Covering College Costs: 5 Tips for Adult Students

Lately, it seems like everything is getting more expensive. Gas prices have risen, the cost of food has been climbing and, according to the College Board's annual report, even the cost of earning a college degree has skyrocketed. In fact, four-year public universities increased their published tuition and fees almost 8 percent in 2010, while private non-profit colleges and universities hiked tuition by 4.5 percent. According to an article recently published in The New York Times, The College Board contributes the bulging bills to decreases in state financing. With the national unemployment rate hovering close to 10 percent, many individuals and families are struggling to afford a higher education for themselves or their children.
Tuition Climbs, But So Does Financial Aid
Fortunately, according to The College Board's 2010 reports, "Trends on College Pricing" and "Trends in Student Aid," tuition boosts have been met by significant increases in financial aid, helping to reduce the burden on families and students.
"In 2009-2010, students got $28 billion in Pell Grants, and that's 10 billion more than the year before," Sandy Baum, an economist and lead author on the "Trends" reports, told The New York Times. "When you look at how much students are actually paying, on average, it is lower after adjusting for inflation, than five years earlier."
Although this may sound promising, America's public universities distribute most aid without regard to financial need. This leaves millions of potential students wondering how they can make ends meet while building a future. The problem is even more magnified for adults returning to school, a group that makes up about 16 percent of all community college students. The majority of whom do not have their parents' pockets to rely on like many younger students, and may even be supporting families of their own. For this group, heading back to school may be a decision made after losing a job or in an effort to gain new skills to remain marketable in their current position. One of the biggest challenges they face is not final exams, but covering tuition while meeting the financial demands of everyday life.
Adult Education: 5 Ways to Pay the Bills While Making the Grade
There is good news. There are several options available to help adults finance their education, whether they are returning to school for a master's or doctoral degree or attending online or campus-based college for the very first time.

1. Apply for grants and aid. Although only 42 percent of colleges and universities offer this type of assistance based on financial need, it is still worth a shot to apply. Justin Draeger, president of the National Association of Student Financial Aid Administrators, says that student aid administrators have some discretion in evaluating your finances. For example, if you recently lost your job, last year's high income may not disqualify you from getting help paying for school. Keep in mind that grants and financial aid might not cover all costs, so you will still have to invest some of your own funds to cover the bills.
2. Take a tax break. The most common tax break used by adult students is the Lifetime Learning Credit. This allows you to apply up to a $2,000 maximum tax credit to help cover your annual education expenses. A credit differs from a tax deduction in that the credit is a reduction in the actual amount of taxes you pay. You can claim this for as many years as you are studying, but there are income limits for qualification so check with an accountant for details.
3. Ask your employer. If you are attending school while employed, investigate your employer's tuition reimbursement benefits. Employers can offer staff up to $5,250 a year to cover the cost of college, without it being considered income by the IRS, as long as it is offered to all employees.
4. Consider a loan. There are many different types of student loans available. As an adult student, you do have to consider the length of time it will take for you to repay the loan. You may have to consider it an expense to factor into retirement.
5. Be open to online education. Many, but not all, online degree programs are less costly than traditional campus-based programs.

Don't let rising tuition scare you away from earning an online degree and getting your career on track. Explore your financial aid options and get started on your degree today.

Lisa Tortorello has been a Director of Public Relations and Marketing within a large East Coast health care system for more than 11 years. She has an associate's degree in Liberal Arts and a bachelor's degree in Public Communication.