Going to college is very exciting. However, majority of students need to face reality: college is expensive. That’s why various government and non-government organizations have been set up to provide students with the necessary financial backing that enables them to pursue higher education. Scholarships and loans have long been available for students entering traditional universities. For online students though, one question remains. What about us?
Fortunately, the same assistance is available to individuals who are pursuing an online degree. Whether you are a single mother, recently laid-off worker, displaced homemaker, or a senior adult, there are varying financial assistance available to you. Be patient in searching for scholarships or loans. It is also important to do a localized research. A number of states provide grants to people who need it most.
Types of Scholarships Available
Single Parent Scholarship – depending on your residence state, the subsidy granted to you may be generous or minimal. Usually, you’re qualified to receive this scholarship if you come from a low-income family and have a child that is below 18 years old.
Early Childhood Development Scholarships –this type of assistance is limited to the states of Massachusetts, New Hampshire, and Kentucky. Only chosen students will receive this scholarship.
Where Learning Begins Scholarship – write a 1500 words or less essay about why the online degree is important for you. Describe the personal difficulties and challenges you had overcome so far in your pursuit of education. If your essay is chosen, you will receive $1500 in assistance. This will help you complete an undergraduate or a graduate course.
Law Enforcement Officers’ Dependents Scholarships – available the dependents of firefighters, law enforcement officers, and EMTs who have been injured or killed in line of duty. Most states in the US provide this assistance.
Military Scholarships – this is available to military personnel as well as their family. Various states also provide financial help to members of the National Guard and Reserves.
Types of Loans Available
Federal Stafford Loans – as a loan regulated by the federal government, it is granted based on the financial need of the student. It can be obtained from the government, banks, or credit unions. There are several types of Federal Stafford Loans including (1) Subsidized Stafford Loan, (2) Unsubsidized Stafford Loan, and (3) Additional Unsubsidized Stafford Loan which is for independent students.
Federal Plus Loans – awarded based on cost of attendance and credit history. This type of loan can be provided to parents whose children are full-time or part-time undergraduate students. While the interests on this loan are low, repayment starts within 60-90 days of disbursement. It can also start after the student graduates.
Federal Perkins Loans – awarded based on extreme financial need. The amount to be disbursed on this loan is limited, however. If you get a Federal Perkins Loan, you need to be aware that it is reported to the credit bureau. A default will hurt your credit score.
As you can see, online students are not left out when it comes to financial assistance. This list above only provides a glimpse of the scholarships and loans available out there. It is recommended for you to check the type of scholarships granted in your locality and find out if you qualify.