Financial Aid for the Nontraditional Student

Do you want to go back to school but don't know how you'll pay for it? Have you been out of school for a while and now have a family and other "adult" responsibilities? Millions of people are reentering college or another higher-education program after being out in the workforce. You're not alone. If you fall into that description, then this article is for you. To learn more about others just like you who found money to pay for college, visit the "I'm going" website.

There are many things you can invest in, but I believe the surest bet is to invest in yourself. You might think that during a recession, student enrollment would go down. Actually, it generally goes up because people are unemployed and opt for education to fill the time while they look for a job. Building your skills to be more competitive in the job market is always a good thing, no matter how good or bad the economy is.

Student Loans

A student loan is an option for you if you need financial aid. You can go to the Federal Student Aid website for information, and much of what I'll be sharing with you comes from that site. This information is accessible to all. Another website I will refer to is Federal Aid First. You should also consult with the Student Financial Aid department of the school that you're looking to attend.

You can obtain a federal student loan or a private student loan. A federal student loan is guaranteed by the U.S. government and usually gives you a lower interest rate. There are two programs: Direct Student Loan and Federal Family Education Loan Program. You'll need to consult with your prospective school to determine which is best for you. A private student loan can be obtained from your local bank and may have variable interest rates. Usually, a federal student loan is a better option for paying for college. To get more information about a federal student loan and to apply, go to the Federal Student Aid website.

Financial aid is available to both graduate and undergraduate students. An undergraduate may borrow up to $10,500 per year. A graduate student may borrow up to $20,500 per year. But, as with any loan, you should attain it with a sense of responsibility because failure to repay a student loan may adversely affect your credit rating.

After you've decided to apply for a student loan, you should always check the application deadlines for your school. There is no deadline for applying for financial aid, but most students apply after January 1st of the year they wish to begin in the fall. The earlier you apply, the better your chances of attaining the loan because each school is only allotted a certain amount of financial-aid funding.

You'll need to provide personal information as you would in applying for any loan. The most common information is your Social Security number, state driver's license number, an alien registration number (if applicable), and your federal income tax returns or other income information. Once you apply, you'll receive a Student Aid Report (SAR), and you should verify that the information in it is correct. It's basically a summary of the information you provided, but you should always verify and make corrections as necessary.

Working While You Study

It isn't easy, but many students work full-time or part-time while attending school. I did it for both my master's degree and my doctorate. Looking back, I have no idea how I did it. I think personal drive and determination was the fuel.

Sometimes, you can qualify for a work-study program with your school. This enables students to work part-time on campus while attending school. There are many part-time jobs you could take on campus, such as working in the library, student union and residence halls. These jobs are usually very flexible and will schedule your hours around your classes.

You can also work at any other job in your community while attending school. While I was working full-time, I enjoyed the benefit of my company's education-reimbursement programs. Many times, there are stipulations for eligibility. You may have to work on the job for a certain period of time or the degree program must relate to your work.

Most employers will not help you with just one or two classes; instead, you must be enrolled in a certificate or degree program. Some will reimburse you for credit hours, but not books; others will cover both. Some student fees may be excluded. Some may ask you to work for the company for a period of one-to-two years after you earn your degree. Sometimes, there are separate policies for full-time employees and part-time employees. With one employer, I was required to work at least 35 hours to be eligible. You should read your company policy carefully to be sure you can meet all of the requirements.

Scholarships

Another way to obtain some money for school is to apply for scholarships. There are some scholarships available to the nontraditional student, but you have to search harder for them. Most scholarships are available to recent high-school graduates.

One organization that offers scholarships to low-income women over 35 returning to school is the Jeannette Rankin Foundation. Most recipients have overcome dire life circumstances to achieve an education. To be eligible, you must be age 35 or older, a U.S. citizen, enrolled in or accepted to an accredited school, pursuing a technical, vocational, associate or bachelor degree, and meet low-income standards of the U.S. Department of Labor's Lower Living Standard. Applications are accepted beginning in November for the fall of the following year.

Other websites to research scholarships and those for nontraditional students include:

• www.fastweb.com
• www.scholarships.com
• www.petersons.com
• www.adultstudentcenter.com
• www.back2college.com

Scholarship Scams

As you search for scholarships, you should be aware that some scams exist. In an upcoming article, I will explore scholarship scams in depth and offer some information on how to avoid them. So, stay tuned!