Returning to college as an adult is a transformative decision, but it often comes with financial concerns. The good news is that numerous financial aid options are available specifically to support adult learners like you, from federal programs to private scholarships. By understanding the resources available and where to look, you can reduce the financial burden and focus more on your studies. Here’s an extensive guide to the best places to find financial aid, scholarships, and other forms of support for adult learners.
1. Federal Financial Aid Programs
The U.S. Department of Education offers several financial aid options to help cover tuition and other expenses. Most federal aid begins with the Free Application for Federal Student Aid (FAFSA), a form used to determine eligibility for grants, loans, and work-study programs. Here are the most common types of federal aid:
- Pell Grant: This need-based grant provides significant financial support for undergraduate students. While primarily targeted at low-income students, it’s also available to adult learners who meet income criteria. Unlike loans, Pell Grants do not need to be repaid.
- Federal Supplemental Educational Opportunity Grant (FSEOG): Another grant for students with exceptional financial need, the FSEOG is administered through participating schools. Award amounts vary depending on your financial need, the availability of funds at your school, and other factors.
- Federal Work-Study Program: This program provides part-time employment for students with financial need. It’s available to undergraduate, graduate, and professional students. Work-study jobs can often be found on campus or with non-profit organizations and are designed to help students earn money for their education.
- Direct Subsidized and Unsubsidized Loans: These federal student loans have lower interest rates than most private loans. Direct Subsidized Loans are need-based, and the government covers interest while you’re in school. Direct Unsubsidized Loans are not need-based, so interest accrues while you’re studying.
My best advise here is to apply for as many scholarships and grants as possible, and let that be your “first layer” of funding. After that, subsidized loans are better than unsubsidized loans because they don’t accumulate interest while you are in school. Unsubsidized loans generate interest while you’re in school, but it’s usually a very low interest rate in the first place. After that, private loans can be a good option, especially for adult learners because they take into account your credit score and assets to determine your interest rates and terms.
There are several other ways to pay for college, but the worst is going to be a credit card; avoid using very high interest payment methods like these due to the interest and fee accumulation. They will add up fast.
2. State-Based Financial Aid
Each U.S. state has its own programs and resources to support residents pursuing higher education. State-funded grants, scholarships, and tuition waivers are common forms of aid. Visit your state’s department of education website or financial aid office to explore options. Here are a few examples:
- Cal Grant (California): Provides funding for students attending a California college and is available to undergraduate students with financial need.
- Texas Educational Opportunity Grant (TEOG): For Texas residents attending two-year public colleges, this grant offers support for tuition and fees.
- New York State Tuition Assistance Program (TAP): Provides financial aid for residents attending a New York-based institution.
Many states also offer tuition waivers or tuition discounts for residents who are returning students, military veterans, or who meet other criteria. Be sure to check the details of your state’s offerings.
3. School-Based Scholarships and Grants
Most colleges and universities offer financial aid and scholarships directly through their own resources. These funds are typically need-based or merit-based, and adult learners are often eligible. Contact your school’s financial aid office to inquire about:
- Adult Learner Scholarships: Some schools provide scholarships specifically for returning adult students or part-time students.
- Merit-Based Scholarships: If you have a strong academic record, you may qualify for scholarships based on your achievements.
- Departmental Scholarships: Specific academic departments often have scholarships for students within that field. For instance, a business department might offer scholarships for business majors.
- Completion Scholarships: Some schools offer grants to students who are returning to complete their degree after a hiatus. These are often designed to help students finish their education without additional financial strain.
4. Employer Tuition Reimbursement Programs
Many employers support continued education through tuition reimbursement programs. This benefit often covers partial or full tuition costs for courses relevant to your job or career growth. Here’s how you can take advantage:
- Check with Human Resources: Speak to your HR department about tuition reimbursement policies. Some companies cover a set amount per year, while others fully reimburse the cost of a degree program.
- Ask About Career Development Programs: Larger companies may have career development programs that include funding for certifications, workshops, or even full degree programs. Some also offer flexible schedules or time off to support your studies.
- Negotiate Tuition Reimbursement in Your Benefits: If you’re considering a new job, negotiate tuition reimbursement as part of your benefits package. Many companies view this as a long-term investment in their employees.
5. Scholarships for Adult Learners
Numerous scholarships specifically target adult learners returning to school. Many of these are offered by foundations, corporations, or professional organizations. Here are some popular scholarships for adult students:
- The Imagine America Foundation Scholarship: Offers up to $1,000 to adult learners attending a participating institution. It’s available to those who plan to attend a career college.
- The Return 2 College Scholarship: Awards $1,000 to adult learners who submit a short essay about why they are returning to school.
- Jeannette Rankin Foundation Scholarship: Provides funding to low-income women age 35 or older who are pursuing a technical or vocational education, an associate’s degree, or a first bachelor’s degree.
- P.E.O. Program for Continuing Education: Offers need-based grants up to $3,000 for women who are returning to school after a break in education.
- Adult Students in Scholastic Transition (ASIST) Scholarship: Sponsored by Executive Women International (EWI), this scholarship is awarded to adult students who are facing financial, social, or physical challenges.
- University Continuing Education Association (UCEA) Scholarships: The UCEA offers various scholarships for adult learners who demonstrate academic success and financial need.
6. Grants and Aid for Underrepresented Groups
Some scholarships are specifically designed to support individuals from underrepresented backgrounds or communities:
- Hispanic Scholarship Fund: Provides support to students of Hispanic heritage and has options for adult learners and returning students.
- American Indian College Fund: Offers scholarships to Native American students attending tribal colleges and universities.
- Thurgood Marshall College Fund (TMCF): Provides scholarships to students attending publicly-supported Historically Black Colleges and Universities (HBCUs).
- Pride Foundation Scholarships: Awards scholarships to LGBTQ+ students, including those returning to school.
7. Professional and Industry-Specific Scholarships
Some industries and professional organizations offer scholarships for those pursuing specific careers:
- Society for Human Resource Management Foundation: Offers scholarships for individuals pursuing careers in HR or related fields.
- Nurse Corps Scholarship Program: Provides scholarships for nursing students who commit to work in underserved communities after graduation.
- Project Management Institute Educational Foundation: Offers scholarships for students pursuing degrees in project management or related fields.
- Teacher Education Assistance for College and Higher Education (TEACH) Grant: For students committed to teaching in low-income schools, this grant provides up to $4,000 per year.
8. Military and Veterans Benefits
If you are a veteran or active-duty military member, you have access to unique financial aid options:
- Post-9/11 GI Bill: Provides up to 36 months of education benefits, covering tuition, fees, and a housing allowance.
- Yellow Ribbon Program: Offered through participating schools, this program helps cover out-of-pocket costs that the GI Bill doesn’t fully fund.
- Scholarships for Military Families: Numerous scholarships are available for the children and spouses of military members. Organizations like the Military Officers Association of America and ThanksUSA offer scholarships for military dependents.
9. Online Platforms for Scholarship Searches
Several online resources make it easier to find scholarships tailored to adult learners. These platforms allow you to search by demographics, area of study, or financial need:
- Fastweb: One of the largest databases of scholarships, grants, and loans, with filters for adult learners and returning students.
- Scholarships.com: This platform offers a user-friendly search engine to find scholarships for adult learners, as well as other financial aid resources.
- CareerOneStop: Sponsored by the U.S. Department of Labor, CareerOneStop offers a comprehensive database of scholarships and grants for students in various fields, including adult learners.
- College Board’s Scholarship Search: This tool allows you to search for scholarships by your age, demographics, field of study, and more.
10. Community and Foundation Grants
Local organizations, community foundations, and non-profits often offer scholarships to residents or members:
- Community Foundations: Many cities and states have community foundations that offer scholarships for local residents. Examples include the Cleveland Foundation, Boston Foundation, and Silicon Valley Community Foundation.
- Rotary Club Scholarships: Local Rotary Clubs often provide scholarships for students pursuing higher education, and some focus on adult learners or community service.
- Women’s Foundations: Groups like the American Association of University Women (AAUW) and the Patsy Takemoto Mink Education Foundation offer scholarships to women returning to school.
Final Tips for Applying
- Apply Early and Often: Many scholarships and grants have deadlines months in advance, so begin your search as soon as you decide to return to school. Apply for multiple scholarships to increase your chances of securing funds.
- Tailor Your Applications: Customize your application materials to each scholarship, emphasizing why you’re a strong fit and how the funds will impact your journey.
- Prepare for Essays: Many scholarships require essays. Take time to craft a personal and impactful story that reflects your motivations and goals as an adult learner.
- Stay Organized: Track application deadlines, requirements, and status of each scholarship in a spreadsheet.
