What Financial Resources Could Help You Return to College?

The Decision

If you are thinking about returning to college, cost may be one of the biggest questions you have. You may be wondering whether financial aid is available, whether your employer could help, or whether there are programs for adults returning to school.

There is no single source of financial support that applies to every adult. Depending on your circumstances, resources may be available through federal or state financial aid, your employer, the college, workforce programs, military or veteran education benefits, scholarships, or other programs.

You do not need to understand every financial aid program before you begin exploring your options. What you need is a better idea of what resources may be available, whether they could apply to you, and where to get accurate information about your situation.

Why This Matters

If you attended college before, your financial situation may look very different now. You may remember completing the FAFSA, receiving a Pell Grant, taking out student loans, or getting financial aid from your college. If several years have passed, you may not know what you would be eligible for today.

There may also be resources you did not have the last time you attended. Your employer may now offer an education benefit. Your state may have programs that were not available before, or a college may have resources for adult, transfer, or returning students.

These resources do not all work the same way. Some may reduce what you have to pay, while others help you manage or finance the amount that remains. Some are limited to particular students, institutions, or programs.

Before deciding that college is affordable or unaffordable, find out what could actually apply to you.

Federal Financial Aid

Federal financial aid may include grants, loans, and work-study for eligible students. The FAFSA is used to apply for federal student aid and may also be used by states and colleges when considering students for other types of financial assistance.

If you received federal financial aid when you attended college before, your previous aid history may be part of the information you need to review. You may still have student loans, have questions about grants you received previously, or simply not remember what aid you used.

Rather than assuming that receiving aid in the past means you can or cannot receive it again, review your federal student aid information and ask the financial aid office at the college you are considering what applies to your current situation.

State Financial Aid and Education Programs

Your state may offer grants, scholarships, tuition programs, or other education benefits. Some may include programs specifically intended for adult or returning students, while others are available to a broader group of students who meet the requirements.

Eligibility may depend on factors such as residency, income, enrollment, the institution you attend, or the program you choose. There may also be separate applications or deadlines. Because programs change, look at what is currently available in your state rather than relying on what you remember from the last time you attended college.

Employer Education Benefits

If you are working, find out whether your employer offers education benefits. Depending on the employer, this could include tuition reimbursement, direct tuition assistance, scholarships, discounts, or partnerships with particular colleges.

The important question is not only whether the benefit exists, but whether you can use it for the education you are considering. Some employers limit which institutions, programs, courses, or expenses are covered. You may also have to pay the tuition yourself and receive reimbursement after completing the course.

If your employer offers a structured education program or limits you to particular institutions or programs, see Returning Through an Employer, Workforce, or State Program for additional questions to consider before choosing that pathway.

College Grants, Scholarships, and Other Assistance

The college itself may have grants, scholarships, tuition discounts, or other resources available to students who meet certain requirements. Some institutions may have assistance available to adult, transfer, returning, or part-time students.

Do not assume you qualify based on the name of a scholarship or program, but do not assume you are excluded either. Ask the college what resources are currently available, whether there is a separate application, and what requirements or deadlines apply.

Workforce and Career-Training Programs

State and local workforce programs may provide funding for eligible education or training. These programs often focus on particular occupations, industries, credentials, or groups of workers and may require participants to use approved programs or institutions.

If you are considering education because you want to change careers, qualify for a particular occupation, or develop new skills, find out whether a workforce program is available in your area and whether the education you are considering can be funded through it.

The funding may be valuable, but you should still look at the education path connected to the program, including what credential you would earn and whether it supports what you want to do next.

Military and Veteran Education Benefits

If you served in the military or may have access to military or veteran education benefits, those resources may also be part of your financial picture. Eligibility, remaining benefits, and the programs or institutions where those benefits can be used depend on individual circumstances. This is an area where it is particularly important to get current information from the agency responsible for the benefit and the appropriate office at the college you are considering.

Payment Plans

A college payment plan may help if you will be responsible for paying part of the bill yourself. Payment plans generally allow eligible charges to be divided into several payments rather than requiring the entire amount at once.

A payment plan does not reduce the cost of college. It changes how and when you pay what you owe. When considering a payment plan, find out which charges can be included, when payments are due, and whether there are enrollment or service fees.

Your Previous College Work May Affect What Returning Costs

If you attended college before, the amount of education you have left to complete can have a significant effect on the total cost of returning. Previous coursework may satisfy some requirements at the institution you are considering. Depending on the college and program, there may also be opportunities for eligible military learning or other prior learning to count toward your requirements.

This does not mean every previous credit will apply or that previous experience will automatically reduce the number of courses you need. It does mean that you should understand what you have left to complete before trying to estimate what returning will cost.

For more information, see How Close Are You to Finishing Your Degree? If you need to understand how previous coursework may apply after transferring, see Understanding Transfer Credit: What Will Actually Count Toward Your Degree?

Look at What You Would Still Have to Pay

Finding a resource that helps with tuition does not necessarily mean all of your college costs are covered. Depending on the program and your circumstances, you may still have fees, books, supplies, technology, transportation, childcare, or program-specific expenses. It helps to look at each resource separately. Find out what it covers, whether there is a limit, whether you have to pay anything first, and whether there are requirements you have to continue meeting.

Then look at what would remain your responsibility. This gives you a more useful picture of the cost than looking only at the published tuition or assuming that receiving financial assistance means college will be fully funded.

Know Who to Ask

You may have several financial questions, but they do not all belong with the same office. Questions about federal financial aid should generally begin with Federal Student Aid or the college financial aid office.

State programs should be confirmed with the agency responsible for the program. Employer benefits belong with your employer's human resources or benefits office, while workforce funding should be confirmed with the agency providing it.

At the college, the financial aid office can answer questions about financial aid and institutional grants or scholarships. Questions about tuition charges, your bill, or payment plans may belong with the office responsible for student accounts or billing.

You do not need to figure out every program on your own. Knowing which organization controls the resource can help you get the information you need from the right place.

Before You Decide

If cost is one of the reasons you are unsure about returning to college, do not assume the published tuition tells you what returning would actually cost you. Find out what financial resources could apply to your situation and what each one would cover. Look at any requirements connected to receiving the assistance and determine what expenses would remain your responsibility.

If you attended college before, also find out how much of your previous work applies so you have a realistic idea of how much education you still need to complete.

Once you have that information, you can make a better assessment of whether returning to college fits your financial situation and whether the program you are considering makes sense for what you want to accomplish.

Disclaimer

This article provides general educational information and does not provide financial aid, financial, tax, or legal advice. Financial aid programs, eligibility requirements, funding amounts, deadlines, employer benefits, state programs, and institutional policies can change. Confirm current information and your individual eligibility with the agency, employer, institution, or organization responsible for the resource you are considering.