Funding Your Online Degree with Federal Financial Aid

by Karen Lawson
Online Degrees Columnist

Accredited distance education programs offer many features that you would find in a traditional campus program, including eligibility for financial aid programs. Federal programs are just the beginning. They can also assist in qualifying you for state, local, and private scholarships and loans.

Many Online Degree Programs Eligible for Financial Aid Programs

It's been a few years, or maybe more, since you've been in school. You'd like to earn an online degree, but are concerned about the cost. If you think that financial aid programs are only available to "traditional" college students who attend classes on campus, think again. Financial aid developed by the US Department of Education provides grants and low cost loans to suit almost any circumstance. At this time, repayment rates for student loans are reasonable, and the interest you pay on student loans is likely tax deductible. Once you've graduated, it's possible to consolidate your student loans into one loan, and to extend the repayment term to lower your payments.

FAFSA Provides Access to Financial Aid

Once you've decided on a school, it's time to complete the FAFSA online. What on earth is a FAFSA? It's the US Department of Education's Free Application for Student Aid. Note that the application is free, as there are plenty of scammers who will attempt to charge you a fee for completing this form through their website. In order to complete the FAFSA, you will need to supply the personal and financial information necessary to determine your eligibility. Your online degree school likely has a financial aid department that can assist you with FAFSA, and can also tell you about scholarships offered by your school, community, and private organizations and individuals. The important thing to remember when shopping for distance education programs is to verify that the school is properly accredited and is eligible for federal financial aid programs.

About the Author
Karen Lawson spent more than twenty years in the business world before returning to college. She used student financial aid programs while earning her MA degree in English at the University of Nevada, Reno.

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