This One Is Right on the Money

in College Finances by Elena Jacob — June 12, 2011 at 8:26 am | 1 comment

Funding Your Online Degree

Part 1

In this look at financial aid for college, we will look at reasons to go back to school and what may be stopping you. We will also look at scholarships and how to apply.

Why Go Back to School?

Most people would love to go back to school and get their bachelors or associates, especially with the advent of quality, easy-to-use online programs. There are tremendous benefits to obtaining a college degree. According to the U.S. Census data from the first quarter of 2011, individuals with a Bachelor’s degree earn approximately 66% more than those with a high school diploma or equivalent. The numbers increase from there, with advanced degree holders bringing home almost 145% more than high school graduates each year.

Even though there are clearly great advantages to having a college degree, twice as many full-time workers aged 25 and older have only a high school diploma compared with those possessing advanced degrees. This means many Americans are without college degrees, and most likely feeling that they are earning less than what they could.

What’s Standing in Your Way?

It’s no wonder, then, that so many wish to earn their degree and improve their lifestyle today. Now that the Internet has opened up the possibility of getting an education in the comfort of one’s own home, and at the discretion of existing schedules, financial concerns are now the biggest obstacle standing between the average American and their degree.

Many potential students hesitate to seek a degree, stopping themselves before they even start, because they truly believe they will not be able to afford college. Despite common beliefs, it’s not necessary to go into debt or to work a second job to pay for a degree – there are many great options, qualifying is not as impossible as it sometimes seems. It’s all a matter of knowing where to look and taking the time to apply.

Scholarships

In the 2007-08 school year, The National Post Secondary Student Aid Study (NPSAS) surveyed roughly 128,000 undergraduate and graduate students and found that over 65% of these students, regardless of race, gender, socioeconomic background, and school in attendance received financial aid of some form.

This study indicates that the majority of college students are receiving financial aid of some sort. This can range from scholarships that pay only for books to scholarships that cover costs entirely – or any combination of these various types. While each scholarship has its own rules and parameters, most do not prevent winners of other scholarships from applying or winning.

Finding Scholarships to Apply For

There are more than 1.5 million scholarships open to students from all walks of life, adding up to over $3.4 billion in available funds. Websites like FastWeb.com and Scholarships.com offer a great resource for finding scholarships that can help all kinds of different students.

By filling out a profile, students allow the automated system to match them with scholarships, fellowships, grants, and cash-prize contests. They offer guidance through the application process, and provide vast amounts of information on college, returning to school, and getting an online degree.

Tune in for Part 2, where we will take a look at getting a work-related degree that the boss will be willing to help pay for and finding other funding sources.

Do you want the benefits of an online degree? Talk to an advisor at an online college and get started today!

Tags: financial aid online degree scholarships