With college costs on the rise, students are seeking new ways to pay for traditional and online college tuition. According to the National Center for Education Statistics:
Paying it Forward
Worried about having to pay back a hefty loan? You'll more than make up the cost of the loan, including interest, with your shiny new degree. According to CollegeBoard.com, if you have a Bachelor's degree, you can earn nearly twice as much than if you had only a high school diploma. Over your lifetime, the gap in earning potential between a high school diploma and a B.A. (or higher) is more than $1 million. So paying for a student loan between $10,000 and $30,000 doesn't seem that hard after all!
Weighing Your Options
Look into all of your options for paying for your online college. There are online resources available that will explain all payment alternatives as well as how to apply for aid.
You may think you know about college costs, but here are some things you may not know.
Paying for College Won't Break the Bank: While you might think you have to sell your home to pay for college, that's not the case. Because you can pay off your student loan over a long timeframe, you'll be able to maximize your education experience without worrying about finances.
You've picked out an online degree program that you're excited about. The only problem: how will you pay for it? Most online degree programs qualify for federal student financial aid, so filling out your FAFSA (Free Application for Federal Student Aid) is the place to start.
You can check the status of your application through FAFSA's website just three to five days after you submit your online application. Additionally, you can make changes to your application online.
There are several different kinds of student loans, and they can be confusing if you don't know the differences. According to CollegeBoard.com, 54 percent of all financial aid is from loans. Some are need-based, and have lower interest rates, while others are not need-based, and are designed to help pay the family share of costs for education.
There are other types of loans that are provided by private parties (sometimes banks), loans that parents can get to help their children pay for school and loans offered directly by a college.
The best way to pay for school is with money you don't have to pay back. There are thousands of scholarships available to students each year and you likely qualify to apply for dozens in order to help pay for your online education.
Where to Find Them.
Some schools offer their own scholarships. These are great because you have a lot less competition than with nationwide scholarships. You can find info on the school's website, including requirements and explanation of the application process.
Additionally, there are websites that compile all (or most) of the scholarships available online in one place. You can search for scholarships using criteria like what you want to study, your ethnic background or your GPA. You can easily apply for these from the same website.
What They're Looking For.
Not all scholarships require you to have a 4.0 GPA. Others are granted to minorities, students studying a particular field or students that have great business ideas. Whatever the qualifications, make sure you meet them. You'll just waste your time (as well as the application review board's) if you're not really qualified to apply.
What They Pay.
Scholarships vary in how much of your tuition and fees they will pay. Some will your entire tuition while others will pay just a portion, or perhaps your book fees. Some have limits for how many semesters they will pay for.
If you attend college on a traditional campus, you will have more expenses involved in your education than you may have estimated. You will have to pay for not only tuition, but also housing, food (either on campus or grocery store visits), books, supplies and gas for commuting.
With an online degree, these costs are greatly reduced. Because you are attending class from home, your only costs should be tuition and books (although more online professors are choosing to use other resources than costly, heavy and outdated textbooks).
You have no commute costs, as you do not have to drive to class to learn. Your housing and food costs will remain the same as they always have (unless you're a heavy muncher during finals).
Taking classes online is quickly being recognized as a more affordable and convenient alternative to traditional classes. Here are some ideas of how to spend all the money you will save:
