Everything You Need to Know About College Grants and Financial Aid for Adults

Today’s college students are older, more diverse, and taking classes part-time as they work. It's no longer uncommon to see older adult students in lecture halls and across campus.

Currently, there are about 36 million Americans who took college classes but didn’t finish a degree.

That same research indicates that 10% of them are likely to go back to school. With our shifting employment landscape and the struggling economy, now is the best time to finish a degree or obtain new skills.

Attending college can be expensive but there is financial aid for adults. Keep reading this article if you want to learn about how to pay for college as an adult.

FAFSA: Your First Step In Getting Financial Aid

Most people have heard about the Free Application for Federal Student Aid or FAFSA. A common misconception is that it’s only for “traditional” college students (those between the ages of 18-21).

Older students can apply too!

The FAFSA is a form completed by prospective or current college students wanting financial aid to cover tuition. It’s managed by the Federal Student Aid Office, part of the U.S. Department of Education, and assists over 13 million students each year.

The Federal Student Aid Office is the largest student aid provider in the country and its FAFSA form is considered the “gold standard” of eligibility. Nearly all colleges and universities use it to determine your eligibility.

Don't wait. Fill it out as early as possible because school, state, and federal financial aid deadlines are different. You don't want to miss any opportunities.

The FAFSA only takes about 20 minutes to complete if your income, bank statements, and tax information are available. It’ll help your financial aid counselors figure out if you’re eligible for grants, scholarship, work-study jobs, student loans, or other resources.

Last year, the Federal Student Aid Office made it easier to submit your FAFSA by launching the myStudentAid app for Apple and Android users. You can do everything through the app, like submitting your FAFSA and checking its approval status.

Once your FAFSA is submitted, begin working with a financial aid counselor to find funding for college. Your counselor will build an aid package on your behalf and offer a list of reputable scholarship programs to consider.

What’s the Difference Between Grants and Scholarships?

If this is your first time going to college you may be confused with the difference between grants and scholarships. Neither requires you to pay back the funds, but for the most part grants are “need-based” and scholarships are “merit-based.”

Most grants for adults returning to college come from an individual school or the federal government. They’re based on need, which means they'll look at your income and consider any hardships you’re experiencing.

Have you heard of the Pell Grant?

The Federal Student Aid Office awarded the Pell Grant to 31% of college students in the 2018-2019 academic year. The amount is different for every applicant, based on their circumstances, but the maximum Pell Grant awarded was $6,095.

You should speak with your college’s financial aid office as soon as you submit the FAFSA. Besides the Pell Grant, there are many other grants for older students. Your school might have a grant for non-traditional students.

Scholarships, on the other hand, are based on merit but this doesn’t always mean grades. Many students receive scholarships for disabilities, employment, religion, military service, gender, or even by winning an essay contest.

There are so many scholarships on the market. Some sit on a website for years without having anyone apply.

Scholarships are often managed by private benefactors or non-profits. You can work with your financial aid counselor to find some or start searching online for your own.

Scholarships Can Be Financial Aid for Adults

Earlier, we pointed out there were scholarships for everything. They even exist for adults going back to school to learn new skills, finish a degree, or change careers.

Many adults choose to attend community colleges. The average age at these institutions is 28. Tuition isn’t as expensive at community colleges and their class schedules are more flexible.

Are you looking for a scholarship? Here are some specifically for adults going back to college:

1. AfterCollege Succurro Scholarship: Complete a 500-word essay to be eligible for funds towards an associate’s or bachelor’s degree ($3,000 to $5,000)
2. College America Adult Student Scholarships: An opportunity to win funds by completing an online profile ($1,000)
3. Return 2 College Scholarship Program: Submit a three-page essay explaining why you’re getting a degree ($1,000)
4. Scholarship Detective Launch Scholarship: Explain in 140 characters or less how you intend to use the scholarship for classes ($1,000)
5. PEO Program for Continuing Education Scholarship: A scholarship for a female student who had to put her education on pause for whatever reason ($3,000)

Any scholarships you find can offset the costs of college but make sure you research every program before applying. There are many online scams and frauds.

Don’t apply for scholarship programs with exclusive information, offers to do the work for you, guaranteed money, unsolicited offers, application fees, or a required seminar to receive funds.

You can research potential scholarship programs through the Better Business Bureau, Federal Trade Commission, National Consumer League’s Fraud Center, or your state’s Office of Consumer Protection.

Secure Funding For Your College Degree

There are many ways to obtain financial aid for adults. Once you submit your FAFSA, your college’s financial aid office will let you know if you’re eligible for grants or scholarships. You can also seek out some on your own.

If all else fails and you can't cover the cost of tuition, ask about student loans. These will have to be paid back but you can find low-interest rates by shopping around. Student loans should be a last resort because you don't want extra debt.

Have more questions about going to college as an adult? Read more of our blog for links to scholarships for athletics, minority-students, and the arts, as well as grant opportunities you don’t want to miss.