Students who want to go to college have more options to help them afford their education. The government has established and expanded programs to encourage more people to get a higher education. These programs cover both on campus and online learning. However, students need to be aware of what they will be responsible for once they leave college.
President Obama's education reform bill changes the college financial aid program to make higher education affordable to more Americans. It's estimated more than eight million Americans will benefit from the changes that include a tax credit for the families of college students, more funding for federal Pell grants, an easier financial aid application, and money for community college programs.
Although the recession has led many lenders to work with borrowers to lower their payments or postpone their bills, college students should not rely on the leniency of financial institutions. In turn, they may want to consider their options for repayment while they are earning their degree.
Whether you choose a traditional brick and mortar college or an online college, earning a degree will benefit your career and increase your earning potential. One way to keep your eyes on the prize during your college career is to land an internship. The hands-on experience learned during an internship can help a student get a job in their field after graduation. Having completed an internship makes a recent graduate more appealing to an employer, because the graduate has some experience in the job for which they are applying.
Many internships are unpaid. The student gets college course credit for the work they perform. Students need to keep their finances in mind. A part-time job within their field of study may better fit their needs. Or they may consider using the internship credits to graduate early. Paid internships do exist, but they can be hard to find. It's important to find a balance that will allow the student to gain valuable experience while paying off their debt.
Online college is a great choice for students who can't afford not to work. Online college offers flexibility. Students can download lectures, complete assignments and exams from anywhere. That means a student can take college classes when they get home from their full time job. Online college may also be less expensive than traditional universities.
Online college often works out to be less expensive than on campus college. Students do not have to pay for on campus living expenses or dining programs. Also, there are no fees for building and grounds maintenance, extra curricular activities or special events. Since online students can attend class from anywhere, there are no commuting costs.
Some college loans awards allow students to receive their online college financing in a lump sum. The money comes directly to the student, instead of their school. Online college students may want to look into this options since they may be able to use money slated for housing or transportation in other ways. If they save the money, the student may graduate with a buffer to support them if they can't find work right after graduation.
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