Introduction: Why Financial Aid Matters for Online Students
Did you know that you can spend $54,231 per year pursuing an online degree? Yes, but it can vary between $40,926 for in-state students and $59,011 for out-of-state students. Take note that online students in private colleges pay $62,756 per year, making it essential to explore online colleges with work-study programs to help offset these costs.
Why do we emphasize these numbers? Yes, online colleges offer affordable, accessible, and quality education. But earning an online degree still costs money. If you don’t set realistic expectations and plan for college, you’re likely to fail.
Fortunately, there are reputable online colleges with work-study programs. These colleges offer financial aid for online students that ease the financial burden.
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It’s really simple. Without financial aid, it’s more challenging to earn a college degree due to tuition inflation. The average cost of tuition and fees in public universities increased by 179.2% over the last 20 years. You’re paying 23 times more in tuition and fees than your parents in the 1960s.
With financial aid, the cost of college decreases. Financial aid can cover part or all the cost of your tuition and fees. Many financial aid options even cover indirect costs. These include room and board, books and supplies, and living expenses.
The bottom line: Financial aid for online students contributes to their academic success. Earning a college degree with decreased student loan debt becomes possible.
Of course, scholarships and grants are the most popular financial aid options. Fee waivers and tuition discounts are available, too. Military-connected students usually receive tuition discounts.
And then there are the work-study programs that allow students to earn while they learn. The work-study benefits for online learners have made these programs more popular.
Here are ways that work-study programs make college more affordable and accessible.
- Allow online students to earn extra money. You can use it for living expenses, among others.
- Provide access to useful resources and services for their academic and career success. These include skills training and career services support in their workplaces.
- Enable students to establish a strong foundation for their careers. With a well-paying job, getting a good return on investment sooner is possible.
Indeed, online colleges with work-study programs should be your first choice. Here, earning a college degree is possible even with modest means.
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What Are Work-Study Programs?
If you’re new to the concept, here’s how work-study programs work. Let’s start with its origins as it’s the best way to understand its evolution in its modern form.
The Federal Work-Study Program (FWS) is the foremost example of work-study programs. Established in 1964, it promoted part-time work for students with financial need. In doing so, the FWS program aimed to:
- Provide students with a means of earning money for their educational needs;
- Enable them to gain relevant work experience related to their fields of study and
- Improve community and university relationships that promote responsibility, connection, and commitment
Today, FWS funds are available to students at around 3,400 colleges and universities. Online colleges and universities also participate in the FWS program.
Besides the federal government, many states also have their work-study programs. Every state-run work-study program has its specific rules and regulations. However the main objectives are similar to the FWS program.
Examples include:
- California’s Learning-Aligned Employment Program (LAEP)
- Texas College Work-Study Program
- Minnesota State Work-Study Program
Many colleges and universities also have institutional work-study programs. Princeton University, Duke University, and the University of Chicago are prime examples. Students who may not qualify for federal and state programs are usually their intended targets.
At most colleges and universities, funding for student wages is split in half between the federal or state government and the institution. With institutional work-study programs, funding comes from their general budget, donations and endowments, and auxiliary services.
In most work-study programs, students receive direct payment of their wages. You must provide your personal bank account for direct deposits. This way, you have complete freedom about when and how to spend your wages.
However, there are work-study programs where student wages are deposited into student accounts. Your wages are then applied to your tuition, fees, and e-books.
Keep in mind that work-study programs are need-based financial aid options. As such, you must file a complete and accurate FAFSA and submit it on time. You may also be required to demonstrate financial need through other means.
Note, too, that work-study programs only offer part-time employment, not full-time jobs. You can then work for 10-20 hours every week. Work-study programs usually offer flexible schedules based on your course schedule.
Remote and telecommuting jobs are available for online students. But you can also choose in-person jobs in your local area. You can work with the job placement officers, too, in choosing jobs. This way, your part-time job aligns with your interests and goals.
Work-study jobs usually pay the federal minimum wage, usually on a per-hour basis. You may, however, be able to find higher-paying jobs.
On-campus and off-campus jobs are available, too, in a wide range of places, including:
- Campus services and facilities
- Nonprofit and community service organizations
- Government agencies
- Private for-profit companies
- Head Start programs
- K-12 schools
There’s a wide variety of jobs, too. Library assistants, research assistants, and tutors are common jobs. For online students, virtual administrative support, content creation, and online course assistance are popular.
Work-study programs are among the best answers to the question, “How to pay for online college?” But these come with a price, too, which you must be aware of. These include limited hours, minimum wage, and fewer choices in job opportunities. Being a working student can also affect your academic performance.
You must then perform a cost-and-benefit analysis to determine if these meet your needs. When you have realistic expectations about the risks and rewards of work-study programs, you can make a smart decision.
How Work-Study Programs Help Online Students
Students in work-study programs assert that these are excellent online education financial aid options. Their satisfaction comes from the numerous benefits that work-study programs bring.
Experience less financial pressure.
Your extra income from a work-study program can cover planned and unexpected expenses. If you still have a balance on your tuition and fees, use it if you want. But if you want to pay other expenses, then do so. You can even use it to boost your college experience, such as for recreation.
With less financial pressure comes related benefits, too. You can focus more on your studies instead of worrying about unpaid bills. There’s more time for social interactions, too. Your academic performance improves along with your physical and mental health.
Best of all, you’re less likely to take out one student loan after another. The average federal student loan debt of $37,853 per borrower is no joke.
Gain relevant work experience and workplace-ready skills.
Being book-smart is good. But we’re in a society where skills-based hiring is becoming more popular. With a college degree and workplace-ready skills, you become more job-competitive.
Of course, you must take deliberate actions to develop your skills. These can include learning from more experienced employees, attending training seminars, and picking up skills. When you do, your hard and soft skills become more evident.
You can demonstrate these skills on your resume and interview during the job application process. Plus, a resume with relevant work experience even before graduation attracts more job offers.
Achieve a good work-study balance.
Effective time management skills, drive, and discipline are a must to achieve good work-study balance. You must adopt these traits as an online working student.
Furthermore, the flexible schedules in work-study programs are essential in this matter. Be sure to communicate with your professors and employer/supervisor about your scheduling concerns.
Finding Online Colleges with Work-Study Opportunities
If you’re looking for affordable online degrees, online colleges with work-study programs are your best choice. Here are tips to find them and choose the best one for you.
- Check for information on official college websites. Look for the financial aid page. Take note of the eligibility requirements, deadlines, and application process for their work-study programs.
- Contact the financial aid office of the online colleges you’re interested in. If possible, request insider financial aid tips for online students. Ask for information about work-study sites and jobs.
- Check online college directories. The College Scoreboard and US News & World Report are excellent sources for online colleges with robust work-study programs. Check out our rankings, too, for quick information.
- Read the reviews and inputs in online communities, particularly education forums. Here, you can ask current students and graduates about tips for balancing work and school in online programs. Ask about their personal experiences with their online colleges’ work-study programs.
Once you have a list of online colleges with work-study programs, you must determine their suitability in your case. You must choose based on your interests, career goals, and financial circumstances. This way, you can maximize your online education.
While the income from a work-study program can cover your costs, it isn’t enough. Earning between $2,000 and $5,000 per year is common. You must then combine your work-study income with scholarships, grants, and tuition discounts.
Here are useful tips to navigate the financial aid landscape including maximizing your opportunities.
- Apply to as many financial aid programs as possible. But carefully choose these programs, too, so you don’t waste your time. Use scholarship search engines to identify your best fit.
- File the FAFSA form and submit it before the deadline. Even if you believe that you won’t qualify, just file it. Most financial aid programs, including state and institutional programs, use it for their selection process.
- Understanding financial aid packages for online colleges is a must. Your financial aid package is unique, meaning you must review it. Take note of the total amount and types of aid offered, as well as their coverage.
- Use your work-study income for its intended purpose. You may use it for non-educational expenses, but it beats the purpose.
Conclusion: Making the Most of Work-Study Programs
Making college education more affordable is at the heart of online colleges with work-study programs. But being in a work-study program has its responsibilities, too. Keep in mind that it isn’t free money per se, unlike scholarships and grants. Instead, you have to work for the money.
As such, you must make the most of your work-study income. As much as possible, use it to pay for college-related expenses. You’re in your online college’s work-study program for this reason.
Most importantly, maximize your learning experiences in a work-study program. Learn from mentors, develop hard and soft skills, and get one foot into the industry.
In the end, work-study programs may be financial aid options. But these can be more than that with the right mindset.