How to Pay for a California Education Online

Naturally education is not free unless you are attending a public K-12 school, and while there are programs available through California Education Online to assist with completing a high school education, most enrollments will be for a college degree from a university or accredited school which costs money. There are many ways to pay for an online education, some of which are discussed below.

Grants

Educational grants, such as the Pell grant, represent money that does not have to be paid back by a student and are typically given on a financial need basis. Some grants are offered in the same way scholarships are (below), based on other requirements. You should speak with your school's Financial Aid office for more information on the grants that are available to assist with your program of choice.

Scholarships

Scholarships are like grants in that they typically represent money which will not have to be repaid after your education is finished. They are offered by many institutions, foundations and public or private entities all over the country. Criteria for receiving an educational scholarship vary from your race to your gender, to your educational success thus far, and even what year of college you are in. Again, your school's Financial Aid office will have information on scholarships that may be relevant and available to you.

Student Loans

Student loans are unlike grants and scholarships in that they represent money which will have to repay after graduation. Most student loans come from the Federal Government (Perkins, PLUS and Stafford loans), though many are also offered by private banks and lending institutions as well. The Federal student loans are not based on creditworthiness; rather they are awarded based on financial need, with those students with the highest amount of need based on income receiving the most favorable type of loans (subsidized). Private educational loans offered by banks, credit unions and other lenders are based on credit, either of the student or the parents applying for the loan and the amount you receive will be based entirely upon your rated ability to repay the loan.

Whether a loan is private or public, it will come to you either subsidized or unsubsidized. Subsidized loans have their interest paid for you or deferred, until after you graduate and need to begin repaying the loan. Unsubsidized loans will begin to accrue interest from the moment you take the loan out, meaning that by the time you graduate you will owe more on the loan than you actually borrowed.

Pay as you go

One of the primary reasons that people pursue an online education is because they have regular employment that prevents them from attending university and taking day classes. This presents an advantage in paying for an online education by using the income from your employment. Other students can find work or other alternative means that will allow them to save up for their education before it actually begins.

Employment Subsidies

Many employers in the country wish to encourage education in their employees and so offer to subsidize education through various programs that will pay for books, tuition or offer time off or a flexible schedule that helps their student attend classes and study. Sometimes these subsidies are only given to employees who have worked with the company for a certain period of time or will be taking courses relevant to their position with the company. Check with your boss or supervisor to see if such a program is offered by your place of employment and what the requirements are for participating.