If you decide to return to college as an adult this year, you may be eligible for grants and scholarships awarded to returning students. Truth be told, non-traditional college students are simultaneously eligible for financial assistance and low-interest federal loans.
“With these options, the cost of college can be reduced, and the amount of student loan debt can be limited,” said Robert Volt, certified public accountant at Volt Consulting.
What about state-specific grants?
In some states, there are grants specifically for non-traditional students[1]. In Indiana, for example, the “You Can. Go Back.” program makes funds available for adult students re-entering school and seeking a degree[2].
To research whether your state offers such a program, check out the state’s financial aid online.
The best scholarships
A large number of scholarships are also available for returning students.
To find hundreds of lists of scholarships for adults, check out database sites like Fastweb[3] and Scholarships.com[4]. After creating your profile, browse their listings to find scholarships tailored to our needs.
Here are three adult scholarships currently admitting applications.
Imagine America
The Imagine America Scholarship, of $1,000, is available to non-traditional students older than 21[5].
This scholarship is for adults who want to better themselves through education and intend to pursue a business profession. You will need to join the Imagine America Foundation to apply successfully.
Unigo
Chances are, if you plan to attend college in the next five years, you may qualify for the Unigo $10K Scholarship. As the name suggests, recipients receive up to $10,000 toward their undergraduate or graduate degree[6].
They must legally reside in the United States and respond briefly to the question, “If you could bring a historical figure to life, who would it be? What would be their favorite mobile app?”
Return2College
Each year, the $1,000 Return2College Scholarship is awarded to three applicants. Any adult undergraduate or graduate student is eligible, regardless of their age[7]. The application requires you to write an essay of three sentences as a direct reply to their invitation. The deadline for submission is usually the end of January but look on the website for details.
Financial Aid Unlocked Through FAFSA
When considering a return to school, the first step is to fill out the FAFSA, the acronym for Free Application for Federal Student Aid. U.S. federal authorities and schools must review your FAFSA to approve eligibility for grants, loans and work-study options[8].
“The FAFSA is not subject to any age restrictions,” said Volt. “A mature student must fill out the same FAFSA as a senior in high school.”
In the event that you are not eligible, you still need to complete the FAFSA to qualify for federal student loans. These loans generally have cheaper rates of interest and more favorable repayment terms when compared to private student loans, allowing you to realize financial savings.
Grants to go back to school
Several federally awarded grants are also offered to non-traditional students. Since these are not loans, they usually do not require repayment. This aid helps reduce the amount of money you’ll have to borrow.
Teacher Education Assistance for College and Higher Education
If you are in a teaching or educational administration program, whether you are an undergraduate, post-baccalaureate, or graduate student, you may qualify for the TEACH, a federal grant8.
For as long as you are willing to teach at a low-income institution for a minimum of four years, the TEACH subsidy can provide you up to $3,772.
But, if you fail to fulfill your service obligation, the government will turn it into a student loan to be repaid. Therefore, taking a moment to consider whether or not to obtain a TEACH grant is of utmost importance.
Federal Supplemental Educational Opportunity Grant
If you can prove financial hardship, you may be eligible for FSEOG[10].
Similar to Pell Grants, FSEOG does not require repayment. However, it is only available if you go to an associated institution.
“Depending on the institution you attend, your financial circumstances, and a variety of other factors, you could receive anywhere from $100 to $4,000 in FSEOG each year,” Volt said. “The sooner you apply, the more likely you will receive the funding.”
Federal Pell
Awarded to undergraduate students of all ages who can show proof of financial need[11].
To determine the amount of the Pell Grant, the government uses your need, the tuition at your chosen institution, and the fact that you are attending college part-time or full-time. The maximum threshold you could qualify for the academic year 2020-2021 was $6,345, but this cap changes yearly.
Getting back into school as a mature student
Finishing your degree as an adult can be difficult for various reasons. But paying for it doesn’t have to be as challenging as you might think.
If you happen to be a non-traditional student, you may be eligible for federal grants, loans and scholarships reserved for those returning to school. In addition, these options could significantly reduce your tuition costs, so you can earn your degree without going into debt.
Finally, as you’ve seen, there are many great options available to you, so all you have to do is choose the one that best suits your situation.
