Are you thinking about pursuing your degree through distance learning, but you're worried about how you will pay the tuition and any other costs involved? You may qualify for a scholarship, grant or other type of financial aid, even for distance learning online degree programs. Online degrees are no different, in terms of funding, than traditional on-campus degree programs. Of course the distance education degree program must be accredited, but the same holds true for traditional degrees.

When it comes to online degree programs, all of the traditional types of financial aid are available: Scholarships, grants, and student loans. What are they and how do they work?

Scholarships:

In a nutshell, scholarships do not have to be repaid. A scholarship is a personalized form of financial aid available for students with a particular strength in an academic, artistic, or athletic field. Additionally, those students from underrepresented minority groups or students in dire financial need may also be eligible to receive scholarships.

Consult with each of the various schools with programs in which you have interest to determine if they offer any scholarships for students in your situation. Then apply for each and every scholarship for which you may qualify.

Grants:

Grants alos do not have to be repaid. A Pell Grants is a type of educational grant that is awarded to college and university students by the Federal government. To obtain a Pell Grant, students must meet certain qualifications that have been determined by the government.

Student Loans:

Student loans must be repaid. There are various types of educational loans available from the Federal government. Two major categories of federal education loans are:

• Student loans (Stafford loans and Perkins loans)

Stafford loans may be either subsidized or unsubsidized. Subsidized Stafford loans are awarded to students based on their financial need. Unsubsidized Stafford Loans are not based on financial need.
Perkins Loans are low-interest loans borrowed directly from your school with federal assistance.

• Parent loans (PLUS loans)

  PLUS loans are awarded to parents of students who qualify as dependents

To apply for any form of federal financial aid, you must complete the FAFSA (Free Application for Federal Student Aid.) Do this as early as possible.

Students should complete the FAFSA on the Web worksheet prior to filling out the FAFSA; it will make the process go much more smoothly.