Financial Aid and Scholarships Available for Online Master’s
Online colleges typically cost less than traditionally campus colleges, but the price of tuition can still be expensive. To help, there are a number of forms of financial aid available, and the most savvy students apply for them all – you could end up going to school for free! Let’s check out some of your options and talk about how to apply.
Financial Aid Options
The two most common forms of “free” money for college (i.e., you don’t have to repay the amount) are scholarships and grants. Scholarships are typically given to students showing merit, while grants are typically given to students showing financial need. In general, however, there’s a lot of overlap – both scholarships and grants often have other requirements. At the masters degree level, you’re also likely to find a form of financial aid called a fellowship. Fellowships are similar to scholarships, but often come attached to a requirements such as serving as a teaching assistant. Because many fellowships have residency requirements, they’re less commonly available for online masters degree students.
Student loans are of course another option, and you can also look into loan reimbursement programs. If you work as a teacher or nurse in a high-need area, the government has loan forgiveness available, which allows you to wipe away some of your students loans. If you’re going back to school for a masters degree after working in your respective industry, your employer might also offer reimbursement.
A Note About Accreditation
Most forms of student financial aid don’t specify that you have to go to a traditional college to earn the money. However, accreditation is important. At one time, diploma mills, where you don’t get a valid education, were running rampant across the Internet, and they still do pop up from time to time. Online scams are also out there, although they are less common than they were in the past. Those who offer financial aid, including government organizations, companies, and organizations often require proof that their money is going toward an accredited program. Make sure that your college of choice has been accredited before you enroll and attempt to apply for financial aid!