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If you are thinking about advancing your
education by pursuing an online degree, do
not let financial concerns stand in your
way. Financial aid is available for online
degrees, and the more you know about your
options, the easier it will be to navigate
through the financial aid process.
Most students need to borrow money to pay
for their education. Students should speak
with a financial aid advisor at the school
to which they are applying to discuss their
options. Because loans cost money (interest
rates add to the cost of your education over
time), students should be careful to borrow
only the amount of money they need to cover
the cost of their tuition and textbooks.
Students should then fill out a Free
Application for Federal Student Aid (FAFSA)
form to determine the amount of financial
aid they are eligible to receive. You can
complete a hardcopy version of the form or
fill one out at the website for the U.S.
Department of Education (Free
Application for Federal Student Aid web
site).
Students should make sure to check deadlines
(deadline
information)
for state and school financial aid before
applying. Certain types of financial aid are
awarded on a first-come, first-served basis,
so it is in your best interest to submit
your FAFSA form as early as possible. Make
sure that all of your information is
accurate and that you fill out the form
completely. Students should also find out if
they need to include any other paperwork
with their application. Any missing
information could result in a delay in
processing.
After you submit the FAFSA form, students
will receive a Student Aid Report (SAR).
Taking into account your income, savings,
family size, and other factors, the federal
government determines how much of your
education it believes you are capable of
paying for yourself. A copy of the report is
also sent to your school, which uses the
information to figure out your financial
need. Students will receive a Financial Aid
Award Letter from their school that states
the total amount of financial aid that you
are eligible to receive.
While grants and scholarships do not need to
be paid back, loans do. In some cases, you
may have a gap between the amount of
financial aid you receive and the cost of
your education that you are able to pay for
yourself. This “unmet need” will have to be
covered through alternative means. Private
loans or scholarships are potential options
to help you cover these costs. If there are
several schools to which you are applying,
you should compare the financial aid awards
you get from each school to determine your
best option.
Before applying for financial aid, students
already in the workforce (as most people who
pursue an online degree are) should see if
they can get a tuition reimbursement from
their employer. According to the
International Foundation of Employee Benefit
Plans, less than 15 percent of eligible
employees take advantage of this benefit.
Many employers are happy to help you advance
your skills and training, especially if it
will benefit the company. Ideally, you want
a tuition-reimbursement plan that pays for
100 percent of your tuition, covers the cost
of each class up front, and includes the
cost of books and materials. Speak with
your Human Resources department to discuss your options.
Students should be aware that a
tuition-reimbursement plan may come with a
few requirements, such as choosing from a
list of specified schools, maintaining a
minimum GPA, or making a commitment to stay
with the company for a certain number of
years. Some plans make students pay for the
cost of classes up front and reimburse them
at a later time if a minimum class grade is
achieved.
The bottom line is that if you are serious
about going back to school, do not let
financial worries stop you from continuing
your education. Many students need some sort
of financial aid to help them with the cost
of their education. If you are already in
the workforce, an online degree is a great
way to advance your career. Knowing your
options beforehand will help you find the
best financial aid plan to meet your needs.
You may also want to read:
Financial Aid Basics.
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