Going Back To School Is The Right Choice

Wed, 25 Aug 2010 21:14:48 EST

If you’re a working adult who wants to follow your dreams and a path toa college degree of some kind, but you just don’t have the ability topay, there may now be help available. You probably realize that inorder to move forward at work or into a new career field, you’re goingto need education and training.

Today, there are a number of programsavailable that are specifically geared to people who need a helpinghand more than ever, so they can move up in education and jobopportunities.

However, just because you’re a working adult doesn’t mean you have alot of extra money to spend on school. If you have a family, the moneyavailable for “luxury” purchases, like a college education, just maynot be available in the budget. You may find yourself in a situationwith no apparent solution, especially if you are just getting by.

Surprisingly, millions of dollars in financial aid goes unclaimed everyyear because people make assumptions about what they will be qualifiedfor. Now, more middle income families will qualify for financial aidof one kind or another.

It is very likely that if a person is notqualified for one particular type of aid, they will be qualified foranother. In order to find out if you are eligible for any kind offinical aid, the first thing you need to do is complete the FreeApplication for Federal Student Aid (FAFSA).

Students returning to school have several options when applying forfinancial aid. Among the most popular type of financing are grants andscholarships, because they are not like loans. Students do not have torepay the grant once they graduate. The Pell Grant is a federal grant(funded by the government) that is a need-based grant. That means thatthe amount of money that is awarded is based on the student’s financialneeds. Students who are in the lowest income brackets will receive thehighest awards.

In 2009, Congress passed the American Recovery and Reinvestment Act(ARRA), which increased funding for the Pell Grant, as well as someother important changes. The top award has been increased to $5,350,with additional increases due to cost of living adjustments scheduledthrough the 2013 – 2014 school year. Now students who go to school ona part time basis because they need to work can qualify to receive PellGrant money, whereas before the ARRA, only full time students qualified.

Other major changes to the program include availability of grant moneyduring summer sessions. Previously, no Pell Grant awards were made forsummer semesters, but now students can essentially get two Pell Grantsin one year: one for the fall and spring, and now an additional one forthe summer. This may enable students to take classes at a faster rateand graduate sooner. The final change is the availability of PellGrant money to students who find themselves unemployed.

Before thechange, students who were unemployed had to wait one year for the grantonce they provided proof of unemployment. Now, however, there is nowaiting period, a student can apply for aid as soon as they can provideproof of unemployment.

The other popular option to help students pay for school isscholarships. Like grants, scholarships don’t have to be repaid. Theimportant thing to remember when you are looking for scholarship moneyis to look for scholarships that apply specifically to your particularsituation.

Make a checklist of your attributes that may help youqualify for scholarships in that area. If you are academically giftedand have the records to prove it, apply for academic scholarships. Ifyou are involved in a certain career field, apply for scholarships fromthe societies that are associated with it.

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Going Back To School Is The Right Choice