There are hundreds of resources available to students who want to
continue their education and receive an online college degree but are
unable to pay for it up front. Whatever route you're choosing for
student financial aid - an unpaid monetary gift or re-paid financial
assistance - funding your way through school is achievable. Money no
longer needs to be a factor in your decision to return or even go to
school the first time around!
To decide which type of student
financial aid would suit your educational pursuits, the following
information on loans and scholarships should come in handy. Before
enrolling at any school to acquire your online college degree, however,
you need to make sure that it's accredited, the degree program you're
interested in is eligible for student financial aid, and you've
discussed your situation with the college's representatives in the
financial aid office.
FAFSA: Student Financial Aid
The
Free Application for Federal Student Aid, or FAFSA, is an office of the
U.S. Department of Education that provides student financial aid or
monetary assistance to eligible individuals who wish to continue their
educations well beyond high school and receive a traditional or online
college degree. FAFSA strives to encourage all Americans to achieve a
higher education and realize the power that it has within our society.
By
partnering with a large number of postsecondary schools in the U.S.,
FAFSA is able to play a vital role in ensuring that interested
individuals have ample student financial aid to continue their schooling
and receive an online college degree. The program, which processes 14
million applications each year, distributes more than $80 billion per
year in student financial aid to eligible applicants (1). To apply
online or learn more, please visit FAFSA's website.
Students Loans
In
essence, student loans are low-interest monetary assistance from the
government to help cover the cost of education (tuition) as well as
books, housing, and incidentals. However, upon graduation and receipt of
your online college degree, the loan must be re-paid. There are three
types of student loans: federal student loans doled out to the students
themselves; federal student loans to parents, which are normally
referred to as PLUS (Parent Loan for Undergraduate Students); and
private student loans, which are funded by banks and/or financial
companies rather than the government.
Advocates for private
student loans say that this type of student financial aid combines the
best of the low-interest rates, but with a higher loan amount and a
longer grace period. Private loans have two methods of disbursement of
funds - school to channel (money is distributed to the school) and
direct to consumer (money is given to the individual to use as he or she
sees fit). Before deciding which type of loan is appropriate for your
particular situation, do your homework! Federal student loans require
that you are enrolled in college for a certain amount of hours each
semester, while private student loans begin accruing interest rather
quickly (2).
Loan Forgiveness Programs
While loan
forgiveness is not necessarily a way to fund your way through school, it
is an excellent way to eliminate your loan debt quickly once you've
received your traditional or online college degree. The government has
devised a way to purge most (and sometimes all) debt for students who
involve themselves in community or military service or work for
AmeriCorps, Volunteers in Service to America (VISTA), Teach for America,
Peace Corps, National Health Service Corps, or teach students in a
low-income area (3).
Most of these programs, which serve
underprivileged families and individuals, will forgive a large portion
of your loan debt if you work full-time upon graduation. The National
Health Service Corps, for instance, pays up to $25,000 per year towards
your debt. To learn more, visit the Sallie Mae website.
Scholarships
Attend
the college of your choice and acquire your online college degree - for
free! How is that possible? Student financial aid in the form of
scholarships from organizations, clubs, and fund programs all over the
United States offer billions of dollars to students around the nation to
help them realize their dreams. Scholarships recognize scholastic
achievements or merits, while some focus on personal interests,
community involvement, and/or financial need. You may be required to
write at length on a topic or simply submit some detailed information on
your educational interests.
Best of all, scholarships are free
money in your pocket - you do not have to re-pay this gift! To learn
more about scholarships or to find a few that may be of interest to you,
please visit Fastweb.com.
Realize Your Dreams with an Online College Degree
If
you receive a loan, the important thing to keep in mind is that you've
been given more money than needed. Try not to spend it all; tuck some
away and save it for when you must begin re-paying the loan. Otherwise,
you may find yourself with a large loan bill each month (with all the
interest to boot). If you've received a few scholarships or other type
of student financial aid, congratulations! This money is yours and you
can do what you wish with it. You are off the hook and are released from
re-paying these generous contributions to your educational pursuits to
receive an online college degree.
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