Whether you have decided to pursue an online degree for a new job or to advance in your current role, paying for your education can be a major hurdle.
Below are five key financial questions to ask as you research different options.
1. Do online and on-ground students pay the same tuition and fees? To find out about school costs and required fees, check an online program’s website or contact the bursar’s office, which is responsible for handling college tuition payments.
At many universities, online and on-campus students pay the same tuition. But at public schools, it can vary whether tuition is different for in-state versus out-of-state online students. And while on-campus students may pay athletic, transportation or activity fees, these are typically waived for online students, though a distance education or technology fee may be required.
[Explore what to know about financial aid for online programs.]
2. Can I submit payments online? Most colleges have moved to online payment systems in recent years. Generally, online degree programs accept payments submitted online through credit and debit card or electronic check, mail by check or money order, or wire transfer.
Most online programs also allow students to pay tuition for a given term in multiple sums rather than all at once. There will often be information about this option on a program’s website, or you can discuss it with the bursar.
3. How can I finance my education? Financial aid officers can help you determine your eligibility for grants or scholarships based on your field of study, previous academic achievements and family’s financial need. You may also want to apply for loans, which are typically available to online students through the federal government, banks and other institutions. These can be repaid after you graduate.
You may be eligible for financial aid as an online student, though this can depend on whether you enroll part or full time. As part of their financial aid packages, some colleges provide vouchers for textbooks to online students. In addition, you should confirm with a financial aid officer whether you are eligible for the same scholarships as on-campus students.
[Learn how to decide between part-time and full-time online degree programs.]
4. What is the FAFSA, and am I eligible for it? The Free Application for Federal Student Aid is a Department of Education form designed to help students fund their education. The Office of Federal Student Aid is the largest provider of student financial aid in the U.S., offering scholarships, loans and work-study opportunities to those in college.
Online students can submit the FAFSA just as on-campus students do. To be eligible for federal financial aid, students must demonstrate a financial need, meaning the cost of education is greater than their estimated expected family contribution.
5. What other services are available to me as an online student? It depends on the school, so be sure to ask.
Some online programs have dedicated advisers who help keep students on track with paying each term. Some also have career counselors dedicated to helping online students; they can provide information about how getting your degree may impact earning power in your field, for instance. You should ensure you will have the support you need.
The takeaway: Financing your online education can seem daunting, but by looking into available grants and loans and how payment works, you can make educated choices and determine how to get the most value for your money.
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Ask 5 Financial Questions When Picking an Online Degree Program originally appeared on usnews.com
