Thousands of working adults are going back to school this fall, many for professional reasons. They realize that gaining more knowledge and skills in their chosen career field is important to be viable employees in this tough economy. They also know that employers are looking for people who are willing to go the extra mile who want to improve their performance and abilities because of an innate desire to do so.
The only problem is that college and training takes money. Today’s economy isn’t leaving a lot of room for discretionary expenses, and more people are viewing school as a discretionary expense if they need to put food on the table for their kids. It’s a Catch-22 that doesn’t have a lot of easy answers for people who might be living paycheck to paycheck.
The type of aid a person applies for depends upon their particular situation. Although many people may be reluctant to apply for financial aid because they are afraid they won’t qualify because they are middle income families, they may be surprised that a variety of factors are taken into account when calculating financial aid. So if an adult returning to school doesn’t qualify for one type of aid, they may very well qualify for another. The first step is completing the FAFSA (Free Application for Federal Student Aid), which helps schools and awarding organizations determine the level of aid that is needed.
There are several kinds of financial aid that adults returning to school may receive, but today we are going to look at grant and scholarship funding. Grant and scholarship awards are basically free money awards that can be used to pay for educational expenses and which do not have to be repaid. The most well known federal grant is the Pell Grant, which is a grant that is given based on financial need. Students who have the highest financial need (those in the lowest income bracket) will get the highest Pell Grant awards.
Pell Grant awards received a huge boost last year from the American Recovery and Reinvestment Act (ARRA) of 2009. There were many changes to the Pell Grant programs that are highly beneficial to students; including the amount of funding that is available. The maximum award available is now $5,350, with cost of living increases scheduled through the 2013 – 2014 school year. Part time students now qualify for Pell Grants; previously only full time students were eligible. This is very good news for working adults returning to school who are qualified for the grant.
Two other extremely important changes to the Pell Grant are that awards are now available for summer semesters, instead of only during the fall and spring semesters. That means that students who are enrolled may apply for and receive two Pell Grants in one year, instead of having to take classes at a slower pace because they only had funding from one grant per year. The other change is meant to benefit students who find themselves unemployed during this rough economic period. Previously, when you provided proof of unemployment, you had to wait a year to be eligible for the Pell Grant. Now, once you provide proof of unemployment, you are immediately eligible to receive the grant.
The second type of “free” funding that we are going to look at today is scholarship funding. There are literally thousands of scholarships available for students who need help paying for school. As a general rule, scholarship money is tied to a specific factor that relates to the student. For example, there are many scholarships available that are geared specifically to women and minority students. Women and minorities who are interested in math or engineering careers have many scholarships available to them because those two professions in particular are working hard to recruit women and minorities.Image Source: http://images.google.com
