Funding Your Louisiana Education Online

You can pay for your Louisiana education online in three ways: through your employer, self-funding, or financial aid. Read about the pros and cons of each option here.

Tuition Reimbursement Programs

If you are currently employed, you might consider an employer-sponsored tuition assistance program to help you pay for your Louisiana education online. More and more employers are offering tuition reimbursement programs, as they understand that a more educated employee is a more valuable and productive employee. Most major corporations have some kind of tuition-assistance program, including Motorola, General Electric, Dell, and more. The best tuition assistance programs will reimburse employees for 100% of their tuition and related expenses (books, materials, etc.) in the pursuit of an undergraduate degree, graduate degree, or continuing education program. To find out if your employer offers a tuition-assistance program, contact your company’s human resources department. These programs are usually not heavily promoted by corporations, so few employees may know about or take advantage of them. In fact, less than 15% of employees who are eligible for tuition reimbursement programs actually use them.

Self-Pay

Pursuing a Louisiana education online is a wise investment that will yield significant returns, so it is well-worth tapping into your personal funds to cover the costs. For one, you might access personal savings that you have accrued over the years. Before taking money out of savings, think about the amount of interest you could earn on the money compared with the interest rate you would pay on a student loan. Secondly, if you own your home, you could apply for a home equity loan for a low-interest source of educational funds. Compare the rates you would qualify for with a home equity loan with those of student loans and choose the more affordable option. Finally, you could take out a loan against your retirement plan. If you choose this option, make sure you pay yourself back with interest so you are not left without a nest egg when you finally retire.

Financial Aid

For most students, financial aid is the main source of educational funds. If you plan to borrow money for your online education, you should first talk to an advisor at your school’s financial aid office or department. Most institutions have a link to financial aid information on their website, so this should not be difficult to find. You should ask what kind of aid the school offers and accepts before you complete the FAFSA, or Free Application for Federal Student Aid. Once you decide to pursue Louisiana education online, fill out the FAFSA as soon as possible to make sure you don’t miss any deadlines for financial awards.