Financial Aid for Online Students

Going to college is expensive and if you’re like a lot of prospective college students, you may not have the cash on hand to pay for your education. If that’s the case, there’s no need to give up on your dreams. There are several financial aid options available for online college students who enroll in accredited degree programs.

College Scholarships

Most colleges offer scholarships to students who qualify, even for students who have a history of “average” GPAs. Some offer scholarships for incoming freshman while other colleges provide scholarships for students who have successfully completed one semester of college coursework. If you’re interested in applying for a scholarship, check with your college’s financial aid or scholarship office for more details.

You’ll also want to do a little research to see if your employer, parents’ employers, or local businesses offer scholarships to college students. Many scholarships go unclaimed each year simply because people aren’t aware that they exist.

If you’d like to conduct some research, consider buying books where all the footwork has been done for you. You can go to online booksellers like Amazon.com or BooksaMillion.com and do a search for “scholarship books.” There are several books published each year that offer details about thousands of scholarship programs.

Veteran’s Benefits

You may qualify for financial aid if you are in the military or have been honorably discharged from the military. Some colleges offer military discounts for active duty military men and women as well as for their family members. Contact your college’s Veteran’s Affairs office for more details.

Pell Grant

If you are a United States citizen and have not completed a bachelor’s degree, you may qualify for a Pell Grant. The first step is to complete a Federal Application for Financial Aid. You’ll need your most current income tax information and/or your parents’ income tax information to apply. For instance, if you’re applying for the 2010-11 academic year, you’ll need information from completed tax 2009 tax forms. The Pell Grant is awarded based on your family’s combined income. The maximum Pell Grant award for the 2009-10 school year was $5,350.

Academic Competitiveness Grant

If you’re eligible for a Pell Grant, you may also qualify for the Academic Competitiveness Grant. In order to qualify you must be a citizen of the United States (or eligible non-citizen), and a first or second-year student in an undergraduate program or one-year program in a two or four-year institution. You must also have completed a rigorous secondary school program of study. If you’re a first-year student, you must have graduated after January 1, 2006 or January 1, 2005 for second-year students. First-year students may qualify for $750. Second-year students may qualify for $1,300.

Federal Supplemental Educational Opportunity Grant

This grant is an award of $100-$4000 per year and is reserved for undergraduate students with the most pressing financial needs. Pell Grant recipients with the lowest expected family contributions receive top consideration.

Student Loans

If you do not qualify for grants or scholarships—or need more money to cover your expenses—you may qualify for student loans. You may apply for a student loan by completing the Federal Application for Federal Student Aid. You may also get a loan though a bank or credit union.

Employee Education Reimbursement Programs

Unfortunately, many employees are unaware that they can get the funding they need directly through their employers. Many companies offer reimbursement incentives to employees who complete college courses with a grade of “C” or higher. Contact your Human Resources Office to see if your company offers cash incentives to college students.

If you’re ready to go to college, there’s no better time than now to check out your options. Apply for grants and scholarships early to get top consideration for financial aid awards.