Do you want to earn a college degree, but you don’t have the financial resources? You should consider online colleges with income mobility programs. Your life can change for the better when you don’t have to pay high tuition rates.
Income mobility programs are initiatives that enable low-income students to complete college. These programs consist of sliding-scale tuition and financial aid options. Mix and match these options to your advantage.
Why is affordable college education important in the first place? Affordable education brings many benefits to you and the society we live in.
Featured Programs
- Increases access to college education and the opportunities it brings
- Improves student learning outcomes
- Reduces the burden of student loan debt
- Drives economic growth through innovation and a skilled workforce
- Promotes social equity
Indeed, income mobility programs make it easier for low-income students to get a shot at a better life.
How Income Mobility Programs Work
Every income mobility program has specific components and conditions. Be sure to check with your online college’s financial aid officer for more information. Here are the most common components, nonetheless.
Sliding-scale tuition
Online colleges can adjust tuition rates based on student income levels. There are no fixed tuition and fees because these depend on the current income level. The main goal is to keep tuition and fees affordable for low-income students.
If your family’s income levels increase, your tuition and fees may increase, too. But if your family’s income levels decrease, your tuition and fees may decrease, too.
The increase or decrease in your tuition and fees can depend on income threshold levels. However, many online colleges also use other factors to determine demonstrated financial need. These factors usually include:
- Family size
- Income and expenses
- Assets and liabilities
- Personal obligations
Yearly assessments of demonstrated financial needs are common. This way, online colleges can make objective assessments of their students’ income levels.
Online colleges require applicants to their income mobility programs to submit valid documents. These documents must support their application by demonstrating financial need. The FAFSA is a primary document, so submitting it on time is a must. Tax returns and financial records are also common supporting documents.
Every online college has its income threshold table for its income mobility program. Here’s a theoretical example. (Dollar figures are gross annual income)
- Families earning less than $70,000 – No tuition and fees required
- Families earning $70,000 to $150,000 – Pay 50% of tuition and fees
- Families earning $150,001 to $220,000 – Pay 80% of tuition and fees
- Families earning $220,001 and above – Pay full tuition and fees
Online colleges can also adopt Harvard University’s expected family contribution approach. Here, families with more assets pay more. The current expected family contributions at Harvard are as follows:
- Less than $85,000 in family income – No payments required
- Between $85,000 and $150,000 in family income – Payment is between zero and 10% of annual income
- More than $150,000 in family income – May qualify for financial aid
Check with online colleges about their expected family contribution approach, if any. Theirs will be different.
With this in mind, you must be honest and transparent about your family’s income. Sliding-scale tuition makes it easier for low-income students to access college education.
However, making fraudulent statements on your application will have consequences. You can, for example, be expelled from your online program. Note that official academic records will reflect disciplinary actions, including expulsions. You don’t want a negative record on your official transcripts.
Financial aid opportunities
You may apply for financial aid even when you’re approved under a sliding-scale tuition program. After all, you still have other college expenses to pay for. Books and supplies, room and board, and living expenses add up. With financial aid, you can pay for many of these expenses.
The following are the three primary types of financial aid opportunities:
- Need-based scholarships where scholars are selected based on demonstrated financial need
- Merit-based scholarships where recipients are chosen based on specific achievements. Academic, athletic, and extracurricular achievements are common criteria.
- Grants are financial aid based on many factors.
Note that scholarships and grants usually don’t need to be repaid. But terms and conditions apply. Maintaining excellent grades and meeting service obligations are common.
In both aspects, you must prove your financial need through official documents. Furthermore, you may undergo interviews with financial aid officers, too. This is common in online colleges with a holistic approach to their income mobility programs.
The mechanics of income mobility programs are straightforward, too. However, it can be a selective process since being chosen can mean enjoying a free college education. Here’s what a typical application process looks like.
- Understand the requirements, criteria, and process. Ask a financial aid officer for more information and clarification.
- Submit your accurate, updated, and complete FAFSA. Think of it as the mother document for all need-based financial aid programs.
- Complete the college-specific sliding-scale and financial aid forms, if any.
- Submit additional documents. Pay stubs, tax returns, and financial records are common.
- Write a personal statement or a statement of need, if required. Be transparent, honest, and persuasive. Strike a balance between a detailed statement and a brief one.
- Meet the deadlines. Missing a deadline by a minute can mean disqualification, particularly for online applications.
- Ace the interview or meeting, if any.
- Review the terms and conditions of the offer.
- Accept it if it’s acceptable in your case. Sign the contract.
There’s usually an appeal process in income mobility programs.
Here are a few examples of online colleges with income mobility programs.
Arkansas State University
The A-State Promise Plus is a last-dollar scholarship for the payment of tuition and fees. Applicants must be:
- Full-time students
- Minimum 3.0 GPA and at least 990 SAT or 19 ACT score
- Arkansas residents
- The family’s annual Adjusted Gross Income must be less than $70,000
- Demonstrate financial aid
Freshmen students also receive $2,500 for their housing costs.
Texas A&M University
The Aggie Assurance provides tuition coverage for students from low- and middle-income families. The current income threshold is less than $60,000 in family income and assets.
TAMU expanded its program in Fall 2021, too. Undergraduate students with family incomes between $160,000 and $130,000 can receive tuition support grants. These range from $500 to $1,500 depending on income and demonstrated financial need.
Benefits of Income Mobility Programs
Income mobility programs aren’t as common as traditional tuition programs. But there are many good reasons for their increasing popularity.
- Ensure continued affordability as income changes
The idea of affordable education is relative. What may be affordable to you in the current semester may not be in the next. Your family’s income can change due to a major illness, divorce, or unemployment.
With an income mobility program, you can continue with your college studies despite these changes. Your tuition and fees payment can change based on your new family income. Even if it still falls within the same income threshold, you can appeal for lower tuition and fees.
- Enhance access to education for all students
Cost is a significant barrier to education. The average cost of an online college education ranges from $40,926 to $62,756 for its entirety. Students from low-income backgrounds can’t afford it.
Income mobility programs can change the tide in their favor. These programs enable eligible low-income students to enjoy a tuition-free education. Note that tuition and fees comprise 50% of the total cost of attendance. These programs mean one less thing to worry about. Scholarships, grants, and work-study programs can cover books and supplies, room and board, and living expenses.
Other benefits of income mobility programs are:
- Promote career progression among working adults seeking college degrees
- Promotes a sense of stability that fosters academic progress
- Encourages honesty, trust, and transparency between students and online colleges
- Increases completion/graduation rate
Indeed, when you’re less worried about being kicked out of school for non-payment of tuition and fees, you’re more able to focus on your studies. No wonder, then that universities with income mobility programs have excellent academics and high completion rates.
Impact on Students’ Careers
The impact of income mobility programs extends beyond the classroom, too. The positive impact on career development of these programs include:
Enjoy more financial freedom
With less student loan debt, you can focus more on achieving your post-graduation goals. You can search for well-paying jobs, start a business, or pursue advanced education.
Pursue more diverse career advancement opportunities.
You have more freedom, too, in your career opportunities. There’s less need to find a high-paying corporate job if your heart is in community development, for example. You’re less worried about paying for student loan debt, that’s why.
There’s also the bonus that you won’t be tied to service obligations or a geographical area. You have more freedom in your choice of specific cities or towns.
Of course, the fact that you have a college degree in your preferred field is a benefit in itself. A college degree leads to opportunities for career development that were previously closed. You can, for example, apply for supervisory or managerial positions.
Plus, a college degree also brings many life benefits besides higher earning potential. College graduates also enjoy more non-monetary benefits, such as a better quality of life.
Comparing Traditional Tuition Models vs. Income Mobility Programs
Traditional tuition models use the fixed tuition approach. Here, tuition and fees charged are the same for all students. This is regardless of their family income, demonstrated financial need, and other factors.
However, the actual tuition and fees paid will depend on their financial aid package. This can include tuition assistance and discounts, scholarships, grants, and work-study benefits.
Traditional Tuition Model Pros
- Easy to understand (i.e., no sliding-scale table)
- Predictable (i.e., tuition hikes are usually announced well in advance)
- The same for all students
Traditional Tuition Model Cons
- Doesn’t consider fluctuating family income
- Presents high risk for taking out student loans
- Can prevent low-income students from pursuing college studies
Income mobility programs are more effective in promoting higher education affordability. When sliding-scale tuition and financial aid are combined, you can enjoy reduced cost of attendance.
Income Mobility Program Pros
- Consider fluctuating family income and other factors that contribute to demonstrated financial need.
- Reduce the need for student loans.
- Promote social equity through affordable education.
Income Mobility Program Cons
- More supporting documents are necessary to prove demonstrated financial need.
- More uncertainty about changes in tuition and fees charged with income-related changes.
Conclusion
Income mobility programs improve the affordability and accessibility of college education. This is particularly true for low- to middle-income families. These programs reduce student loan debts, promote social equity, and increase completion rates. Indeed, these programs contribute to society’s betterment and yours, too.
So, when you feel discouraged by high tuition and fees, explore these programs. You will find many reputable online colleges, making it easier for you.