Sources of Money for College
Federal Aid
As its name states, it covers money for college from our federal government and includes the most typical aid source sought by students going to online universities. All details associated with federal money for college is covered on the government’s website for students attending online degree programs: Studentaid.ed.gov. The main types of aid provided by the government include work-study, loans, and grants. Aid will be determined based upon the details students going to online colleges offer in the FAFSA application, which is needed by pretty much all United States post-secondary programs that decide a student’s aid eligibility overall.
State Sponsored Aid
Also, state governments provide their own financial support sources to students attending online universities; for this matter, the same might be said for municipal, city and county governments.
College Sponsored Aid
Online colleges themselves provide their share of resources for aid, usually in the form of work study, fellowships, grants and scholarships.
Private Aid
After you exhaust financial support from these three categories, you might discover that you still can’t afford your online degree. Option number one includes private organizations which award need-based and award-based grants and scholarships.
With the resources out of the way, let us now identify the kinds of online degree aid:
Grants
Grants include non-refundable aid that is awarded by organizations. Typically, they require a higher degree of accountability from a recipient than, perhaps, scholarships. Grants oftentimes require that a student attending online universities work in some capacity inside a specific program then formally report to an organization that distributes a grant.
Fellowships
Fellowships will refer to endowments or stipends which support students who attend online colleges that work inside a certain industry or in support of a specific research effort, oftentimes in support of the professor. A fellowship is nearly exclusively discovered at a graduate level.
Loans
Loans, the most typical source of aid, refer to borrowed sums which have to be repaid, with interest, according to the terms of the legal agreement between the borrower and lender.
Scholarships
Scholarships include non-refundable aid sources awarded by organizations for a number of reasons, like athletic ability, academic achievement, or financial need. Scholarships usually have basic requirements that students have to maintain, like GPA, to stay eligible for their money.
Work Study
Work study will refer to an organization, more typically the federal government, that arrange opportunities for part-time employment for students, which, as filled, will guarantee a specific wage level, and support students all throughout the program term. Work-study plans usually are only available for those on-campus for some part of the program.
About The Author
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Irum Niaz
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