Forget room and board, meal plans and commuting. Online degree programs allow students to avoid expenses such as these, perhaps helping to make college pursuits an affordable option for high school graduates and adults. Tuition for some online college classes and degree programs can be paid in monthly, no-interest installments.
Distance college classes and degree programs require little more than a computer with Internet access. Students can participate in studies on their own time, at their own place, and they can continue working relatively uninterrupted to help pay for tuition. While some online schools have this year reportedly increased tuition as much as 8 percent, at least one online institution announced that it has kept tuition costs steady, with an academic year’s worth of full-time undergraduate studies totaling less than $6,000. The Obama administration has recently expanded and revamped financial aid offerings and tax credits that might be applied to most forms of continued education.
When looking for online school offerings, students might not want to compromise quality for costs. The increase in online school offerings has also brought about an increase in what’s known as “diploma mills”, according to the U.S. Department of Education. The Department of Education and other agencies caution students to beware of institutions that charge money for worthless degrees, diplomas and certificates requiring little to no academic work.
Higher education professionals typically recommend that students look toward online schools that are accredited by any one of six regional accreditation boards. With accredited online schools, it’s more likely students can transfer credits, obtain financial aid and earn degrees that employers would view favorably, the U.S. Department of Education suggests.
Financial aid in the form of grants, scholarships, fellowships, loans and work study programs might be obtained to help pay for online degree programs. In addition to colleges and universities, students can apply for scholarships and fellowships offered by community groups, chambers of commerce, non-profit organizations and large corporations. Scholarships and fellowships might be awarded based on financial need, area of study, demographics, academic grade level or a combination of factors such as these.
The federal government is considered the largest provider of financial aid, offering work study participation and other offerings to help offset the costs of tuition at accredited colleges and universities. The government’s Pell grant has this year been expanded to provide students with financial needs up to $5,000-plus for tuition. And this money, like that associated with scholarships and fellowships, typically doesn’t have to be repaid.
Students can also obtain federal government loans that are awarded through the financial aid offices of schools and that don’t require credit checks or collateral. These loans don’t have to be repaid until after graduation. Students who make their payments on time might see the debt forgiven after a certain number of years.