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How to Receive Financial Aid When Going Back to School Online

Financial aid makes it possible for a vast majority of college students to further their education and achieve their career goals. Financial aid provides assistance to all types of students depending on the type they qualify for and the programs they enroll in. More and more classes are becoming available online thanks to the boom in technology advances.

As distance learning becomes more popular among educational institutions nationwide, students are able to take advantage of these schedule-accommodating alternatives to fulfill their program requirements. To get started, visit the school's financial aid website and there you'll find information on financial aid eligibility.

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You'll need to do research into which kinds of financial aid option you qualify as there are different types of financial aid to meet the needs of the different types of students. To determine the kind of financial aid you're likely to receive, it's good to know the types there are:

  • Scholarships: These are awards that anyone can apply for based on writing essay, your ethnicity, need-based scholarships, athletics, etc. Scholarships can range from a few hundred to a few thousand dollars. Keep in mind that scholarships offering large sums of money are more challenging to receive. Scholarships may or may not help much in terms of overall tuition costs but they are free!
  • Loans: Student loans can be taken out from a bank or through the government. Research the interest loan rates and terms thoroughly to get the best deal. Another thing to consider are certain tax credits meant for taxpayers paying for their higher education.The Lifetime Learning tax credit and the Hope credit are specifically designed for primary earning adults. You can receive almost 20 percent of the first $10,000 spent on educational costs.
  • Grants: Grants are like scholarships in that they don't have to be repaid. However, grants are provided by the government and are conditional. To apply, you will have to fill out a form called a FAFSA, or Free Application for Federal Student Aid, in order to determine if you qualify for government money. The FAFSA determines whether you qualify by asking you questions about your household income, if you are a dependent or have dependents, if you have assets that could help you get a loan, etc.
Financial aid has been helping students and families finance college education for decades. From being able to simply submit a essay to filling out a form, access to financial aid is available for all prospective students, including those in online degree programs.


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