Going Back To School And How To Plan For It

July 12, 2019 Stu Q

One thing which most of us may think about from time to time is going back to school. This can be getting your first degree or going for an advanced degree. It may even be learning a trade. Regardless of what you want to do, there seems to be a common thing which stands in our way, the cost. Luckily, there are a few things many of us can do in these situations to avoid too much debt.

1) Using Company Programs

One of the best ways to afford to go back to school is to use the benefits your employer may have. More and more companies are starting to offer their employees reimbursement for tuition as long as they meet certain requirements. In most cases, employers can offer up to $5,250 a year towards schooling as a reimbursed value. Again, there are certain requirements you will likely have to meet such as grades, field of study relevant to job, and cannot affect your job. However, these can be easy to work with.

2) Scholarships

As crazy as it may sound, there are a number of scholarships for those who are looking to go back to school. Primarily these are directed at minorities, single parents, and low income families. However, there are others which may be applicable to you especially if you are working full time. They are not always going to be easy to find, but there are certainly scholarships out there.

3) Student Aid

Yes, whether you are just going into college for the first time or you are returning, you need to get your student aid setup. Getting all of your information into the government for your Free Application For Student Aid (FAFSA) before your state deadline is crucial. This allows for federal support of those in need who would like to attend school, but who typically would not be able to afford it without some assistance. Through this system you can get grants and loans. Grants you typically do not need to pay back, where as a loan you obviously would. Again, you want to make sure you get this taken care as soon as possible (typically as soon as you are able to file for your taxes).

Going back to school should be one of those dreams you can achieve. Preferably this should be something you can achieve without hurting the budget as well as going into a ton of debt. Remember too, you do not need to go back to school with a set time frame. Take your time and use as much of the support as you can to diminish the total out of pocket cost to you!