FAFSA and Financial Aid for Online College
No matter if you learn from home or go to school in person, there's money available to help you pay for your education. People taking classes online can get the same help with money as students who go to classes at school, like loans, scholarships, and grants from the government.
If you're looking into online courses, make sure the school is recognized and offers financial help. A great first step is to see if you qualify for financial aid through the Free Application for Federal Student Aid (FAFSA).
We'll guide you through all the different ways you can get financial support for online schooling and how to apply for it.
Different Kinds of Financial Support for Online College
Lots of students mix different ways to pay for their degrees. Each way to get money for school has different rules. We'll show you some of the best options for students learning online.
Loans for Online Students
Loans are money you borrow from the government or private companies to pay for school, which you have to pay back later. It's important to compare different loans because they have different conditions and interest rates.
When you fill out the FAFSA form, you can ask for different types of loans like subsidized loans, unsubsidized loans, Direct PLUS loans, or consolidation loans.
If you don't have a lot of money, you might get a subsidized loan, which doesn't gain interest while you're in school. Unsubsidized loans are for anyone and they start adding interest as soon as you get the loan.
Grants for Online College
Governments, schools, and some groups give out grants to help pay for college. The best part about grants is that you don't have to pay them back, unlike loans. For example, Pell Grants give money to students who don't have a lot of money, and this money doesn't need to be returned unless the student drops out of college.
Grants are usually given to students who need financial help. On the other hand, scholarships are a bit different. They can be given out for many reasons, not just if you need the money. You could get a scholarship for having good grades, being great at something special, or doing something amazing.
In short, both grants and scholarships are great ways to help pay for college because you don't have to worry about paying them back. Grants are more about needing the money, while scholarships can be for a bunch of different reasons.
Scholarships for Online Students
Different groups like private people, organizations, state governments, and schools give out money to help pay for college, called scholarships. You might get a scholarship because of good grades, what career you're interested in, or if you need money. If you're studying online, you can find scholarships just for you, which means less competition.
To apply for these scholarships, you often have to write an essay, show your school grades, and share how much your family can help pay for college.
Apply for FAFSA as an Online Student
Who should complete the FAFSA® form?
Any student, regardless of income, who wants to be considered for federal, state, and school financial aid programs. This includes grants, scholarships, work-study funds, and loans.
How long will it take?
It takes most people less than one hour to fill out the FAFSA form, including gathering any personal documents and financial information needed to complete it.
What do you need?
- Verified account username and password (FSA ID)
- Parent or spouse contributor name, date of birth, Social Security number, and email address
- Income and asset information (if required)
What is the FAFSA form?
Colleges and career schools use the FAFSA form to determine how much financial aid you're eligible to receive, which could include grants, scholarships, work-study funds, and loans.
You must apply for aid every year, but with the right information in hand, it's easy.
FAFSA Application Deadlines
Make sure you do not miss the FAFSA Application Deadlines by visiting FAFSA Deadlines.