College Grants For Online Students

Because most online students are adults, they don't have the option of getting their parents to pay their tuition. There are still two great options, however: getting an employer to pay for school or getting a college grant from either the government or a private foundation.

Start out by selecting an accredited school. If you don't, it will be extremely difficult to get grant money or a loan from anyone. Once you've settled on a school, you need to come up with a realistic estimate of how much money you'll need to complete your degree. Costs for online degrees vary widely. They can run anywhere from $10,000 total at a public university to over $100,000 at a private school - even of you do all your work online and never set foot on the school's campus.

In estimating your costs, be aware that while you won't have any room and board fees as an online learner, you do need basic software and computer access to take your courses. Keep in mind also that the tuition will go up from what it is today. Your annual cost for classes in your fourth year (if you're in a 4-year program) could cost 20 - 30% more than what the school is charging this year.

WHO GIVES OUT COLLEGE MONEY?
Before you start looking for government grants, take a moment and think: are there any local organizations who might want to help you fund your education? What about specialty groups that might be able to help, like groups that help minority or disabled students? Even if you don't fit into any particular aid group, it's worth looking around the internet for groups that either promote certain values or hold essay competitions to determine who they'll give out aid to. Two examples would be the 1-800 Wheelchair Scholarship Fund, which gives money to undergrads who place a high value on compassion in their communities, and the Atlas Shrugged Essay Contest, based on the well-known novel by Ayn Rand, which asks students to write essays on certain topics and then gives scholarship money to the best writers. Both can be found via internet search.

WILL THE COMPANY YOU WORK FOR PAY YOUR TUITION?
If you have a full-time job, it makes a ton of sense to look into whether or not your employer will help pay for some or all of your school. Ask your Human Resources department if there is any tuition assistance available. Just be aware they your employer will probably only pay for schooling in specialties where they need help, and that they may require you to stay with the company for a set period of time after you complete your degree. A couple of other questions to find out about in this scenario:
- Find out exactly how the company will pay your tuition. Will they send payment to the school directly, or deduct the money from your paycheck and reimburse you later on?
- What happens if you don't complete the degree program? Will you have to pay back all tuition to your employer?
- Do you have to maintain a certain grade average to get your company tuition aid?

GOVERNMENT COLLEGE GRANTS AND LOANS
It's actually easier for online students to get financial aid from the government than it was just a few years ago. That's because the Congress recently ended a rule that said students must be present in a traditional classroom for at least 50% of their education in order to get government college aid.

There are three basic types of college grants from the government:

FAFSA
It stands for "free application for federal student aid." This is the most widely offered government grant to college and university students. The application, which you can do online, is a gigantic pain the neck and requires very in-depth information on your finances. You need to start by finding out if your particular school participates in the program. If you qualify, the good news is that there is considerable funding available for students at a very wide range of schools.

PELL GRANTS
This is a federal grant, based on need, that goes only to people studying toward their first bachelor's degree. Pell grants are available to full- or part-time students. You can get up to $4,050. in aid per year, and the application is made through the federal FAFSA aid form online.

STAFFORD LOANS
These aren't grants, but very low interest-rate loans. They are, like Pell Grants, based on need, though there is a higher-interest version offered to students who don't fill the standard "need" requirement - a potentially good option in the current environment, where private lenders are refusing to give money out for mortgages or almost anything else.

LESS-FAMILIAR GOVERNMENT LOANS
There are three other less-known government grants available to online learners, all of which you apply for through the FAFSA application:
Federal Supplemental Ed Opportunity Grant
A need based grant for undergrads, these are administered through your particular schools finance office.

SMART GRANT
Provides an extra $4,000 to students already getting a Pell Grant. You must maintain a grade average of more than 3.0, and study in certain areas like engineering, math or a foreign language.

PERKINS LOAN
Need-based loan that provides private and government money mixed together. You must attend school at least 50% of the time to qualify. On Perkins Loans, the government will pay the interest on your loan while you are in school.

FEDERAL PLUS LOANS
Lastly, remember this program, which allows your parents to borrow to cover the difference between whatever aid you are getting and the total cost of your schooling. Inquire at your local bank, or though Sallie Mae for this option.