Financial Aid | Online Healthcare Degree Programs
Throughout this section you will be able to find out about the types of possible financial aid to pay for your healthcare degree. In tough economic times like the ones we are facing today, it is hard for many to find the resources to pay for school. In such an economic situation however there are various ways for students to fund their education for a healthcare career. Financial aid includes: grants, scholarships, and loans.
Grants are probably the best financial aid for a student to fund his or her degree in healthcare for the simple the reason that they don’t have to be repaid back. The United States government allocates every year tens of millions of dollars towards grants, moreover also privates and institutions allocate millions towards grants. However, being able to get one can be at times extremely hard since the requirements are very strict and they require a lot of dedication.
Scholarships are also a key element, for many, towards funding for their degree in healthcare. Scholarships are very similar to grants, they are obtained based on merit and unique characteristics and don’t require pay back. This type of funding will be at times complete, therefore will cover 100% of degree expenses and some other times will be partial covering for example 25% of costs. One example of scholarship is the one that can be issued by the institution where you decide to attend. However there are also other types, which include both: government promoted as well as privately given out scholarships.
Types of scholarships:
- School Scholarships
- Government Scholarships
- Privately Promoted Scholarships
Loans are the most common mean for students to utilize in order to finance their healthcare degree. They are mainly used by students to cover for all their costs of tuition and sometimes also of living while in school. Loans are usually granted by banks and private institutions and can be at times backed up by governments. However, once a student finishes school he has to face the debt obligations, which he subscribed for at the beginning of his student career. These loans usually don’t require a student to pay them back while enrolled in school, and payments usually start within the first year of graduation, except if you are granted a grace period.
Grace periods are usually granted by the bank loans, which are backed up by the government. These periods never exceed one year and usually last between a 6 to 9 months period. On the counter side when evaluating private loans, students have to take into consideration that these don’t offer, in the majority of the cases, grace periods. Therefore grace period is an essential aspect to be considered when applying for a loan, since it gives you the ability to have time to settle and plan your payback scheme.
Also it is definitely worth to consider the fact that students can also recur directly to the federal government for financial aid to fund their healthcare degree. The US Department of Education is the government’s branch that evaluates the need of every student for Federal Student Aid and evaluates all the possible candidates through a free application, FAFSA (Free Application for Federal Student Aid), which can be found online: http://www.fafsa.ed.gov/
Types of loans:
- Government Loans
- School Loans
- Private Institution Loans
- Bank Loans