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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:
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.
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