You Need Money to Make Money: Financing Online Finance Degrees

Online finance degrees are designed to help students learn to manage the money of individual people, corporations, government entities, and financial institutions. Through online finance degrees people can learn the foundational principles of financial analysis, money management and investment strategies. A well designed finance program will provide students with online finance degrees the skills to evaluate financial resources and make allocation decisions with the intention of maximizing returns on investments. But getting online finance degrees is expensive – so let’s look at how you can pay for it.

Federal Pell Grants

When it comes to online degrees vs conventional degrees, they all finance the same. The best way to pay for school is with free money. One easy way to do this is with Federal Pell Grants. These grants are based exclusively on financial need, so if you are a struggling student making little money, you are almost certain to qualify.

To apply for a grant you need to go to the FAFSA website. But before you fill out the application before sure you know the schools whose online finance degrees you are considering; you have to enter the schools into the online application. You do not have to narrow it to a single school; you can list multiple schools that you are considering on the application. The results of your application will be sent to each school. Once you make a decision of where you are going to go, see the school’s financial aid department. They are the ones who actually decide if you qualify and give you your grant money. These grants can be up to $5,500 per semester and never have to be paid back.

Federal Student Loans

Aside from grants, the next best way to finance your education is through Federal Student Loans. Usually these take the form of Stafford Loans, though there are also Plus Loans and Perkins Loans available. You apply for these loans at the same time that you apply for the Federal Pell Grant. The loan is administered by a bank, but is guaranteed by the Federal government.

These are need based loans which have no credit requirement, though you cannot be currently in default of any student loans in order to qualify. With Federally guaranteed loans you get a good interest rate along with a number of federally managed repayment options, including income based repayment. These Federal loans really should be the only loans that you get for school.

Private Student Loans

While Federal loans are absolutely the best way to borrow money for school, sometimes they are simply not enough. In this case you can use private loans to pay for school. These loans are credit based, not need based. So, as long as you have decent credit or a credit worthy cosigner, you can get money for tuition, books, living expenses and transportation. But be careful with private loans; they do not offer some of the basic protections that make Federal loans so great. When considering online finance degrees always try to get grants first, then Federal student loans and finally private loans, only if absolutely necessary.

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