Posts Tagged student loans
What are the Price Considerations of Online Degrees
With over 600,000 students enrolled in online colleges, online degrees are gaining more and more recognition. And why shouldn’t they? In most instances, those that are earning online degrees are extremely motivated working adults. These working adults are seen as having that extra oomph as they have to efficiently manage their time to keep up with the demands of both work and school and in some cases, a family. When Jack Welch, former CEO of General Electrics, was asked about people who earned online degrees (Business Week, January 14, 2008), he stated, “…they’re hungry to break open new possibilities in their careers…. People working all day and studying online all night have the kind of ‘grr’ most companies could use.” Do you have the “grr?” If so, make sure to ask these questions to make sure the online college is right for you.
Is the online college accredited and if so, by which accrediting agency?
Diploma mills, as defined by Wikipedia, are organizations that award degrees with little to no study and are not recognized by accrediting agencies. Employers or colleagues do not respect degrees from diploma mills so make sure the online colleges you look into are accredited. The ed.gov site is a great resource for a list of accrediting agencies.
If you have college units, can you transfer your units over?
Most accredited online colleges will allow you to transfer any credit you have earned at another college towards an online degree depending on the degree requirements. To make sure, if there is a specific online college you are interested, call a counselor to see if the credits you have earned can be transferred. This can shorten the amount of time it will take you to complete your online degree.
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Financial Aid Glossary
Award Letter: A notice from a financial aid office to a student that specifies the financial aid programs and dollar amounts that the student has been granted.
Consolidation: This process takes your existing student loans and combines them into one lower monthly payment. Performing student loan consolidation can reduce your payments by up to 60%. It saves money and provides additional options for loan repayment.
Cost of Attendance (COA): The total cost that the financial aid office estimates a student will incur during attendance at that college or university.
Default: Failure to repay a loan according to the terms agreed to when you signed a master promissory note. Default may also result from failure to submit requests for loan deferment or cancellation on time. The consequences of default are severe.
Deferment: A temporary period during which a borrower is not required to make payments. Deferments are more common in federal student loan programs rather than alternative loans. For subsidized Stafford Loan borrowers (and Perkins Loan borrowers), many deferments are subsidized, meaning the interest that accrues on the loan during the deferment is paid by the federal government. Some deferments are unsubsidized, meaning the interest that accrues must be paid by the borrower.
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How to Find Financial Aid for Online Colleges and Online Degrees
Earning an online degree is a great way to get the training and qualifications you need to get ahead in life. These days most top paying jobs require at least a bachelors degree and many times a masters or PhD. The problem is finding the time to earn your degree and finding the money to finance it.
Luckily accredited online colleges and universities now allow you to earn most any degree online and there are lots of options to gain the financing you need.
Here are three (3) easy ways to secure your online student financial aid.
Government Aid
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