DAPS eBook - Can I Afford College

Can I Afford College? The Adult Student’s Guide to Paying for a College Education www.fisher.edu

Can I Afford College?Going back to school after a prolonged we’ll discuss the typical concerns people have Fisher College | www.fisher.eduabsence or attending college for the first time about returning to school and answer manyas an adult can be overwhelming, especially if of the questions commonly asked by olderyou’re trying to balance it with your job, family students.and other commitments. And then there’s thebig question facing most adult learners: How Specifically, we’ll talk about:do you pay for it? • Finding an appropriate programIt’s a big step – and one that can have a major • College programs that cater to the needsimpact on the rest of your life. So it’s important of adult learnersto understand what’s involved and be aware of • Financial aid options (they’re not asall your options regarding college choice and complicated as you think)financial aid options. A college degree can • The final reward, a degree that is often welldramatically increase your earning potential, worth the investment of time and moneyhelp you advance in the career of your choice orenable you to begin a whole new line of work. At Fisher College, we recognize that – inThe payoff can be substantial but a college addition to paying for college – it’s not easy toeducation, at any age, requires careful planning. balance schoolwork with a job and family. OurEveryone has different schedules, budgets programs and staff, however, are available toand expectations. Although most colleges will help you navigate this route and succeed whenhelp you through this process, it’s important to taking this big step.understand the basic concepts and be awareof all your options—especially when it comesto paying for school. Over the next few pages, 2

Finding the Right SchoolThere are many different types of college who have multiple obligations in their lives. In Fisher College | www.fisher.eduprograms available throughout the country, a typical accelerated degree program, studentseach with its own costs. You can choose take one or two classes at a time and classesbetween public and private colleges, for-profit can be completed in as little as eight weeks.and nonprofit schools, accredited and non- Because this is significantly shorter than theaccredited programs. You’ll need to decide traditional five-month college semester, itwhether a community college is your best allows for schedule flexibility. If you need tooption, or a four-year college or a university. take time off, you can resume studies in eightOur best advice is to think long term. Even weeks, rather than missing an entire semester.though a non-accredited school or a two-year In Fisher College’s Division of Acceleratedcollege might cost less, a degree from a higher- and Professional Studies (DAPS) for example,quality program might enable you secure a a three-credit course requires a weeklybetter-paying job or one more in line with commitment of six hours of class time andyour career goals. If you have previous college about 9-12 hours for homework, study andcredits, be sure to find out which schools will research. Two classes would involve a 30-houraccept them. weekly commitment, which includes class time.College programs for adults Advantages of accelerated programsAnother good question to ask is whether a One of the major advantages of acceleratedcollege has a program specifically designed for degree programs is lower tuition. Adult learnersadults going back to school. These programs don’t use as many services as traditionaloften cost less, can be completed more quickly students (like dorms, extracurricular activities,and take into account the different challenges healthcare, athletics, etc.), so the cost ofadult learners face – as opposed to traditional running these programs is often lower.students. In addition, accelerated degree programsMany schools have a special accelerated offer flexible course options, such as a choicedegree program, which caters to adult learners 3

of locations, part-time classes, evening andweekend classes, and online courses. Modernonline classes are academically equivalent toThetraditional classes and can be transferred toother programs. In many cases, students havethe option to create a hybrid program thatcombines in-person classes and online courses.Students taking online classes for the first timeare encouraged to find out whether the collegeoffers special support for these programs, suchas resources for online study skills.Transferring credits Fisher College offers an online Prior LearningIn the interest of saving time and money, it’s a Assessment that explains the process forgood idea to inquire about transferring previous converting outside learning into credit atcollege credits. If you’ve already taken some the school. Other colleges may have similarclasses, you shouldn’t have to repeat them programs.and incur unnecessary tuition costs. In mostcases, previous credits don’t expire even if you CLEP creditsattended college a long time ago. Another option for determining credit eligibility for “outside” learning is the College-LevelThe credits for some science and computer Examination Program (CLEP), which you cancourses, however, do expire since the find online at clep.collegeboard.org. CLEP is atechnological landscape in these areas can shift widely trusted credit-by-examination programquickly and dramatically. Don’t make any blind that has been operating for more than 40 years.assumptions, however. When applying to an To qualify for CLEP credits in a subject area,accelerated degree program, be sure to send you must take an exam which is administeredall your transcripts. in 1,800 test centers nationwide. CLEP credits are accepted by nearly 3,000 colleges andAdditionally, some schools will accept credits universities.for learning done outside the classroom. Thisincludes: CLEP exams determine the extent to which students have mastered college-level material • Job experience relevant to course content acquired in non-academic settings. Those who • Military service take the test include adult learners, military • Non-credit courses service members and traditional college • Organizational memberships students. • Recreational pursuits or hobbies • Training programs Fisher College | www.fisher.edu • In-service courses • Travel study • Volunteer work 4

Financial Aid (and How to Get It)Applying for financial aid doesn’t have to be include this information on your application for Fisher College | www.fisher.eduas arduous and time-consuming as it might financial aid.seem. It is critical, however, that you’re awareof all your options so you can make the best Another widespread misconception is that adultdecisions for financing your education. students are not entitled to scholarships. That is not the case. See the “Scholarships” sectionAs an adult learner, you may be entitled to below for further information.many of the same financial aid options availableto traditional students. Over the next few Start with the FAFSApages, we’ll explain the basics of financial aid, The first step in applying for most types ofits various forms and provide links where you financial aid is filling out the Free Applicationcan access additional information. for Federal Student Aid (FAFSA) form. There is no charge for filing this online form, which canHere are some of the most common types of be found at www.fafsa.gov. Information aboutfinancial aid: the different types of federal aid is available at www.studentaid.gov. • Grants • Loans When filling out the FAFSA, you’ll need to have • Scholarships some personal information ready, such as: • Employer contributions • Military benefits (when applicable) • Your social security number • If you are not a citizen but a permanentA common misconception is that adult learnersare not eligible for financial assistance if their resident of the United States, your alienchildren are receiving financial aid to attend registration card numbercollege. Nothing could be further from the • Your most recent federal tax return and W-2truth. If your children are in college, you will forms • Details about assets like bank accounts and investments 5

If you are not an independent student, you If you are attending a full-time program (at Fisher College | www.fisher.eduwill also need the same information from your least 12 credits per semester), you might beparent. An independent student, accordingto the federal government, is “at least 24 Your Academic Optionseligible for a MASSGrant from the state ofyears old, married, a graduate or professionalstudent, a veteran, a member of the armed Massachusetts. See www.osfa.mass.edu/forces, an orphan, a ward of the court, or default.asp?page=massGrant for details. Othersomeone with legal dependents other than a states offer financial aid programs to theirspouse, an emancipated minor or someone who residents, as well. If you think you are eligible,is homeless or at risk of becoming homeless.” be sure to complete the FAFSA ahead of yourIf you are not sure if you are an independent state’s deadline.or dependent student, don’t worry. The FAFSAwill guide you through a series of questions to Grants – which can be used to pay for tuition,determine your dependency status. books and supplies – are also available fromIf you haven’t yet filed your tax returns when the state and the school as well as private oryou fill out the FAFSA, you’re allowed to nonprofit organizations. You can find out theestimate the required financial information. It is various options for grants by contacting thestrongly recommended that you estimate the school’s financial aid office.income portion of the FAFSA so you don’t missout on any deadlines for state financial aid. ScholarshipsThe FAFSA website (www.fafsa.gov) includes You may have heard that there are millions ofhelpful tips about completing the form. If you dollars in scholarships that go unused everyneed additional assistance, contact the financial year. Scholarships are not just for traditionalaid department of the school you’re interested students. As an adult learner, there are plenty ofin attending. Most of the time, a representative scholarship opportunities out there just waitingof the school can walk you through the process. for you to apply!Remember, it’s in the school’s best interest tohave you attend. Similar to grants, scholarships do not have to beFor information about the various types of repaid. The main difference is that scholarshipsfederal student aid programs, visit are generally based on merit, although needwww.studentaid.ed.gov/types. can sometimes be a factor. Most colleges offerGrants some sort of scholarship program, so it’s a goodA grant is money given to you to pay for your idea to explore all options for scholarships,education; you don’t have to pay it back. In starting with the school you plan to attend.most cases grants are based on need, so yourincome, assets and family size are major factors. Fisher scholarshipsThe cost of the program you are attending also If you’re interested in attending Fisher College,determines the amount of the award. Fisher offers a Pathways Scholarship, whichThe federal government offers Pell Grants to is specifically designed for adult studentsall students, including adult learners. There is attending its Division of Accelerated andno cost to apply. The information you provide Professional Studies (DAPS) program. Foron your FAFSA will determine your eligibility. In details, visit www.fisher.edu/daps/pathways.2014-15, the maximum Pell Grant amount was$5,730. If you attended Fisher College in the past and would like to return, the school also offers a Fisher for Life Scholarship in the form of a 25 percent discount. See www.fisher.edu/alumni/ fisher-for-life for details. 6

Where to find scholarships out-of-state students pursuing college degrees in Fisher College | www.fisher.eduScholarships are easy to find online. If you live Massachusetts. See www.mefa.org for additionalin Massachusetts, try www.scholarships.com/ information.financial-aid/college-scholarships/scholarships- In addition to the MEFA loan there are otherby-state/massachusetts-scholarships. alternative loans you could consider. Keep in mind that they may have higher fees and interestOther good websites for finding scholarships are rates and may require a co-signer. The financialwww.fastweb.com and www.zinch.com. aid office at your school can direct you to other loan sources if they are necessary.Loans Employer reimbursementIn many cases, grants and scholarships only pay Some employers recognize the value of anfor part of your educational expenses so it might educated workforce and will pay all or part ofmake sense to take on a student loan. Not all your tuition costs. Contact your supervisor orloans are the same, it’s important to know the human resources department to find out if yourdifferences so you can choose the option that company offers tuition reimbursement.makes the most sense for your situation. Military benefits Many schools offer financial assistance toKeep in mind that you do not have to accept active military members and their spouses forevery loan offered to you. You can decline a loan continuing education. Call the financial aid officeand seek another with more favorable terms. at the school to see if this is available. Fisher College offers a 10 percent discount toFederal student loans military members who submit a DD214 (certificateFederal loans should be considered first since of discharge). For additional information, visitthey usually have lower interest rates and are www.fisher.edu/military/faq.often more flexible with repayment options. If The U.S. Department of Veterans Affairs alsoyou work in certain fields, such as teaching or offers financial aid for veterans seeking highernursing, you may be eligible for loan forgiveness. education. See www.benefits.va.gov/benefits for details.Federal Direct Loans have two types: subsidizedand unsubsidized. 7 • With a subsidized loan, the government pays the interest on the loan while you are attending school. • Interest accrues on unsubsidized loans while you are in school.So subsidized loans are generally preferable,although an unsubsidized loan, at a lower interestrate, might make more sense than a loan from atraditional lender.Another type of federal program, the FederalPerkins Loan, is available for students withexceptional financial need. Not all schoolsparticipate in the Federal Perkins Loan Program,so check with the financial aid office to find out ifa school participates.Other loansThe Massachusetts Educational FinancingAuthority (MEFA) is a not-for-profit quasi-publicentity that offers student loans for in-state and

The “Payoff” – College is Worth the ExpenseThink of continuing your education as an responsibility. It’s an investment with a high rate Fisher College | www.fisher.eduinvestment. You are investing time and money of return.in yourself for a valuable payoff down the road.With a college degree, you will likely get a Next Stepbetter-paying job and have a wider range of We hope this guide has taken some of thecareer opportunities. A college education can mystery out of returning to school and payingalso enable you to switch professions if you for it.desire. Many adult learners decide to continue theirAn analysis of Labor Department statistics by education after taking a hiatus, colleges havethe Economic Policy Institute in Washington, designed programs that ease this transitionD.C., revealed that, in 2013, Americans with and meet the specific needs of the returningfour-year college degrees earned nearly twice student. The Division of Accelerated andas much per hour than those without a degree. Professional Studies (DAPS) program at FisherFigures from the Department of Labor also College is one of them. The DAPS programshowed that workers age 25 and older had a schedules classes that adult students can fitsubstantially lower unemployment rate if they into their busy lives and provides flexibility withhad a college degree. coursework. Classes are not only offered inDavid Autor, a noted MIT economist, estimates four locations (Boston, Brockton, New Bedfordthat a college degree is worth at least $500,000 and North Attleborough) but also online, onin additional earnings over a lifetime. So, even weekends and in the evening.if you graduate with loans to pay, finishing In addition, a Fisher College staff person cancollege is well worth the effort and expense. assist you in securing credits from previousIn addition to the monetary benefits, a college educational endeavors and help you get thedegree provides greater opportunities to grow best possible financial aid package.into leadership positions and areas of increased For further information, contact Fisher College at 617-236-8817 or visit www.fisher.edu/daps. 8