Eight Things You Should Know about Paying for Your Education

Getting a degree is a great investment – but paying for it can be daunting. The DE Resource offers the tips and tools you need to help find the best financing solution for you.

	Calculate all projected expenses. Try these comprehensive calculators to estimate how much money you'll need to get the education you want. As a distance education student you should consider costs like internet connectivity, special software, and hardware.
	Go for free money first. Scholarships and grants are awarded based on need, merit, or both. There are many scholarships available to distance education students of all backgrounds and abilities. For more information go to Scholarship Search Tips.
	Ask your employer to help. Many employers offer tuition reimbursement or education assistance programs as a benefit for employees. Check to see if your company offers these benefits.
	Get help from the government. The Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDSLP) offer a variety of affordable guaranteed student loans. Federal Perkins Loans are also available, but only to students who demonstrate exceptional financial need. The first step to getting government assistance is to fill out the Free Application for Federal Student Aid (FAFSA) – see step #5 below. Your school will use this information to determine your eligibility for various types of aid. Without the FAFSA, you will not be eligible for the federal loan programs.
	Fill out the FAFSA. Completing this form, the Free Application for Federal Student Aid (FAFSA), is the first step in getting any kind of traditional financial aid. Your school will use this information to determine your financial aid package and provide you with an award letter detailing the specific aid available to you. Keep in mind that the FAFSA must be submitted during the first six months of the calendar year. However, deadlines for state aid vary, and can be as early as February 15, so check with your school for specifics. Since distance education students do not follow the traditional academic calendar, you may need to find alternate sources of funding for your initial studies if you have missed this year’s window for submitting the FAFSA. Visit FAFSA Tips for complete details. If you are not planning to apply for financial aid, you do not need to complete this form.
	Learn about private loans. Private loans are credit-based loans designed to cover any education-related expenses not met by traditional financial aid packages. These expenses can include books, tuition, computers, supplies, and anything else directly related to attaining your education. If you are not eligible for traditional financial aid, or you have missed the deadlines, private loans can be a great way to cover education-related expenses. Plus, since these loans are not part of a traditional financial aid package, you can typically obtain funds in as little as a week; and you do not need to complete the FAFSA or go through the program’s financial aid office to qualify for these loans.
	Understand loan repayment. You may be able to select from a variety of repayment options, depending on your type of private or Federal loan. Repayment terms also vary by loan provider. Loan providers often offer several types of special interest rate discounts and other benefits, so be sure to evaluate the details of each loan carefully to determine which best meets your needs.
	Consolidate your loans. If you have multiple Federal loans, many lenders offer loan consolidation that can combine your loan payments into one convenient, lower monthly payment. To find out if loan consolidation can benefit you, try the Loan Consolidation Wizard.

See our Financial Aid FAQs for more information.