What Are the Best Ways to Pay for Online Classes?

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HAT ARE THE BEST AYS TO PAY FOR ONLINE CLASSES?
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In the internet age, education is no longer a
service offered exclusively by schools and
universities on campus. Every day millions of
people resort to courses and tutorials offered
online to improve their skills and knowledge in
several fields. Some of these courses lead to
professional certificates and diplomas, while
others just aim to perfect your expertise on a
specific topic. Platforms like Coursera, Udemy,
LinkedIn Learning and Skillshare specialize
entirely in offering courses to online learners.
Now, many colleges and universities have also
jumped on the online education bandwagon and
offer full degree programs through the internet.
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Federal Loans
As long as the institution offering an online
degree is accredited by the US department of
education (check it here), you can qualify for a
federal loan. The main reason federal loans are
the preferred choice to cover tuition costs is
their lower borrowing cost compared to
alternative loans. Based on the information
provided by Forbes, the 2022/23 fixed rate on
federal student loans is 4.99.
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Private Loans
Unlike federal loans, private student loans are
offered by commercial lenders. Their interest
rate tends to vary based on various factors,
though its usually higher than federal
loans. The exception is when you have an
excellent credit score, which can translate into
lower borrowing costs than those you pay on
federal loans.
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What About Non-Degree Courses?
Many online learners dont enroll in online
courses to obtain a college or academic degree.
Instead, they choose shorter classes aimed at
obtaining a specific professional certification.
Others are just trying to improve their
knowledge in a certain field. You dont have a
university background in computer science but
want to learn how to code. You find an accredited
institution offering a 6-month online course in
coding with a certificate upon completion. This
certificate can be displayed to potential
employers and increase your chances of getting a
high-pay job.
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Currently, you are not very satisfied with your
job position in your company. You feel that
learning more about project management could
give you access to new career opportunities and a
better salary. After searching online, you find
a great project management course offered by a
learning platform and decide to enroll. For next
summer, you plan to spend an entire month in
Spain. Not knowing the language, you look for
online intensive Spanish courses that you can
complete from home and for which you can flexibly
organize your schedule during the week. After
developing a passion for cooking, you decide that
you want to learn more than just a few easy
recipes. A friend of yours tells you he saw
significant improvements in his cooking skills
after enrolling in this live online class, so
you decide to give it a try.
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Saving Money to Pay for Online Classes
The less costly (yet longer) way to pay for an
online course is to save money before enrolling.
Some online courses offer the option of paying
in installments. In this case, you dont have to
wait until you have saved the whole sum to start
studying (just make sure you save at a rate that
allows you to meet each deadline, or you may
lose access to the course).
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Choosing to save money rather than taking out a
loan allows you to avoid borrowing costs and
adverse effects on your credit score. Still, you
will have to wait longer to enroll in a course,
as well as sacrifice other aspects of your
life. Therefore, when choosing between saving
and borrowing, its helpful to ask yourself the
following questions first. How expensive is the
online class I want to enroll in? Can I postpone
the begin of my course? Does my current monthly
income allow me to save enough money within a
reasonable time? Am I ready to reduce other
expenses to attend this class?
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THANK YOU
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