Over the past few decades, there has been a significant rise in the number of adults across the U.S. enrolling in college or higher education. While some adults will have the means to finance their education, for many the costs of going back to school may be a challenge. With families to support, and rent or mortgage payments to meet, pursuing further education could come at a price.
Fortunately, there are many creative ways in which you can fund your future and this article will take a closer look at some of the best options to help you on your path to higher education as an adult.
There may be the possibility to receive financial aid through specific grants aimed at helping adults pursue higher education. For example, you may be eligible for a grant as a single mother, a childcare grant or one of the following types of grants:
- State-specific grants
- Teacher Education Assistance for College and Higher Education Grant
- University-sponsored grants
Contacting the financial aid office of the college you wish to study at may also provide you with valuable information.
Leverage Your Assets
If you own your own home, there are potential ways to generate some extra income such as renting out a spare room or exploring your refinancing options, including remortgaging your house or borrowing against its equity. By doing so, you may be able to acquire a lump sum of money that can go towards your tuition fees and other essential college expenses.
If you have other valuable assets such as an RV, you can also explore leveraging them to support your college expenses. For example, you might consider options like secured RV loans, which will allow you to borrow money against the value of your vehicle.
Some employers provide opportunities for their employees to have their education expenses partially or fully covered through grants or tuition reimbursement programs. This is generally applicable when the company will benefit in some way from the employee’s newly acquired skills and knowledge.
If your studies could add value to your organization and contribute to its overall success it is worth consulting your company’s HR department to explore potential financial aid programs offered by your employer and for information on the application process.
You may be able to benefit from available funding at the federal level. The US Department of Education offers potential financial aid opportunities which can be applied for through the Free Application for Federal Student Aid (FAFSA).
An alternative option, in the event that you fail to qualify for a federal grant, is to consider a low-interest federal loan, which can provide you with the financial support for furthering your education. Below are some government funding options that offer free college funding which can be put towards your tuition, housing, course material, and other college expenses:
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Academic Competitiveness Grant
- SMART Grant
There are several funding options available to help further your education in your adult years, helping you to concentrate on your studies rather than on money worries.