Student Loan for Online Degree: Is It Possible?

With so many online schools now, tons of students want to know if they can get a student loan for online degree tuition.

It’s no secret that online schools have made going to college much easier. You don’t have to drive to school. The bookstore will ship you your textbooks. You can text message your instructor. Your project team can work on skype, twitter, and Facebook.


So here’s my best answer: Maybe. Even often. But you need to keep a few things in mind.

1. The College

Is your college where you need a student loan for online degree work a real school? That doesn’t mean they have a huge campus and a football team.

Instead, it means their state recognizes them as a college. Could be for a phd or cosmetology, but the state has recognized them as a degree granting institution.

Recognition doesn’t have to mean accreditation, but it may.

The key here is to make sure that your online college and the student loan for online degree classes you want will go toward a real course of study.

In some cases, schools offer diplomas or degrees, but don’t give any instruction. The typical name for this is a diploma mill – meaning that you get a diploma, but no education.

Stay away from that. In the long run it won’t do you any good, and you may cause you problems with the law. At least you probably won’t find a student loan for online degrees like this.

2. The Program

Likely this won’t be terribly hard to find. If you want a degree or certification, you can usually find financial aid.

I recommend that you only borrow what you really need. No sense in getting a student loan for $10K when you only need $2500, right?

You should also make sure that the degree or program you plan to study actually will get you a diploma. No sense in spending all that money if the school doesn’t have your program.

By the way, you can click below to get a free ebook about grants all over the country...

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3. The Loan

Okay, you’ve found a legitimate college that requires actual work to study. The state recognizes it, and you like it.

It offers the degree you want, somewhere between acupuncture and zoology.

You want to get started taking classes and you need a student loan for online degree tuition now.

What next?

Here are a few that you can do quickly to see where you stand:

- Fill out a FAFSA to see if you qualify for a scholarship, Pell grant, or subsidized loan.

- Call the college financial aid office and ask what they do to help with tuition.

- Apply for independent scholarships.

Putting It Together

Most real colleges have access to financial aid through the FAFSA. If not, or if you don’t qualify, the office at the school will often point you toward a bank that offers private loans.

You may want one of these, but be careful. You will have to pay interest, maybe while you take classes. Be aware of the cost of your loan – they can really add up, and you don’t want to be in debt forever.

Many people blow off applying for scholarships. I know – why take the time when a student loan is a sure thing, right?

Try it anyway. Many students attend college nearly free because they took the time to apply to several.

Good luck!

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