Money-Saving Tips for Adult Students

Going to college is an important, expensive, and somewhat anxiety-provoking decision for anyone, but adult students especially face daunting challenges associated with school. If you are non-traditional student who is concerned about the costs of college in relation to all of the other obligations in your life, you are in good company. Nowadays, over 40% of college students are not recent high school graduates.

In addition to family, work, and other monetary obligations, the other main difference between non-traditional students and the majority of traditional students is reflected in federal financial aid procedures. If you are over 24 years old, then you are considered financially independent from your parents. While this may seem intuitive, it also greatly alters the way that students of different ages pay for college.

For tips on how to handle the costs of attending college as an adult student, read on.

• Even though traditional college students and adult students necessarily face college costs differently, there also is a bit of similarity among all students in how to plan for college costs. Just as is recommended for traditional college students, your first move toward financing your education absolutely should be filling out the FAFSA (Free Application for Federal Student Aid).

• Fill out the FAFSA as early as possible, even if you are not yet sure which school you will attend. Eligibility for aid is based partially on a first-come first-serve basis, and you might miss out on great opportunities by waiting. You especially do not want to miss out on potential grants, which do not need to be repaid. These include the Pell Grant, for which eligibility is based in part on one’s dependents -- which makes them ideal for many adult students, and the Workforce Improvement Grant, which is awarded specifically to adult students.

• Traditional students often do not have to worry about planning for their college costs because they have few financial obligations elsewhere (and usually help from parents), but this is not the case with adult students. If you are a prospective adult student, you need to start planning for your expenses as soon as possible. Develop a budget if you have not done so already, and see where you can cut back to use the money towards your tuition. This is important because…

• As an adult student, you do not want to take out any more in student loans than is absolutely necessary. In fact, your grant and scholarship search should be completely exhausted before you take out a loan. Whereas traditional students’ loans generally affect only them, your loans may affect the overall financial livelihood of your family. The fewer the costs that you must find a way to finance, the better.

• Scholarships are not just for those students fresh out of high school. There are plenty of grants and scholarships to go around, and actually there are many with specific eligibility requirements that are most easily met by adult students. For example, there are many scholarships and grants available to individuals in specific occupations or with certain types of volunteer experience.

• Do not pay any company for a scholarship search, because it simply is not necessary. In addition to books and websites full of scholarship opportunities, it may be wise to look right in your own community for financial assistance. Many community organizations, religious institutions, and social groups, as well as universities themselves, offer little-known scholarships for those individuals with enough initiative to find them.

• Before you fill out the FAFSA and apply for other types of aid, consider using some money that you have saved for paying off other debts. The financial assets that you possess affect your ability to receive student aid, so now is a great time to relieve some other financial obligations.

• Use your life experience to avoid taking unnecessary classes (and therefore, paying unnecessary tuition). Thousands of U.S. colleges give course credit to adult students who pass associated tests given through the College-Level Examination Program (CLEP). Ask your university if they are involved with this program, and/or if they offer alternative “life credits”.

• Speak with your human resources department at work about reimbursements for your educational costs. Many employers choose to help out with educational costs because your advanced education is great for them, it because this system also helps with recruitment.

• If you are a bit unsure about your decision to go to (or return to) college, consider taking a few classes as an at-large student first before making such a large financial commitment.

• Online courses are a great option for adult students. Not only do they provide the obvious benefit of working on one’s own time schedule, but they also can save you a substantial amount of money in commuting costs.

• If money is tight, ask a university representative about fee waivers for such expenses as application costs and lab fees.

• If you plan to go for a four-year degree, it might make sense financially if you do your first two years at a community college. Community college tuition usually is much cheaper than tuition at four-year schools.

As a final tip for those of you about to embark on a college career later in life, take advantage of a university resource that many traditional students do not utilize. If ever you have questions or concerns related to college expenses, meet with a financial aid officer at your school. It is his or her job to come up with a way for you to meet the financial obligations of your education, so do not let a few dollar signs get in the way of your academic goals. Best of luck in your college career!