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6 Tips for Going Back to School in Retirement

By U.S. News & World Report

It’s not just children who head back to the classroom every fall. Retirees have a variety of options to take college-level classes at affordable prices and sometimes even for free. Here are some ways to increase your knowledge in retirement, without straining your bank account.

Audit classes for free. Retirees who audit college classes get to attend interesting lectures, but no grades or credits are provided. And homework and other class projects are often optional. For example, Florida residents of at least a year who are 60 and older may enroll in tuition-free classes as audit students at the University of Central Florida, if the class isn’t already filled up by paying students. “Full-time degree seeking students get a first crack at those seats, and then whatever is available opens up to the adult learner,” says Ruth Vedvik, a principal at the education consulting firm Hardwick Day and co-author of “The Financial Aid Handbook: Getting the Education You Want for the Price You Can Afford.”

Get a senior citizen tuition wavier. Some colleges offer senior citizen tuition waivers to retirees who are above a certain age and meet other requirements, which allows them to earn college credit without paying any tuition. In Massachusetts, state residents ages 60 and older may enroll in undergraduate or graduate courses at state and community colleges, including the University of Massachusetts, without being charged for tuition, although other fees may be required. “Some professors really like this because someone who is older has a more mature viewpoint and can contribute to the classroom discussion,” says Mark Kantrowitz, senior vice president and publisher of Edvisors.com and author of “Twisdoms about Paying for College.”

Take advantage of campus amenities. Taking classes about fascinating subjects isn’t the only way to enjoy college life. Colleges tend to host speakers, concerts, politicians and sporting events, and local residents are frequently invited to take part. Some colleges might allow retirees to use the libraries, athletic facilities and other campus perks. Even something as simple has heading to the campus coffee shop with a classmate can make the college experience more enjoyable. “There are a lot of guest lectures that happen on college campuses, and there are a few of them that are probably restricted to current students, but many, if not most, are open to the public, and participation from community members is more than welcome,” Vedvik says.

Consider campus life. Some colleges have constructed retirement communities on or near campus. Retirees who live in these communities typically get access to a variety of campus amenities and have a chance to participate in campus life, while living in a residence that is far nicer than the typical dorm room. “Many colleges are either creating developments nearby, or there are existing developments nearby where you can take advantage of everything that the college offers,” Kantrowitz says. “If the college has a medical school, it usually contributes to improve the quality of care in the local area.”

Take classes just for seniors. Some retirees enjoy sharing a lecture hall with 20-somethings working toward a degree, while others would prefer to take classes that are populated with other retiree students. There are 119 Osher Lifelong Learning Institutes on college campuses, including Colorado State University, Duke University and Dartmouth College, which provide non-credit courses without tests or grades specifically designed for people over 50. “The participation in campus life is so important,” says Barbara Vacarr, director of the Encore.org higher education initiative. “It’s bringing people into a peer group where they reflect on their experience.”

Try online courses. You can take online courses from home on your computer without ever having to leave your house. Coursera and edX both offer free online courses taught by professors at major universities. There is a charge only if you want a formal certificate verifying that you have successfully completed the course requirements. Online courses can be an especially good fit for people who have difficultly driving but want to keep learning about new things. “This demographic of 50-plus adults are more tech savvy than we think they are,” Vacarr says.

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6 Tips for Going Back to School in Retirement originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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