How To Pay For That Online Degree

When considering higher education, students have a choice of public and private colleges and universities. With private institutions, students might expect to find themselves in small classes where they receive more one-on-one attention. As the Wisconsin Association of Independent Colleges and Universities tells it, private colleges and universities also maintain higher graduation and retention rates and offer an abundance of opportunities to get involved and study abroad. Private institutions also tend to be associated with pricey tuition and fees.

The cost of private colleges and universities might not be as out of reach as some people think, however. As families and students struggle to pay for college, private institutions are accelerating and increasing their financial aid offerings, according to a recent report in Bloomberg Businesweek. Where the fall 2010 tuition and fees at private colleges and universities on average are 4.5 percent higher than those of last year, scholarships, grants and other forms of financial aid are up 6.8 percent, a June report from the National Association of Independent Colleges and Universities shows.

Some private colleges and universities have kept tuition rates the same as those of last year, National Association of Independent Colleges and Universities President David L. Warren was quoted in a news release as saying. Others have established three-year degree programs as a means of helping to keep private college and university costs down, Warren noted. With institutions redoubling efforts to keep costs as low as possible, students and families shouldn't rule out private colleges and universities, he suggested.

There's a difference between the “published” rate, or “sticker price,” of college tuition and fees and the net price after tuition assistance is considered. For America's private colleges and universities, the published rate is about $26,273 and the net price, after financial aid and federal tax benefits, is about $11,870, according to the College Board. Private college and university students in Wisconsin for the 2008-2009 academic year paid an average $4,737 a year, after scholarships, grants and student loans were considered, the website for the Wisconsin Association of Independent Colleges and Universities notes. The average freshman financial aid package totaled $18,478, with 71 percent of that comprised of scholarships and grants that don't have to be repaid, according to the Wisconsin association.

The National Association of Independent Colleges and Universities website provides a list of institutions that have frozen their tuition at last year's rates and those that offer three-year bachelor's degree programs. The AIB College of Business in Iowa, Fresno Pacific University in California, The Sage Colleges in New York state and Culver-Stockton College in Missouri are among those that have kept tuition rates in check, the site shows. Ursuline College in Ohio and the University of Akron have launched three-year bachelor's degree programs, according to the website.

Another way students can save money is by enrolling in online learning programs and courses and avoiding commuting and meal plan costs.  Online learning, also called distance learning, programs are growing among private institutions and some, such as Grand Canyon, Indiana Wesleyan University, Mid-America Christian University and Liberty University, have seen substantial enrollment increases as a result. Christian institutions particularly have an advantage in a crowded distance learning market, because many Americans have religious ties, an Eduventures consulting group analyst told the USA Today reporter.

With distance learning, students can more easily tend to family and workplace responsibilities without interruption. They might opt for private college and university degree programs where courses are entirely online, or they might spend some time online and some time on campus. Students seeking scholarships for a campus-based or distance learning program at a private college or university might find them in instances where they have financial needs or have demonstrated academic success, community involvement, leadership abilities and more.

In the Midwest, scholarships for 17 institutions are administered by a Minnesota Private College Fund based on a variety of factors. These factors include academic success, community involvement, overcoming educational barriers and pursuing studies in specific subject areas. Students and families in Minnesota, as well as Wisconsin, can learn more about private colleges and universities during Private College Week events hosted by the Wisconsin Association of Independent Colleges and Universities and the Minnesota Private College Fund.

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