Financial Aid and Scholarships: Making Online Degrees Affordable
Financial aid for education is the monetary assistance to help economically weaker learners cover the cost of their education. This aid can come from different sources including government, private institutions and NGOs. The aim of financial aid is to ensure that education becomes accessible to everyone regardless of their economic condition.
Online degrees may be expensive and people may not have enough money to afford them. To ensure that everyone gets a fair chance, several organisations offer financial aid to learners. Depending on the eligibility criteria set by the organisation and your requirements, you can get financial aid for online degree.
Table of Contents
- Institutes offering financial aid for online degree
- Types of financial aid
- Who can get financial aid for online degree?
- Financial advantages of online degrees
Institutes Offering Financial Aid for Online Degree
Since many deserving candidates cannot afford to opt for online degree courses due to financial constraints, several organisations offer financial aid. This can be a partial or full scholarship. Here is the list of organisations that offer financial aid for online degrees:
1. Chandigarh University Institute of Online Learning
To ensure that everyone gets an equal opportunity to learn, the university offers student loans. The university offers several Online MBA tutored by industry experts. These include online MBA in Business Analytics, IT as well as Logistics and Supply Chain Management. The university also offers emi-based financial aid on courses like BCA, MCA, BCOM and MCOM.
Learn what is online MBA
2. O.P. Jindal Global University
The institute offers one year online MBA. There are four different specializations including online MBA in finance, marketing, digital marketing and strategy and leadership. The institute offers financial aid to students in the form of loans with no-cost EMI services.
3. Coursera
This world-renowned course provider offers courses with financial support to learners across the world. Many courses like Bachelor of Science in Computer Science are offered with financial support to pay in EMI. There are other methods of financial aid including reimbursement from the employer or getting a scholarship on some courses.
4. Manipal University Jaipur
The university offers several online degree programs including online MBA, MA in journalism & Mass communication as well as online MCA. The university offers scholarships to students who have enrolled in online degree courses. This includes meritorious students scoring above 80%, defence personnel, government employees and people with disabilities.
5. Amity University Online
Amity University Online offers online BCA in data Analytics as well as BCA in Cloud and Security. There are scholarship schemes available for students. To get 100% scholarships, one must score 95% in class 12th exams. For 75%, it must be between 93.99% and 94.99%. Those who score between 90-92.99%, will get 50% scholarship and anyone who scores upto 90% marks in class 12th.
Types of Financial Aid For Online Degree
The following types of financial aid are available for online degree programs:
1. Scholarships and Grants for Online Degree Programs:
| Type of Financial Aid | Description |
| Academic Merit Scholarships | Many universities and colleges offer scholarships to online students based on their academic achievements. These scholarships recognize high GPA, standardized test scores, or exceptional academic performance. |
| Financial Need-Based Grants | Some institutions provide need-based grants to online students who demonstrate financial need. These grants can help cover tuition, fees, and other educational expenses. |
| Field of Study Scholarships | Scholarships may be available for students pursuing online degrees in specific fields or majors. These awards are often tied to a particular academic department or program. |
| Online Learning Scholarships | Some institutions specifically create scholarships for online learners to make education more accessible to those who choose distance education. |
2. Institutional Aid for Online Degree Programs:
| Type of Financial Aid | Description |
| Institutional Scholarships | Universities and colleges that offer online degree programs often provide their own scholarships and grants. These can vary widely in terms of eligibility criteria and award amounts. |
| Grants and Tuition Discounts | Some online institutions offer grants or tuition discounts to eligible students, reducing the overall cost of the program. These can be based on academic achievement, military service, or other criteria. |
| Financial Aid Counselors | Most institutions have financial aid counselors who can assist online students in identifying and applying for institutional aid opportunities. |
3. Employer Tuition Assistance for Online Degrees:
Some employers offer tuition assistance or reimbursement programs to employees who want to pursue online degrees that are relevant to their current job roles or career advancement within the organization.
Employer tuition assistance programs may have specific conditions, such as requiring employees to maintain a certain grade point average or commit to working for the company for a certain period after completing the degree.
4. Private Scholarships for Online Education:
Private organizations, foundations, and companies offer a wide range of scholarships for online education. These scholarships may be based on factors like academic achievement, community involvement, career goals, or personal interests.
Online scholarship databases such as Fastweb, Scholarships.com, and College Board’s Scholarship Search can help students identify private scholarship opportunities relevant to their online degree programs.
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Who can get financial aid for online degree?
Based on the below-mentioned criteria, one can get financial aid for online degree:
| Eligibility Criteria | Description |
| Academic Excellence | Scholarships are granted to those with strong academic performance, including high scores in qualifying exams or coursework. |
| Demographic Characteristics | Scholarships are also offered to specific demographic groups, including economically disadvantaged individuals, minorities, women, and people with disabilities. |
| Financial Need | Need-based scholarships that consider your financial situation, often requiring documentation of family income and expenses to demonstrate financial need. |
| Special Circumstances | Scholarships are available for individuals with unique circumstances. This includes people with disabilities or those who have overcome significant challenges. Eligibility criteria vary by scholarship. |
Financial Advantages of Online Degrees
Online degree programs are often more cost-effective than traditional on-campus programs. Students can save money on commuting, housing, and meal expenses. Additionally, some online courses have lower tuition fees, and there are no associated campus fees.
- Reduced Transportation Costs: Since online learners do not need to commute to a physical campus, they save money on transportation expenses, such as fuel, parking fees, and public transportation fares.
- No Relocation Costs: Pursuing an online degree eliminates the need to relocate to a different city or state to attend a specific institution. This reduces the high costs associated with moving, finding housing, and adjusting to a new location.
- Lower Course Materials Costs: Many online courses provide digital textbooks and course materials, which are often less expensive than traditional printed textbooks. Some courses may even offer open educational resources (OER) for free.
- Work While Studying: Online degree programs allow students to maintain part-time or full-time employment, helping them cover living expenses and potentially reducing student loan reliance.
- Potential for Faster Graduation: Some online programs offer accelerated or self-paced options, enabling students to complete their degrees sooner, thus reducing the overall cost of education.
Jaya is a writer with an experience of over 5 years in content creation and marketing. Her writing style is versatile since she likes to write as per the requirement of the domain. She has worked on Technology, Fina... Read Full Bio
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