The Obama administration has made an effort to encourage more individuals to earn a college degree. With more student loan options available, more students will be going to college who would not otherwise be able to obtain higher education, either campus-based or online. However, borrowers should be aware of the obligations they will face after graduation.
President Obama's education plan is considered to be the biggest change in college financial aid since the Montgomery GI Bill. It will make higher education available to more than eight million Americans. The president's plan includes a tax credit for the families of college students, more money for federal Pell grants, a simplified financial aid application, and an investment in training courses and classes offered by community colleges.
Although the recession has led many lenders to work with borrowers to lower their payments or postpone their bills, college students should not rely on the leniency of financial institutions. In turn, they may want to consider their options for repayment while they are earning their degree.
Most degree candidates enroll in campus-based and online schools in attempt to launch lucrative careers and increase their earning potential. As a result, these students should keep their goals in mind throughout the duration of their college career. Degree candidates can increase their chances of landing a job after graduation by applying for internships, which can give them the hands-on experience many employers seek.
However, student loan recipients should keep their finances in mind when looking for a part-time job or internship. If they receive an offer for an unpaid position, they may want to see if they can earn college credit that could enable them to graduate early and avoid additional loans. While paid internships are ideal, they can be difficult to find, so students may want to search for a balance between jobs that can improve their careers and those that could help them lessen their debt.
Students who choose to enroll in online courses may be able to do both, as they will be able to complete their coursework on their own time. Furthermore, students who complete a college degree over the Internet may be able to save money on additional expenses.
Online college often works out to be less expensive than on campus college. Students do not have to pay for on campus living expenses or dining programs. Also, there are no fees for building and grounds maintenance, extra curricular activities or special events. Since online students can attend class from anywhere, there are no commuting costs.
Some student loan options enable degree candidates to apply for a lump sum that will be sent directly to them, rather than their school. Online degree candidates who require financial assistance may want to consider this option, as they will be able to save money they may have allocated for expenses such as transportation or housing, in addition to their online course. This option could give degree candidates a back-up plan in the instance they are unable to find work immediately following graduation and limit the need for and impact of a student loan.
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