Financing Online Learning
Perhaps you’ve saved some money from your job, or other resource, and have dedicated it to your schooling. Maybe your income doesn’t allow any savings of any kind. Because you’ve made the decision to further your education, have decided which school you will attend, and have decided to do your schooling online, you probably have a very good idea of the costs involved. Tuition and books are only a small part of the schooling budget.
Higher education is a major purchase. We don’t often think of it as such, but it is. It’s every bit as important as any other major purchase such as a car, home, etc. You want the best you can get for your money, and your education is no different. Don’t let the associated costs deter you; help is available. Use your learning institution’s financial aid counselor as much as you can as he or she has knowledge of the many resources available. You can also do some legwork on your own as well. You will find out there is a lot of money available, and some of it could be yours.
The good news is most qualified learning institutions will accept financial aid, period. The first place to start is by filling out a FAFSA form. This site: www.fafsa.ed.gov is a good site with a lot of important information. After you know if you qualify for any Federal help, there are many places willing to help you with your school loans, and usually with a very reasonable interest rate. You may also qualify for scholarships as well. Scholarships may be for any school or may be school specific. Ask your financial aid counselor at the school for more information, and ask if your chosen school has a scholarship program for which you may qualify and apply for. Your home state may also have financial aid programs available. Here’s a handy link for help from individual states: Education Resource Organizations Directory (EROD)
As you progress through your schooling, you may find your financial needs changing. You may need more help, or you may need less. If you find you’re going to need more help as you go along, remember to apply early for the best chance of receiving financial help. Keep your financial aid counselor informed as to your particular situation. Remember – you will need to apply for Federal financial aid each year you are attending school. There may also be specific qualifications you must meet in order to stay eligible each year.
Receiving repayable financial aid is a responsibility that you must take seriously. Non repayment of school loans can be detrimental to your credit. Some loans require repayment as you’re attending school, and some don’t require repayment until you are done with school. If you find you need to go from being a full-time student to a part-time student, you may find your lender will require your payments to begin sooner than graduation. Non payment of school loans can have major consequences, and you must do everything in your power to make sure your loans are paid, and paid on time. If you find yourself in a financial hardship, you need to let your financial aid counselor know, and also your lending institution(s). You may be able to temporarily postpone your payments, or perhaps your counselor or institution has other options for which you may qualify. Whatever you do, DO NOT ignore this responsibility. This cannot be stressed enough.
This is one of the biggest decisions you will make in your life. Don’t let the costs and financial obligations sway your decision. The benefits from furthering your education far outweigh any hesitations you may have.
Comments