Distance Education Loans
Taking College Classes Online?
Distance or online education is the next big frontier in higher education. Already the movement has gained significant following and is starting to make a noticeable dent in the dominance of traditional college programs. Students pursue such programs for the flexibility they offer and attention to a more practical format of education. Adult learners tend to respond more readily to an experiential or practical approach to the required coursework. Many distance learners are professionals with limited time who are seeking higher training for career advancement. They don’t have time for less than pertinent information.
Traditional Loans Don’t Work
Traditional student loans, including federal loans, don’t work for most online education programs. Typically these financial products require students to be enrolled in a traditional four-year college with a degree focus. Therefore over the last few years a number of student loan providers have designed products suited to distance learners.
Alternative student loans have been providing undergraduate college students with a reasonable financial option for years. Without them many individuals would not be able to go to college or else would be racking up even more high-end debt with credit cards. Private lenders and student loan providers now offer loans designed for continuing education or career loans which fit the bill, so to speak.
Loan Options
Loans such as these offer terms more suited to an inconsistent, part-time, non-degree college program with all the perks of a regular alternative loan:
- Sallie Mae, the premier provider of student loans in the U.S., offers the Continuing Education Loan, also designed with distance learners in mind. The loan covers all possible situations a distance learner may find themselves in: degree-seeking or not, and part-time or full-time enrollment. The Continuing Education Loan may provide limitless education and related funds and borrowers may use a co-borrower if necessary. Loan repayment is spread out over 15 years.
- Access Group is a more specialized student loan provider with interests in graduate student loans. The Comprehensive Access Loan gives grad students the flexibility to pursue a degree at their own pace, which also includes an online or distance program. Applicants may be allotted the full cost of their program.
- Check with the school you’re interested in for any loans they offer for their distance education programs.
Online Programs
Online college programs were once sneered at, but to look at the list of accredited online colleges now you’d have no surprise at the growing numbers of students participating. Of course the big name pioneers are there: DeVry, Phoenix, American Intercontinental University, and Capella. But so many more are offering select study programs to online applicants, even big-name traditional colleges like Cornell, Boston University, Northeastern University, and Tulane. There are opportunities ot pursue undergraduate and graduate programs in business, graphic arts, criminal justice, and healthcare, as well as earn certificates suited to career advancers.
The continual Murphy’s Law of the digital age has made online learning seamless and almost as natural as traditional campus learning. Students have the opportunity to network and collaborate in a variety of online environments and even access whole university libraries as more and more resources are brought online. So even though you may have a career and family, you may logon and study when it’s convenient for you.
