Contrary to popular belief, financial aid isn’t just reserved for first-time college students in their late teens/early twenties. Financial aid is available to older and nontraditional students as well. You just have to know where to look.The Fastweb scholarship database includes plenty of college scholarship opportunities for students of all ages, and some scholarship offerings even have minimum age requirements for application that specifically target older students. Check out exclusive scholarships for non-traditional students, returning students and adult students.Although many schools restrict eligibility for the school's own financial aid programs to the first Bachelor's degree, some schools will waive the restrictions when the student is an adult returning to school to earn a second degree in preparation for a career change. Many colleges offer free tuition to senior citizens who wish to audit classes and significantly reduced tuition for classes taken for credit.Nontraditional students should submit the Free Application for Federal Student Aid, FAFSA for short, just like younger students. Federal student aid generally does not have any age restrictions. The main exception is the Coverdell Education Savings Account, which requires the funds to be used by the time the beneficiary reaches age 30. Section 529 college savings plans, on the other hand, do not have any such age restrictions. There are, however, restrictions based on educational background. A student who has already earned a bachelor's degree or first professional degree is no longer considered an undergraduate student and is ineligible for the Pell Grant. However, such a student is still eligible for federal education loans and work-study. See What Types of Student Aid are Available for a Second Bachelors Degree? for additional details. Students who are age 24 or older are considered automatically independent. Independent undergraduate students are eligible for increased unsubsidized Stafford loan limits -- an additional amount per year during the freshman and sophomore years and an additional amount per year during the junior and later years -- since their parents cannot borrow from the PLUS loan program. Graduate and professional students are eligible for Stafford loans each year. They are also eligible for the Grad PLUS loan. The Department of Education has a helpful resource on Federal Student Aid for Adult Students. Check out their Adult Student Checklist. Nontraditional students who will be quitting a job to go back to school should ask the college financial aid office for a "professional judgment" review to adjust the income from prior prior tax year income to estimated award year income. If you are currently employed, ask your employer's human resources office about the availability of employer tuition assistance. About 7/8 of large employers provide some form of tuition assistance. Over $5k in such assistance is excluded from gross income (in some cases more). They may require you to keep working or agree to work for the company for a set number of years after graduation. They may require you to maintain a minimum GPA in order to get the assistance. Often the assistance is provided as a reimbursement after the fact, so you'll need to budget for your cash flow needs. Unfortunately, many nontraditional students will find that the colleges are less willing to adjust for other expenses, such as married student housing, supporting a family or providing family health insurance. This is why many families will have one spouse working while the other is in school, and then switch off so that the other spouse can earn a degree later. Even though nontraditional students may be eligible for increased loan limits, they should avoid over borrowing. Do not borrow more than your expected starting salary after you graduate. It may be tempting to borrow more for your living costs, but this will make it more difficult for you to repay the debt after you graduate.
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