Rankings & Advice News U.S. News Home money Facebook Twitter Money Rankings & Advice Home Retirement Personal Finance Credit Cards My Money The Frugal Shopper Alpha Consumer The Smarter Investor Reboot Your Finances Careers Investing Real Estate Important Money Tips for Older Adults Going Back to College Careful, or your finances will get an F.
How can you manage responsibilities and college costs later in life? Study up on these areas to learn how.
By Geoff Williams
Returning to college, or
going for the first time, can be harder than the course work itself, as Cliff
Robertson, Jr., of Tyler, Texas, is discovering, in large part
because he refuses to go into debt to pay for school.
"It's requiring every penny I can scrape up, applying for every program even remotely available. Then there are the bills of life that simply do not stop," says the 49-year-old, who attends the University of Texas–Tyler.
This is his second go-around with the university. Robertson graduated in 1991 with a communications and media degree. But he returned to his alma mater this summer to work toward a masters in clinical mental health counseling, while juggling a job in administration and sales for a local manufacturer and work as a part-time youth pastor.
"It's tough to balance," Robertson says, of all his commitments. He lost his first wife and little girl in a car accident 15 years ago, but has a 24-year-old son and now a grandson. Robertson also has an 8-year-old son from a second marriage that ended in divorce. "Going to see him while trying to stay on top of a 19-hour course load while working is tough. But I'm somehow managing … most of the time."
It isn't surprising that adults like Robertson are interested in going back to college, no matter the sacrifice or stress. After all, the more you learn, the more you earn. Plus, life is short, and you may really feel like you're missing out by not pursuing higher education.
"I chose this path because I am committed to helping people. It's my calling," Robertson says.
But returning to college is fraught with financial danger. It isn't only the expense; you have so many more responsibilities to juggle, much more than when you were young and naive and unappreciative of your freedom and flexibility. Toying with the idea of going back to school? Want the experience to go well? Study up on the following.
Understand that college degrees don't always mean big bucks. Yes, an advanced degree should help you earn more, but don't forget: Your success may depend on what you're studying. For instance, a 2012 census report concluded that engineering majors had the highest earnings of any bachelor's degree field, bringing in $92,000 a year in 2011. But if you were going to major in, say, education, psychology or communications, your median annual earnings would be $55,000 – or less.
Or you could have bad luck and not find a great job. This isn't to discourage anyone – there's a lot to be said for getting an education for the sake of an education – but if you're going to take this on, you want to do it right, especially if you are going to be steeped in the world of student loans.
"Older students should be more cautious about borrowing to pay for college," says Mark Kantrowitz, senior vice president and publisher at Edvisors.com, an informational website about college costs. He has also authored college-cost books, including, "Filing the FAFSA."
Research student debt. The rule of thumb, Kantrowitz says, is that "total student debt at graduation should be less than your expected annual starting salary."
If that's the case, he says, you should be able to repay your student loans in 10 years or less.
Kantrowitz also mentions that if you're 24 or older, as of December 31 of the academic year, you're automatically considered independent for federal student aid purposes.
"This may qualify them for more financial aid, since parent information is not required on the Free Application for Federal Student Aid," or FAFSA, he says.
He also advises older and nontraditional students to apply for financial aid just as dependent students would.
"Use a free scholarship matching service, such as StudentScholarshipSearch.com or Fastweb.com, to search for scholarships," Kantrowitz says.
Also consider going to a private college or university, says Alejandra Mojica, a 31-year-old public relations intern in San Francisco who is completing her Bachelor of Arts at the University of San Francisco.
"Although the tuition is higher, they often have better financial aid packages, and other tuition assistance can be much easier to access than with public universities," says Mojica.
"It's requiring every penny I can scrape up, applying for every program even remotely available. Then there are the bills of life that simply do not stop," says the 49-year-old, who attends the University of Texas–Tyler.
This is his second go-around with the university. Robertson graduated in 1991 with a communications and media degree. But he returned to his alma mater this summer to work toward a masters in clinical mental health counseling, while juggling a job in administration and sales for a local manufacturer and work as a part-time youth pastor.
"It's tough to balance," Robertson says, of all his commitments. He lost his first wife and little girl in a car accident 15 years ago, but has a 24-year-old son and now a grandson. Robertson also has an 8-year-old son from a second marriage that ended in divorce. "Going to see him while trying to stay on top of a 19-hour course load while working is tough. But I'm somehow managing … most of the time."
It isn't surprising that adults like Robertson are interested in going back to college, no matter the sacrifice or stress. After all, the more you learn, the more you earn. Plus, life is short, and you may really feel like you're missing out by not pursuing higher education.
"I chose this path because I am committed to helping people. It's my calling," Robertson says.
But returning to college is fraught with financial danger. It isn't only the expense; you have so many more responsibilities to juggle, much more than when you were young and naive and unappreciative of your freedom and flexibility. Toying with the idea of going back to school? Want the experience to go well? Study up on the following.
Understand that college degrees don't always mean big bucks. Yes, an advanced degree should help you earn more, but don't forget: Your success may depend on what you're studying. For instance, a 2012 census report concluded that engineering majors had the highest earnings of any bachelor's degree field, bringing in $92,000 a year in 2011. But if you were going to major in, say, education, psychology or communications, your median annual earnings would be $55,000 – or less.
Or you could have bad luck and not find a great job. This isn't to discourage anyone – there's a lot to be said for getting an education for the sake of an education – but if you're going to take this on, you want to do it right, especially if you are going to be steeped in the world of student loans.
"Older students should be more cautious about borrowing to pay for college," says Mark Kantrowitz, senior vice president and publisher at Edvisors.com, an informational website about college costs. He has also authored college-cost books, including, "Filing the FAFSA."
Research student debt. The rule of thumb, Kantrowitz says, is that "total student debt at graduation should be less than your expected annual starting salary."
If that's the case, he says, you should be able to repay your student loans in 10 years or less.
Kantrowitz also mentions that if you're 24 or older, as of December 31 of the academic year, you're automatically considered independent for federal student aid purposes.
"This may qualify them for more financial aid, since parent information is not required on the Free Application for Federal Student Aid," or FAFSA, he says.
He also advises older and nontraditional students to apply for financial aid just as dependent students would.
"Use a free scholarship matching service, such as StudentScholarshipSearch.com or Fastweb.com, to search for scholarships," Kantrowitz says.
Also consider going to a private college or university, says Alejandra Mojica, a 31-year-old public relations intern in San Francisco who is completing her Bachelor of Arts at the University of San Francisco.
"Although the tuition is higher, they often have better financial aid packages, and other tuition assistance can be much easier to access than with public universities," says Mojica.
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