Well over 65% of all the undergraduates at U.S. colleges and universities right now are getting some type of financial aid to pay for their degrees. It used to be harder to get scholarships and loans if you were taking your degree program online, but the situation has improved for distance learners. Congress has changed the rules to make it possible for online students to get most of the same government grants and loans as campus-based students, and online colleges have gotten very good at helping their students get access to all sorts of financial aid packages. Here’s a primer on how – and where – to start looking for financial aid for your education.
More on Covering The Cost of Your Degree
There are several things you need to understand as you try to calculate how much financial help you’re going to need for your degree. One is that fact that your tuition will probably be more by he time you reach the last year of your degree program than it is at the start. Another is how much your salary is likely to improve as a result of your schooling. There are also new changes in government grant programs that can affect how long you will have to pay back loans. The most important thing, however, is being careful not to borrow more than you really need, and giving yourself a huge debt burden that will take years to pay down.
Learn How Much Financial Ad You’ll Need For Your Degree
Scholarships and grants can be the most desirable way to fund you college degree, because most of them do not have to be paid back. Naturally, that means that lots of students apply for them. But there are many, many different organizations that offer education grants, and if you’re willing to look hard enough the odds are good that you may find one that fits you.
How and Where To Find Scholarship Money
The tough economy has made some companies tighten up on giving money to employees for school. But there are still lots of good reasons why your boss may want to help you go back to school, and you may be able to get school assistance even if your company doesn’t have an official program for it. You’ll need to be aware, however, that you may have to guarantee that you’ll stay with the company for a year or more if they pay for your education.
Company Education Grants for Employees
Pell Grants are given by students by the government based on their ability to pay for school. Stafford Loans from Uncle Sam generally offer a lower interest rate than what you’ll get from a bank. Either way, you’ll need to fill out the rather long, complex FAFSA form to apply. Online learners are definitely eligible for this public financial aid.
Government Education Loans & Grants From Uncle Sam
Sources of government education aid that are less known include SMART Grants and Perkins Loans, both of which are based on financial need. Both have minimum academic achievement requirements. PLUS Loans are another option, as are the many tax breaks you can get for tuition costs.
SMART Grants, Perkins & PLUS Loans and Tax Breaks for School
Private bank loans, personal savings and even credit cards offer potential ways to cover your education costs. You need to be extremely careful not to over-extend yourself in this direction however.
Bank Loans and Other Private Financing for School
More on Paying For Your Degree
Pricing Online Degree Schools