There are many ways to finance your adult education. Here are some common options:
Federal and state government programs
Many states have programs that offer financial assistance for adult learners. The federal government also offers grants and loans for those pursuing postsecondary education. Federal and state government programs include the following:
Federal Pell Grants
Pell Grants are need-based grants that are awarded by the federal government to eligible students. The maximum amount of the grant is $5,920 for the 2018-2019 academic year.
Federal Supplemental Educational Opportunity Grants (FSEOG)
FSEOG grants are awarded to undergraduate students with exceptional financial need. The maximum award amount is $4,000 per academic year.
State Grant Programs
Many states offer grant programs that can help finance your education. Contact your state’s higher education agency to learn more about available programs.
Private Scholarships and Grants
Private scholarships and grants are offered by a variety of organizations, including businesses, civic groups, religious organizations, and professional associations. These scholarships and grants are usually based on merit, financial need, or a combination of both.
Employer Tuition Assistance Programs
Many employers offer tuition assistance programs to help employees finance their education. Check with your employer’s human resources department to see if this benefit is available.
Crowdfunding
Crowdfunding is a way to raise money for your education by soliciting donations from friends, family, and strangers. There are a variety of crowdfunding platforms available, such as GoFundMe and Kickstarter.
Personal Savings
You can use personal savings, such as money from a savings account or a 529 college savings plan, to finance your adult education.
Loans
Loans are another option for financing your adult education. However, you should only borrow what you need and be sure to research the terms of the loan before borrowing.
Federal Direct Stafford Loans
Federal Direct Stafford Loans are available to both undergraduate and graduate students. The interest rate for these loans is fixed.
Federal Direct PLUS Loans
Federal Direct PLUS Loans are available to graduate and professional students, as well as parents of dependent undergraduate students. The interest rate for these loans is fixed.
Private Student Loans
Private student loans are offered by banks, credit unions, and other financial institutions. These loans typically have variable interest rates.
No matter how you choose to finance your adult education, remember to research all of your options and compare the costs before making a decision. Contact your state’s higher education agency or the financial aid office at the school you plan to attend for more information about financing your adult education.
