Paying for College as an Adult: Tips for Working Professionals

A college degree can allow you to learn new skills and qualify for a broader range of professional roles. While some students enroll in a degree program immediately after high school, adult learners who are already part of the workforce make up a growing portion of the nation's students.

Working professionals have different goals and needs when pursuing a bachelor's degree. Adult learners with families or full-time jobs must balance multiple schedules and ensure tuition costs don't create financial stress. Learning how to minimize out-of-pocket costs is crucial for adult students.

5 Tips for Working Professionals Paying for College

While students must balance school with work, they must also consider ways to cover tuition expenses. Here are some ways working professionals can make a college degree affordable.

1. Employer Tuition Reimbursement

The first option professional students should explore is potential support from their current employer. Because a college education also benefits the organization, many companies offer tuition assistance programs to help their students earn degrees.

Employer tuition reimbursement programs typically require the student to pay tuition costs upfront and then receive reimbursement later. Speak with your human resources specialist about your education plans and ask about tuition reimbursement programs.

Employer tuition reimbursement programs may select a range of institutions and degree programs that qualify for reimbursement. In some cases, there will also be stipulations about the length of time the employee must remain at the company. Employer tuition reimbursement programs can be an excellent source of tuition assistance.

2. Corporate Partnerships

Like employer tuition reimbursement programs, corporate partnerships connect organizations and educational institutions. Corporations may have negotiated partnerships with certain universities that grant their employees tuition discounts.

Most universities will have a complete list of corporate partnerships available on their website. You can also ask an admissions counselor if the university partners with your employer and what benefits or discounts are available. If the discount is significant, it may be worth earning your degree at an institution that partners with your employer.

3. Discover Scholarships Options

While the listed price of a college degree can be intimidating, few students pay the full cost due to the wide range of financial aid options available. Always speak with financial aid representatives to explore funding opportunities.

Scholarships are sources of funding that can be applied to college tuition costs. Scholarships don't have to be repaid and will subtract from the original tuition cost. Scholarships can be awarded for many different reasons, so it is important to apply for all scholarships that you are eligible for. Common types of scholarships include:

• academic achievement scholarships
• athletic scholarships
• departmental scholarships
• minority scholarships
• military scholarships
• religious scholarships
• community service scholarships

There are also scholarship programs designed specifically for adult learners. Here are some scholarships to explore:

• Ford Opportunity Program Scholarship
• Executive Women International Adult Students in Scholastic Transition (ASIST)
• Return2College Scholarship
• Working Parents Scholarship
• College JumpStart Scholarship

4. Explore Grant Opportunities

Similar to scholarships, grants help students cover college costs and education expenses. Grants come from many different sources and have a wide range of eligibility requirements.

There are even grants that are specifically made to help adult learners complete their degrees. Working professionals should explore grant programs such as:

• Jeannette Rankin National Scholar Grant
• Imagine America Adult Skills Education Program
• Patsy Mink Education Support Award
• Adult Education State Grants

5. Utilize Federal Student Aid

One of the first things students should do when identifying sources of financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA determines each student's financial need based on personal income, credit history, and other financial records.

Low-income students will qualify for tuition assistance programs, such as the Federal Pell Grant or Federal Supplemental Educational Opportunity Grant (FSEOG). These programs, provided by the federal government and the Department of Education, can help students complete two-year associate degrees at community colleges, four-year bachelor's degrees, or graduate degrees at accredited institutions.

Keep in mind that tuition at in-state public universities is typically more affordable due to the higher amount of government funding awarded to these institutions. Federal grants can make higher education accessible to a wider range of students.

Top Strategies To Ensure College Affordability for Working Adults

Once you've identified all sources of financial aid, you'll need to create a strategy to pay for the degree. Here are some ways to optimize the affordability of a degree.

Consider Flexible Learning Options

The cost of tuition is not the only barrier working adults face while earning degrees. Traditional degree programs that require students to attend in-person courses during working hours can clash with professional schedules.

Flexible learning programs allow students to complete classes and earn college credits at their own pace. For example, a professional working in an industry that is currently in a busy season may wait to study during a slower season.

Some flexible learning programs allow students to take as many or as few credits as they like during a fixed term. Part-time study is also a good option for busy working students.

Enroll in an Online Degree Program

Online bachelor's degree programs have supported millions of working professionals in their quest to earn a valuable degree and progress in their careers. Online degrees are often designed specifically for working and nontraditional students and may offer a greater degree of flexibility.

Some flexible online programs offer credit for prior learning experience. Professional students should identify programs that will award them college credits for their work experience or training. Students with documented experience or certifications may be able to save significantly on tuition costs and complete a degree more quickly.

Create a Budget

Budgeting is a key step to financial success. Students should outline their educational expenses, such as tuition, books, fees, and travel costs, as well as their living expenses. Knowing how much your set expenses are can help you control your discretionary spending.

Students with federal or private student loans should factor in loan repayment costs. Private student loans tend to have higher interest rates and should be prioritized during repayment plans.

Take Advantage of Educational Tax Benefits

Because tuition costs place a financial burden on students, tax credits for education are designed to help students save money and manage their finances.

The Lifetime Learning Credit (LLC) provides tax breaks for college students. The program is equally applicable to nontraditional students and has no age limit. The LLC provides a 20% credit on qualifying educational costs up to $10,000, making it worth up to $2,000.

The American Opportunity Tax Credit (AOTC) is another educational tax benefit program that can grant students up to $2,500.

Remember that interest paid on student loan debt can usually be deducted on IRS tax returns. High interest rates can be a financial burden during repayment, so be sure to deduct to take advantage of these tax breaks.

Network With Other Professionals

Earning a college degree is a long-term investment. Developing a strong professional network is an important factor in the return an education investment provides.

Find professionals with similar interests and goals in your organization or degree program. Networking is most effective when connections are organic and based on mutual interests.