Attending an Online School? Here's Your Guide to Getting Financial Aid

Students at online schools enjoy many of the same financial aid opportunities as those at traditional programs. Learn how you can find scholarships and other resources to pay your tuition.

Everyone loves free money to attend school, and you're probably no exception. You can approach your scholarships search by asking for funds from the program you are attending, searching for scholarships via an online database listing, or appealing to federal aid coffers.

• The best way to start out with this option is to approach your online school of choice and ask if you qualify for scholarships based on financial need or academic and professional merit. Many schools offer specific scholarships for students who meet eligibility criteria. If you were the valedictorian of your high-school class, performed exceptional community service during high school, or are the first in your family to go to college, you might qualify for one of the many scholarships offered by an online school.
• Next, head to a scholarship database like Fastweb or FinAid to browse a range of scholarships that may fit your academic, demographic, experiences, or career background qualifications. Both Fastweb and FinAid, for example, allow you to search and apply only for grants and loans that have been verified by database administrators and have been matched to your profile specifications. Online school attendees are just as welcome as any other student to apply for these scholarships.
• Tap into federal aid options by filling out a FAFSA form. You'll need to first find out if your online institution (and your specific program) qualifies under the FAFSA umbrella, but you can do this easily by checking with tuition counselors from your program or by calling "1-800-4-FEDAID begin_of_the_skype_highlighting 1-800-4-FEDAID end_of_the_skype_highlighting" to verify eligibility. Other requirements for federal aid generally include having a high school diploma (or GED), being a U.S. citizen or eligible non-citizen, having a social security number, and being able to maintain a certain grade level once enrolled.

Don't blow this option off--it happens, even during this recession. Check with your employer and see if they will reimburse you for 50 percent (the usual rate) of your tuition payments. This financial aid option comes with its attached strings, though--employers who fund your online school education often require graduates to stay employed in the firm for a contract period of time.

Although America may not be living in the post-WWII years of plentiful G.I. Bill funding for soldiers looking to attend school after winning the war of the century, this nation is still committed to helping military veterans get an education so they can become members of the workforce. If you're a former military recruit or had any affiliation with the United States armed forces, federal military assistance programs like Top-Up Benefit are financial aid resources you should tap. Other scholarship sources include the Post-9/11 G.I. Bill and the MYCAA grants for military spouses. Many military programs can be used at online schools, but since each military program has its own specific guidelines, check with the U.S. Department of Veterans Affairs to confirm your program is eligible.

Student loans have been getting a bad rap these days for their high rates and stringent collection statutes, but sometimes they may be the only way to fund your education. There are federal student loan programs which you may apply to (programs like the PLUS loan program for parents of students), and there are also many corporate private lenders (usually creditors like Discover or Citibank) that offer loans. Check with your program counselors and shop around for the best available interest rates and the most flexible repayment options before signing your name to the dotted line with this financial aid option.

Online students are eligible for many of the same financial aid programs as traditional students. No matter which school you choose to attend, when shopping for financial aid it pays to do your research and find the best deals around.