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Thursday, October 16, 2008
Carrie Schwab Pomerantz :: Townhall.com Columnist
Paying for College Later in Life
by Carrie Schwab Pomerantz
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Do you ever think about going back to college? If so, you're not alone. Faced with today's economic challenges and the need for new and different job skills, many adults are considering some type of continuing education.

In community colleges, universities and graduate schools across the country, the age diversity on campuses is growing. A 2006 report from the American Association of State Colleges and Universities found that between 1993 and 2003 (the latest year of data available) one of the greatest increases in college enrollment was among those over the age of 50.

Going back to school can be exciting but expensive. Not only do you need to consider tuition, fees and books, but also ancillary costs such as child care and transportation. If you plan to take time off from work while you study, the decrease in income should be factored into your overall cost as well.

The numbers can add up pretty quickly, but don't be discouraged. With a little creative thinking and some research, you can find ways to help pay for education at any point in life.

WHERE TO GET INFORMATION

What's the first thing you'd tell a young person looking for financial aid? Get the information. The same advice applies to you. There are many places to look.

Start with your school. Many universities now offer financial aid specifically geared to re-entry or nontraditional students. Next, talk to your employer. If you're going back to school to enhance your work skills, your company may have tuition assistance available for employees.

If you are interested in a particular field, be sure to look into industry-specific scholarships. And don't forget your local community. There may be grants available through community associations or the chamber of commerce.

HELP FROM UNCLE SAM

While private loans and scholarships are definitely worth researching, there are several federal loans that offer lower interest rates and better repayment terms, depending on your financial situation. Some loans that may apply to nontraditional students include:

-- Stafford loans: The most common type of college loan funds, for both undergraduate and graduate students, has two varieties: subsidized loans (based on need) that defer interest on the loan for specified periods, and unsubsidized loans where need is not a factor. For both kinds of loans, you must be enrolled at least as a part-time student.

-- Federal Perkins Loans: A Federal Perkins Loan is low-interest for both undergraduate and graduate students with "exceptional" financial need. Aside from need, you must also be enrolled halftime to qualify.

These loans are just the tip of the iceberg. A school financial-aid counselor can help you explore other government-sponsored loans and grants. Visit http://studentaid.ed.gov for more information.

TAX ADVANTAGES

From tax-advantaged college savings plans to tax credits to tax-deductible tuition, the IRS offers a variety of aids and incentives to continue your education. Continued...
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About The Author

Carrie Schwab Pomerantz is a Motley Fool contributor.

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Join The Debate!

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(11 comments so Far)
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Reply # 1
Date: Oct 20, 2008 - 4:23 PM EST
McCain can win with the economy issue!

The Economy is what most people are concerned about. McCain can win on the
economy if we promote a grass roots effort that will get the country angry at
the real culprits. If Republicans send out emails like I did to everyone on my
email address list, then McCain could win! Elected public officials will only
accept emails from their constituents.

Therefore I have access to only a few Republican politicians. If enough people
who receive this email will email their friends, Republican representatives at
every level from local to the president and every conservative talk show host
then America will get the message.



This was the message;

------------------------------------------------

I apologize for sending this unsolicited email, but I feel every American would
like to know who caused our financial collapse which is causing your 401k and
your home value to sink in value. We have been betrayed, not by the obvious
greed of the banks, but by our congressmen who caused this to happen.

Let’s not put the fox in charge of the hen house. Please view all six sections
of the very clearly produced video at the following link.



http://www.teleprompterpresident.com/2008/10/fnc-fbn-inves- 6.html

or google the phrase, telelprompter saving our economy.

See what clinton thinks!

http://www.teleprompterpresident.com/2008/10/shocking-vide- 1.html or google the phase "Teleprompter Covering Up The Fannie Mae".

------------------------------------------------

Bob Email- netc@comcast.net



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Reply # 2
Date: Oct 17, 2008 - 9:27 PM EST
The "You Need A Degree" Syndrome Part II
Thank you for your reply, Highlander Juan. I appreciate your insights. However, are you telling me employers don't read resumés and don't follow up on refernces just to save time?
I can understand needing a degree for an accounting position or some other technical jobs, but needing a degree just to do standard office/clerical work is absurd. To be honest, I can't imagine people with college degrees being willing to do the type of work I am seeking. I mean, after all, they have COLLEGE DEGREES. My resumé shows I stayed 13 years with my first employer (a major advertising agency, which hired me right out of high school, sans college degree), 3 years with my second (as a receptionist for my OB/GYN) and 11 years with my present one (as an administrative assistant at a local cooperative complex), leaving two of these jobs only to raise my daughters, who are now 20 and 18. It shows that I, too, am committed to what I do and that I must have been fairly competent in my duties or I would have been fired. It includes references who will verify what is in my resumé. Having a degree seems like a pretty expensive "filter" for a prospective employer or some Human Resources clerk to require just so he/she doesn't have to read someone's resumé. Unfortunately, what you have stated seems to be the prevailing attitude. We do not have thousands of dollars to spend on a degree, which, in actuality, is no guarantee of anything. I will continue to look for a job with an employer who is honest enough to understand experience "might" be just as valid as a degree. I live in New York City; there must be some opportunities out there. Wish me luck!
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