Many adults are returning to school for a variety of different reasons. Some are making career changes, while others return to school to keep up with changing developments in their field of choice. Regardless of whether you are returning to obtain an advanced degree or are pursuing your first college diploma, your circumstances are very different than they were when you first graduated high school.
Not only do you have a job, a family, and a lot of other demands to consider, you most likely don’t have the financial support of your parents. It can be a challenge to find ways to finance your educational endeavors. However, there are ways you can pay for your education and fulfill your goals for the future.
Use Your Available Income
You might be able to pay for some of your school expenses as you go along. The advantage of using your available income is that you won’t wind up with as much debt as you would if you borrowed the money you will need. However, unless your schooling is inexpensive or you have a large income, you will have to manage your money very carefully and budget wisely. This will require diligence and determination on your part, but the rewards will outweigh your sacrifices in the end.
Use the Equity Built Up in Your Home
Take advantage of the equity you have built up in your home by applying for a home equity line of credit, commonly referred to as a HELOC. You can review a guide that took a look at the home equity lenders across the country, and analyzed a variety of factors including interest rates, fees, and credit lines to determine who were the best HELOC Lenders. A HELOC offers you greater flexibility because they give you the option of only withdrawing what you need to cover your college expenses.
Enquire About Employer Assistance Programs
It is important to find out if your employer has a tuition reimbursement plan. Many companies also offer scholarships and repayment assistance for student loans, so it’s worth finding out if your company has such programs available. Even if they do not currently offer such a program, it never hurts to ask if they would be willing to help. If your employer is willing to help pay for your education, they are more likely to keep you around in the long run because of the investment they have made in your future. So, seeking employer assistance might also increase your job security.
Apply for Scholarships and Grants
Scholarships are not only for recently graduated high school students. There are thousands of scholarships available that are tailored specifically for the adult learner. There are also federal grants available that are awarded to help pay for college. A very desirable aspect of grants is that you do not have to pay them back. Don’t assume you won’t qualify for a grant without checking into them. Always check by filling out a FASFA online or meeting with one of your school’s financial aid advisors. You might be pleasantly surprised at what is available to you.