Financial Aid Options for Doctoral Distance Learning Programs
Posted: Wednesday, February 01, 2012
by Andrew Bicknell
It used to be that non-traditional students were something of a rarity on college campuses. That is no longer the case as more and more adults return to school for some sort of continuing education program or advanced degree. In fact for every ten students four of them are over the age of twenty five.
Maintaining up to date jobs skills in a highly competitive job market is the primary driving force in this need for adults to advance their education. It’s no secret that a college degree or advanced degree such as a masters or doctorate can advance a persons job and earning opportunities.
And for those who find it difficult to attend classes on campus the advent of the online university allows anyone with a computer and internet connection the ability to obtain the highest of degrees through a distance learning doctoral program. These programs offer the ultimate flexibility for anyone interested in earning their doctorate. In many cases these online colleges allow their students the ability work their class schedule around their job and family life, instead of the other way around.
The first thing most people ask is how do they pay for one of the many distance learning PhD programs that are available? In some cases their place of employment may pay for all or some of the tuition costs but in most cases they are on their own when it comes to paying for their education.
There’s really no way around the fact that obtaining an advanced degree can be quite expensive but for those who wish to get such a degree there are financial aid options that can mitigate the cost.
In order to qualify for government sponsored financial aid programs a prospective doctoral candidate must be enrolled at least half time. This means taking at the least two full credit courses per semester. The school in which they are enrolled must also be an accredited Title IV college to qualify for such aid.
The first step in applying for government financial aid is filling out what is know as the FAFSA (Free Application for Federal Student Aid). This form can be had at the schools financial aid office or download it/fill it out online at http://studentaid.ed.gov/PORTALSWebApp/students/english/fafsa.jsp. This form must be filled out in order to qualify for federal financial aid programs.
There are also a multitude of government grant programs available to prospective students. The nice thing about grants is they don’t have to be paid back. There are some grant programs that specifically target students who demonstrate financial need. Another option for lower income students is the Perkins Loan program. This program provides low interest rate loans that include a payback period of 10 years. The first payment doesn’t begin until 9 months after the student has graduated.
A more conventional route includes student loans from lending institutions and banks. These types of loans do not have many of the limitations found on government loans but the interest rates, while competitive, tend to be higher and in some cases are adjustable. With a student loan from a private institution you can also borrow more then just the cost of tuition, books, and other fees. Many students get extra cash built into their loan to help pay for the other costs such as rent, food, child care, etc. that occur when going back to school. It is important to be careful when borrowing more because it can add up rather quickly, leading to an exorbitant amount that needs to be paid back after graduation.
The best place to start when looking for financial aid for a doctoral distance learning program is with the college’s financial aid office. A good financial aid officer can help any student navigate all the options available, including private scholarships that are tailored to those interested in obtaining higher degrees.
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