How To Pay for College as an Adult: Financial Aid for Adults

Adults who want to attend college for the first time or return to school can find grants, scholarships, work opportunities, and other options to pay for college.

This is great news since research shows that more than six million adult learners aged 25 and older have attended college in recent years. That's more than 25% of total enrollees.

If you're ready to begin your studies, this is the right time to learn how to pay for college as an adult. Keep reading to explore tips for making your college experience more affordable.

How to Pay for College as an Adult

Are you wondering how to pay for college as an adult? Covering tuition costs as an adult student is easier than you might think. Discover how to pay for college as an adult by reviewing these tips.

Apply for Federal Financial Aid (FAFSA)

Federal student aid helps learners of all ages pay a portion or all tuition costs. Students must fill out the Free Application for Federal Student Aid (FAFSA) form to qualify for federal aid.

Federal Grants

Federal grants are forms of financial aid delivered by the federal government that don't have to be repaid.

Pell, Federal Supplemental Educational Opportunity (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH), and Iraq and Afghanistan Service grants are all federal.

Student Loans

Loans are financial aid options students can use to pay tuition and other school costs. Unlike grants, loans require repayment with interest.

Federal student loans include Direct Subsidized and Direct Unsubsidized loans. Adult students can also qualify for Direct Plus loans if they are independent and pursuing graduate or professional study.

Federal Work-Study Program

The Federal Work-Study Program allows students to work on or off campus in exchange for money to pay for school costs.

Most work-study jobs pay minimum wage; however, students can earn more depending on where they work.

Look for Scholarships

Scholarships are among the best school financing options for adult learners. Similar to grants, they don't have to be repaid � and they can cover some or all school costs.

Here is a look at the different types of scholarships.

Merit-Based Scholarships

Merit-based scholarships are generally granted to students based on academic performance, special talents, interests, or athletics.

Students who win scholarships based on merit typically meet or exceed specific standards set forth by the giver of the award.

Need-Based Scholarships

Many scholarships are awarded to students based on financial need.

Students applying for scholarships under this circumstance might have to fill out a FAFSA form or otherwise prove through income documentation their need for assistance.

Scholarships Based on Background, Circumstance, or Affiliation

Students might also find scholarships specific to their background (ethnicity, religion, gender, etc.) or social or professional affiliations.

Scholarships are even available for students in specific circumstances. For instance, the Ford Opportunity Scholarship Program is granted to eligible adult learners 25 and older in Oregon or Siskiyou County, California.

Scholarships Based on Field of Study

Some scholarships are designed for students taking on specific areas of study like English, journalism, or a STEM field.

These types of scholarships might come from private organizations or even a student's school of choice.

Pursue State, Institutional, and Private Grants and Loans

While federal student aid is a popular choice for students of all ages, it's not your only option. State-based, school-based, and private options are also available.

State-Based Aid

Nearly every state delivers a grant or scholarship via its state education agency. However, keep in mind that state-based aid is typically reserved for residents attending schools in the state.

Institutional Aid

Colleges and universities also offer financial aid via institutional scholarships and grants. The best way to locate these awards is to visit your school's website or contact the financial aid office.

Private Aid

Community groups, professional organizations, private businesses, and religious organizations offer private grants and scholarships based on merit, need, and more.

Consider a Tuition Reimbursement Program

Tuition reimbursement is an employee benefit offered by companies interested in helping their workers develop more skills in the workplace.

Through this program, employers pay a specific amount for continuing education credits or college coursework to help their workers progress toward earning their degrees.

Payments are often reimbursed to students, which means employers pay students back after completing a course or semester.

To become eligible for tuition reimbursement, it's common for companies to require their workers to complete coursework in alignment with their current roles while maintaining a 'B' or better.

The average amount students receive annually via tuition reimbursement programs is about $5,500.

Use Military/Veteran Benefits

There are two great ways for adult learners who are current or former military service members to pay for school: the GI Bill and Tuition Assistance (TA).

GI Bill benefits help eligible veterans and their families pay for some or all costs associated with school or training.

Benefits might include the Post-9/11 GI Bill, Montgomery GI Bill Active Duty (MGIB-AD), and assistance for dependent spouses and children of veterans.

The Military Tuition Assistance (TA) program is for active duty, Reserve Component, and National Guard service members interested in pursuing a degree.

Students who qualify for the TA program may be able to fund 100% of their college tuition and some fees for semester credit hours costing $250 or less.

Is Going to College as an Adult Student Worth It?

Attending college as an adult offers many benefits, including the potential to earn credits for real-world experience and the ability to choose from flexible adult-focused program options.

Adult learners are often more focused and able to zero in on their goals, which can help them streamline their academic journey and possibly even finish their studies sooner.

In addition to having access to many forms of financial aid and tuition assistance, attending college as an adult might result in valuable education tax breaks.

The American Opportunity Tax Credit (AOTC) provides up to $2,500 per year, and the Lifetime Learning Credit (LLC) offers up to $2,000 per year.

Is There an Age Limit for Receiving Financial Aid?

There is no age limit for receiving federal financial aid. Whether you're interested in a grant, loan, or work opportunities through the Federal Work-Study Program, age doesn't impact your eligibility.

If you want to apply for grants, loans, or scholarships not offered by the federal government, you might encounter some restrictions.

Programs are sometimes designed for students who have recently graduated from high school or are under a specific age.

Before you begin applying for aid, be sure to thoroughly review eligibility criteria so you're sure that age or any other restrictions don't get in your way.

Can I Get Federal Student Aid If I Have Bad Credit?

Most federal student aid options don't factor credit into the equation when determining a student's eligibility for funding.

The primary requirement to qualify for federal grants and other aid is filling out the FAFSA form to demonstrate financial need.

The Federal Work-Study program is also need-based and doesn't rely on a credit score to determine eligibility.

If you want to take out a Direct Subsidized or Direct Unsubsidized loan, credit is not an issue.

However, when applying for a Direct PLUS loan, a credit check will be conducted. If you have bad credit, you might still qualify but will have to meet additional requirements.

Pay for College as an Adult Learner Today

Now that you know how to pay for college as an adult, this is a great time to pick your school and program of choice, apply for financial aid, and begin your studies.