Ways to Pay for an Online Education

You can finance a Michigan online education with financial aid, employer sponsorship, or a personal loan. We'll discuss each of these payment options here.

Financial Aid

As long as your Michigan online classes are provided by an accredited institution, you can qualify for the same financial aid as you would with traditional courses. Your online college or university can put you in touch with the institution's financial aid office for more information. Typically, students are eligible for a number of federal student loans and grants. In fact, about 85% of adult learners who apply for financial aid qualify for an award. If you plan to apply for federal aid for your Michigan online courses, you will need to complete the FAFSA, or Free Application for Federal Student Aid. Your financial aid advisor should be able to help you complete this form. To qualify for the largest financial awards, make sure you complete the FAFSA as soon as you're sure you want to enroll in classes.

Employer Assistance

One of the many advantages of a Michigan online education over a traditional degree is that it is easier to fit into a full-time work schedule. If you can continue working while you pursue your online degree, your employer may have tuition assistance programs that will cover the cost of your expenses. Employers understand that a more educated employee is a more valuable one, which is why most employers offer at least partial tuition reimbursement. Some corporations even pay for school-related expenses, such as supplies and books. The arrangement works to your employer's advantage as well because they will most likely qualify for valuable tax deductions. To find out if your employer has a tuition assistance program, contact your human resources department.

Self-Pay

If the two options discussed above do not apply to you or if you have maximized their benefits, you can also pay for your education with personal funds. If you have any personal savings, applying them toward your Michigan online education will be money well-spent. Remember your education is an investment that will reward you with brighter career prospects. If you don't have any personal savings, consider taking out a loan from your retirement account. As long as you pay yourself back with interest, a 401(k) loan is a practical way to fund your education. For those with good credit, you may also qualify for a personal or home equity loan to pay for tuition.