Go to General Financial Aid FAQs
What type of financing is available for distance students?
In addition to your personal and family contribution, there are several types of
financing that may be available to you as a distance student. It is
important to check with your school to understand the options available to
students in your particular situation:
- You may be eligible for a Federal Stafford Loan if you are enrolled at least half-time in an eligible degree program. The first step in applying for
Federal aid is filling out the Free Application for Federal Aid (FAFSA). For more details on the FAFSA check out
FAFSA Tips. To find out the Stafford Loan eligibility requirements
click here.
- Many employers offer tuition reimbursement for employees pursuing career-oriented education. Companies often fund up to a certain amount of tuition based on job relevancy, your academic performance, and your commitment to remain at the company after the program. Check with your employer to find out about any funds that may be available to you.
- Scholarships are sources of aid that do not need to be repaid. Many corporations, schools, community and special interest organizations offer scholarships to students. Although the majority of scholarships are geared for traditional
campus-based students, those pursuing distance degrees can often find scholarships too.
- Many distance students choose to take out alternative or private loans to help cover the costs of education. These loans are especially helpful to students who may not qualify for
Federal aid, or when other aid is not sufficient. Private loans are usually granted based on your credit rating and perceived ability to repay the loan. For more information on private loans
click here.
Are there credit requirements for getting a student loan?
Federal student loans are granted based on your demonstrated need, rather than your credit. While financial institutions do require a certain level of credit-worthiness before approving you for a private loan, they will allow you to share the responsibility for the debt with one or more co-borrowers. If you are uncertain about your chances of being approved for a loan based on your credit, ask a spouse, parent, or family member with established credit to act as a co-borrower on your loan application. This approach can greatly improve your chances of securing funds.
Are the financial aid deadlines different for distance students and traditional students?
Fill out the FAFSA and any other student financial aid applications as soon as possible after January 1. Many states require you to submit the FAFSA no later than March 1,
though some have a February 15 deadline. Since a large amount of financial aid is awarded on a first-come basis, the earlier the better. Ask your Financial Aid Administrator for details.
Do I need to be enrolled as a full time student in order to get financial aid for my distance program?
No, you can qualify for Federal financial aid, and some private loans, grants, and scholarships as long as you are enrolled at least half-time. Distance education programs define half-time enrollment status differently, depending on whether classes are taught sequentially or concurrently. Check with your school's Financial Aid Office to understand the enrollment requirements for any available financial aid and how your program defines half-time status.
How do I know if I am enrolled in 'an eligible degree program' that qualifies for
Federal financial aid?
Federal financial aid and some private loans are only available to students enrolled in eligible degree programs, as defined under Title IV of the 1965 Higher Education Act. Check with your school Financial Aid Office to determine whether your program qualifies as an eligible program.
What happens to my financial aid if I choose to reduce my course load, drop out, or stop taking classes?
Because your financial aid eligibility depends in large part on your enrollment status (full-time, more than half-time, less than half-time), you should determine the impacts of changing your enrollment status on your financial aid before making any changes in your course load. In general,
Federal financial aid, and some private loans, grants, and scholarships require students to be enrolled at least half-time. If you drop below half-time, it is likely that you will need to start repaying your loans after your grace period expires. Check with your school Financial Aid Office to understand the enrollment requirements for any financial aid you have received and how your program defines full-time and half-time.
Go to General Financial Aid FAQs
