The Facts About Online Colleges and Financial Aid

In 2018, the average cost of attending a private four-year college or university was around $35,000 a year. While an education is a wise investment, this is still a hefty sum of money, leading many students to look for ways to offset these costs. One increasingly popular option can be found in online learning programs. By forgoing the traditional brick-and-mortar educational approach, students can save thousands of dollars a year on costly expenses such as housing and transportation. However, even this option can be cost prohibitive to many students.

Until February 2006, federal guidelines for financial aid required colleges and universities to provide at least 50 percent of their instruction in a physical classroom for their students to receive financial aid. Congress has since lifted this restriction though, and now as long as a school has regional accreditation from an agency approved by the U.S. Department of Education, its online learners can qualify for financial aid in the same way as a traditional student. So, if you’re considering an online school for your academic future, here are the steps you should take to apply for financial aid:

• Make Sure You File a FAFSA: FAFSA is an acronym for Free Application for Federal Student Aid, but it’s more than just an application for federal aid. It’s also the form schools use to determine eligibility for state and college-sponsored aid programs, including grants, scholarships, loans, and work-study programs. Filling it out takes most people less than an hour. A word of caution: there are service companies that offer to help students and their families fill out the FAFSA for a fee. This is not necessary; a school’s financial aid office will usually have someone available to help you for free.
• Seek Out Aid Options Available to Specific Demographics: Businesses, religious organizations, nonprofits, and private clubs have all been known to offer aid to specific groups. As an added bonus, this money usually does not need to be repaid. Veterans, vocational students, students with special needs, women, minorities, and LGBTQ students are all examples of groups that can find alternative funding options for their educational needs. 
• Compare Financial Aid Packages at Different Schools: If you’re still in the decision-making stage of deciding on which school to attend, one major factor should be how much aid you’ll qualify for. Sometimes, a more expensive school will also be more generous with a financial aid package, making them the better value. Get as much quality information as possible before making a final decision.

Online learning is an excellent option for many students, and with financial aid distance learning has become even more accessible. Follow these steps to find the financial aid package that’s right for you.