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Health & Fitness

4 Important Financial Tips For Adults Going Back To College

By Daniel Gerger, President, Adult Education Advocates


To pay for college, adult students need to be creative and resourceful. However, by doing some research, individuals can usually find ways to finance their education. Below are some things that adults should investigate when searching for a program.

1.  Contact Your Employer About Tuition Reimbursement

Many companies provide tuition reimbursement as part of their employee benefits package. If a student is employed full-time, it is important that they contact the personnel office of their employer for information concerning their company's tuition reimbursement program. Such programs commonly require that the employee initially pay the tuition for a subject or program, and that the tuition will be reimbursed by the company upon successful completion of the class by the student. Usually any student attending a college through a company-sponsored tuition reimbursement program, must notify the financial aid office of this additional aid and make arrangements to provide their employer with the information required for its tuition reimbursement program. The financial aid office may require proof of this reimbursement from the student's employer.

2.  Find Out If The College Has A Deferred-Payment Plan

Many colleges that have robust adult programs agree to defer payment of the tuition costs of their adult degree program.   The student usually has to agree to a few conditions to be eligible for a colleges deferred payment program. They usually need to provide the college written and official documentation that their employer has an education benefit program.

3.  Explore Federal Pell Grants

Pell Grants are federal student financial aid grants that do not have to be repaid. The grants are for low-income college students and are awarded based on financial need. Every student who is eligible for a Pell Grant will get one. Pell Grant funds must be used to pay for education expenses. According to the Congressional Budget Office, between July 1, 2011, and June 30, 2012, Pell Grants provided $33.6 billion in grants to some 9.4 million students at U.S. educational institutions. This was an increase in spending on Pell Grants by 158 percent form 2006-2007. This was due to an 80 percent rise in the number of recipients and a 43 percent increase in the amount of the average grant.

4.  Explore Federal Direct Loans

Usually an adult student can apply for a federal direct loan. The loans can be subsidized or unsubsidized. These low-interest loans are made to students by the U.S. Department of Education. Annual borrowing limits vary based on the student's year in school and student's dependency status. These loans are called "Direct" because they are available directly from the U.S. Department of Education. One of the big advantages of these loans is that you do not have to demonstrate financial need.

To pay for college, adult students need to be creative and resourceful. However, by doing some research individuals can usually find ways to finance their education.

Daniel Gerger was the Director of the adult programs at both Saint Peter’s College and Manhattanville College. Dan is now the President of Adult Education Advocates, an organization that helps adults make the transition back to college.


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