Finding Funding For Your Online Degree.
February 23, 2010 by Natasha Bright
Filed under Financial Aid
Imagine getting money for college that you don’t have to repay. Financial aid is out there and available. Pell Grants are federal funds that, unlike a loan, you don’t have to repay. Whether you are going to school on-line or on campus, you can get financial help and there is more money this year than ever!
The first step is filling out a “free application for federal student aid” or FAFSA. This one application makes students eligible for all federal, state and some private institution programs. You can download the application from the U-S Department of Education website. If you don’t have a computer, check your local library. Federal grant money is good at more than five thousand colleges and universities.
Pell Grants are based on financial need to students pursuing a bachelors or professional degree. The federal government chooses students using a formula determined by the U-S Congress. More than 90% of grants for online collegerecipients come from families earning less than $41,000 a year.
Pell Grants are the base for federal financial aid. Students can pile other scholarships and awards onto the initial amount. There are hundreds of other grants and scholarships. Some are offered for specific degrees, like nursing or careers in public service. Some states also offer their own grant programs. There is one catch, you can only use your grant money at one school at a time.
To get a college grantsfor an online degree program, you will generally need to study a field that is in short supply, such as science or education. There are other grants available specifically for online students. For students with grave financial need there is the Federal Supplemental Educational Opportunity Grant. The Academic Competitiveness Grant benefits students who graduated from an academically rigorous high school program.
The amount of money a student gets is the same every school year. It’s determined not only by financial need, but also tuition costs and enrollment. There are even special benefits for students whose parent or guardian died in military service after the 9-11 attacks.
Last year, the maximum amount given was just over five thousand dollars. The federal government has increased awards for the 2010 to 2011 school year. Qualifying students receive checks at least once each semester or trimester. The school can pay you directly, apply the funds directly to your tuition or a combination of both.
Your school or the Department of Education website will have even more information on Pell Grants and the FAFSA. Grants are the best kind of financial aid, because you don’t have to repay the money. So, if you need money for college or an online degree, spending a little time filling out an application can pay off.
Correct me if I’m wrong but the financial grants you’ve mentioned are only available for US residents, right?