Financial Aid for Online College

Can I Get Financial Aid For Online College?

Financial aid is vitally important for almost every college student. Even online college courses, cost-efficient as they are, can be quite expensive what with tuition, textbooks, lab supplies, etc. There are many sources of financial aid to help pay for traditional, campus-based college. But what about online college courses?

You may have heard that government grants, loans, and other forms of financial aid are difficult or impossible to get for online college courses. That was true for a number of years in the mid-2000s. But today, financial aid is just as easy to get for online college courses as it is for traditional classroom-based education. Persistent rumors that financial aid isn't available for online courses are based in outdated history.

There was a "gold rush" for government student financial aid when online college courses first began to catch hold of the public's attention. Many "diploma mills" sprung up, offering unaccredited degrees for no more work than it took to pay the tuition. These bogus "colleges" would coach students through the financial aid process, take the resulting taxpayer dollars, and grant a degree that was basically worthless to employers, other colleges, and the students. Congress put the brakes on that.

Laws were passed to require at least 50 per cent of a college's students to attend school in person in order for the college to receive accreditation. At least 12 hours of "course work" had to be delivered weekly; you could not learn at your own pace, entirely. Individual courses were subject to strict scrutiny of their delivery methods; paper-based correspondence courses were presumed to be legitimate, while something as easy as email was deemed ineligible for government student financial aid. Every loophole that Congress closed contained another through which scam artists slipped, and students were left horribly confused and in fear of either losing their financial aid or getting a worthless degree. Fortunately, the situation was straightened out in 2006.

Financial Aid For Online College - YES!

Today, online college courses offered through accredited institutions are treated the same as other types of courses for financial aid purposes. You fill out the same forms; meet the same qualifications; and get the same amounts of financial aid as a traditional student.

Whether you will be attending a campus-based or online school, if you want to receive financial aid, your starting point is the FAFSA (Federal Application for Student Financial Aid) form. After answering a series of questions about your finances, a nameless, faceless bureaucrat in a windowless office will determine your eligibility for government loans and grants.

There are many forms of financial aid available from public and private sources. If you are eligible, you can apply for Stafford loans, PLUS loans, grants and federal scholarships. Government Pell Grants can provide over $5,000 per year to undergraduate students currently. Unlike loans, a grant does not have to be repaid if you finish school; if you withdraw early, then you may have to repay part of your grants. Student loans are guaranteed by government agencies so that banks are more willing to lend to students based on their future earnings prospects. Scholarships are available from public and private entities; eligibility may be based strictly on merit, or someone may have left a pile of money bequeathed to redheaded, left-handed Italian students.

It's also a good idea to check with the college you're attending to see if they offer any scholarships. The financial aid office of the college you wish to attend can provide expert advice on the full range of financial aid options available for traditional and online college courses, and guidance in applying for all the aid for which you qualify.

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