One of the benefits to online education is the cash you'll keep in your pocket. In lieu of the rocky housing market and uncertain stock market, it's no wonder why many are turning to online education. No commuting fees, no time taken away from the work day and no hassle trying to find and pay for a babysitter: online education can be completed from virtually anywhere, at any time, including your home.
Typical degree programs, whether online or at traditional brick and mortar locations, include textbooks and other additional resources. Some school bookstores charge exorbitant fees for these books, especially textbooks. So when you're shopping for books this upcoming semester, consider these less costly tips to finding textbooks.
Barter for Books
Many sites offer freebies like FreeCycle.org and Craigslist.org. Scope out the listings to see if your books are available, or post a "Wanted" ad to list what you're looking for. Alternatively, these sites might also offer a form of bartering- so you can trade last year's or last semester's books for the next upcoming semester's resources.
Get the Discounts
There are many online bookshops set up to offer discount prices on used or barely used textbooks, workbooks and CDs. Check out these sites for good deals and steals:
Half.com
eCampus.com
BookByte.com
CampusBooks4Less.com
Borrow for Free
What many students may not know is that most schools keep at least one copy of their textbooks available at their school library. That means even if you're enrolled at an online university, a local college might have the same book you need available. Also, check your local free public library. Many school and local libraries also participate in inter-library loaning, so you may be able to have the books you need shipped to the library closest to you.
Got a discount resource for books that's not listed? Let us know in the comments section!
With the Dow dropping a record 778 points, Fannie Mae under
FBI investigation and banks cautiously abstaining from giving private loans,
getting funding for higher education has become harder than ever. Yet, with
some savvy internet searching and a keen eye, you can find a low-interest
government loan program or a reasonable personal loan that will suit your needs
without cleaning your pockets.
One of the more well-known government loan programs, the
Stafford Loan is a loan guaranteed through the US Government, which makes
interest rates lower while assuring the lender that all money will be
reimbursed. Although there are some requirements and limitations on the actual
lending amount, it packs a respectable 8.5% interest rate and nearly all
students are eligible regardless of credit history.
Also of interest is the Federal Perkins Loan, which carries
a fixed interest rate of 5% and no accrual of interest until the repayment of
the loan begins. Although the loan amounts are not as considerable as a private
loan (ranging from $4,000 to $40,000), the government is very lenient
concerning credit history and willing to contribute to furthering education.
If you’re still a bit short after exhausting all of your
federal loan options, don’t get discouraged. Acquiring a private loan is still feasible;
just follow a few simple rules and keep your best interests in mind.
A good starting point for jumping into the private loan pool
is finding a cosigner. A parent, sibling or friend with a higher credit score
could make the bank lean in your favor. However, keep in mind that you must
make all payments on time. You don’t want your generous benefactor ending up in
hot water right along with you.
Also, it is of the utmost importance to choose the right
lender. Pick a bank on strong financial ground that offers loans at a reasonable
APR (Annual Percentage Rate). Don’t be afraid to shop around and make sure the
loan you apply for suits your income. Specifically select a loan that includes a
reasonable payoff date and inexpensive monthly payments. This can help you stay
up-to-date on bills and away from the dreaded world of debt.
If you stick to your guns and refuse to be taken advantage
of, you can be successful student on your way to a degree and a considerable
credit score boost.
According to an article on WallStreetJournal.org, despite the current credit crunch, students may have an easier time finding sufficient funding for their educational goals. The article highlights often overlooked yet effective ways to get the loans you need to pursue your education.
Ask & You Will Receive
Even the most stubborn students should recognize when they need help financially and ask for assistance from the right people. Before applying for either private or federal student loans, individuals should contact their schools first. Finacial aid personnel at institutions work around the clock with current and potential students, enabling many of whom without aid could not reach their educational goals. A school's financial aid office quickly determines who is qualified for federal and private loans and works to negotiate a fair, managable repayment plan.
Make An Offer
For many potential students, securing a loan on your own can be difficult, if not impossible. In order to expediate the loan process, many loan institutions recommend applying with a creditworthy co-signer. As an alternative to federal PLUS loans, students are encouraged to draft an official document stating the student will split or repay all of the loan with their co-signer.
Work Hard for the Money
Though it is a less desireable option for many, students should consider applying for a federal work-study program at their educational institution or an outside part time job. Beginning a job while still in school will alleviate much of the financial burden awaiting a student upon graduation. However, students must devote enough time to their studies.
If you've found our tips helpful, or if you have your own tips on financial aid, let us know! Post your comments below.
Both Senate and House members, as well as college students, await President Bush's decision on the Higher Education Act. The act, which passed in the House 380 to 49 and the Senate by 83 to 8, includes an extended federal financial aid plan to help curtail the soaring costs of college tuition.
While many expect President Bush to sign the bill, White House spokesman Scott Stanzel states, "We will review the legislation to see how it addressed administration concerns during the conference process."
The bill aims to simplify federal financial aid forms, create a two-page FAFSA-EZ form, extend the availabilty of Pell grants year-round, as well as bans gifts and revenue-sharing between insitutions and lenders who offer students private and federal loans. Also, the new law requires publishers to sell unbundled versions of textbooks in order to save hundreds of dollars for students.
With the 2008-2009 school year just around the corner and the credit crunch tightening lenders' belts, students are turning their pockets inside-out to find adequate finances for their education. But the latest in lending alternatives might surprise you. Some private companies are utilizing the social networking phenomenon to aid students in their quest for financial aid.
Sites like Fynanz provide "peer-to-peer" lending services for students and private lenders alike. Students are encouraged to create a profile indicating their educational and personal goals, as well as their anticipated finances. Individual lenders, whether private benefactors, family members, friends, or alumni, can contribute to students' loans in an interactive online marketplace.
According to this article about the twist on student loans from eSchoolNews.com, "Fynanz, which debuted in March and currently operates in 16 states, called itself the first such service to target student loans. The site evaluates students for credit risk and matches them with an individual investor or investors, who bid to finance the loans."
For more information about financial aid, go to eCollegeFinder's student loan page.
The federal government annually evaluates the rates for federal loans. Despite this year's dismal economy, the government has cut interest rates and fees for federal loans, putting more money back into the pockets of student borrowers. New rulings for specific loans and grants include the following:
Stafford Loans (subsidized):
New loans (the first pay out between July 1, 2008 and June 30, 2009) are offered with 6.0% interest.
Pre-exisiting Stafford loans taken out prior to July 1, 2006 and not yet entered into a loan consolidation program are offered a 4.1% interest rate, 3 points lower than its original 7.22% interest rate.
Stafford Loans (unsubsidized):
The maximum amount that an undergraduate can borrow in any one year is now $2,000.
Stafford Loans (both):
Total maxmimum loan limits for both unsubsidized and subsidized Stafford loans is $31,000 for students who claim dependent on a parent or guardian's tax return. For independent students, the loan amount has increased to $57,000.
TEACH Program:
The 2008-2009 Teacher Education Assistance for College and Higher Education program offers $4,000 to eligible students who teach
after graduation in schools serving low-income students.
Loan Forgiveness:
For
college graduates entering the public service industry, the government
has instituted a new loan forgiveness plan. Employment in this industry must be by one of the following: federal, state, local, or tribal government; the
military; the public school system; or non-for-profit organizations.
Find out more about student loans!
Many students need financial assistance in order to pay for tuition. When considering student loans, there are many options including federal and private loans. Before applying for a loan, it is important to consider
which loan is right for you.
Federal Loans: The Options
- Stafford Loans: regulated by the government; usually accompanied by low interest rates; interest is paid until end of pre-determined grace period
- Perkins Loans:smaller than Stafford loans; must apply for a Pell grant first; interest rates generally around 5%, and payment period is negotiable
- PLUS Loans: not federally subsidized and therefore have higher interest rates
Parent PLU: these loans cover total amount of tuition; repayment is soley the parent's responsibility
Graduate PLUS: for those that are in graduate or professional-level degree programs, this loan is ideal; repayment is soley the graduate student's responsibility
Private Loans: The Options
- Loans given by private institutions, individual lenders, or banks
- These loans vary and eligibility is determined by the individual's creditworthiness
- Interest rates vary
- Payment period determined by individual lender; either payable immediately or payment upon graduation
It's no secret that tuition for college or advanced degrees can be a big financial burden for parents and students alike. What you probably didn't know is that there are ways to fund your educational goals without taking out loans. Here's how!
1. Ask the IRS
You may loathe the IRS come springtime, but the International Revenue Service may come in handy when you're looking for money for tuition. For a single person with an income of less than $55,000 a year, or a couple who makes less than $110,000 a year, you can potentially qualify for a Hope and Liftetime Learning credit.
2. Grants Galore
These assistance awards are generally given due to outstanding education performance or if a student is enrolling in a specific program and needs assistance. Unlike loans, grants do not have to be repaid! For comprehensive list of available grants, go to EducationAlert.com.
3. There's a Scholarship For That?
Scholarships are available for practically everything under the sun. If you're left-handed, tall, short, enjoy skateboarding, or are just plain studious, there is a scholarship for you! Be sure to check Scholarshipsearch.com and FastWeb.com to research the qualifications for your scholarships.
4. Call 'Em Up
If you're panicking because you've gotten into your dream school and desperately want to attend but can't afford tuition, call the school! They don't know who needs money and who doesn't. Chances are, if you explain your situation, you might be able to negotiate a payment plan, or their Admissions office can help you find additional financial assistance.
If you're a working professional and are planning to attend college or enroll in an advanced degree, check out these pointers beforehand!
Check Your Company's Policy
Many companies offer tuition reimbursement programs. Prior to enrolling, contact the necessary personel (like human resources) to find out the percentage of tuition covered, if applicable. If your company does not cover most or all of your financial needs, grants, scholarships and loans can cover the remaining tuition costs.
Choose Courses Wisely
When considering what course you'd like to study, keep your employer in mind. If you're looking to advance the skills you use in your daily job, your empolyer will most likely provide tuition reimbursement. He or she will view the money spent towards education as an investment in you as a long-term employee, which will ultimately benefit the company. If, however, you're looking to move into a totally new career, consider other means for financial assistance.
Hit the Books, Earn More Bucks
If you're lucky enough to be in a tuition reimbursement program, be sure to study hard! Many programs give a percentage of the tuition based on the grades earned (such as a 'B' in one course = 75% reimbursement for that course). Earn those A's and you'll earn back the money!