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By Craig Friesen

Education can be expensive and studying online is no exception. While pursuing an distance learning degree can have many financial advantages - you can usually continue working, for example - you can expect textbook costs to be the same as for traditional study. Tuition is often slightly lower, but it is still expensive. Fortunately, there are sources of financial assistance for students enrolling in distance learning degree programs. What kinds of financial assistance are available? The main sources of financial assistance for a distance learning degree are loans, scholarships, grants and work-study. Let's take a brief look at each of these:

Loans
Loans consist largely of federally sponsored loans, and payment plans offered by the education establishments themselves. Online colleges that offer an installment payment plan usually require ongoing payment during the period of study. Repayment of federal loans is most often negotiated to begin after program completion.
Scholarships
Scholarships are a form of student aid that does not need to be repaid and is awarded on the basis of merit. Scholarships can be one-time awards or renewable each semester. Most scholarships originate with the online college itself, or the affiliated corporation.
Grants
Grants are financial aid awards that, like scholarships, do not normally need to be repaid. Grants may be sponsored by the online college, the government (state or federal) and individual corporations.
Work-study
Work-study is a program whereby you earn money while studying, to help pay for your educational expenses. Usually the type of work is related to your program of study.

Who can receive financial assistance?

Schools have different prerequisites for eligibility for financial aid and you would need to check with the online college in which you are interested. Federal student aid criteria include high school equivalency and citizenship in the United States. Specific requirements will depend on the type of financial assistance you are applying for. For example, a certain level of achievement in previous studies may be required for you to receive scholarships and/or some grants. Grants from corporations may be applied to a specific online program of study only. For loan qualification, the primary criteria are your individual or family need measured against the cost and future benefits of the online program you are taking.

How much money can you expect to receive?

Scholarships are usually offered as payment for some or all of tuition costs for your online degree program and may be applied against one semester, one year, or the entire program of study. The amount received for a loan will be determined by a formula based on need, cost of study, as well as resources available to you and your family. Grants often carry a range of dollar amounts. An example is the Pell Grant, the largest of the federal grant programs, which has in the past offered eligible students between $400 and $3000 per year based on need.

Where should you apply?

The first place to check for financial assistance programs is the school. Most of the information you will need should be available. Since nearly all forms of federal student assistance require the completion of the "Free Application for Federal Student Aid" (FAFSA) you should be filling one out as soon as you have chose an online program and an online college. The FAFSA forms are available from most online degree programs and in electronic form online as well. A very useful resource for finding financial aid, checking requirements, and filling out applications is "The Student Guide" published by the United States Department of Education.

Are there deadlines?

You bet there are! Deadlines are strictly adhered to, and so in most cases so you should become familiar with those dates when applications need to be submitted. Federal assistance deadlines may be set as late as June, but most online colleges place their final dates for application towards the middle of the previous semester of classes.

What happens if I can't make my payments?

If you default on a loan it can have serious consequences on your credit rating and chances for further study. Transcripts can be withheld, your eligible student status can be suspended, and a collection agency can be called in. You should give serious consideration to the terms of the financial aid you are applying for. And should it become difficult to make a payment, notify the student aid officer at your school to seek alternate arrangements before things get out of hand.

Apply or not?

There is certainly no harm in applying for financial aid to assist you in your online learning. And if the assistance is essential to studying for you, apply for as many sources of aid as you can - even if you think you don't qualify. You might also want to apply early so you don't disqualify yourself by a missed deadline. The time and trouble you take to ensure you have the financial resources to complete your education are a worthwhile investment in your future.

Remember, a loan, scholarship, grant or work study program applied for now could be worth at the very least the chance of enrolling in the program of your dreams. Earning an online bachelor degree or an online masters degree is challenging, and takes a financial investment. It also has its rewards: it could be worth promotion and a higher salary in the future. You have the right to an education; make sure you give yourself the opportunity.

About the Author

A freelance writer, Craig Friesen is an ordained Mennonite minister currently serving a congregation in rural Saskatchewan, Canada. He has a B.A. in Religious Studies from University of Manitoba and a M.Div. from Associated Mennonite Biblical Seminary in Elkhart, Indiana. A computer hobbyist, Craig operates several home-based online businesses in his leisure time.

Sources

The Student Guide is a comprehensive, annual resource on student financial aid from the U.S. Department of Education. It is available in English or Spanish, online or paper format. http://studentaid.ed.gov/students/publications/student_guide/index.html

The Free Application for Federal Student Aid is also available in hard copy or on the Internet from the U.S. Department of Education. http://www.fafsa.ed.gov/index.htm

Degrees | Programs | Financial Aid | Articles

Copyright 2004 Online Degrees Review
All Rights Reserved

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Find Schools by Degree: Associate Bachelor Certificate Coursework Diploma Doctorate Master Find Schools by Program: Administrative Architectural Studies Art and Design Business Culinary Education Fashion Holistic/Alternative Medicine Human Services Interior Design Legal Liberal Studies Media and Visual Communication Medical and Dental Nursing Psychology Technology Technology Certifications Travel and Hospitality Web Design Casino Gambling Sites These online casino sites offer gambling tips and reviews of the best casinos for on line betting. Online Casinos Best Slot Machines For top rated online casino slots you need to visit Slot Machines World guide to Internet slot gaming. Slot Machines Online Casino Slots If you are looking for online casino slot machines then we suggest you try this online casino reviews forum and directory. Online Casino Newest Online Casinos This online casinos guide offers new casino reviews and internet gaming tips. New Online Casinos	Finding Money for an Online Degree By Craig Friesen Education can be expensive and studying online is no exception. While pursuing an distance learning degree can have many financial advantages - you can usually continue working, for example - you can expect textbook costs to be the same as for traditional study. Tuition is often slightly lower, but it is still expensive. Fortunately, there are sources of financial assistance for students enrolling in distance learning degree programs. What kinds of financial assistance are available? The main sources of financial assistance for a distance learning degree are loans, scholarships, grants and work-study. Let's take a brief look at each of these: Loans Loans consist largely of federally sponsored loans, and payment plans offered by the education establishments themselves. Online colleges that offer an installment payment plan usually require ongoing payment during the period of study. Repayment of federal loans is most often negotiated to begin after program completion. Scholarships Scholarships are a form of student aid that does not need to be repaid and is awarded on the basis of merit. Scholarships can be one-time awards or renewable each semester. Most scholarships originate with the online college itself, or the affiliated corporation. Grants Grants are financial aid awards that, like scholarships, do not normally need to be repaid. Grants may be sponsored by the online college, the government (state or federal) and individual corporations. Work-study Work-study is a program whereby you earn money while studying, to help pay for your educational expenses. Usually the type of work is related to your program of study. Who can receive financial assistance? Schools have different prerequisites for eligibility for financial aid and you would need to check with the online college in which you are interested. Federal student aid criteria include high school equivalency and citizenship in the United States. Specific requirements will depend on the type of financial assistance you are applying for. For example, a certain level of achievement in previous studies may be required for you to receive scholarships and/or some grants. Grants from corporations may be applied to a specific online program of study only. For loan qualification, the primary criteria are your individual or family need measured against the cost and future benefits of the online program you are taking. How much money can you expect to receive? Scholarships are usually offered as payment for some or all of tuition costs for your online degree program and may be applied against one semester, one year, or the entire program of study. The amount received for a loan will be determined by a formula based on need, cost of study, as well as resources available to you and your family. Grants often carry a range of dollar amounts. An example is the Pell Grant, the largest of the federal grant programs, which has in the past offered eligible students between $400 and $3000 per year based on need. Where should you apply? The first place to check for financial assistance programs is the school. Most of the information you will need should be available. Since nearly all forms of federal student assistance require the completion of the "Free Application for Federal Student Aid" (FAFSA) you should be filling one out as soon as you have chose an online program and an online college. The FAFSA forms are available from most online degree programs and in electronic form online as well. A very useful resource for finding financial aid, checking requirements, and filling out applications is "The Student Guide" published by the United States Department of Education. Are there deadlines? You bet there are! Deadlines are strictly adhered to, and so in most cases so you should become familiar with those dates when applications need to be submitted. Federal assistance deadlines may be set as late as June, but most online colleges place their final dates for application towards the middle of the previous semester of classes. What happens if I can't make my payments? If you default on a loan it can have serious consequences on your credit rating and chances for further study. Transcripts can be withheld, your eligible student status can be suspended, and a collection agency can be called in. You should give serious consideration to the terms of the financial aid you are applying for. And should it become difficult to make a payment, notify the student aid officer at your school to seek alternate arrangements before things get out of hand. Apply or not? There is certainly no harm in applying for financial aid to assist you in your online learning. And if the assistance is essential to studying for you, apply for as many sources of aid as you can - even if you think you don't qualify. You might also want to apply early so you don't disqualify yourself by a missed deadline. The time and trouble you take to ensure you have the financial resources to complete your education are a worthwhile investment in your future. Remember, a loan, scholarship, grant or work study program applied for now could be worth at the very least the chance of enrolling in the program of your dreams. Earning an online bachelor degree or an online masters degree is challenging, and takes a financial investment. It also has its rewards: it could be worth promotion and a higher salary in the future. You have the right to an education; make sure you give yourself the opportunity. About the Author A freelance writer, Craig Friesen is an ordained Mennonite minister currently serving a congregation in rural Saskatchewan, Canada. He has a B.A. in Religious Studies from University of Manitoba and a M.Div. from Associated Mennonite Biblical Seminary in Elkhart, Indiana. A computer hobbyist, Craig operates several home-based online businesses in his leisure time. Sources The Student Guide is a comprehensive, annual resource on student financial aid from the U.S. Department of Education. It is available in English or Spanish, online or paper format. http://studentaid.ed.gov/students/publications/student_guide/index.html The Free Application for Federal Student Aid is also available in hard copy or on the Internet from the U.S. Department of Education. http://www.fafsa.ed.gov/index.htm Copyright © 2004 Quinstreet Publishing LLC. All Rights Reserved. Degrees \| Programs \| Financial Aid \| Articles Copyright 2004 Online Degrees Review All Rights Reserved	Featured Schools University of Phoenix Online University of Phoenix Online, a true innovator in distance education, allows students to earn their degrees and advance their careers – all online. Click here... ITT Tech Online An on-line education can offer opportunities for students to pursue their educational objectives when attending school in a traditional classroom is not practical. With ITT Tech's on-line education programs, a quality education is now available when and where it is convenient for the student. Click here... Art Institute Online Earn your degree online in record time, from AIU Online. No school makes it easier (or more rewarding) to earn a degree in Business Administration, Information Technology, Visual Communication, and Education. Click here... Devry University Online Earn your degree 100% online. DeVry University Online provides the flexibility you need to complete your degree whenever and wherever it’s convenient for you. Click here... Kaplan College Advance your career and get the distinct competitive advantage you need with an online degree from Kaplan College. And do it without missing a day of work. Click here... Capella University Learn while you earn. Earn a degree online with Capella University and advance your career without interrupting it. Click here. Click here...