The fastest growing higher education segment is distance learning. The modern-day college students may have family to look after, a full-time job, or multiple obligations where a flexible, online college experience is necessary. Many students choosing distance learning require financial aid to help pay for their courses. There are student loans available for distance learning students.

Federal Loans

Federal government loans usually offer distance learning students the lowest interest rates, with the most generous terms. Students can often defer their loan payment if facing hardship or returning to college. There are numerous financial aid opportunities offered by the federal government for students. Here are the loan options: 

• Stafford Loans: Eligible students borrow directly from the U.S. Department of Education at participating schools.Students are responsible for the Unsubsidized Stafford low interest and are allowed a grace period of six months after graduating. Rarely offered, the Subsidized Stafford Loan is only for students who complete a FAFSA and exhibit extreme financial adversity. With this type of loan, the federal government repays interest to the actual lending source and the student repays only the Stafford loan principal amount.
• Perkins Loans: The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of post-secondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions
• Direct PLUS Loans: A federal option for students’ parents wanting to help pay for their son or daughters college program. Its flexible payment plan and low interest, makes the PLUS loan is a good loan option for tuition and other college expenses.

Visit the FAFSA and Federal Student Aid website to learn more about federal loan programs.

Alternative Loan Options

Students pursuing online education may find that alternative loan sources may be a good choice. It is important to shop around for loans, as they all have different rates, fees, and repayment policies.

Most states have an authorized party that offers alternative loans to consumers. For example, Sallie Mae is one the countries best and most popular sources for alternative loans, and they offer a Continuing Education Loan for distance learning students.To obtain this loan, students must understand that repayment of the loan can span fifteen or more years.

Another provider that specializes in student loans is the Access Group. Distance learning students are candidates for the Comprehensive Access Loan through the Access Group. Online students are eligible to receive the loans for their full tuition with this program.

Additionally, some schools with distance learning may have unique finanical aid programs, so it is important to talk with your dedicated college representative to find out what opportunities may be available to you.

Benefits of Online Learning

Distance learning advantages include working at your own pace and complete tasks when it's convenient for you. Online students may save time and money because there is no traveling necessary. Many students choosing distance learning require financial aid to help pay for their courses. There are student loans available for distance learning students.

Resources:

• FAFSA
• Federal Student Aid