Student Loans for Associate Degrees
If you’re interested in going back to school and you haven’t been in a while, you might be shocked at the hefty price tag. When did learning get so expensive? So your next question might be: what student loans for associate degrees are available to me? Many students need financial assistance, but sorting through all those student loans can be a bit confusing. Here is the breakdown on your options:
Federal Stafford Loan
This is a loan offered by the government. There are two types of Stafford Loans: subsidized and unsubsidized.
A Subsidized Stafford Loan is a need-based loan. In this loan, the government pays the interest on the loan while you’re in school. Once you have graduated, you’re responsible for paying the loan back.
An Unsubsidized Stafford Loan is not a need-based loan. In this loan, your interest accrues while you’re in school just like any other loan (similar to a mortgage). When you’ve graduated, you’re responsible for paying it back monthly, principal and interest included.
It’s important to know that almost everyone is eligible to receive some kind of financial loan from the government to pay for school. The great thing is that interest rates on these loans are usually much lower than private loans, and you have a grace period after graduation to give you time to find a job before you have to start making payments. Oftentimes that grace period makes all the difference!
A PLUS LOAN (Parent Loan for Undergraduate Students) is for, you guessed it, parents of college students. These loans are to help cover educational expenses. Unlike other loans, however, repayment is not put off until the student graduates. Usually, parents have to start making payments starting 30-90 days after acceptance of the loan. This loan, like the Stafford Loan, comes from the government.
A private loan is from a bank or other lending institution that you take out to pay for your education. These types of loans are credit-based, so you’ll need a good score in order to get one. If you don’t have much of a credit history, then you’ll need a cosigner to apply for a private loan. A cosigner is anyone, like a parent, close relative, or friend, that is willing to put their name on the loan with yours as a good faith pledge that you’ll repay back the loan. If you miss payments, however, this bad mark goes on their credit history.
There’s no doubt that school gets more expensive every year. But, most people can apply for assistance. You can pick up a Free Application For Federal Student Aid (FAFSA) at any government institution, such as the library. There are no application fees for this, so don’t miss your chance to get some help to go back to school!
Guide to Online Associates Degree Programs
Associate degree holders generally have better job prospects than those with only a high school diploma. Earning an associate degree usually takes two years, and doing so in at an online school can be much more convenient than at a traditional campus. Below are the top accredited online schools offering associate degrees in the US.
|The University of Phoenix was one of the first colleges to offer online degrees. Today, it has grown to become one of the nation's largest universities through its online division and campuses coast to coast. They remain one of the top choices for students looking for an associates degree online because of the broad array of choice and affordability they offer students.
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|Fortis College Online offers associate's degrees in a variety of fields. In particular, their Medical Billing and Coding program will help students become part of the growing healthcare industry.
|Saint Leo University Online is a leading provider of accredited online education to working adults and is a major global provider of education to the military. The online programs are designed to meet the growing needs of adult students and offer the best attributes of traditional classroom education in conjunction with today's most innovative computer technology.
|One of the nation's leading Christian universities, Liberty offers a broad range of accredited associate degrees online. Their incorporation of moral and ethical considerations into study make them a popular choice for students seeking a well-rounded education built on academic integrity. Established in 1985, Liberty University has one of the longest-standing online education programs in the country.
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