Mature Students and Financial Aid
For mature students who are making the decision to return to school, or for those deciding to enroll for the very first time, the prospect can seem daunting. Attending school often necessitates a change of lifestyle and can sometimes incur quite a bit of debt during the course of obtaining a degree. Fortunately, there are financial aid programs, grants and scholarships that are geared specifically for the "non-traditional" student. These programs exist to encourage and assist students who are beyond the age of traditional college attendance.
Most schools restrict their own financial aid packages to students obtaining a first bachelor`s degree, regardless of age. However, any students returning to school to pursue a second bachelor degree as part of a career change may find that allowances are made to accommodate them as well. No one should ever assume that they do not qualify for grants, financial aid, or scholarships, as so many programs are decided on a case-by-case basis.
The most common form of financial aid for non-traditional, mature students is the Pell Grant. There are no age restrictions for a Pell Grant whatsoever and it is considered the foundation student aid program for anyone seeking financial assistance when applying for college. The Pell Grant is a federal aid package that is not a loan and does not need to be repaid. Pell Grants are calculated according to need and based upon the tuition requirements of the student`s university or college of choice. Applying is simple and can be done online. Full financial disclosure is required as part of the assessment and the amount of funds awarded is calculated based upon a pre-determined formula.
Students who do not meet eligibility requirements for a Pell Grant may still be eligible for federally guaranteed Stafford Student Loans. Because it is a loan, the money will need to be repaid, but interest rates for Stafford Loans are far less than for private loans. They are also not required to be repaid while the student is enrolled and allow a deferral of up to six months after a student leaves school before payments must commence.
Scholarships designed specifically for mature students are also available, although requirements for eligibility do vary. As well, some schools offer reduced or even free tuition to senior citizens who wish to audit or attend classes. Each college has specific requirements that must be met and not all states participate in these programs.
Students who are employed should check with their human resources departments to see if loans, grants, or tuition assistance programs are offered by their employer. Many businesses view investment in higher education for their employees as a valuable asset and may offer generous packages to assist workers interested in enrolling in a degree program.
Recent legislation has changed certain requirements for Pell Grants and Stafford Loans, so a thorough investigation by prospective students in order to ascertain eligibility will be necessary. Also, it may be difficult for students who have a family to support to receive compensation for expenses related to providing for their families. Schools often do not take measures to provide for married housing, or to add family members to an insurance plan. In cases such as these, students may need to make arrangements to provide housing or health care for family members. As a rule, however, colleges and universities view students seeking a degree later in life as valuable assets to their institution and do their utmost to encourage and accommodate mature students.