What Are the Best Ways to Pay for Online Classes
                     HAT ARE
THE BEST
AYS TO 
PAY
FOR 
ONLINE  
CLASSES?
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.
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%.
Private 
Loans
Unlike federal loans, private student loans are offered by  
commercial lenders. Their interest rate tends to vary 
based  on various factors, though it’s 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.
What About Non-Degree 
Courses?
Many online learners don’t 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 don’t 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.
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.
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 
don’t  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).
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, it’s 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?
THANK YOU
 
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