Insider Tips on How to Apply for Financial Aid for Online Classes
Are you considering attending college? Has the rising student loan debt epidemic held you back from furthering your education?
College doesn’t have to cost an arm and a leg. In fact, each year, students receive more than $120 billion in federal financial aid.
A great way to cut costs and still receive a great education is to enroll in an online college program.
If you want to further your education online, here’s how to apply for financial aid for online classes to support your studies.
Find an Accredited College
The first step towards receiving financial aid is making sure you choose an accredited college.
Financial aid isn’t calculated based on whether the school you attend is a traditional school or online school. But you do need to make sure your potential college is accredited.
It’s also good to note that full-time students have a better chance of receiving financial aid than part-time students. This has to do with the way your financial need is calculated with the FAFSA.
File Your FAFSA
The federal financial aid process for tradition colleges and online colleges are the same. To receive any financial aid, you must first complete and file your Free Application for Federal Student Aid (FAFSA).
The FAFSA determines your Expected Family Contribution based on your Cost of Attendance, personal financial information, and your enrollment status.
The Cost of Attendance includes tuition and fees, books and supplies, and any other necessary college costs.
After you file your FAFSA, your need-based aid is calculated. This is your Cost of Attendance minus your Expected Family Contribution.
The amount of money left over after this calculation is the amount of federal financial aid you may receive. Your federal financial aid amount can never be more than the need-based amount.
Some examples of federal financial aid available to college students include:
- Federal Supplemental Educational Opportunity Grant
- Federal Pell Grant
- Federal Work-Study Program
- Direct Subsidized Loan
- Federal Perkins Loan
Just because the FAFSA has calculated your Expected Family Contribution doesn’t mean you actually have that money available to pay for college. Colleges understand that you have other financial obligations that may get in the way of your financial dreams.
This is where non-need-based aid comes in.
Non-need-based aid is your Cost of Attendance minus the amount of federal financial aid already awarded.
There are many options available to cover your non-need-based aid. Some of the more popular include the Federal PLUS loan and Direct Unsubsidized Loan. You can also receive financial aid through your school or private organizations in the form of scholarships.
We suggest talking with your school’s financial aid office to see which options are available for you.
Secure Financial Aid for Online Classes
Now that you know how to secure financial aid for online classes, you’re ready to explore your course options.
Parker University is an online accredited college that offers multiple programs, including a Doctor of Chiropractic degree, along with many other health related graduate, undergraduate, and certification programs. During the 2016-2017 school year, 100% of our full-time beginning undergraduates received grant/scholarship aid
Visit online to apply to Parker University today!