Online colleges offer a good path to higher studies for those who cannot enroll in full-time on-campus programs. However, good online courses have comparable costs compared to regular courses. So, can you get loans or grants for online degree courses?

Financial aid for online degrees
Yes, you can get financial aid for online degree programs However, there is one main criterion. The online college must be recognized by proper authorities. First, search for online degrees by accredited universities. Make sure that the accreditation is valid. The accrediting agency should be recognized by the U.S. Department of Education or the Council for Higher Education Accreditation (CHEA).

Seeking financial aid
There are different kinds of financial aids available, like student loans, grants, scholarships, etc. The first step to get any of these aids is to fill out the Free Application for Federal Student Aid or FAFSA form. The FAFSA is used by the federal government, state government, colleges and other institutions that grant financial aid for education, to determine your eligibility.

Grants, scholarships, and loans
Grants and scholarships are free, they are referred to as gift aid because you do not have to repay them. Loans have to be repaid, but the repayment might be deferred until you finish the course.

Grants
Grants are only given to students whose family cannot afford the full cost of the course. There are certain guidelines to help determine if a student is eligible for a grant. This process also helps determine the Expected Family Contribution (EFC), that is the amount your family is expected to contribute towards your education. There are different types of federal grants like the Pell Grant, Federal Supplemental Educational Opportunity Grants etc.

Scholarships
Scholarships are typically merit-based. Your academic, athletic, artistic or other credentials can help you qualify for scholarships. These aids can be granted by state, federal or local governments. They may also be available through the university or college, through sponsoring companies or non-profit organizations.

Student loans
Explore government or university loans, these typically come at lower interest rates than private loans. Loans can be subsidized or unsubsidized. On subsidized loans, interest is charged only six months after you graduate. On unsubsidized loans, interest starts accruing from the time you receive the funds.

Other ways to reduce the expense
Look for online universities that have affordable tuition and other charges for the course. This way, you reduce the loan amount you borrow. You can search for the top 10 accredited online universities that offer the degree course you want at an affordable cost.

You can also check if you can get credits for your previous qualification, like an Associate or a Bachelor’s degree, and for your work experience. Many online colleges provide this facility, especially for professional courses. This brings down the duration of the course, and so brings down the total cost of the course.

Choose your desired degree program at one of the best online universities accredited by the Department of Education or the CHEA. There are numerous ways to find financial aid for accredited online degree courses, and you can also explore ways to bring down the overall cost of the program.