Paying for your Online Education

Paying for your online education can take some planning and preparation. Getting a degree online can make for some significant savings over attending school in a traditional manner but that doesn't mean that a Utah online education is cheap. Between your required tuition and books you can expect to easily spend thousands of dollars each year for full or part-time attendance. Fortunately, if you are attending an accredited online school or university your options for paying for your education are just as wide and varied as a traditional college student's including access to grants, scholarships and federal financial aid.

Scholarship Money

Scholarships are available to students attending school who meet certain criteria that qualify them as eligible. Scholarships are offered by private individuals, corporations and non-profit organizations as well as schools all over the country and the world. In order to apply for a scholarship you must fist prove yourself eligible - most eligibility requirements deal with age, or your major, or what year of school you are in or entering. Many scholarships demand that you prove yourself academically some way by having or maintaining a certain grade point average, or by writing an essay as your entry into consideration for the scholarship. Scholarships do not have to be repaid.

Grant Money

Grants are offered by schools through donations from various organizations or businesses. How much a school has to offer its student body in grants varies from year to year and they are always doled out to the neediest students first. Grants, like scholarships, do not have to be repaid.

Federal Financial Aid

The Free Application for Federal Student Aid or FAFSA, is available online and is the easiest way to apply for several types of federally-backed loan programs in order to help with the cost of education. These loans are offered regardless of credit history (as long as your credit history doesn't include defaults on payments to the government), and based on financial need with the lower income applicants receiving the more favorable, subsidized loans in larger amounts. Federal financial aid must be paid back beginning after the student has graduated from school or dropped below part-time attendance.

Private Loans

Private loans are like federal financial aid, only the money is offered by a traditional lender such as a bank or other company. These loans are entirely credit and income based and low-income students may have a difficult time obtaining one. Private educational loans are like federal loans in that they can be either subsidized or unsubsidized (meaning their interest is either paid until you graduate or it accrues like a normal loan), and does not have to be paid back until the student leaves school.

Employer Assistance

Many employers out there are willing to help their employees better themselves with a higher education if it is in keeping with the company's goals and direction. If you are taking classes that will improve your current work abilities or qualify you for a higher-level position in the company, your human resources office may have information on tuition reimbursement programs that can help pay the cost of your education. If you have any questions, please read our Frequently Asked Questions page.