Financial Aid for Distance Learners

What Is Financial Aid?
Going to school costs a lot of money. How are you going to pay for your education and also support yourself and your family at the same time? There are many financial assistance programs out there to help you pay for school. Financial aid comes in three types:

• Grants: Gifts and scholarships that do not have to be repaid.
• Loans: Money borrowed to cover school costs, which must be repaid
• Work: Employment that enables a student to earn a portion of school costs.

Don't ever assume that you don't qualify for financial aid. Many grants and low interest loans are offered regardless of grade point average, financial need or credit history. Most federal and state aid programs don't have age limits, although some scholarship programs do.

Let's see if you meet the following general eligibility requirements. You must:

• Have a high school diploma or GED or pass a test approved by the Department of Education.
• Be a citizen or eligible non-citizen with a valid Social Security number to receive federal assistance.
• Be enrolled in at least half-time (six credits for undergraduates, 5 credits for graduates) in a degree or certificate program
• Be enrolled in an institution that meets the criteria required to participate in federal financial aid programs. Make sure that the school offers federal aid to students in the specific programs that interest you BEFORE you sign up. Visit the Department of Education site to see the list of 110 schools that are participating in the Distance Education Demonstration Program.
• Be registered for Selective service if you are a male and aged 18-25
• Not be in default on a educational loan and must not owe a repayment on an adjusted federal grant.
• Complete the Free Application for Federal Student Aid (FAFSA) each year after January 1. For financial aid based on low income, all you need to do is demonstrate financial need. The FAFSA is available online at the very helpful Department of Education Web site.
• Maintain satisfactory academic progress once you are in school. This generally involves student probationary status, number of semesters enrolled, and grade-point average.

O.K. I'm Eligible. What Should I Do Now?

If you think you can meet these requirements, then follow this very initial checklist:

• Return to the About.com Distance Learning home page to access directories of online schools. Click on high school, College/University, Adult Education or Continuing/Vocational Education.
• Visit the school web site you are interested in. Look at the course catalog. Do they have the courses you want? Are they accessible to you?
• What financial assistance programs are available? The types and sources of financial aid can vary from school to school. Check out everything: grants, scholarships, low interest loans, cooperative education programs, tuition payment plans, and work study opportunities.
• Visit some of the online scholarship search services such as FastWEB, Embark, and other services listed at the About.com distance learning web site.
• Check with your employer. Eighty-five percent of all corporations offer financial aid support for education and training.
• Begin the Admissions and Financial Aid application process at the school you have chosen. Most schools require you to complete the FAFSA form which you then submit to the federal processor. Deadlines by which you must apply for financial aid at traditional schools are usually in the spring before the fall term you plan to begin taking courses. Online programs may vary. Contact the school directly to inquire about application deadlines.

Do not enlist any financial aid search service which charges a fee for their services. You will most likely get the same print-out you could have gotten for free from other Internet based, no-cost financial aid sources.

Two Financial Aid Hints

• Click on "Financial Aid" to get links to numerous financial aid sources.
• Visit this distance learning Web site for more Money Smarts articles on financial aid and distance learning.

~ David W. Butler

Reprinted by permission of About.com Distance Learning (http://www.distancelearn.about.com).