Can you get student loans for online classes?

Yes, you can.

Now that the government has ordered a shelter-in-place order, you’ve probably thought about online college, but you don’t have enough money for tuition. Luckily, you can apply for student loans to finance your online classes.

However, where you get your student loan, e.g. through a private lender or the government, depends on the school you want to attend. Here is a guide on student loans for online classes.

Federal student loans

Most accredited online universities and colleges accept federal financial aid like traditional schools. Therefore, making you eligible for aid from the Free Application for Federal Student Aid (FAFSA). Additionally, the application process for FAFSA isn’t that different from that of traditional students.

All you have to do is fill it online and mail it to the appropriate location. However, it’s vital to note that there are no income requirements to qualify for federal financial aid. What matters is your EFC (expected family contribution), which is the minimum amount you’re supposed to pay towards your tuition.

FAFSA uses your EFC to calculate your need-based aid. But, even when you don’t qualify for it, you can be eligible for other aid such as federal loans or scholarships.

It’s also crucial to be aware of deadlines as there may be more than one. For instance, your online college, federal, and state may all have deadlines, and you need to fill out your FAFSA form before these deadlines, even if they’re different.

Some common types of federal student loans for online classes include:

• PLUS loans
• Stafford loans
• Perkins loans
• LEAP program

Private student loans

You can apply for private student loans when federal student loans don’t meet all your online student costs. Some great options include:

• Banks, such as Wells Fargo and Citibank, offer student loans for online classes at low interest rates.
• Credit card companies, such as American Express, offer competitive student loans.

Federal student loans are better

It’s wise to exhaust all federal student loan options before going for private loans as they have affordable interest rates and several repayment options.

Contact Student Loanify today to learn more about student loans for online classes.