Online College Degrees

I have mentioned before that I was a professor for 6 years in Dallas, a student recruiter while in graduate school for 2 years, and I recruited nurses to back to college through distance learning programs for 4 years.  There is one thing I learned:

The lack of money will not keep you from going to school.

I have never seen a student turned away at the door because they didn’t have money in their pocket to pay for school.  Let me qualify that a bit further.  If a student is willing to work with the financial aid department of the school, they will help you find the finances to pay for your schooling.  This includes online degrees and traditional campuses. 

Now, schools want their money… after all, they are technically a “business,” and they need money to keep their doors open.  But, the financial aid department has nearly unlimited resources to help you pay for your degree.  The only people who don’t receive money are the people who never ask.

In a previous blog post, we talked about Federal Money for college.  Here are some further ways you can find money to pay for college.

1. Loans from a private source- Usually this involves a private bank.  These loans tend to have higher interest rates and must be paid on the schedule set up by the bank.
2. Grants- These are monies that will help pay for educational expenses that do not have to be repaid.  In order to receive a grant, the committee that is issuing the grant may have some requirements that must be adhered to.
3. Scholarships- These tend to be based on the student’s performance in school, sports, or other criteria.  There are requirements that must be adhered to in order not to lose a scholarship.  The money from a scholarship does not need to be repaid.
4. In House Financing- Some schools offer an in-house financial program to students who cannot obtain funding sources elsewhere.  Check with the advisor at the school you have chosen.

A student attending an accredited on-line school has the same rights to financial aid as a student attending a traditional college.  With so many options available now, there is no reason why finding financial aid to help pay for schooling should cause you angst.

You have decided to attend an on-line school to further your education, good for you!  Now it is time to find the financing available to you.  There are many options open to you that will not require you to break open your piggy bank or dip into your vacation funds.

As recently as 1992 online schools were required by law to offer at least half of their courses at a physical campus in order to be able to offer any type of federal financing; but that law was overturned in 2006.

There are several different kinds of Federal Student Loans available:

1. Federal Perkins Loans- A low interest loan available to students who are proven to be in extreme financial need.  As long as a student remains in school, the government pays the interest on the loan continuing for nine additional months after the student graduates.  Then the loan and the interest is the responsibility of the student.
2. Federal Subsidized Stafford Loans- A low interest loan that the government pays the interest on as long as the student remains in school.  For six months after graduation the government will continue to pay the interest, and then it is the student’s responsibility to start repaying the loan.
3. Federal Unsubsidized Stafford Loans- Also low interest, however the interest starts to accumulate from the time that the money is paid to the school.  The first payment is usually due six months after graduation.
4. Federal PLUS Loans- This stands for “Parent Loan for Undergraduate Students”.  This loan is available to parents that are paying for their child’s education.  The loan repayment starts as soon as the money is paid to the school.
5. Federal PLUS Loans for Graduate and Professional Degree Students- After a student has reached the limits of other federal finance possibilities, they may qualify for this loan.  The loan repayment starts as soon as the money is paid to the school, however the student may request a deferment while they are attending school.  Forty-five days after graduation the loan repayment schedule resumes.

There are other options for paying for your degree beyond Federal loan and grant programs.  We will look at loan options in the next blog post.

Has life put your dreams of obtaining a higher education on hold?  Are you afraid that working forty hours a week and having kids makes your dream of going to college  impossible.  Not anymore, with the age of internet comes the realization of your dreams.  It is now possible to obtain a degree from the convenience of your own home, on your schedule without ever stepping foot on a campus.

So now the search is on.  With so many on-line schools out there, how do you pick the right one?  There are some important things to consider when searching for the perfect school for you.

1. Is the school accredited?  Accredited means that a school has been officially recognized as meeting standards or criterion.
2. Is the school able to meet your basic requirements that you need to be able to obtain work in your chosen field?
3. How many students are in each classroom setting?  Can the instructor meet each individuals needs?
4. What certificates or degrees are available?  A certificate is a document that states that you have completed the courses and have met certain standards.  Certificates are often awarded through schools offering shorter courses.  A degree is a title that is awarded by a school following the successful completion of study in a particular field.  A degree can take from two years or longer to receive.  How long will it take to obtain a certificate or degree in your chosen field?  
5. Does the school have technical support available?  Is it available at all times or just specific hours?  How available is the instructor?
6. Is the tuition all inclusive?  Are there additional fees for books, labs, or any other fee that must be paid?
7. Does the school aid in employment placement?  What is the percentage of students who graduate that are working in their field of study?
8. What type of financial aid is available?  Does FAFSA recognize the school?  Are there scholarships or grants available?  Is there in-house financing available and at what interest rate?

By utilizing the tips outlined above, you are ensuring that you have the pertinent information available to you in order to make an informed decision. 

Do not be afraid to ask questions of the recruiters that you talk to.  They are there to answer questions and inform you about their school and their programs.  However, do not let them pressure you by pushing you to enroll before you are ready.

Lastly, and perhaps most importantly, do not attend any school that offers you less than what you desire.  With so many schools available to choose from, there is no reason that you cannot find a school that offers you everything that you need to be successful in whatever career field you want to enter.