Going Back to School

Finishing up a degree you started a long time ago or earning an advanced degree are both great ways to get ahead. The trick is to balance your adult financial needs with the cost of student programs. Long gone are the days of surviving on beer and cold pizza. As an adult student, you may need to juggle mortgages, kids, work, and school at the same time. Here are five tips to help you manage going back to school.

• 1. Test the waters first. If you are nervous about going back to school or not sure what you really want to do, start by taking a few classes first. Many colleges, universities, and online programs allow you to take individual courses without registering as a full-time student. Compare evening classes to online and distance education programs to see which best matches your needs. Also, use this time to consider why you are returning to school. Will it advance your career? Are you finishing a degree? What kind of degree would be best for you? Talk with school counselors about your goals.

• 2. Schedule your time. Continuing to work while attending classes on nights and weekends is a popular choice for adult students. Many large companies have programs available that reimburse employees for tuition costs. However, these programs often require that you study something related to your work, earn good grades, and pay for the courses on your own before being reimbursed. With attending a public university costing an average of $3,500 a year, these conditions may be well worth the benefits.

  You should also talk to your employer about adjusting your schedule in order to accommodate your classes. You may want to come to work earlier so you have time to take courses after work. Make sure that your employer is supportive of your decision to return to school.

  Working full time and being a part time student may not actually be the best move, depending upon your situation. You should also consider being a full-time student or cutting back to a part-time job while you are in school. It will be faster to earn your degree if you are enrolled as a full-time student

• 3. Apply for financial aid. Depending upon your financial situation, you may be able to qualify for assistance through a Free Application for Federal Student Aid (FAFSA). It's a good idea to fill out the FAFSA form even if you don't think you will qualify for federal assistance. This form is also used to determine federal student loan qualification and is used by other non-governmental aid programs.

  There are numerous financial aid programs and scholarships available specifically for adult students. If you do not research your financial aid options, you are passing up free money that could help you get an education. You can search for available scholarships online at CollegeBoard.com and FastWeb.com.

• 4. Work out a system. With the assistance of lenders, a college's financial counselors, and financial planners, you should be able to work out a way to affordably go back to school. While it is best to pay for college without going into debt, don't be afraid to apply for a federal student loan. Student loans have very low interest rates that make them an affordable way to borrow money. Also, don't forget to investigate possible tax benefits related to going back to school.

  Once you have all your scholarships and loans in place, it time to start being a student! Continue to communicate closely with the college's financial counselors and other financial planners to ensure you are on the right track. You should also keep a detailed monthly budget to help you balance your regular monthly expenses with your student costs. After each semester, take a few minutes to re-evaluate your financial standing and discuss your situation with a financial counselor.

With a little planning, financial aid, and support, it can be easy for adults to return to school. The hardest part for most people is actually completing the degree. As long as you remain dedicated to your education and watchful of your finances, you should be able to earn the degree or certificate you've been hoping for.

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