Older Students May Still Be Eligible for Student Loans
Older Students May Still Be Eligible for Student Loans
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
AB Answers
0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Hello Guest
Login
Register
Hello
My Home
Sign Out
Email
Password
Remember me?
Lost Password?
Home Page > Finance > Personal Finance > Older Students May Still Be Eligible for Student Loans
Older Students May Still Be Eligible for Student Loans
Posted: Oct 12, 2010 |Comments: 0
|
]]>
Not every student arrives at college fresh out of high school. A growing number of students over the age of 25 are returning to the college classroom or enrolling at a college or university for the first time — a trend that means more independent students are seeking financial aid and student loans as a way to pay for college.
This trend also means that some returning students may have already exhausted their available federal student loans. Federal college loans not only carry annual borrowing limits but lifetime maximum borrowing limits. Students returning to college who previously took out federal college loans their first time around may have less federal student loan money available to them.
The Association for Non-Traditional Students in Higher Education reports that students over the age of 25 represent nearly half of all currently enrolled college students. This migration back to the classroom is not merely the product of the current economic downturn, however: According to the U.S. Department of Education, the number of students age 25 or older in college classrooms rose from 28 percent in 1970 to 41 percent in 1998. The number of students age 35 or older at degree-granting institutions increased from 823,000 in 1970 to nearly 3 million in 2001.
Clearly, the current “aging” of the college student population was underway long before the Great Recession took hold.
Finding Financial Aid as a Returning or Older College Student
Determining eligibility for federal financial aid as an older student can be challenging. In some cases, today’s older student may be relatively well-established financially and may hold a number of assets, including real estate, investments, and retirement savings. At the same time, the older student may have additional liabilities, including a loan agreement, credit card debt, and student loan debt from a previous run at the college-and-university track. S/He may also be supporting children who are themselves in college.
The FAFSA
For any student, regardless of age or level of educational attainment, the first step in finding financial aid for college need to be the filing of the Free Application for Federal Student Aid (FAFSA). The FAFSA takes into account a student’s broad financial picture — from income, assets, and liabilities to the number of other family members in college — to determine eligibility for federal financial assistance.
Federal financial aid can include need-based grants (Pell Grants) and subsidized student loans (Perkins loans and subsidized Stafford loans), as well as unsubsidized student loans (unsubsidized Stafford loans) that are available regardless of a student’s financial need. For graduate students, credit-based graduate student loans (Grad PLUS loans) are also available.
The Financial Aid Office
If you’re a returning student, a consultation with a financial aid officer at your institution could be very assistanceful, since rules and regulations regarding student financial aid have changed significantly in the past few years. A financial aid officer may also be able to assistance you determine your eligibility for federal student loans and how previous student loans may affect your current borrowing limits.
Your financial aid office will also have information about locating grants, scholarships, and work-study opportunities, though many older adults may already be employed full-time. Consider asking your financial aid office about student loan companies that offer non-federal, private student loans, which may be used to pay schooling costs not already covered by your federal student loans or other federal financial aid.
Other Financial Aid Considerations
Returning students may also be eligible for itemized tax deductions related to college expenses. These tax deductions may assistance take the bite out of returning to school. Consult a tax advisor for assistance.
Federal financial aid is largely reserved for students who are seeking a degree, although in some cases, non-degree-seeking students may be eligible for federal financial aid if the courses they take are prerequisites for a degree program.
Keep in mind, however, that as a student loan borrower, you’ll be on the hook for any student loan debt you incur, even if you don’t complete a degree as planned. Current U.S. bankruptcy law prohibits bankruptcy courts from discharging either federal or private student loan debts except in the most extreme of circumstances, so if you’re a prospective returning student, make sure to thoroughly research all your academic options and their costs before entering a degree program that will require you to take on significant debt from student loans.
Retrieved from “http://www.articlesbase.com/personal-finance-articles/older-students-may-still-be-eligible-for-student-loans-3460570.html”
(ArticlesBase SC #3460570)
Liked this article? Click here to publish it on your website or blog, it’s free and easy!
Jeff Mictabor -
About the Author:
Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.
Questions and Answers
Ask our experts your Personal Finance related questions here…200 Characters left
I’d like to get a payday loan then pay back when i get my student loan on november 8 th of 2010, is this possible. i’m getting over 3,000 back and can provide a statement from the college
I just got in to school and i need a loan bad i dont get my student loan till next month and i am about to be homeless what can i do
Hello, I need to know if I can apply to a student loan for living expenses if I have bad credit
]]>
Rate this Article
vote(s)
0 vote(s)
Feedback
RSS
Print
Email
Re-Publish
Article Tags:
student loans, private student loans, college loans, financial aid
Latest Personal Finance Articles
More from Jeff Mictabor
Consolidating student loans used to be a no-brainer, but not anymore. Jill Schlesinger offers advice to two graduate students. (02:34)
How Soon Should You Repay Student Loans
The average college student graduates with more than ,000 of student loan debt. Ray Martin tells you how to be smart about repaying it. (02:04)
Kiplinger’s No-Nonsense Guide to Understanding Student Loans. (23:32)
How to Get the Best Deals on Student Loans
Federal aid is on the way to go when borrowing for a college education. (02:45)
How to Repay Student Loans – Part 21
How to reduce student loans quickly – Can student loans be dismissed through bankruptcy? (01:01)
Paying For College: The Financial Aid Puzzle
The cost of a college education is rising every year. This year the average cost of a private four-year school was ,273, up 4.4% from last year, and the average cost of a public school was ,020, up 6.5% from last year. For most families, paying for college is a struggle. If you feel like you do not have all the pieces of the financial aid puzzle, you are not alone.
By:
Kristin Morrisl
Education>
College and Universityl
Jan 28, 2010
Students attending college today often need to take loans to assistance pay for their college expenses.
By:
flexjohnl
Finance>
Bankingl
Nov 24, 2010
New Tools Help Families Find Private Student Loans, Estimate Financial Aid
Determining the cost of attending college is about to get easier.
By:
Jeff Mictaborl
Student Loans, Financial Aid Both Rise in 2009–10
According to a new report by the College Board, both student loans and other types of college financial aid rose in the 2009–10 academic year, although this increase in student aid was largely offset by rising college costs, which increased by about 6 percent.
By:
Jeff Mictaborl
Finance>
Personal Financel
Nov 02, 2010
The very best loans from private institutions offer interests rates of the prime rate minus 0.50%, or LIBOR plus 2%, and will have no fees.
By:
flexjohnl
Finance>
Bankingl
Oct 27, 2010
The best of all loans are Federal loans so if your school offers you federal loans, don’t hesitate to accept them if you need them.
By:
flexjohnl
Finance>
Bankingl
Nov 25, 2010
Answers To Your Private Student Loan Questions
Private Student Loans are just one source of private funding for education. Here’s the in’s and out’s of securing a private student loan.
By:
Bill Millerl
Finance>
Personal Financel
Sep 03, 2008
The Good, the Bad, and the Private Student Loan
College hits people hard in the wallets, so it makes sense to look into all loan options, including a private student loan.
By:
MIKE SELVONl
Writing>
Non-Fictionl
Jul 18, 2007
Free Government Grants Up to ,000 For Those in Need
If you’re looking to raise money for buying a new house or renovating your current one, you should apply for the free government grant. The federal government has set up the grant program to assist the needy Americans in these crucial times.
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
Free Government Grants – Great Money Incentives For US Citizens
The Obama administration has set up a federal grant program to assist the citizens of US in these tough times. The grant program offers a number of reliefs to the people such as relief from debt etc. Other programs are designed to assistance people buy new house or repair the old one. There is even free money for people who are past due on loan agreements.
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
Free Government Grants – ,000 For Your New Home
Many people don’t know it yet, but a free government grant can be availed up to 3 times in a year. This does depend on what you apply for. As a matter of fact, the government will be giving away more than 1 trillion dollars in the form of government grants next year.
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
Grant Money That is Totally Free and Absolutely Yours to Use
In this difficult time of economic slow down, innumerable people are losing their jobs or facing cut downs in their salaries. In addition to saving their jobs, many American citizens are facing a huge problem regarding their credit card bills. However, American citizens now have a golden opportunity to get rid of all their debts with the assistance of government grants.
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
Can a Government Grant Make Me Debt Free?
Debt is a burden which we all want to take off from our shoulders as soon as possible. It is a something which if not eliminated, has the capacity to make your life a real hell. If you are one of the several Americans who are suffering from the immense pressure of debt then here is the good news!
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
Obama’s Debt Relief Program For Personal Debt Relief
You should feel your responsibility to pay our debts in time. For clearing your debts, you may find free government grants to assistance you. Your debts may include credit card bills, hospital bills, education expenses incurred by you for your sibling’s education, automobile and home loans.
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
Obama’s Stimulus Package – Free Your Debt From Free Govt. Money
Many of you might be stressed on how to remove your debt which is so much that it seems impossible for you to pay off and home equity loans or personal loans won’t assistance you much. These loans will bring your debt to minimum but won’t take you out of of your debt. Grants from government will assistance you ease of your huge burden of debt from your back. It is not publicly announced to every debtor but there is certainly assistance from government.
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
Obama Administration is All Set to Pay Off Your Debt
Still worried about paying your debt? Here is the solution. The government has planned and launched several ways of grants to assistance you, to get relived from debts. The amount of debt c can be anything varying from single dollar to millions, depending on various issues. The organizations which assistance you can be Regional Management or any Federation. Basis of Applying-one must be specific while making the request and for what kind of grant he/she is looking for.
By:
Jeff Donahuel
Finance>
Personal Financel
Dec 18, 2010
How Would Tying Student Loans to Repayment Rates Affect Higher Education?
As the U.S. Department of Education considers linking colleges’ and universities’ eligibility for federal student financial aid to the school’s student loan repayment rate, some analysts are looking at just how large the student loan default problem is and what might happen if new student loan repayment rules take effect in 2012 as expected.
By:
Jeff Mictaborl
Finance>
Personal Financel
Dec 17, 2010
Credit Unions Challenge Big Banks for Private Student Loans
Big banks that offer private-label college loans are facing new competition from credit unions that are looking to issue their own private student loans.
By:
Jeff Mictaborl
Finance>
Personal Financel
Dec 14, 2010
Health Workers to Get Help With Student Loan Debt
The National Health Service Corps is accepting applications from primary medical care professionals who are willing to work in underserved areas in exchange for a reduction in their student loan debt.
By:
Jeff Mictaborl
New Regulations Could Tie Student Loans to Post-Graduation Employment
The U.S. Department of Education is considering a new regulation that would tie a school’s ability to offer federal grants and college loans to proof that its alumni can find gainful employment after graduation.
By:
Jeff Mictaborl
Finance>
Personal Financel
Dec 07, 2010
Report: College Students Relying More on Student Loans
A new report by the Pew Research Center shows that reliance upon student loans among college students increased dramatically between 1996 and 2008.
By:
Jeff Mictaborl
Finance>
Personal Financel
Dec 03, 2010
Graduate’s 0,000 Student Loan Debt Spurs New Website
Kelli Space is just 23 years old and is already 0,000 in debt. The Northeastern University graduate figures that without assistance, she’ll never be able to repay the nearly 0,000 in private student loans.
By:
Jeff Mictaborl
Finance>
Personal Financel
Nov 30, 2010
Obama Commission Recommends End to Subsidized Student Loans
The National Commission on Fiscal Responsibility and Reform has issued a report that recommends the elimination of subsidized federal student loans in order to reduce federal spending.
By:
Jeff Mictaborl
Finance>
Personal Financel
Nov 19, 2010
Private Student Loans Set to Stage a Major Comeback
Industry analysts speculate that the volume of private student loans, which had dropped in 2008-09 and 2009-10, is poised to make a comeback as federal funding for education declines, especially among private, for-profit institutions.
By:
Jeff Mictaborl
Add new Comment
Your Name: *
Your Email:
Comment Body: *
Verification code:*
* Required fields
Submit
Your Articles Here
It’s Free and easy
Sign Up Today
Author Navigation
My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box
Jeff Mictabor has 106 articles online
Articles Categories
All Categories
Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing
Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building
]]>
Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog
Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Webmasters
RSS Builder
RSS
Link to Us
Business Info
Advertising
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2010 Free Articles by ArticlesBase.com, All rights reserved.
Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.
Related Student Loans Articles
About admin
Recent Comments