What About Financial Aid?

Federal, State government and private institutions provide money for financial aid, for traditional as well as returning adult learners. Many adult looking to start or complete a degree, assume they are not qualified for student financial aid due to their age or income. Don't miss out on the opportunity to receive financial aid, because of your age or income. Financial aid coming from the government has no age limitation, though some private student aid may have age limits. There is a wide variety of student aid sources that do not discriminate based on age or income. Student financial aid may come from one of the following sources:

• Grants: Grants, like the Pell grant typically, do not have to be paid back and are awarded to students based on financial need.

• Scholarships: Scholarships like grants do not usually have to be paid back and are awarded based on criteria, though the criteria may be more specific, such as athletic scholarships granted to exceptional athletes. Almost any criteria can be used to determine scholarship awards. You can search online for scholarship information about scholarships you might qualify for.

• Low interest loans: Low interest loans are loans issued by private or public institutions to students at a special interest rate. Repayment of these loans can often be deferred until after you have completed your degree. There are two kinds of these loans, one is subsidized the other is unsubsidized, with the key difference being that with subsidized loans the government pays the interest on the loans until the deferment period ends.

• Federal Work Study: The Federal Work Study program provides part time work while helping to pay education expenses.

• Tax Credits: There are several kinds of tax credits available to enrolled students or to those with a dependant that is a student. Tax credits include:

  • Hope Credit
  • Lifetime Learning Credit
  • Tuition and Fees Tax Deduction
  • Student Loan Interest Deduction
  • Tax-Free Employer Education Reimbursement

  To apply for financial aid you have to fill out the Free Application for Federal Student Aid (FAFSA) and submit it after January 1st and before March 1 in most states. FAFSA uses the previous years income to determine financial need, so you will have to use estimates for the income. FAFSA paperwork is available at local colleges and universities, or online at the FAFSA website. Examine targeted career training on the following page.