Scholarships And Grants Can Help Pay For Online College!   by Erin Malone

in Education / College and University    (submitted 2011-09-27)

Advanced degrees are expensive, particularly when they come right after costly undergraduate degrees. Most people cannot afford to pay for their education out of pocket, and many students have incurred so much debt from their undergraduate programs that advancing their studies further seems out of reach. Fortunately, there are plenty of resources for qualified students who need a bit of help achieving their dreams of an advanced degree.

There is an availability of financial aid at most institutions of higher learning, though this aid may be limited. Many schools provide funding to entice gifted students who can prove their academic worth. In order to be competitive for a scholarship or fellowship, applicants must be outstanding in every sense. A high GPA, excellent GRE scores, involvement in extracurricular activities or internships, and other distinguishing attributes are often necessary to be considered for direct funding from the graduate program itself. Graduate programs recognize that gifted applicants may be experiencing financial worries, and they will help to the extent of their resources, which may be scarce.

Most graduate programs offer the opportunity for students to take on paid faculty positions as Teacher's Assistants or Research Aids. Though these positions are few and competitive, they are certainly worth applying for, because they usually come with free tuition and a yearly monetary stipend, in addition to other benefits like housing and health insurance. Being a Teacher's Assistant is a lot of work, requiring long hours of grading, class preparation, and lecturing, but the opportunity to gain work experience while attending graduate school for free is invaluable.

Depending on need, there are numerous sources for federal financial aid. Federal Work-Study is an excellent way to work towards an education while performing duties such as community service or on-campus jobs. The federal government will award a Work-Study grant, which the student's earnings may not exceed.

Federal Supplemental Educational Opportunity Grants are awarded based on extreme financial need. These loans do not have to be paid back. Students can receive any amount from 100 dollars to up to multiple thousands of dollars per year.

For students are do not qualify for other forms of federal funding, Federal Perkins Loans are available to qualified borrowers. A graduate student may borrow up to 8,000 dollars per year of study, to be paid back at the low interest rate of 5%. Borrowers are allowed 9 months after graduation before they must begin repaying these loans.

For those who look, there are many grants and scholarships awarded to worthy students by individuals and organizations. Students can check online scholarship databases to determine which awards they qualify for. Some scholarships are awarded to those with specific attributes, such as ethnicity or area of study. Others may require students to write an essay or submit some other kind of project. The awards may be small, just enough to cover the cost of books and supplies, or large enough to pay for an entire year of college. There are opportunities available for almost everyone.

About the Author

Funding online classes can seem difficult and complicated, but students should know that there are many online college grants available to them. Education Connection Online has more to offer you on saving money on your degree.