According to Back2College.com, the US Census Bureau and the US Department of Education show that adult students are the fastest growing educational demographic. Almost 40 percent are over 25 years old, with an average age of 30, and these numbers are constantly increasing. As this number steadily increases, so does the importance and popularity of online school programs and courses, which easily accommodate individuals with families, full-time jobs and other responsibilities that frequently stand in the way of enrolling in university classes.
Learn more and earn more
Older students are not the only individuals taking advantage of online learning programs. Those interested in increasing their earning potential are also utilizing these programs. According to 2000 statistics from the U.S. Census Bureau a person with a master’s degree can expect to earn $55,300 per year. Those whose education stops at the bachelor’s level can expect to earn $46,300 per year. Therefore, spending between $18,000 and $21,000 on an advanced distance degree, in return for more in lifetime income, makes it a good investment.
How to pay for it all
At this point, you are probably wondering how you will come up with the $18,000 – $21,000 to pay for your e-degree. The good news is that there are many options available to you if you are planning to further your education with the help of an online college. As the popularity of these programs continues to grow, more funding options become available everyday.
- Loans: There are several types of federal and private loans available. Check with the financial department of your college to find out which loans are available for your distance learning program.
- Federal Loans:
- The subsidized federal loan is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.
- The unsubsidized federal loan is not awarded on the basis of need. You'll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate while you are in school or during other periods of nonpayment, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
- The Federal PLUS loan (Parent Loan for Undergraduate Students) is a government-guaranteed loan for parents with a dependent undergraduate student. It is not based on financial need and available regardless of income. Learn more about Federal Loans by visiting the U.S. Department of Education website.
- Private Loans: Several banks issue private loans for education. Speak to your local bank representative for complete details on interest rates and payback plans.
- Scholarships/Fellowships: Scholarships and fellowships are awarded to students based on specific criteria. The criteria may include academic merit, artistic talent, geographic location, or another qualifier. There are numerous texts and online resources designed to help you locate these awards. FastWeb, one of the largest online services, allows you to search over 600,000 scholarship awards worth over 1 billion dollars. Be sure to check on awards that are specific to distance learning students.
- Military: Many individuals who have served in the military are eligible to receive tuition reimbursement.
- Tuition Assistance: Many individuals who enroll in online college programs work full-time. Be sure to check with your company about their tuition reimbursement program.
As you plan to return to school to earn your online degree, remember to do careful research in order to fully understand your options. It will make financing your education significantly easier and far less stressful.
