Typically, online colleges participate in many of the same grant and loan programs as traditional colleges and universities. Financial aid programs, such as the Federal Pell Grant is designed to help students with tuition cost. Another program, known as the Federal Supplemental Education Opportunity Grant, commonly referred to as “FSEOG,” is a grant program that is awarded and based on extreme financial need. This particular grant is often facilitated by students who are seeking a conventional or online degree.

Colleges online will frequently take part in loan programs like the Federal Stafford Student Loan, and additional loan programs as well. Just like any traditional schools, online colleges will provide information to students about filling out the FAFSA (Free Application for Federal Student Aid) online, and encourage prospective students to do so.

Another great opportunity that online colleges provide for their students is scholarship funding. Yes, even a number of online colleges award scholarships to students based on fund availability, amount of applicants and student GPA. Students that are seeking an online bachelor degree or masters may wish to review individual online colleges for scholarship potentials prior to enrollment.

Furthermore, online colleges sometimes provide in-house educational loans to students as well. As with most academic loans, in-house financing is commonly set up for repayment six months past the date of degree completion.

All online colleges that offer financial aid programs usually provide online resources and online applications so students can complete all required information via the Internet.

In a nutshell, many online colleges afford ample financial aid resources to prospective students to encourage enrollment and opportunities for students to acquire a higher education without the added aggravation of driving to and from distant campuses.

Every college has an appeal process that allows students to request a review of their financial aid eligibility and corresponding financial aid award offer. But before you go and contact each college then remember that each college determines its own regulations for this process, and be ready to be on your best professional behavior in order to get your appealed approved.

If you already have received a financial aid award from a college then you have a hand up on the college because you know exactly what you need to meet your family financial situation. You should use this knowledge when appealing an award letter by being very specific in requesting additional funds. You should clearly state the reasons for the appeal, and request the specific amount of money that is needed. You should also be prepared to write the request and submit any required documents with the letter of appeal.

After you have everything together and are ready to present your information then contact the financial aid officer (FAO). If at all possible the contact should be made in person; if this is not possible, the contact should be made by a telephone call. The “personal touch” could be the difference between a successful appeal and flat out rejection.

In the appeal letter, you should ask the financial aid officer to exercise Professional Judgment. Professional Judgment is the authority given to the college financial aid officer to change the family’s financial data in any way that would more accurately measure the family’s ability to pay for educational costs. These professional judgments are only made in special circumstances, and only when you provide adequate documentation of these special circumstances.

If you are the parent of a college bound high school senior that has received a financial aid award letter that is mostly comprised of student loans then click here to learn how you can use your financial aid awards letter to get more real free money.

Find out the single biggest mistake 9 out of 10 parents make when applying for aid to Connecticut Colleges that literally cost them thousands of dollars! More importantly, how to avoid this fatal error.

How can I maximize my college financial aid eligibility?

The number one thing you can do is fill out the free application for Federal Student Aid (FAFSA), says Michael O’Brien, CEO of FinancialAid.com. This will help you qualify for federal aid and school-based assistance. Next, he says, contact your financial aid office to see what aid is available, learn about any upcoming scholarship or grant deadlines, and ask about work-study programs. Finally, go online to inquire about scholarships. Applying for anything and everything you can will only increase the odds of you attaining enough college financial aid.

What’s the difference between a grant and a scholarship?

Both grants and scholarships are considered “free money,” says O’Brien, meaning they typically do not have to be repaid. Grant aid, such as the federal Pell Grant, can come from federal and state government agencies as well as from individual colleges. Scholarships are usually awarded based on merit or special circumstances. What’s surprising to some, is that student loans are factored in as part of a university financial aid package. That’s because Federal student loan programs offer lower interest rates and additional support.

Is it true you can negotiate a university financial aid package?

If your school of choice offers you a package that does not meet the total cost of education, give them a call, urges O’Brien. Explain your situation, and why you need additional funding to enable you to attend the school. If you are a student who is attractive to the school – whether it’s your grades, athletic performance, or talents that make you an ideal candidate – you’ll find that many university financial aid offices will try to assist you with a more competitive package. In addition, if special circumstances should arise – like the death or disability of a parent, loss of income, etc. – you should provide documentation and ask that your choice schools reassess your financial aid package.

How do I compare financial aid packages?

Make sure you’re evaluating apples to apples and oranges to oranges, says Cynthia Bailey, executive director of The College Board. Look at your net out-of-pocket cost: the school’s budget for the type of student you are [i.e. commuter or resident], then subtract the amount of money the school gives you. Also compare the kind of awards you get, like loans and grants. For the most part, be sure to evaluate financial aid based on whether that school is the best fit for you, not if it’s the cheapest.