Financial Aid Advice for Continuing Education Students
So you want to return to school after all these years and you don't have clue as to how to pay for it. Take heart. There are lots of financing approaches for adult learners including professional student loans, online degree loans, and even some possible grants. As a general rule, the more formal the education (degree or certificate granting) and the closer you are to a full-time student, the better your chances for financial help. So read on.
Top Myths
Because I am over 24, I can't qualify for aid.
Wrong. Students at any age can qualify for federal and private loans to cover a very wide array of post-secondary programs.
Students taking online courses can't get student loans.
Wrong again. There are lots of online courses and programs that will allow you to take out student loans provided you are enrolled in a degree or certificate granting program that is approved for funding by the U.S. Department of Education.
I haven't been in school for thirty years. I can't possibly do course work at my age.
Wrong yet again! Just because your body shows signs of the effect of gravity, it doesn't mean that your brain is dead. Lots of studies show that older students do very well because they bring some lessons of life to the table, adding an important dimension to new learning.
Top Tips
- Try to get into a coherent course of study, one that grants a degree or a certificate and try to attend or participate full time (typically 12 units or more) if possible. The key is to become a matriculated student in the program and not just a dabbler who takes a course here and a course there.
- Before "investing" in a new program, find out from the school or online program what happens to their students after completion of the program (rate of employment in their desired fields, average salaries, etc.). You want to be sure that whatever the program costs, it has an outcome that makes it worth the expense.
- Degree and certificate granting programs often qualify for inclusion in federal financial aid programs. Even if you do not qualify for need-based aid, you can often borrow unsubsidized Stafford Loans. And if federal loans aren't enough, you can often qualify for private students loans.
- Always plan to complete a FAFSA. It is your ticket to government funding. And check this out if you want to return to school and you have children of your own attending college, then you should apply for aid as an independent student with a dependent in college. That will help mightily when your financial need is determined.
- If you do have one or more children currently in college and if you can show that your program is either required by your employer as a condition of employment of that the program is the only way you are likely to become gainfully employed, it might be possible for you to get the college your child is attending to count you as another family member in college, thus reducing your family contribution for your kids' college education!
- If you are employed, see if your employer will help with the bill. Many will, particularly if the education leads to new knowledge that will benefit the organization.
Don't ever worry about your ability to go back to school or to learn a new skill or insight. You not only bring your brain to the learning table but your talent bag also contains your life experiences as well. It is wisdom born of simply living longer that will enable you not only to process new learning but also to filter it through a grid of reality that will make the outcomes more valid and lasting. Go for it!
