Opportunities for Financial Aid in Adult College Education
The economy has hit the average individual extremely hard. There are millions of unemployed workers across the United States. However, there are very few programs available at the federal or state level to provide these workers with the retraining they need. Luckily, there are many programs available to the adult student who is looking to get a new education.
Pell grants may be an option for the adult student depending upon their income level according to the FASFA. Adult students should still fill out the FASFA each and every school year. This ensures that they are able to receive federal funds should they need them. Students who do not fill out the FASFA can miss out on programs that they may be eligible for and simply did not know about. Pell grants are need based aid. This means that the student must have a financial aid in order to qualify for the grant. This need is determined by the information they input into the FASFA form and how much income/assets they have in the period.
Adult scholarships are provided to adult students from many schools. These scholarships will not cover the full cost of attendance but may be up to several thousand dollars of cash that students would not otherwise have. There are a number of private colleges and universities that have started to provide adult scholarships. Students need to check with their financial aid office to see if any adult scholarship opportunities are available to them.
Another common financial aid option for adult students who are still working is tuition assistance or tuition reimbursement programs through their company. Many companies will pay their employees tuition as long as the employee meets the program requirements. Most companies require employees furthering their education within their line of work and may delay their payments by some time to ensure timely completion of the classes. Students who believe they may have tuition reimbursement programs available to them should contact their human resources department before enrolling in college.
Loans are another financial aid option for adult students. While loans are required to be repaid, that does not mean that they are not a useful option for students. Federal direct loans are set at low interest rates and offer a wide range of repayment plans for students to use. Also, adult students are able to receive a higher amount of direct student loans thanks to their independent status on the FASFA. Anyone who is over the age of 24 or meets certain qualifications when they are under the age of 24 can be considered independent for financial aid purposes.
Federal direct loans may be the student’s best option. However, they are not always going to cover the student's cost of attendance. Private student loans are available from a number of banks. These loans are typically extended to cover the gap between your current financial aid and the cost of attendance. COLA private loans are another tempting choice for many adult students. COLA stands for cost of living allowance loans. These loans are above and beyond the student loans to cover the cost of tuition and books. The COLA loans can pay for anything from day care to rent to car payments. However, the interest rate will be much higher and it is very tempting to over borrow. Do not take out COLA loans unless they are completely necessary to be able to attend school!
Students who feel that they are not getting all of the financial aid that they qualify for should meet with a financial aid advisor. These advisors are experienced in their fields and will be able to provide excellent advice to students. Students should come prepared to these meetings by bringing in a copy of their FASFA, tax returns and any other documentation that they believe will help. Students who still feel that they did not receive enough financial aid can file a letter of professional judgment. This is basically a re-review of the records. The college financial aid office may ask for more information and may be able to open up new financial aid for students. Most professional judgment letters will only be approved with mitigating circumstances such as a tragedy within the family, job loss or other similar situation.