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A degree can open the door to higher pay, but nobody wants to trade one money problem for another. The good news: with a little planning, you can cut the cost of an online degree dramatically. Here are eight savvy ways to do it.
1. Start with the FAFSA — no matter your age
Many adults skip the Free Application for Federal Student Aid because they assume they earn too much or are “too old.” There’s no age limit. The FAFSA is your key to federal grants (money you don’t pay back), work-study and lower-interest federal loans. Many schools also use it to award their own aid.
2. Go after grants before loans
Grants are free money. Federal Pell Grants, state grants and school-specific grants can cover a big share of tuition for students who qualify. Always use them before borrowing.
3. Ask your employer
Many companies offer tuition assistance or reimbursement, especially for degrees related to your job. Ask HR what’s available, what you have to study and whether you need to stay for a set time afterward.
4. Compare programs, not just price tags
The sticker price is only part of the story. Compare cost per credit, fees, how many of your credits transfer and how fast you can finish. A program that takes you one semester less can save thousands. A free matching service can line up accredited online programs side by side so you can compare quickly.
5. Turn what you already know into credit
Prior-learning assessments, CLEP exams, military training and professional certifications can earn college credit for a fraction of the cost of a full course. Every credit you test out of is money in your pocket.
6. Apply for scholarships every month
Scholarships aren’t just for high school seniors. Search for awards for adult learners, single parents, specific majors and your state or community. Small awards add up. Set a calendar reminder to apply to a few each month.
7. Choose community college for your first credits
Taking general education classes at a community college — many offer them online — and transferring them can cut the cost of a bachelor’s degree. Confirm transfer agreements first.
8. Borrow only what you need
If you do borrow, choose federal loans before private ones. They offer fixed rates, income-driven repayment plans and possible forgiveness programs. Borrow for tuition and books, not lifestyle.
Your next move
The smartest money move is knowing your options before you commit. See which programs you qualify for, compare costs and then build your plan.
