Back to school planning for adults

How to pursue, and pay for, your continuing education

While we're starting to see some bright spots in the economy, high unemployment rates persist, turning many adults into motivated students. At 9.7%, the U.S. unemployment rate is the highest it's been since 1983, with 14.9 million Americans out of work.¹ At the same time, market and economic factors have forced some retirees to go back to work.

For many of these adults, returning to the workforce means first returning to the classroom to beef up credentials, learn new skills or sharpen industry knowledge. For others, this challenging environment presents an opportunity to pursue a passion or launch a career they have been dreaming about for years.

The changing face of college

Displaced workers are helping to fuel an "aging trend" on college campuses, with adults returning to school representing today's fastest-growing student demographic.² According to a recent survey, 28% of 120 responding community colleges reported that their enrollment increased more than 10% between January 2008 and January 2009³ — a statistic that aligns with the rising unemployment rate over the same time period. Similar enrollment trends are emerging at four-year colleges.

According to the American Council on Education (ACE), the desire or need for a new career is the motivating force. A recent ACE report revealed that older adults want an education that quickly puts them on the path to a new career.⁴

Make the journey back a smooth one

After spending several years in the workforce, returning to school can be exciting and a bit unnerving. Today's students have more choices and opportunities than ever before, but sorting through these options can be more challenging than cramming for a final exam.

Here's how to make your transition to the classroom a smooth one:

Select a program

Whether you're returning to school to advance or change your career, learn a new skill or complete a degree you started years ago, it's important to select the continuing education program best suited to your needs. Consider the following:

• If you haven't determined what you want to study, begin with a self-examination of your interests, skills and strengths.
• If you know what you want to study, look for schools that specialize in that particular subject matter.
• If you're finishing a degree, consider returning to your original school; it may be the most efficient choice.
• If you're looking for training in industries with the most robust job growth, consider exploring the fields of health care, education and government. See where the jobs are.

Also, keep in mind that many schools specialize in continuing education programs for adults, offering flexible schedules, accelerated degree programs and credit for previous learning or life experiences. Others offer an array of online learning options, delivering the utmost in flexibility and convenience. A simple internet search will reveal the accredited programs in your area.

Choose a school

If you're headed back to school, you'll find an abundance of choices to meet your needs:

• Community college. Open enrollment policies, flexible class schedules and a variety of course offerings make community colleges a good alternative if you're interested in pursuing a first degree or updating your existing work skills. They also offer a lower-cost education compared to most four-year colleges.

  For more information about community colleges, visit the American Association of Community Colleges.

• Technical school. Technical colleges offer training for job-specific trades and industries, such as heating and air conditioning, culinary arts, computer programming, web design, auto mechanics and more. Most programs at technical schools include hands-on, practical skill-building classes designed to prepare you for immediate employment.

• Four-year college. Consider a four-year college or university if you want a wider selection of majors and classes, or if you're pursuing an advanced degree. Because they are larger and generally considered more prestigious, four-year colleges and universities can offer an exciting campus environment. However, this can be intimidating to some adults returning to the classroom. Also, four-year colleges typically have more extensive admission requirements.

  Check the college website for details.

• Online university. Today, earning a college degree can be more convenient than ever with the evolution of the internet. A variety of companies specialize in online education programs, while many traditional "brick and mortar" institutions also offer continuing education programs via the internet.

Designate a time

As an adult, time is probably one of your most valuable commodities. Balancing family, personal and work responsibilities with classroom and homework obligations can be especially challenging. Make sure the school schedule you select makes sense for your lifestyle:

• Full- or half-time enrollment. This option may be best if your primary goal is to earn an undergraduate or graduate degree. It also may make sense if you are pursuing a degree because of a larger life change, such as starting a new career or relocating. Plus, full- or half-time status may increase your chances of getting a scholarship, fellowship or grant.
• Part-time status. This option may be appropriate if you want to ease back into the academic world before enrolling full time. It also may be ideal if you can't or don't want to relinquish your current lifestyle or job. For many adults, part-time enrollment in a continuing education program provides the flexibility needed to maintain careers and families while returning to the classroom. Keep in mind, though, that financial aid, courses and degree options may be more limited for part-time students. Check with the school's admissions office for details.

Cover the cost

Today's economy can present a cost conundrum for adults wanting or needing additional education. Returning to school can be expensive, and if your income disappears or gets slashed, it can be difficult to meet the costs.

One potential solution is the government. Certain states and the federal government have launched taxpayer-funded retraining programs. For example, a provision of the 2009 American Recovery and Reinvestment Act passed earlier this year supports worker retraining by providing:

• $1.25 billion for adult workers who have been laid off or who have received advance notice of a factory closing
• $500 million in state grants for employment services
• $500 million to fund training for "sustainable energy" jobs

Also keep in mind that financial aid, grants and loans aren't limited to recent high school graduates. Consider these options:

• A federal TEACH Grant, which provides up to $4,000 per academic year for those interested in pursuing a teaching career.
• The federal government's Stafford Loan program, which allows students to borrow up to $20,500 per academic year.
• Federal PLUS loans, which provide funding for eligible graduate and professional students.
• Private student loans, which generally offer higher borrowing limits than federal loan programs.
• Funds in a 529 plan, which any family member may use for qualified education expenses.

The internet provides a wealth of information on these and other student aid programs. Begin your search at studentaid.ed.gov, or finaid.org. Also, talk to the school about whether you can earn any credits for your existing work experience, as well as to see if you can leverage your skills to help teach other students in exchange for reduced tuition.

Learning a life lesson

Some of life's greatest challenges can lead to unique opportunities. And clearly today's struggling economy and slumping job market make for extremely challenging times. But the opportunities may be equally great — particularly for those whose optimism and drive lead to an advanced education and perhaps even a new career adventure.