Of the Americans that are pursuing or have plans to pursue a higher level of education, more than half will be categorized as “non-traditional”. Whereas a traditional college student moves straight from high school to college, a non-traditional student faces different challenges. The ages of non-traditional students widely vary, and the reasons behind their gaps in education just as much. Most have or have had careers, families, or long-term services in the military. Most have even some previous college experience.
Unfortunately for the non-traditional student looking to broaden his or her horizons, college is still as financially challenging as ever. Financial aid from the most common sources is tailored to the needs to the young, traditional first-time college student. It can be difficult, even discouraging, for an aspiring student with a family and a full-time job to find financial help.
So where can non-traditional students find reliable financial help? It is out there, if you know where to look. This article makes five suggestions for non-traditional students seeking financial assistance.
Federal Financial Aid
While most federal aid is targeted at traditional students, non-traditional scholars can still take advantage of government programs. There are a wide variety of financial options available from federal funds including grants, loans and scholarships. Many federal programs will become more available to those over 24, as this is when the US government considers a person legally independent of his or her parents. The key is communication with the school’s financial services representatives, and smart use of the Free Application for Federal Student Aid (FAFSA).
The FAFSA provides the government with the information they need to evaluate financial need, but for non-traditional students, it doesn’t tell everything. In addition to filling out the FAFSA, it’s important to talk to the financial aid office at the school you will be attending and communicating your life situation and your educational goals.
State Financial Aid
The state the student resides in may also offer funding to qualified non-traditional students. The amount and condition under which state aid will be renewed varies depending on area. It may or may not require a FAFSA form to apply. A complete listing of websites for more information is available sorted by state at the Department of Education, as part of the Education Resource Organizations Directory.
529 Savings Plan
The 529 savings plan is a method of saving for college that provides the investor with tax incentives and rewards. The school chosen by the investing student does not affect the 529 savings plan. Once a 529 savings plan is established, deposits can be made automatically and, like a savings account, remains in control of the investor. Savings grows tax-deferred, and all payments made from the 529 for college expenses are paid tax-free. It’s a low maintenance, high rewards way for a student to grow his or her college savings instead of relying on financial aid.
Scholarships
All colleges and universities will typically have their own scholarship programs. The scholarship programs may or may not be restricted by age or by college experience. Non-traditional students can find many different scholarships dedicated to them. Searching and applying diligently for scholarships can be very rewarding.
Employer Help
Many businesses, both large and small, have incentives available that encourage their employees to reach their educational goals while remaining employed. This is usually referred to as employer tuition assistance, and information about employer programs can usually be obtained by speaking with a human resources representative. Programs vary among employers, but sometimes tuition assistance can be excluded from income and received tax-free. Restrictions usually apply, such as accumulating a certain number of credits or attending a specific college or university.
If you’re a non-traditional student looking for financial aid, there are many possible options available to you. Check ‘n Go, a leader in the payday loan industry, offers more tips for smart management of major financial needs in its new Financial Planning section.
Elder and Non-Traditional students are searching for:
- employer assistants for non traditional students
- financial need for nontradational student
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An education at a private university these days costs upwards to $20,000 or more per year. The average public university costs $10,000 per year and community college is around $5,000 per year. There are plenty of college grants categories that you probably fit into to get money.
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