Posts Tagged ‘student loans’

Paying for Your Online College Degree Program

Friday, March 25th, 2011

Worried about paying the bills after tacking on the cost of an online college degree program? You aren’t alone. The good news is: you have options. The even better news? There is free money for college out there—and My College Guide will tell you just where to look!

Paying for Online College Courses? You still have options!

Public Domain Photos / Emilian Robert Vicol

Free Money For Online College Degree Program

It’s true. It doesn’t matter how old you are—as long as you plan on attending an accredited college, online or off, you can find and apply for money to help pay your way. There are three types of financial resources available. Going back to school doesn’t have to mean going into massive amounts of debt!

Grants

Grants are sort of like loans except: they don’t have to be repaid! If you are awarded a Pell grant, it’s like being handed free money just for attending your online college degree program. The easiest way to try to receive a Pell grant is to fill out the FAFSA, or Free Application for Federal Student Aid. It’s fast to fill out and can help win you a grant or help you qualify for a government or private loan. You won’t know if you qualify until you fill out the form!

College Scholarships

Yes, even adults going back to school can find, apply for, and win a college scholarship! The trick is to start applying for scholarships where you completely match the criteria. If they only award a specific scholarship to Engineering majors, don’t apply unless you are an Engineering major! Scholarships are competitive so don’t waste your time applying unless you fit the requirements.

There are college scholarships for students of all kinds. Start with our list of college scholarship websites. Use between 2-3 sites and see what you can find—you might end up surprised! From unusual college scholarships to character traits (are you left-handed?) and those specifically for adults going back to college, there are scholarships out there to match any student.Why not try and find free money to pay for your online college degree program?

Loans

When you don’t quite have enough to pay for your online college degree program in full, many students turn to loans. Of course, using the above financial aid options can help you cut down on the amount of money that you have to borrow.

Be smart with your money. Take out what you need to pay for your college classes. Don’t think of a loan as free money—you’ll be paying this one back, but nothing says that you can’t make payments on your loan before you graduate! Compare providers and see who will give you the best interest rate and always proofread the fine print before you sign on the dotted line.

Who We Are: Information you can trust. For more than 20 years, My College Guide has provided information to help students find the best college degree and career for them. Get information on any online college degree program to find the right career for you!

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Beyond Federal Financial Aid

Wednesday, October 7th, 2009

Daniel Y Go

When it comes paying for college, you may apply for federal financial aid. The problem may be that when you receive the award letter, it’s simply not enough to cover everything. With a college education comes the expense of covering tuition, books and room and board for a four-year period, which means the costs can really add up. If your federal financial aid is falling short of the amount of money you need to pay for your college education, you may have to turn to applying for student loans from private institutions.

Where and How to Find Student Loans

  • Bank. Your first stop for student loan information should be the bank where you or your parents have an account. Having a relationship with the bank may make it easier for you to qualify for a student loan. It may also help you to get a better interest rate, repayment terms and conditions than you would from a bank where you don’t have an existing relationship. Some lenders may also ask you to open an account with them when applying for a student loan to help with the approval process.
  • Private loans. Another source of college money is obtaining a loan from an individual, such as a family member, rather than applying for a bank student loan. In a private one-on-one situation, you can negotiate the amount, interest rate and payment arrangements with the person loaning you the money. This means you can usually get a better interest rate and more favorable repayment terms than you may get when going through a traditional student loan program. You should treat this loan as you would any other loan, making sure that the agreement is in writing and that you both sign a promissory note that details the terms of the loan.
  • Comparison Shop. Obtaining a student loan is a major financial decision. This means that you should shop and compare your various options before choosing the one that is the most beneficial to you. It’s wise to compare at least three student loan options to compare the differences. You’ll want to compare the interest rates charged, the repayment terms, the term of the loan and any other options available with the loan such as deferment and loan forgiveness. This is important because you’re not sure what the future holds for you in the way of employment and income after you graduate from college.

After you’ve found out what is available for you in financial aid from the U.S. Department of Education’s FAFSA program, you may need to cover the shortfall with other sources. Private student loans may be the way for you to pay for college expenses that are not covered by other means.