Is Financial Aid available for my Online Education?

Posted in Financial Aid & Loans

Is Financial Aid available for my Online Education?

Well if there`s a degree that is expensive and student can`t afford it`s expenses then there`s still a way to earn that degree. That way is through obtaining financial aid that most of the universities and other institutes offer. There are many types of financial aids available to students including Grants, Loans, Scholarships and many others. ​

​The basic difference in the types of financial aid is that Scholarships and grants are not returned, and loans are returned after a specific time period and these may include a little interest depending upon the organization. While U.S government does not charge any loan to it`s students.

The answer to the top question is yes, there is financial aid available for your online education. Many institutes have their own set criteria to provide financial aid to eligible students. The general criterion that these organization and institutes follow in the procedure of financial aid providence is as follows:

Eligibility:

In general, financial aid is available to students who possess the following:
  • U.S. Citizens, U.S. Nationals, permanent residents, refugees, asylums, and other eligible non citizens
  • Have a valid Social Security number
  • Enrolled at least half-time
  • An undergraduate or graduate program that leads to a degree or certificate
  • If male, are registered with the Selective Service
  • Not in default on a federal educational loan and who do not owe a refund on a federal grant
  • Making satisfactory academic progress
  • Demonstrate financial need (except for the Unsubsidized Stafford Loan and the Parent Loan for Undergraduate Students PLUS Loan and some scholarship programs

In the same way those who fall in the following set are not eligible:
  • International students who are in the country temporarily
  • Other categories of nonimmigrant students
  • Students on Limited or Special Status
  • Graduate students with no degree objective
  • An exception is available for students admitted on Limited Status who are required to take prerequisite coursework prior to full admission into the Graduate Division. If you fall into this category, please submit documentation from the Graduate Admissions Office confirming that you are taking prerequisite coursework for graduate admission.
  • Students who take classes through University Extension only
  • Undergraduate students who have been enrolled for the equivalent of 18 quarters or longer
 

Applying for Financial Aid:

Applying for financial aid is very simple. Just act on the following steps:

  1. Select which university you want to study from
  2. Select the degree you want to peruse
  3. Do you want to learn online or in campus?
  4. Go through the prospectus and see if the university offers financial aid
  5. If the university offers financial aid then fill out the financial aid form and attach it with your application form and mail it to the university
  6. If the university does not offer any aid then, consider the organizations from where you can get aid
  7. Contact the relevant organization and ask for the form
  8. Apply approximately 1 month earlier before your classes’ starts for the financial aid to the organization
  9. Receive the aid and inform the university and proceed with your studies

 

Calculating the Financial Aid:

The second thing that you may consider if your eligible is that how much aid you`ll get? Many students get a full wavier of their fee while some get partial. This depends on the needs of the student and the organization providing the aid calculate this.

Following is the basic formula that UCR follow for determining eligibility:

Determination of Financial Aid Eligibility 

   
Student Budget    (what it costs you to attend school)
Minus -

Parent contribution
(how much your parents are expected to provide)


Minus - Student contribution
(how much you are expected to use for your
education from earnings and assets)
Equals = Financial Aid Eligibility (the maximum amount of
aid you can receive)






Outside aid (Federal Pell Grant, Cal
Grant, outside scholarships, and outside loans)
   
Plus + UCR aid (grant, scholarship, loan, and/or Work-Study)
Equals = Financial Aid Package (this figure will be equal to or a
little less than your financial aid eligibility if you meet
all application deadlines)

After this UCR will consider what type of financial aid you need, a grant, scholarship or loan.


apply aid
 

Organizations that provide financial aid:

Financial aid may be provided by the university or it can also be given by other organizations which are not connected to your university. Following are some of the organizations that provide financial aid to students:

  • Federal Student Aid
  • College Foundation of North Carolina
  • College Parents of America
  • Imagine America Foundation
  • Council for Aid to Education
  • New York State Financial Aid Administrators Association
  • National Association of State Student Grant and Aid Programs
  • Virginia Association of Student Financial Aid Administrators
  • World of Knowledge Foundation, Inc.
  • Colorado Association of Financial Aid Administrators (CAFAA)
  • Advisory Committee on Student Financial Assistance
  • New Hampshire Educational Talent Search

Quote of the Day

"Education makes people easy to lead, but difficult to drive; easy to govern, but impossible to enslave"
(Henry Peter Broughan)