by Laura Sharp

Created on: May 07, 2008   Last Updated: September 10, 2009

Spend some time on the Internet today, and you're guaranteed to see ads for colleges. Lots of ads. On almost every webpage. So, you know there are colleges out there for working adults. But how the heck are you supposed to afford a degree?

Consider this your "cheat sheet" to financing your college education.

Tuition Reimbursement
A major perk of attending college as an adult is that your company may help foot the bill. While many employers do not widely advertise this benefit, it pays to contact HR (or pull out that dusty Employee Handbook from your first day). Ask specifically about Educational Benefits. Will your company cover tuition costs? How much? Do you have to study a job-related degree? Do they pay up front? Do you have to maintain certain grades?

You will also want to find out if your company has the "indentured servitude" approach to tuition reimbursement are you locked into employment with your company after utilizing their money? Many packages have a clause stating that if you leave the company within a set timeframe, you will have to pay back at least a percentage of their funds.

Scholarships
If reimbursement is not available at your company, or if you do not intend to spend a few more years there, check into scholarships. There are thousands of scholarships available just for working adults. Scholarships are available for certain degree fields, certain colleges, and certain ethnic backgrounds. You can even investigate opportunities that will give you money just for being YOU. Love to bowl? Check out http://members.bowl.com/smart/. Interested in welding? Go to http://www.aws.org/foundation/opportunities.html. Huge Star Trek fan? Explore the Klingon Language Scholarship at http://www.kli.org/scholarship/.
If you have time to dedicate to searching and applying, you can find money. Start at a free scholarship search engine, like www.fastweb.com or www.brokescholar.com. You will fill out a questionnaire, and your answers will be used to find scholarships that you might be eligible for.

Grants & Loans
While the "free money" is great, a quick reality check will remind you that you may have to pay for something. The federal government offers both student loans and grant money to help. Loans have to be paid back, while grants do not. The government determines grant eligibility based on your Free Application for Federal Student Aid (www.fafsa.ed.gov). The same application will be used for student loans.
Unlike grants, student loans are available to almost everyone. These loans are not credit- or income-based. Loan amounts are based on the number of college credits you have already completed. For the 2007-2008 school year, full-time students are eligible for the following amounts: level 1 students (0 24 college credits) - $7,500; level 2 students (25 47 credits) - $8,500; level 3 and 4 students (48+ credits) - $10,500. Full-time graduate students are eligible for $20,500.
Interest rates on these loans are currently locked at 6.8%, and payments can be deferred until 6 months after you are out of school. Most federal student loans can be paid back over the course of 10 years.

So what are you waiting for? Go click on one of those pop-up ads, and get started on your college degree!

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