Key Takeways:
- Some fast and affordable online colleges offering financial aid include Southern New Hampshire University, Grand Canyon University, and Liberty University.
- Completing the FAFSA is crucial for qualifying for online college financial aid, including federal and state grants, loans, and scholarships.
- Even if you choose an online degree program, you can still qualify for Federal financial aid. However, it’s essential that you choose an accredited college.
- You can also pursue scholarships and grants from institutions, community organizations, and employer assistance programs. These can reduce your costs even further
Online schools might not have as much overhead as traditional brick-and-mortar institutions. As a result, they often have lower tuition costs. If you are searching for an affordable online degree, the first step is filling out your Free Application for Federal Student Aid (FAFSA). After you’ve completed your FAFSA for an online degree, you can start applying to schools. This way, you can discover which online college financial aid package is right for you.
To make your search a little easier, we have looked at which online college FAFSA programs are easiest to work with. After carefully considering the online colleges offering financial aid, we have listed seven excellent options. Of course, you will also want to check to see what schools offer the type of degree program you are interested in.
How Do You Qualify for Financial Aid?
Each year, students are required to turn in their FAFSA forms by a certain date. This is true for both on-campus and online degree programs. However, the earlier you file this form, the more likely you are to get funding. This is because colleges only receive a certain amount of funding from the government. Once those funds have been given out, they can’t provide students with any more money.
To qualify for online college financial aid, you should start by turning in your FAFSA form as soon as possible. You should also stay in touch with your college’s financial aid department. Sometimes, the financial aid department will ask for additional documents to prove your aid eligibility.
Whether you turn in a traditional or online college FAFSA, you will qualify for the same amount of financial aid. If you are an adult, the FAFSA uses your financial information, like your tax returns, to determine your income and expenses. Then, it transforms these figures into how much financial aid you need. If you are a student living at home, the costs are calculated using your family’s income.
History of Financial Aid
The federal government first started paying for college education following World War II. As American troops returned home, they were given money for school through the G.I. Bill so they could learn new skills. Later, the National Defense Student Loan began funding college costs. Today, this program is known as the Perkins loan.
In 1965, President Lyndon Johnson created work-study programs, federal grants, and student loans through the Higher Education Act.
How Does Financial Aid Work?
Federal and State Grants
If you are looking at online college financial aid programs, federal and state grants are the most common type of aid. These grants are given to students to cover the costs of going to school. They do not have to be repaid. Some grants are given for specific programs or based on academic merit. But most often, they are based on your family’s income and financial needs.
Loans
If you don’t have scholarships and grants to cover the cost of your schooling, student loans are an option. Unlike grants and scholarships, loans have to be repaid. If you qualify for federal student loans, you can get special rates and repayment benefits. Otherwise, there are also private loans available.
Scholarships
Scholarships don’t have to be repaid, so they play an important part in online college financial aid planning. Sometimes, schools will automatically consider you for their scholarships when you apply. You can also apply directly for scholarships through community organizations, charities, and other philanthropic groups.
Employer Assistance
If you are pursuing a degree in your current career field, your employer may be willing to pay part of the cost of attending school. Employer assistance programs vary significantly from one employer to another. In general, they will pay for a portion of your schooling as long as you study one of the subjects the employer has already pre-approved. Be sure to ask about this option at your place of employment.
What Is the FAFSA for Online Degree Programs?
The FAFSA you use for cheap online colleges is the same as the one you use for a traditional school. For a long time, FAFSA and federal aid grants didn’t cover the costs of an affordable online degree. But now, online programs have become more mainstream. So, federal aid programs treat them the same way as traditional institutions.
The Best Online Colleges Offering Financial Aid
If you are struggling to pay for school, you should start by searching for the most affordable online colleges. In addition to finding an affordable online degree, you should also consider whether the school offers strong online college financial aid options. For example, some schools offer excellent scholarships to students with strong academic backgrounds.
Whether you are looking for an accelerated online degree or the best aid program, the following options are worth checking out:
1. Southern New Hampshire University
Southern New Hampshire University (SNHU) is known for its variety of financial aid options. If you are searching for an affordable online degree, SNHU is worth checking out. This private, non-profit school offers programs in business, accounting, psychology, health management, nursing, and much more. In fact, there are over 200 career-focused programs to choose from.
The school features low online tuition costs and flexible learning formats. So it’s convenient for those with busy schedules.
2. Grand Canyon University
If you are looking for an affordable online degree, Grand Canyon University is a terrific option. This school offers many types of financial aid for students. Once you have enrolled in an online degree program, you can see which aid programs you qualify for. Sometimes, the aid programs are specifically designed for certain majors and career tracks.
At GCU, you can also get loans and grants by turning in your online college FAFSA forms. Plus, the school offers special discounted rates for online students.
3. Liberty University Online
Are you interested in scholarships or federal grants? Then, LU Online should make your list of online colleges offering financial aid. Liberty boasts over 700 areas of study. Students can pursue degrees in psychology, criminal justice, social work, elementary education, history, aeronautics, and just about anything else you can imagine.
Liberty University Online is a non-profit private Christian college. However, students from all backgrounds and faiths are welcome. Liberty students can pursue federal financial aid. Plus, they can apply for several other grants and scholarships.
4. University of Phoenix
The University of Phoenix is one of the most well-known online colleges in the US. It developed a reputation for its strong academic programs when online schooling was still in its infancy. Plus, this college is known for having one of the fastest online degree tracks if you are looking for accelerated online programs.
UoPX is a private, for-profit college with a range of financial aid programs. It features low-interest loans, grants, and scholarships. Many employers also offer tuition assistance if you attend this college. Like most schools on this list, it also has scholarships for military veterans and active service members.
5. Purdue University Global
Purdue University Global is a public online school that is part of the Purdue University system. As such, you can expect the same reasonable tuition rates associated with most public colleges. Plus, as a public university, you have the option to turn in your FAFSA when applying for online degree programs. This will allow you access to federal grants, loans, scholarships, and work-study programs.
The application process is simple. The hardest part will be choosing a major! Purdue offers programs that focus on everything from health care and education to business, IT, and more.
6. Capella University
If you are searching for an affordable online degree, Capella is an excellent choice. This school is recognized for its high-quality undergraduate and graduate degree programs. You can choose from over 50 degree programs and more than 129 specializations. Students can choose a Flex-Path, which allows them to go at their own pace. Or, they can opt for a Guided Path offering more structure.
Once you fill out your FAFSA, you can learn what type of aid you might qualify for. At Capella University, you can use financial aid to cover your tuition fees, course materials, and other expenses. There are also institutional scholarships available.
7. Aspen University
Aspen University is recognized as one of the most affordable online colleges. Students can choose from associate, bachelor’s, master’s, and doctoral degrees. The school offers low tuition rates and monthly payment plans, making it easy to budget for your degree.
Turning in your FAFSA forms each year can decrease your total costs even more. Aspen is similar to many online colleges offering financial aid. The University provides grants and scholarships based on the expected family contribution from your FAFSA. You may also be able to reduce your tuition costs through employer assistance and outside scholarships.
Discover the Online College Financial Aid Programs
Whether you want to become a teacher or get a master’s degree in counseling, you need to start by finding online colleges offering financial aid. Once you complete your online college FAFSA, you can qualify for additional scholarships and grants. You can also reduce the costs associated with getting an education by searching for an affordable online degree. You can also check with your workplace for employer assistance and additional scholarships.