How to Pay for an Online Degree
Wondering how to pay for an online degree? You may be in for a pleasant surprise. The government offers many opportunities for students to get money for college, and accredited online university students are no different. Whether you are an undergraduate or graduate student, regardless of your major, there should be something that you qualify for.
In order to qualify for the Academic Competitiveness Grant, students must also be eligible for the Pell Grant and must be enrolled at least half-time in their first or second year of a certificate or degree granting program. Awards are $750-$1,300, and they don’t need to be repaid.
Direct and FFEL PLUS Loans
If you are enrolled in an accredited online university at least half-time, your parents may qualify for these unsubsidized loans, depending on their credit history and other factors.
Federal Perkins Loan
Undergrad and grad students in financial need may qualify for this loan of up to $5,500 for undergraduates and $8,000 for professional/graduate students.
Federal Supplemental Educational Opportunity Grants offer awards ranging from $100 to $4,000 for undergraduate students in financial need.
National Smart Grant
The National Science and Mathematics Access to Retain Talent Grant offers awards of up to $4,000 annually for students who qualify for the Pell Grant, who are enrolled at least half-time in the third, fourth or fifth year of certain subjects and study programs, and who have at least a 3.0 GPA.
The Federal Pell Grant offers money for qualifying undergraduate students to use for their college education that doesn’t need to be paid back. This amount may be anywhere from $400 to $4,731, based on need and merit.
If you’re studying online to become an elementary or secondary teacher, the Teacher Education Assistance for College and Higher Education Grant may award you with as much as $4,000 a year that doesn’t need to be repaid. Undergraduate and graduate students may apply.
Direct and FFEL Stafford loans, between $3,500 and $8,000, are provided to students in financial need attending college at least half-time, and they must be paid back, starting after graduation. With subsidized loans, the United States Department of Education pays the interest while the student is still in school.
There are also unsubsidized Direct and FFEL Stafford loans, which range from $5,500 to $20,500, based on grade level and credit level, and they accrue interest while the student is still in school.
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