialize in mathematics or science instruction.
There are the usual resources for student loans available to MAT students as to other graduate and undergraduate students. The usual source for a student loan is the Stafford Loan program through the federal government. These loans are available to both graduate and undergraduate students. For a graduate student, the maximum amount that can be borrowed is $20,500-and the maximum of that amount that can be in federally subsidized loans is $8,500. The current interest rate for graduates is 6.8%. There are also loans available to graduate students through the PLUS Loan program, at an interest rate of 7.9%
Federal Grants for Teachers
The TEACH Grant Program was introduced in 2007 to encourage teaching students to assist in filling acute teaching needs in underserved geographic and urban areas. It provides direct grants of up to $4,000 per year to students who are willing, upon completion of their teaching degree, to work in a school at the elementary or secondary level where the student body is primarily from low income families. The program is designed for undergraduates primarily as it requires a four year teaching commitment. But education undergraduates who are entering the MAT program as a fifth year master's degree in order to obtain a credential might find this option attractive.
The Department of Education also manages several funds that provide fellowships for graduate students. Some are primarily research fellowships for doctoral students, but some are designed such that an aspiring teacher in a Master of Arts in Teaching program would qualify.
Loan Forgiveness Programs
The Federal Government has a loan forgiveness program for teachers with Stafford Loans, for Perkins loans and for those who have entered one of several forms of public service. The amounts forgiven vary, but the trade-off is a certain period of service in a low-income or underserved rural area. The Department of Education continues to develop programs to encourage teachers who are willing to work in difficult teaching environments, and programs that encourage students to specialize in one of the STEM academic fields: Science, Technology, Engineering and Mathematics.
The American Federation of Teachers maintains a loan forgiveness database that contains information on state and local programs for teacher assistance. Many, if not most states have initiated their own programs to entice teachers to work within their borders. MAT students should check this site for funding opportunities in the state where they are studying or where they intend to teach.
MAT Financial Aid
MAT students are enrolled in a program that was created to streamline the process for training new teachers. It is but one example of the efforts that have been made to cure the teacher shortage, which is particularly acute in the fields of science and mathematics. The federal government and many states have developed programs that use financial incentives to try and increase the number of teaching professionals for public schools.
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