Can You Pay For It?
Traditional college students get scholarships and financial aid, not to mention help from mom and dad. So where does that leave you, the adult, nontraditional learner, especially if you plan to take the very nontraditional route of online education? Take a look at how to pay your way through school ...

Tuition reimbursement is not a myth!

It's time to dig out that ol' employee handbook and uncover the hidden treasure of tuition reimbursement like Zachary Randles, a Web manager for a financial services company in New York City, did. He decided to take a multimedia design and production class at New York University (New York) to enhance his skills, but it didn't come cheap. Luckily, because he earned an A in the course, his company paid 100 percent of the tuition.

Ultimately, says Randles, businesses hope to receive a return on investment for their educational monetary input. "They want people to go out and better themselves," he explains. "And, eventually, it will help their departments."

The concept is catching on more and more at large corporations and even small businesses that encourage their employees to keep their training up-to-date and add to their knowledge base. Online classes, in particular, are work-friendly in that learning will be done on your own time (you won't have to leave early to get to class). In fact, nearly one-third of corporate tuition reimbursements now fund online or blended programs, according to a survey by the American Society for Training and Development (ASTD). Other factors your company may consider include job relevancy -- they probably will not pay for your pottery class! As in Randles' case, your academic performance may affect the amount of reimbursement -- if you fail, you may be beat. And, finally, you may have to agree to stay with the company for a period of time following your education completion, otherwise expenses may become your responsibility.

Financial aid is not just for teens.

You may qualify for Federal financial aid for many online programs, especially those affiliated with accredited brick-and-mortar institutions. Research school Web sites and contact their department of financial aid to find out if their students receive Federal aid. If so, you should fill out the Free Application for Federal Student Aid (FAFSA). This will determine your financial need based on your income and school expenses, and may qualify you for Federal Pell Grants and/or Federal loan programs such as Stafford.

In addition to this general Federal aid, there is also money earmarked for adult, nontraditional students. For instance, the Lifetime Learning Credit is a tax break that applies to most higher education, including non-degree courses, with a maximum credit of $2,000 per return.

Financial aid rules are going the online way.

Lucky for you, the rules have changed. The growth and popularity of distance learning has prompted the Department of Education to amend The Higher Education Act of 1965. In the past, the Act required students to be present in a classroom more than half the time (known as the 50 percent rule), however, now online institutions and programs are subject to the same federal financial aid rules as their brick-and-mortar counterparts. That means, if eLearners meet the normal aid eligibility requirements (credit hours needed, etc.) they have the same chance of receiving aid as anyone attending a campus-based college.

Educational loans have been designed just for you.

Beyond federal aid, there are alternative financing options for online learners. In fact, many financial institutions are offering special educational loans for adult students. The Key CareerLoan, for one, is specifically designed for graduate and undergraduate students attending school on a part-time to full-time basis, including weekend, evening, distance learning, and continuing education programs. Another is Chela's AcademicEdge loan, which is designed to cover any education-related expense.

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