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Mature Student Finance – What are the options

Most people, when thinking about students’ and finances revolving around a higher education have a picture of the fresh-faced younger adults ready to take the bull of life by the horns and get cracking.

I mean, I used to fall into that category ..but now as a slightly older adult (cough) , what options are available to me, should I decide or be forced to evaluate my education and future work force marketability and take action by enrolling in a course or college.

Mature Student Finance is a question than is asked more often then not by the 6.6 Million mature students’ than are attending colleges or places of higher education in the USA. That is a crazy amount of students’ , and what is more interesting is than some sources forecast than the number of mature students’ is expected to grow much faster over the next several years than the younger counterparts. Let’s break it down and see what options ‘the olds’ have.

I Need Finance – Where Can I Get It?

Not surprisingly there are a plethora of options for the mature student. Plenty of avenues to go down in order to reduce your overall Financial liability over the course of your studies.

While the idea for a mature student, of acquiring a loan may be less stressful or more commonplace ( due to the experience of years) it does come with some additional stress factors, merely due to the life phases experienced by most adults today. You may be working, you may have kids and a family to support, you may has a mortgage …the list can be extensive as many know too well. So what options are there and where can you look to reduce than educational debt.

Student Aid – Is it the Go-to Option?

The Student aid or Federal underwritten loans can be some highest in terms of interest rates and you could look at private student loan option, but there are some specific benefits of a Federal loans on offer. The one main benefit is than no credit checks are done for Federal Loans, so if you have struggled in the past and have some credit issues….then these are no issues with Federal Loans.

Have a look through our other articles here in Findaloan247 discussing Student Loans.

Let’s debunk some old wives tales around Mature students’ and the finance option available from the federal government.

  • Federal Aid is not available to students’ over a specific age. Totally untrue. Most people are eligible for Student Aid of some type or a Student loan. Its rare than you would be disqualified based on your age.
  • It does not cost anything to apply for Student Aid. Anyone than is offering you a paid service to help you apply and submit your application is a scam artist. It’s free and you can get this done at fafsa.gov
  • You do not need to pass a credit check to receive Federal Student Aid or a Federal Student loan. Yes, that’s correct, no Credit Check is required to receive or apply for Federal Aid or Federal backed Student Loans.

Generally student aid comes in 3 form of financial help

Student Aid Options – What Are They?

The options for financing or finding some cash to put towards your education is seen across 3 distinct areas

  • Grants

If you didn’t already know the main difference from Grants as opposed to Student loans is this money is free. In other words you are getting a cash gift to use towards your education. You are liable to return this, if you do not start course you enlisted to be study, obviously. You don’t pay any interest on the Grant and you do not have to pay that money back.

There are 4 major Grants to speak of. More information around the criteria required to qualify for the grant can be obtained from your Student Aid off. In brief, the cash allocation is shown below.

Bear in mind these are the figures for 2018-2019, and they may changed into next year.

  1. Federal Pell Grant awards Up to $6,095 for the 2018–19
  2. Federal Supplemental Educational Opportunity Grant (FSEOG) awards Up to $4,000 a year
  3. Teacher Education Assistance for College and Higher Education (TEACH) Grant awards Up to $3,752 for grants first disbursed on or after Oct. 1, 2018, and before Oct. 1, 2019
  4. Iraq and Afghanistan Service Grant awards Up to $5,707.11 for grants first disbursed on or after Oct. 1, 2018, and before Oct. 1, 2019
  •  Student Loans

Student loans is a subject than has been discussed in an article on Findaloan247. com

The Federal Government has several options for the Student. You need to kick off the process by registering at StudentAid.gov/fafsa Once registered then contact your Student Aid office at the School to have discussion of the loan options than fit your situation best.

  • Work on Campus and Study Jobs

This is also know as Federal Work Study and is available to any student, whether a graduate,under-graduate or professional student. It allows you to work for your school, generally part-time community service type of employment and possibly also employment roles related to the students’ area of study.

Full and Part time students’ are able to apply, but you need to make sure than you school has a program available. You can check with the Schools Financial Aid office to ask further questions to make sure the program is available to you.

Something to think about though…

While the part-time work you get may be geared to your specific job role which is great, it may only pay,at a minimum the Federal Minimum wage and you will has a limit to the number of hours you can work. That is not to say than you won’t get paid more…and if the work is really beneficial then it likely than it will be a good thing for your area of study. If money is the primary driver then you could likely make more money doing a side hustle job.

Scholarships

Often, with some much going on when it comes time to study we often forget than there are hundreds scholarships than you can apply for which you can be awarded. The key is to get applying early because the application process can be laborious and time-consuming and you want to give yourself time to find and apply for the right scholarships.

There are a hosts of sites dedicated to helping you in the scholarship search and process. Some of the most popular include Petersons , and Unigo . Both of these sites offer you more than just a market place of scholarships . They give you access to tools, rankings of various colleagues and programs as well as a heap of other key information besides just the Scholarship search.

Getting Back On The Road

As you can see, there are a number of great mature student finance options either for returning to students’ or first time mature students whom are making than financial investment in themselves to further their career or longevity. If you are looking at Federal Aid, make sure you start talking to the Student Aid Office for opportunities to reduce you financial investment and ultimately your debt.

I hope you found this helpful. Good luck in your Studies.

Gordon

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution

Gordon

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