4 Ways to Pay for Your Online Bachelor’s Degree

4 Ways to Pay for Your Online Bachelors Degree

Do you want to get a bachelor’s degree but have challenges that might keep you from attending a brick and mortar university? Whether you’re on the road too much for your job, you’ve embraced the digital nomad lifestyle or you have parenting or other duties that keep you from being able to attend in-person classes regularly, there is a solution. Increasingly, schools are offering online courses and entire bachelor’s degree programs that you can participate in from wherever you are in the world, often on your own schedule. There are a number of different ways of paying for this. Also Read – Learn Complex Fractions with Examples

Your Workplace

If you are a full-time employee as opposed to a contractor or freelancer working for a side hustle, your employer might pay some money toward your tuition. At some companies, the subject you study needs to be in the field you are already working in, but this is not always the case. Talk to your supervisor or human resources department to find out whether this is a benefit or whether you might be able to persuade your company that it could be a benefit.

Student Loans

You can get federal and private student loans to pay for your online education just as you would if you were attending school in person. Your first stop should probably be the Free Application for Federal Student Aid. Once you know from the FAFSA how much you are entitled to in loans and grants from the government, you can make up the difference with private lenders. An advantage of being older than the traditional high school senior is that you may have built up a credit record, and this could mean better private loan interest rates for you. Your local bank or credit union as well as online lenders may all be sources of money to borrow for college.

Scholarships and Grants

Plenty of money goes unclaimed each year in scholarships and grants because people simply do not realize they are eligible. Some scholarships are open to a wide number of students and are very competitive. Some will cover nearly full tuition. Others might only pay a few hundred dollars toward your expenses but may also be so specialized in their requirements that you are one of the few who is eligible. It is definitely worth your while to spend a few days researching and applying for both scholarships and grants. Suggested – What is a Nucleolus Function?

Retirement Plans

Another advantage you may have over younger students is money in a retirement plan. You may be able to borrow from your 401(k), your 403(b), or your 457 to pay for educational expenses. There are advantages and disadvantages to this approach, so you may want to consult with a financial professional before taking the plunge. For example, you will need to repay the loan within a few years, and you might have to repay it immediately if you lose your job. Another option is taking money from your IRA to pay for educational expenses. This is not a loan, but you will not be charged a penalty although you might have to pay taxes on what you withdraw.

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