Dollars & Sense: Reducing the Cost of an Online Degree
By Brittany S. Moss
So, you have decided to get your degree online. Like most degree-seeking
individuals, the first question that comes to mind is, how am I going to
pay for this? No worries, as long as you are enrolled in an eligible degree
program, there are payment options for you.
Several types of financial aid available to online degree program
students. Here are some financial options for qualified students:
- Federal Pell Grant-
These do not need to be repaid. They are awarded to undergraduate students
who do not have their degree.
- Academic Competitiveness Grant(ACG)-
Available for some first and second academic year students. It will provide
up to $750 for the first year and $1,300 for the second year.
- SMART grant-
Will provide up to $4,000 for a student’s third and fourth years of
undergraduate studies majoring in physical, life or computer sciences,
mathematics, technology, engineering or a foreign language.
- Award Letters-
If a student is eligible for any of the above degree programs, they will be
notified in an award letter. The amount and dates of payment will be
included in the letter.
- FSEOG-
This grant is for students with exceptional financial needs. This grant,
like the Pell, does not need to be repaid. Students who qualify for this
grant have the lowest Expected Family Contribution (EFC).
- Federal Subsidized Stafford Loan-
A low-interest, need-based federal loan by a private lender. The federal
government pays the interest on the loan while the student is enrolled.
Must begin repaying this loan six months after the student ceases
enrollment.
- Federal Unsubsidized Stafford Loan-
A low-interest, non-need based federal loan by a private lender. Interest
accrues while the student is in school.
- Federal PLUS Loan-
Low interest, non-need based federal loan made by a private lender. The
borrower is the parent of a dependent student.
- Federal Perkins Loan-
A low-interest loan for students with exceptional need.
- Scholarships-
All students are eligible to apply for scholarships through state, federal
and private agencies.
As demonstrated, there are many options for funding your online
education. For more information on various financial aid options visit
www.fafsa.ed.gov or call the financial aid office of the online university
of your choice to learn more about their specific financial aid
opportunities. You can also learn more about your options on
UniversityDecisions.com's college financial aid options page.