Financial Aid

Paying for an Online Education

Qualify for Federal Aid, Employer Perks, and Free Money

Online degree programs were once paid for with credit cards. You could say that distance learning has finally come of age. Students engaged in full-time degrees may be eligible for federal aid and valuable grants and scholarships, not unlike their traditional counterparts. Non-traditional students—a majority of the online degree population—also may qualify for special financial aid programs, and continuing education students may apply for alternative student loans. Because many online degree seekers are pursuing career and job-related skills, they must also keep in mind that many employers offer tuition reimbursement plans.
There is a financial advantage to online degrees: students are only billed for tuition, the actual cost for the academic courses. Textbooks, the only other financial burden, may be purchased for deep discounts through online textbook warehouses or possibly even borrowed through online university library systems.

Tuition Reimbursement Programs May Pay All or Part of Online Tuition

Working professionals often seek online degrees and specialized coursework for career reasons:

• Job requirements
• Career changers
• Promotions and better salaries
• Career specializations

In at least a couple of the above cases many employers, large and small, may pay all or part of a degree or coursework. Terms differ among employers; some require you pay tuition up-front and submit bills for reimbursement, others only provide compensation up to a particular dollar amount, or for particular types of courses. Reimbursement plans may or may not cover textbooks and other course-related materials, and almost none cover any auxiliary academic fees. Students expecting their employer to reimburse them typically must earn average GPAs and complete all courses to receive compensation. In some cases employees may be required to sign an agreement to the fact that they intend to remain working for an employer for an agreed amount of time once they earn better degrees and training.

Financial Aid

Similar federal aid guidelines may apply to online degree seekers as to students pursuing traditional degrees. If you are shopping for an online degree, contact a financial aid advisor at the institution in which you’re interested; criteria may differ. Many advisors simply suggest that students take the initiative to complete the Free Application for Federal Student Aid (FAFSA), regardless.
If you are a healthcare worker looking for an advanced degree, make sure you explore all your options for the various tuition forgiveness programs. Students willing to work for one or two years in an underserved area after graduation, may qualify for student loan waivers or repayment.

Alternative Student Loans

Student loan providers and private banking lenders offer alternative student loans that provide auxiliary credit-based money, when necessary. Students pursuing continuing education courses, unassociated with a degree, are ineligible for federal aid. When employers fail to reimburse, then you may qualify for a long-term student loan specifically designed to put college money in your pocket. Alternative student loans, however, come with minimum borrowing limits and require credit checks. There are more specialized student loans designed specifically to finance continuing education or technical school programs.

Free Money for Online Education

Make sure you explore fully any scholarship and grant options available to you for online study. Colleges and universities with distance learning options likely have a few scholarships set aside exclusively for use by online learners. Online universities with well-established programs often have scholarships, as well. Take some time and research your free money options, but beware scholarship services that charge money. You already have enough financial worries--all the scholarship information you need is available, free and clear, on the Internet.