Loans are money that you borrow and repay with interest. Education loans are offered at low interest rates and have long repayment terms. Some loans require a demonstration of need, others do not. Some options may award subsidized interest and you may be eligible for a repayment plan that considers your income when determining your monthly payment.

Grants are financial awards that are based on demonstration of financial need that are not paid back. The Pell grant is one popular grant used by college students and may make online college affordable.

Virginia has a grant for students who complete an associate’s degree at a Virginia two-year public school and then transfer to a participating Virginia four-year college or university. Click here for details.

Find more Virginia-specific opportunities at the Virginia Education Wizard web site.

Scholarships are awards that do not have to be paid back and are based on student performance or talent. Some scholarships consider financial need when determining eligibility. They are usually awarded after a screening process and involve application materials such as an essay, interview, project, or video submission.

Each school has different scholarships available to their students. Sometimes there are scholarships available for your specific field of study, such as teaching.

Schools aren’t the only place to find scholarships. Private agencies and organizations offer scholarships with unique criteria, such as underrepresented groups, volunteerism, heritage, and community affiliation, as well as academic performance and financial need. You should apply for as many scholarships as possible in order to keep online study affordable.

Some employers include tuition assistance in their employee benefits. Check with your employer to see if they have any programs that might help pay for college tuition. Be sure to verify terms of these programs, however. They may include a commitment to stay with the company for a number of years after your degree is completed. If your goals involve switching careers, that may not be the best solution for your financial aid needs.

Scholarships and other financial aid are available for active service members, veterans, and their dependents.

Virginia provides some unique benefits to supplement and expand on federal benefits for military families. In most cases, your college will be the point of contact for applying these benefits. For an overview of Virginia’s benefits, click here.