Understanding Student Loans

Have Your Employer Pay For Your Online Degree

When pursuing an online degree, paying for it might be a concern. If you are already employed, you may find that your employer offers you a tuition reimbursement benefit. While this is not available from all employers, if this is offered where you work it is definitely worthwhile to find out more information on the criteria. In many cases, an employer will reimburse you the cost of your tuition after you successfully complete each course. They may require that you receive at least a B-grade to get the benefit. Sometimes, you may also be able to get additional costs reimbursed like other fees, books, and materials. Talk to your Human Resources Department to find out more information about this potential benefit.



Scholarships

There are a number of scholarships available to help pay for a college education, and not all are given out each year. Most students only apply for scholarships that are for a higher dollar amount rather than apply for a number of smaller ones. It may be worth your time to send in an application for all of the scholarships you can find if you are qualified. It all adds up in the end and could help you pay for more than just your college tuition but possibly even your books and rent. Always make sure that you understand what expenses the scholarship covers when you apply and make sure that the online degree program you are pursuing is acceptable based on the specified criteria.



Student Loan Deferment

If you already have student loans and will be starting a new online degree program, find out if you can qualify for a federal student loan deferment when you become enrolled as at least a half-time student. Not all degree programs meet the qualifications that will allow you to defer your student loans so if this is something you are expecting check the rules for the Department of Education first. A rule of thumb for you to determine if this will be approved is that if the school is eligible to disburse federal financial aid than it can be considered acceptable for federal student loan deferment.



Student Loans For An Online Degree

If an online degree program has the proper accreditation, more than likely, students who meet eligibility requirements can apply for federal financial aid. If your program does not qualify for federal aid, a number of private financial institutions may be able to offer you a student loan to help you with your educational expenses. These do not offer the same benefits as federal financial aid so you may have to pass a credit check and be charged a high interest rate with an expectation that the repayment on the loan begin within 30 to 60 days after the loan has been disbursed. Before you sign on the dotted line, be sure to read all the fine print carefully or you could also face heavy penalties for late payments or an early payoff.



Types Of Financial Aid For Online Learning

When looking into financial aid to help you pay for an online degree, there are really three different types that you could be qualified to receive. First, there are grants which consist of funds (including scholarships) that do not require repayment. Grants are typically available to students with a high financial need; however, scholarships are not always based on financial need but may have other criteria. Second, students may qualify for student loans which have to be paid back at some point. Student loans are available through both federal and private sources. Finally, if your school qualifies for federal financial aid, you may be able to qualify for work study. This is basically a part time job funded through the U.S. Government to help you earn money towards your college education.