Returning to college as an adult can open the door to better job opportunities, with higher earning potential and personal growth following closely behind. But one of the biggest challenges that adults find is figuring out how to pay for it.
There are options like secured loans that exist, but this is just one piece of a larger financial puzzle that has to be untangled before you can make your choices. To make the process easier, we’ve put down a clear guide to understanding your funding choices and choosing the best approach for your situation.
- You could start with the FAFSA. If you’re going to college in the United States, the Free Application for Federal Student Aid should be your first stop. Filing the FAFSA gives you access to federal grants with work study programs and student loans. Grants are especially valuable because they don’t need to be repaid, and even if you think you make too much money, it’s still worth applying. You might qualify for aid based on school costs, dependents, or other factors, and you won’t know until you try.
- Look into scholarships for adult learners. One thing that people assume is that scholarships are just for high school graduates, but that’s not always the case. There are plenty of scholarships created specifically for adult students. Career changes and working parents, professional associations, community groups, and even employers can often sponsor awards. Take the time to search online scholarship databases and apply to as many as possible because even the small amounts add up over time.
- Check your employer’s education benefits. If you’re working, your employer might offer tuition assistance or reimbursement programs.These benefits usually cover a portion of your tuition every year, and some companies will even pay for entire degrees related to your job. Speak to your HR department to understand what’s available and what requirements you need to meet, such as staying with the company for a set amount of time after you’ve graduated.
- Explore options for federal and private student loans. After grants and scholarships, student loans can help fill the gap. Federal student loans tend to offer the best protections such as income driven repayment plans and loan forgiveness options. If you still need more money, private loans are another possibility, and you can also look into your home equity to see if you can get a secured loan. Compare lenders carefully before you commit and be careful about requiring credit checks and higher interest rates.
- Enroll part time. Sometimes the best financial decision is adjusting your approach to school. Taking classes part time or choosing an online program can significantly reduce your costs. Many schools offer lower tuition for online students, and you’ll save money on transportation, childcare and housing. Going part time also allows you to continue working, which can make it easier to pay as you go.
The right funding strategy does take time, but it’s an absolutely achievable goal.Good luck with your studies.
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