Financial Aid

Don’t Let Money Stop You From Reaching Your Potential!

Finding the money to attend college, whether it be a traditional or online school career, can be easier when you have the right resources to guide you through the process.

Government or school grants, loans, scholarships, 529 Savings, or education funds are all ways for you to achieve your academic success, or take your career to the next level.

If you want to attend school, and finances are the only thing holding you back, be persistent as there are financial aid counselors at every school. College can be affordable for everyone, but sometimes it takes a fair bit of arm-twisting at financial institutions to get the funds you need for school. Always remember, the higher the education, the higher earnings you will reap in your lifetime. An education will always pay for itself.

The government can also be a great resource for information, for school or career, if not money, but finding the information you need in the volumes of data on their websites can be treacherous. Online Degree Schools will make this important research easily available to you.

College Finance Information: Further Reading






Some Basics

There is no doubt that investing in a college degree, especially an online degree during this economic time, is worth the time and investment. Employees with bachelor’s degrees earn more than $25,000 per year more than those just with a high school diploma, and over $1,300,000 over the course of their lives. On top of that, employees that obtain graduate degrees or higher credentials, may it be a MBA, PhD, or a special license, earn even more than their counterparts. With an average tuition cost noticeably less than traditional schools (not counting room, board, and other expenses), an online college degree can result in over a 4500% return on investment over the course of a student’s lifetime.

However, making enough money to go to college can be difficult. Even obtaining an online degree can pose a problem financially, especially if you couple the stresses of work and study time. For this reason, it is important to weigh your financial options and think about how you want to pay for your degree during the decision-making process. The more comfortable you are with your financial aid package, the easier it will be to focus on completing your degree.

Though it would be nice to be able to pay for your degree all at once, most can’t afford that route. The only way most people can afford to obtain a traditional or online degree is through grants, scholarships, government loans, private loans, or personal savings plans.

Government Loans

The cap of the loan is generally set by the school you are attending and may include enough money to cover tuition, housing, and other expenses. All loans must be paid back, usually within 10 years. However, the terms are very accommodating. The government agencies will determine the type of loan you are offered through several factors, including your income level, assets, dependents, etc. Some students are offered subsidized loans, in which the government actually pays the interest of the loan for them while they are in school. Others are unsubsidized loans, where the interest accrues while you are in school, or you can immediately begin making payments.  Government loans are the best type of loan to take out because they are designed to benefit the student and usually offer the most reasonable rates (5% to 6.8%) and terms.

Private Loans

Some students don’t qualify for government loans. Those who are not United States citizens, men who fail to register for the draft, and students enrolling in unapproved schools are not able to receive funding from government sources. These students have the option of taking out private loans from individual banks, like a Plus Loan. Bank loans require that the student has established sufficient credit, or is co-signing with someone who has, like a parent or spouse. These loans generally have a higher interest rate and less negotiable terms.

Federal Subsidized Stafford Loans

If you can demonstrate financial need and are taking at least a half-time student course load, the government will you a loan and even pay the interest on your behalf while you’re still in school. Once you graduate a variety of generous payment programs are available, along with ways of reducing your interest rate with on time payments, and a certain grace period.

Federal Unsubsidized Stafford Loans

Students who don’t demonstrate financial need can qualify for an unsubsidized government loan. The interest will accrue, or capitalize, while you’re in school, but you won’t be required to begin repaying the loan until after you graduate. The loan still maintains a lower interest rate relative to private loans.

Federal PLUS Loan

If you still qualify as a dependent on your parents’ taxes, they may be able to take out a PLUS loan. PLUS loans are applied for through private banks and tend to be more expensive, with higher interest rates, origination fees, and are based on credit scores.

Federal Pell Grants

Students from families making less than $20,000 a year are offered the federal Pell Grant. Grants, unlike loans, do not have to be repaid, and the Pell Grant can be used for tuition, room, boarding, and books.

Academic Competitiveness Grant

This grant is for Pell Grant recipients that meet specific academic requirements as defined by the Higher Education Reconciliation Act of 2005 (HERA). Typically, you must have completed a rigorous high school curriculum, are on track for a degree at a 4-year university, and have maintained a college GPA of 3.0 or higher.