Thousands of people have turned to online education not only for its convenience and flexible scheduling, but because it is pretty affordable. Compared to traditional higher education, online students save money on campus fees, housing costs and extra expenses that can’t be avoided at campus-based colleges. While online students may save a little here and there, they still have to pay for tuition. Like traditional schools, your tuition depends on how many classes you’re taking, your graduate level and what you’re studying. For many students, financial assistance is needed for paying tuition and other expenses that may occur from taking classes online. Fortunately, financial aid and scholarships for online students is just as abundant and accessible as it is for traditional college students. Private organizations, the federal government and other groups offer financial assistance to online colleges students.
To receive financial aid from the federal government, students should see if they are eligible first by applying to the Free Application for Federal Student Aid, better known as FAFSA. The application is used to determine your level of need and if you can pay for college by yourself. After three to five days of review, you will receive a Student Aid Report, which determines your eligibility for loans and grants from the federal government. If you are eligible, you can apply to a variety of aid, including Pell grants, Stafford loans, PLUS loans, Perkins loans and much more. These forms of financial aid will help cover school expenses, such as tuition and fees, books and supplies and maybe even a computer for all of your classes. Note: not all schools participate in federal student aid programs, but you can receive assistance from your state government, your school or a private scholarship.
Scholarships are another way to receive financial assistance without the burden of paying it back. The U.S. Department of State has a list of available scholarships for people with disabilities, Native Americans, ROTC programs, as well as women and minorities scholarships. The site also warns about scholarship scams and how to avoid being duped into paying money to compete for a scholarship. If you want to find free money, low-cost loans and cost-cutting tips to save on your online education, check out Get Educated.com. Also, if you are unsure about tackling future student loan debt and want to know if you should borrow, see this consumer’s guide for advice.
