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Faced with hectic schedules and little
free time, more and more people are choosing
online degree programs as a way to advance
their education. An online education enables
students to complete a degree from the
comfort of their own home, with access to
reading materials, lecture notes and
assignment guidelines available at anytime,
day or night. Especially ideal for full-time
workers and stay-at-home parents, online
degree programs provide a flexibility in
schedule that is just not possible at
traditional brick-and-mortar colleges.
And it is not just the convenience factor
that is attracting people to online
education programs. A 2009 study by the
Department of Education found that on
average, students perform better in online
classes than in traditional classes. But
whether you are considering an online degree
program or a more traditional college
education, figuring out a way to pay for it
can be an issue.
Financial aid is available for online
education programs. The first step in
getting financial assistance is to make sure
that the online school to which you are
applying is accredited. An accredited school
has been recognized by agencies of the U.S.
Department of Education and is considered to
be reputable. Accreditation is not necessary
to be a good school; however, many
institutions and organizations will not give
financial assistance to students if their
school does not have the proper
accreditation.
When looking for financial aid, students
have several options to consider:
- Scholarships - The great
thing about scholarship money is that
you do not have to pay it back, and
there are thousands of institutions and
organizations that award scholarships to
students based on academic, athletic,
artistic or philanthropic achievements.
Students can learn about potential
scholarship options from their school
career center or from online scholarship
databases. Check out our page on
online degree scholarships for more
information.
- Government Grants or Loans - The
government offers two types of financial aid
to students: grants and loans. Grants are
given to students with greater financial
need and do not have to be paid back, but
students who qualify must typically maintain
a minimum GPA. A loan is essentially money
that you “borrow” from the government that
must be paid back, with or without interest.
Students can apply for government grants or
loans through their school or at
www.fafsa.ed.gov.
- Private Loans - Students who do not
qualify for loans from the government can
apply for private loans from their bank.
These loans typically have higher interest
rates, and students with bad or insufficient
credit history may need someone with good
credit to cosign in order to secure the
loan.
- Employer Reimbursement - Many students
pursuing online degrees are already in the
workforce, so having your employer pay for
your education is a great option. Students
generally do not have to pay back a tuition
reimbursement, although they may have to
agree to continue working for their company
for a specified period of time. Students
should speak with Human Resources to find
out about tuition reimbursement options.
Students can determine the best financial
aid options for them depending on their
specific situations. The good news is that
online degree programs typically take less
time to complete than traditional college
degrees, which will save students more money
in the long run. In addition, because
students are taking their classes online,
the housing and living costs of traditional
brick-and-mortar colleges are a nonissue.
Students do not have to worry about the
travel expenses of getting to and from
classes, and they probably will not have to
purchase textbooks either because all of the
materials that they need to complete their
degree are available on the Internet.
An online degree offers an exciting
opportunity for students to advance their
education. Online classes are a convenient
and flexible way for people to get the
skills and training they need right from the
comfort of their own home. And there is no
reason why the cost of an online degree
should stop you from getting the education
you want. There are a number of financial
aid options available, and some of them you
do not even have to worry about paying back.
If you have taken the time to decide that an
online education is right for you, then
chances are that there is a degree program
and financial plan out there to meet all of
your needs.
You may also want to review:
How do I Apply for Financial Aid?
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A Good Idea... Looking online for
scholarships! |
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You
can look on the Internet for
scholarships that fit your
particular niche. From being
left-handed to being a vegetarian,
there are thousands of scholarships
available if you look for them and
are willing to do the work - many
require essays and recommendations,
among other requirements. But
beware of scams - a good rule of
thumb is to avoid scholarships that
ask you to pay a fee to apply. |
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