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May 2, 2001 | Paying for College What's a word most often associated with college? Cost. Even the most motivated students can be sidetracked by lack of funds to get through their degree program of choice. As an adult student you probably don't have a parent still willing and able to pay your way. And chances are you're not lucky enough (at least yet) to have a thankful son or daughter turn the tables and send you to college. So you'll need to explore other financial aid options. The range of financial aid available is dizzying. There's aid based on need or on merit. There's aid you have to repay and aid you don't. There's federal aid, state aid, institutional aid. There are Pell grants, Stafford loans and Perkins loans, subsidized and unsubsidized loans. There are funds available through communities, associations and corporations. There's reimbursement from employers. Some assistance comes in the form of tax credits. Of course, there are just as many rules and regulations governing a student's qualification for each type of assistance. But what about aid for adult students? Adult students don't easily fit the financial aid model. Most college aid, like college, is designed for the traditional student: full-time (or at least half-time) study, straight through to degree completion on a traditional campus. Adult student needs are different. For one thing, your income may be too high to qualify for need-based assistance. Yet you know you won't be able to make it stretch to cover the additional costs of tuition plus books plus childcare, etc. For another, if you're working, you may not be able to carry enough credits in school to qualify for assistance. Or, if the flexibility of online courses appeals to you, you may discover they're not covered. Adult student financial needs are not only different, they're also often pressing. Many adults find their way back to school as a result of a stressful event – maybe a divorce or a lay-off. This leaves them unprepared both financially and emotionally to cope with college. Despite these challenges, aid is available. Planning, digging and persistence pay! The best place to start your search is your own school. The financial aid office has information on federal, state and institutional aid available together with all the requirements to qualify. They'll also have information on some private funds. Next, check with your employer. Tuition reimbursement is a substantial source of funding for adult and part-time students. Who is most likely to get employer financial aid? It's not hard to figure: full-time employees who attend school part-time; employees enrolled in work-related programs; students enrolled in technical or business programs. According to a 1999 NCES study, these awards went to only 6% of undergraduates, but this represented 25% of those students who were employed. My guess is that this figure is now higher. You can also go digging on your own. Contact your community's church organizations, social clubs, women's resource centers. Check out any industry associations within your field of study. The individual awards may be small – a few hundred dollars each – but they can cover some of your non-tuition expenses. And they add up. The main thing is to try every avenue. Apply – even if you think it will be a dead-end. And ask, ask, ask. You may be surprised at what you turn up. Reference: NCES, Employer Aid for PostSecondary Education, June 1999. 5/2/01 |
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