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Borrowing the Money For Your Online Education |
The first thing you should do in case if you are going to borrow the monely to pay for your online degree, you should meet with your financial aid advisor at the institution where you are going to apply before you enroll. It is also important to find out what sort of financial aid resources are available at the school or through the school, and which the school accepts. And although for the majority of students is quite a substantial part of their financial aid package, but everyone should remember that it costs money to borrow money. And rising interest rates influence the amount the education will cost a student over time significantly. So, in the long run, it pays to borrow just what is necessary to cover the tuition and curriculum fees. As for the students, who are going to get their education online, they have quite a distinct advantage over the rest of their counterparts, because they only have to pay for their tuition, fees and books. Therefore, in many cases it is even possible to receive books in electronic format. There is no need for online students to have money to pay for their living expenses, as in most cases they do not even have to leave home. Besides, all the courses are taken on the own time of each student, and they are not in residence, neither students themselves nor their spouses have to leave their jobs, relocate or look for a new housing. In addition, online students are not subject to out – of – state tuition. So, the next step after you have taken the decision to borrow money to pay for your education, is to complete a Free Application for Federal Student Aid. It is possible to do either online at the Department of Education website, or one can also fill out the paper version and sent it by mail. In the majority of cases this application will be used in order to determine the amount of money a student will be awarded for all federal, state and school programs. After you have your FAFSA completed and mailed, you receive a Student Aid Report (SAR). And although funds for higher education are at historic highs, the federal government operates under the premise that the student’s education should cost him something, and that amount is his Expected Family Contribution (EFC). As a rule this amount of money is based upon the information a student reports on the FAFSA. The family income, savings, family size and the number of family members in college are included into the report. All educational establishments, which are listed on the FAFSA receive this kind of information as well, and with the help of the EFC the school determines the student’s financial need, which is the difference between the cost of attendance and his EFC. Finally, a student receives a Financial Aid Award Letter from the school he / she is going to apply to. There is the information about the financial aid package which represents the total amount of aid for which a student is eligible, including grants, scholarships, loans and work – study. (View online copy of the U.S. Department of Education's Funding Education Beyond High School: The Guide to Federal Student Aid here http://studentaid.ed.gov/students/publications/student_guide/2006-2007/englis/index.htm) |