If you have always wanted to further your education but cannot seem to find the time, attending classes online may be a great option for you. However, going back to school is not free. You must find the money to fit comfortably into your family budget. The question becomes how you can afford online college and achieve your dream of earning a degree.
A primary way of affording online college is understanding the expenses you will save by not attending a physical campus. You will not need to move, and there are no transportation costs associated with driving back and forth to class. With federal aid and employee assistance, you can afford it.
Going back to school does not have to break the bank. There are many incentives and cost-saving programs available. You need to know where to look and how to apply them to your situation. Continue reading to discover some tips about you can make online college more affordable.
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How Do People Afford Online College?
While it may take focus and resolve to afford online college, many people find it easier than one might think at first. It starts with a lifestyle change. Cutting back on certain expenses in one area can often free up the money needed to pay for classes. Renting instead of buying textbooks is another way that many people afford online college.
Many people think that the extra expenses associated with attending a physical college campus make it cost-prohibitive. This is what turns many people off to the idea in the first place. With the savings that come from attending class at home, on the road, or at the office, those same people suddenly discover that online college becomes affordable once again.
How Can I Save for Online College?
The primary way to save for online college is to begin cutting back on expenses prior to enrollment. It is all about making college fit into your budget and that of your family. This is not a decision to jump into the first time the thought enters your head. You will want to take some time to save for college and get your ducks in a row so you can be successful.
The following ideas can help you begin now saving for college:
- Get Your Technology Ready – For most degree programs, you will need to have a certain amount of technology at your disposal. Take time to discover what you need and then start looking for great deals. You can often find excellent used computers and mobile devices that will serve your purposes just nicely.
- Cut Out Discretionary Expenses – To make room in your budget, begin looking for areas that you could easily cut. Eat at home more, cut the cable, and reduce your mobile phone plan. There are many ways that you can cut expenses without it really impacting your daily life. Focus on those areas to begin now to save some extra money that you can use to pay for your online classes.
- Find a Secondary Source of Income – One of the great things about online college is that you can often keep your main source of income while you go back to school. If you need to save some additional money before you begin, consider finding a side job that you can use the money from to save exclusively for school. You will probably want to ditch the second job when you start classes, but it is a great way to save up some needed money before you begin.
If you do not have the luxury of saving decades for college, there are still many things that you can do to make online college fit within your budget. Just making a few changes in your household budget can make an immediate difference. Doing so will put online college within your reach much more quickly than you ever dreamed possible.
10 Tips to Help You Afford Online College
Do not let the cost of online college turn you away from the opportunity to earn a degree in a field that you are passionate about. There are many ways to make attending classes online more affordable. The following tips should help get you headed in the right direction.
Move to a Cheaper Location
Move to a Cheaper LocationOne of the beautiful aspects of online college is that you are not confined to a physical location. If you are able to make college the focus of your life for a few years, you could consider moving to a cheaper location. This does not mean changing cities. You can look for more affordable housing right in your own locality.
Changing locations brings many benefits. The money that you save can be used directly to pay for your online college. You will also get to know a new area and potentially find employment opportunities immediately upon graduation. Meeting new friends and fostering productive relationships is always a valuable component of such a move as well.
Consider Federal Financial Aid Options
There are many types of financial aid available, many of which apply to online colleges as well. The trick is being able to find out which of the many programs you qualify for. Thankfully, you do not have to apply for each one individually. In order to afford online college, you will want to fill out an application for Federal Student Aid. Doing so is free.
This one application will go to a government agency that can then determine what type of federal aid may be available to you. While most of these will involve loans, they are typically offered at incredibly low interest rates and are much more appealing overall than private loans would be.
Check for Employer Assistance Programs
Naturally, this is a tip that is only applicable if you are currently employed. Many employers will offer some assistance if you take college classes. It never hurts to ask if something is available to you. In many cases, the employer will pay for tuition and possibly even books and other expenses.
You will find that employer assistance programs exist for all types of offerings available at an online college. This includes bachelor’s and master’s degrees, along with vocational training and other types of certificate programs. This is also a great way to continue working while still being able to afford to go back to school.
Grab Available Tax Credits
While just about everyone has to pay taxes these days, there are also some great incentives to get some of that money back. One way to afford paying for online school is to use some of the many tax credits available to you for going back to class. You will find that these tax credits cover a wide variety of expenses that will be rebated to you on your tax return.
The Lifetime Learning Credit is one such tax advantage available to both undergraduate and graduate students who decide to continue their education. You can receive as much as $2,000 that you can then use to purchase needed educational materials.
Consider Veteran Benefits
This is another tip that will only apply to certain individuals, but if you are a veteran, you will want to look for cost-saving programs available to you. For example, the Reserve Educational Assistance Program is offered to both Veterans and their families. You will find that money is offered to help subsidize the cost of your online college program.
Another benefit that you will want to look into is the Dependents Educational Assistance Program. These programs are available to Veterans as an appreciation for their service and also as a way to help them earn an educational degree that was deferred as they served their country.
Look for Grants in Your Field of Interest
There are also a number of grants offered to adults of all ages and demographic groups designed to help them afford the cost of tuition and other expenses. Grants are wonderful because they are not loans. Rather, they are gifts that do not have to be repaid if explicitly used for educational purposes.
You will want to start searching for grants that you might qualify for. Apply for as many as you can. Even if you are unsure if you are eligible for a grant, you can still apply and take a shot. You could wind up with enough grant money to completely subsidize the cost of your online college education.
Research Available Financial Aid Packages
There may also be some financial aid packages available at the online college that you plan on attending. Make sure that you look at each of these to determine how they can help you fit the cost of a college education into your budget.
You may find different payment plans available to you. This can help you spread the cost of a semester into more manageable monthly payments. You might also find special loans offered for various programs that could provide you with the money you need.
Apply for All Scholarships You Are Eligible For
Many people believe that scholarships are only for students attending classes on a traditional college campus, but that is far from the case. Scholarships are provided to individuals from a wide array of demographic groups. When awarded, it is essentially free money that does not need to be repaid.
You can apply for as many scholarships as you qualify for. They range in amounts of just a few hundred dollars to the cost of an entire year in some cases. Other scholarships may cover the cost of your books and other expenses. This is another great way to start making online college more affordable.
Consider Work Study Programs
Many online colleges will be able to offer a work study program. This is a way to earn money while having the cost of your tuition and other expenses subsidized at the same time. There are many opportunities available online that your college may offer, so consider asking them what is available and if you qualify
Look for Tuition Discounts
When you first look at the per credit tuition at your college, you might think that there is no way you can afford it. One tip is to look for available discounts. Some colleges offer discounts to students who work in certain industries or for specific employers. Certain ethnic groups may also qualify. Check and see what you can find at the online college you want to attend.
Wrap-Up
It is easier than you might think to afford online college. Like most things in life, your dream of earning a college degree is attainable if you remain serious and focused. Following these tips will help you to reach your goal by making online classes affordable to the point that they fit comfortably within your budget.
