If you are planning on pursuing an online degree, you may have more than a few questions. Some of the more pressing questions may concern the funding of your online degree. While many students in online degree programs fund their own education, many others need the help of scholarships and grants. If you are among those students who need financial aid to fund your online degree, you may wonder about a few things: Am I allowed to get federal financial aid from the government? Am I only allowed to take out private loans from banks? If these are your questions, rest assured that this article will address all of your concerns. This article will outline what you need to do to get scholarships and grants to fund your online education.
How Can I Fund My Online Degree?
There are many different ways that you can fund your online degree, including the aforementioned loans from banks,credit unions and other financial institutions. The downside to taking out a private loan is that you will have to pay back the money with interest. An alternative method is taking out federal loans that are backed by the government. You still have to pay back these loans, but the interest is lower than ones from private financial institutions.
Can I Get Scholarships and Loans to Pay For My Online Degree?
There is a misconception that you can not get scholarships and loans to fund your online degree. You can definitely do this. The first source you should look to for scholarships and grants is federal financial aid. As long as the school in which you are seeking your online degree is accredited by a regional educational body, you are eligible to receive grants from the federal government. To receive federal grants, you must first fill out the FAFSA (Free Application for Federal Student Aid). If your income makes you eligible for aid, your school will then make the decision on what scholarships and grants to award you.
Are There Alternative Sources for Scholarships and Grants?
You can receive scholarships and grants from a myriad of sources. You severely limit yourself if you only look at federal grants. Look for scholarships and grants from some of the following sources:
- Community organizations related to your major
- Your employer
- The grant agency in your U.S. state
- Online sources such as FastWeb
- Scholarship books that you can either buy on Amazon or find in a library or financial aid office
If you are working towards an online degree, you do not need to limit yourself to student loans, public or private. Note that most scholarships and grants are available to anyone who is getting a degree from an accredited school. If you look at federal grants, scholarships from your school, community and contests, you will open yourself up to a wide array of options for the funding of your online education and degree.
