Student Loans : News, Updates and Blog Posts

With some schools no longer able to afford the overhead costs of running a college institution…many schools have decided to beef up their online degree programs. It saves the school money to have more students take classes online than it does to have them on campus. Online degree programs are growing rapidly, and more and more potential students are taking advantage of the convenience of taking a class on their own time.  In the past online degrees were shunned in the collegiate world…they weren’t thought to be reputable, and even referred to as scams…but that is all changing (and never had much merit), and it has been for awhile now. While some students are not full time online, many of them have taken an online class to help ease their busy schedule. Other students, who work full time and have families view online degree programs as the key to their education; the convenience of online classes coupled with increased financial aid offered through the US Dept of Education has definitely made it easier for some people to go to school, who otherwise would not have considered it.

The Free Application for Federal Aid can be filled out for any school that participates in the Title IV aid program. If you are interested in a certain online school, it would be wise to make sure the school participates in the program. Most online degree programs are branches of bigger institutions, so you shouldn’t run into many issues with being able to receive federal aid….but there are definitely online schools that do not handle these loans. If you plan on depending primarily on loans to pay for your school, I would highly recommend attending an online school that participates in the federal financial aid program. Funding an entire college education with private loans will not exactly get you ahead financially; it will do quite the opposite, and I have always said I really don’t see the point of working so hard for four years to complete your degree, only to be so buried in debt when you are done that even the best job offer won’t be enough to make your loan payments every month.

Recently, Sean Dove, an admissions representative at Devry University created a list of the top ten mistakes to avoid when choosing an online degree program:

1. Don’t be lazy. Investigate and request information from several online colleges.
2. Don’t eliminate an online college or university just because it is not an institution whose name you recognize.
3. Don’t be afraid to ask questions. In fact, put together a list of questions before talking with admissions representatives.
4. Don’t rule out a college immediately because of cost. Financial aid, credit for life experience, scholarships, and tuition payment plans may make a college or university far more affordable than it appears to be.
5. Don’t “blow off” any admissions representatives who may call you. Take advantage of the opportunity they offer you to learn more about their online degree programs.
6. Don’t trust your memory. Take good notes when you read college brochures and speak with admissions representatives.
7. Do not be discouraged or intimidated by financial aid forms. Most online colleges have staff members who will be happy to help you.
8. Do not settle on the first seemingly appropriate online degree program you discover. For instance, a general business program might not serve you as well as a program with a focus in accounting, marketing, management, etc. Conversely, a more general, broadly based degree program in business may better meet your needs.
9. Don’t keep your interest in continuing your education a secret. If you talk to friends, family members, and colleagues they can share their experiences and offer you important encouragement and support.
10. Don’t be intimidated by returning to “school”. The fact is, if you have good basic academic and time management skills, if you are motivated, and if you have the support of your closest family members and friends, your chances of achieving your degree (and career) goals are high.

If you are currently taking online classes or completing an online degree, please feel free to share your experiences here and add to Sean’s list. If you want to learn more about what schools are out there, and what programs are offered online then visit this online directory. You can also visit the financial aid forum to read more about other student’s experiences with online degrees, financial aid, and many other college related issues.