Most financial aid is provided by the federal and state governments. Colleges, scholarship organizations and employers are also important aid sources. Financial need is the primary factor considered for adults returning to school, and need is the primary factor for financial aid eligibility. However, some scholarships may be awarded based on merit.
Some colleges or universities waive fees and/or tuition for online or classroom courses for older students of a certain age. The waivers may have certain requirements for credit courses versus non-credit courses. Some colleges offer annual fees or tuition waivers for retirees for an unlimited number of courses per year.
If you live in a university-based retirement community, many colleges allow residents to attend free classes and have access to other campus facilities such as the university library. You may consider auditing a course. Auditing means that you may attend the class for free each time it meets but you are not actually registered for the class.
Check with your local educational institution admissions office for more information about waivers and tuition discounts. You may be able to save on courses by searching for discounts or waivers based on age and life experience.
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.
The Federal Stafford Loan is the basic building block of most students’ financial aid packages. Students using Stafford Loans can typically borrow a significant amount of money regardless of their financial need, for both undergraduate and graduate school programs. The interest rate and terms for Stafford Loans can vary depending on whether the loans are subsidized or unsubsidized. However, in either scenario, they represent one of the best choices for borrowing to pay college costs.
A subsidized Stafford Loan is one that the federal government pays the interest on while a student is still in school. In other words, the loan value has nothing added to its original amount until after you graduate, and the loan balance will not increase due to interest, as long as you are in school. Students who don’t qualify for a subsidized loan can still receive an unsubsidized loan, but will accrue interest while they are still in school. However, they do not have to begin repaying the loan until after they graduate. Unsubsidized loans are easy to qualify for in most cases, but you must be a U.S. citizen, national, permanent resident, or have other special status. You must be enrolled at least half-time at an eligible institution.
The Federal Perkins Loan is a 5 percent fixed-rate loan made directly by a school to the student using federal government funds. Schools may or may not decide to participate in the Perkins Loan program. A school that does participate may run out of Perkins Loan funds before all requests are fulfilled. All Perkins Loans are subsidized loans. This means that the interest is paid by the government until graduation, for any student enrolled at least half-time.
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The Free Application for Federal Student Aid (FAFSA) is a federal form administered by the U.S. Department of Education. Information you submit on the form is used to determine the amount of money the federal government may loan you to further your education. The FAFSA is the application form for all federal financial aid awards such as loans and Pell Grants.
Regardless of whether or not you are applying for a subsidized or unsubsidized Stafford Loan, you must fill out a FAFSA form. Once completed, the FAFSA form is forwarded to your school, who will then inform you of your loan eligibility and lender options.
Believe it or not, there are all kinds of institutions and organizations providing individuals with scholarships to return to school. Scholarships do not have to be paid back and may go directly to tuition and in some cases books and other expenses. It is well worth your while to research scholarships set aside specifically for older students.
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