by Robyn Tellefsen
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Ask Your Boss To Pay
Well, not exactly, but your company just might. You may have heard the term tuition reimbursement, but never realized your employer actually offers it. Why? Because you didn't ask.
Start by visiting your human resources department, asking your supervisor, or consulting the company handbook to see what your place of employment offers. Many companies encourage workers to enhance their skills and continue their education by agreeing to pay part of all of tuition costs. Especially since today's classroom options include flexible online study, the fear of education interfering with work hours is a thing of the past.
You can expect lots of fine print eligibility requirements, however, including the type of institution you plan to attend, what area you intend to study, academic performance, and sometimes an agreement to remain with the company for a specified time period beyond your education completion.
If your company is on the smaller side and doesn't have a tuition reimbursement program, why not present your case to your employer on how such assistance can benefit the company (i.e. keep staff skills sharp, increase company morale, etc.).
The Government Can Help
Accreditation is the key word. If you're planning to work toward a degree with an accredited, reputable institution - whether on campus or online - chances are you will qualify for Federal financial aid. That include grants and low-interest Federal loan programs like Stafford.
Your first step is to do your homework and contact the department of financial aid at your choice schools to find out if their students receive Federal aid. If so, you will have to complete the Free Application for Federal Student Aid (FAFSA) to determine your financial need based on your income and school expenses.
As an adult learner, you can also qualify for some tax relief. Ask your accountant about the Lifetime Learning Credit, which is a tax break that applies to most higher education, even non-degree courses, with a maximum credit of $2,000 per return.
Scholarships Just For You
You don't have to attend a brick-and-mortar university to win a scholarship - opportunities are available. Here's a random sampling:
The Geico Life Scholarship awards 10 $10,000 scholarships to members of Golden Key, an academic honor society, who achieve academic excellence while balancing additional commitments such as family and/or career. Visit www.golden key.org to find out more.
The Talbots Women's Scholarship Fund offers five $10,000 scholarships and 50 $1,000 scholarships to women at least 10 years out of high school who are determined to get their college degree. Download an application at www1.talbots.com/ about/scholar/scholar.asp.
Scholarships may be available directly through your online university or its alumni association. The Community College Scholarship at DeVry University, for instance, awards $1,500 each semester to recent community college graduates with a 3.3 GPA or higher. Learn more at www.devry.edu.
A Lesson in the Law
If you've been following Congress' ongoing work on the reauthorization of the Higher Education Act, your nail-biting days are almost at an end - an outcome is expected early this year. Here's how the law's shaping up for distance learners:
The 90/10 rule, which requires that eligible for-profit institutions obtain at least 10 percent of their income from sources not related to federal student financial assistance, will be altered in some respect. The Senate proposes leaving the rule as is, but providing regulatory guidance on what monies can be used as part of the 10 percent, while the House recommends extending the 90/10 rule to all institutions of postsecondary education, not just for-profits. Either way, says David Hawkins, director of public policy for the National Association for College Admission Counseling, the rule will continue to help protect students from financial fraud and abuse.
On the other hand, the 50-percent rule, which prevents institutions from offering federal financial aid if they enroll more than half their students at a distance or offer more than half their courses via distance education, will likely be eliminated altogether. Once this happens, points out Hawkins, any accredited institution that meets the requirements of the 90/10 rule will be able to provide some degree of financial aid.
"If and when the rule is eliminated," he warns, "students will really have to do their homework to verify an institution's credentials."
Finally, the Distance Education Demonstration Program (DEDP), which allows institutions that meet specific requirements to bypass these rules, will likely continue. To find an accredited institution offering federal financial assistance to distance learners, log onto www.ed.gov/programs/disted/participants.php.
Private Lender Loans
If federal assistance isn't available at your school, you can always go the private loan route. Adult students may qualify for loans such as Chase's Campus One, Citibank's CitiAssist Loan, the College Loan Corporation's Premier Loan, SLM Financial's Career Training Loan, Wachovia's Education Loan, and the Wells Fargo Collegiate Loan, to name a few. Check each provider's Web site for detailed information.
Keep in Mind ...
- Some institutions, like the University of Phoenix, allow you to pay for one course at a time, rather than a whole semester.
- At some schools, like Kaplan University, books and course materials are included in the price of tuition for all undergraduate degree programs.
- Other schools, like Capella University, offer credit for prior learning, which can put you on the fast track to getting your degree.
- Many employers offer tuition reimbursement as part of their employee benefit package. Talk to your human resource department to learn how to take advantage of this free money.
- Education at your own pace affords you the opportunity to get your degree faster, allowing you to earn a salary sooner than later.
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