Despite the fact that many college and university websites, brochures, and other advertising materials usually have young students pictured, right out of high school, older, “non-traditional” students may actually have an advantage when it comes to finding financial aid opportunities and taking advantage of those opportunities. Are you an adult thinking about returning to college or beginning or a degree but are concerned you may not be able to afford it?
There are various types of financial aid for adults going to college. Financial aid for adult and graduate students is often necessary to help pay for your college costs, including tuition, books, various fees, transportation, daycare, etc. There are some pretty substantial differences between the types of financial aid available to adult students, and it’s essential to understand the difference. With an understanding of the various kinds of financial assistance, you are better equipped to begin your search for financial aid options that best fit your financial and living situation. Financial aid for adult students comes in three forms:
Scholarships
Scholarships are a type of aid that does not need to be repaid and is highly desirable. Explore the many scholarship opportunities for adult students for your degree program in your area. Scholarships are given directly by the college/university or may be offered through scholarship search engines. There are many ways to search for scholarships that cost you absolutely nothing.
Grants
Grants are similar to scholarships in that they don’t need to be repaid, but they are typically only awarded by federal and state governments. To be considered for any grant, you must submit the Free Application for Federal Student Aid (FAFSA) early in your college search. Students often receive more than one grant to help pay for their education. Be sure to conduct a thorough search of local and federal grant opportunities for your degree program, school, or life situation.
Students older than 25 are eligible for many of the same scholarships and grants as younger students, but they also have access to others that younger students do not. For instance, programs like the Nancy Talbot Scholarship Award are specifically designed for older students. One scholarship search engine, fastweb.com, has information on over 230 such programs specifically created for students older than 25, and many scholarship offerings have no age restrictions whatsoever. Non-traditional students are encouraged to highlight their life and work experience on applications because those are advantages that younger students cannot possess at their age.
Educational Loans
Sometimes, students must borrow money from various entities to help pay for their college tuition and fees. Because loans must be repaid, so be sure to investigate scholarship and grant opportunities before taking on any student loans.
Whereas a younger student’s federal financial aid package is directly tied to the parents’ income and assets (even if they’re not helping pay the bills), students age 24 and older are considered independent, so their need for financial aid is based on their own financial situation, not someone else’s. Older students won’t miss out on financial opportunities that younger students may miss out on because their parents “make too much money.” In addition to being eligible for more financial aid based on income and assets (federal financial aid), older students also can apply for specialized scholarship programs, monies, and other modes of financial aid that younger students cannot.
According to the Department of Education, “Students older than 24 and those who are married, have completed military service or who have dependents are considered independent,” which means they may qualify for more need-based financial aid. If an independent goes to school full-time, they may qualify for Pell Grants; there are other grants available because these students won’t have income coming in while they’re attending college. Independent students are also eligible for bigger Stafford loans. While dependent students may borrow a maximum of $27,000 in federal aid over four years, independent students may borrow $45,000 over four years with an additional $12,500 available should they take longer. When you submit your Free Application for Federal Student Aid form or FAFSA, you’ll learn what you’re eligible for as far as federal aid is concerned.
Here are some suggestions on how to make paying for your college education a bit easier:
If coursework has been completed, you may be a bit closer to degree completion than you realize because many colleges and universities apply completed accredited college coursework toward your current program.
Adult undergraduate students earn credit for valuable life experiences through programs such as Prior Learning Assessment and others.
Some colleges and universities provide the chance to earn credit through the College-Level Examination Program (CLEP) and DSST (once known as DANTES Subject Standardized Tests), a quick and inexpensive way to gather credit hours toward an undergraduate degree.
Check out educational benefits for military service members and veterans, such as reduced tuition for undergraduate programs and education credit for Basic Training.
Many colleges and universities offer online degree programs, allowing you to work from home and not have to pay the high costs associated with commuting, daycare, etc.
These are just a few suggestions on where to find financial aid for adults returning to school. Be sure to speak to an enrollment counselor or financial aid specialist at the colleges and universities to which you are applying to see what is offered there.