{"id":4117,"date":"2014-10-18T06:47:49","date_gmt":"2014-10-18T10:47:49","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=4117"},"modified":"2014-10-18T06:47:49","modified_gmt":"2014-10-18T10:47:49","slug":"kerrys-expert-advice-us-news-world-report-older-students-and-student-debt","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=4117","title":{"rendered":"Kerry’s Expert Advice: US News & World Report: Older Students and Student Debt"},"content":{"rendered":"
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\"download\"<\/a>Heading back to\u00a0college\u00a0can be a savvy financial decision for older workers, whether they’re beefing up technical skills, earning professional certificates or enjoying their golden years with an “encore career.”<\/p>\n<\/header>\n

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But taking on too much student debt is a risk at any age.<\/p>\n

Of households headed by someone aged 65 or older, about 3 percent, or more than 700,000, carry student debt, according to\u00a0an analysis<\/a>\u00a0from the U.S. Government Accountability Office. While they make up\u00a0a tiny\u00a0percentage of borrowers overall, the percentage of households headed by someone aged 65 to 74 carrying student loan debt quadrupled between 2004 and 2010.<\/p>\n

READ ARTICLE ON USNEWS.COM<\/a><\/p>\n

The good news is that older students have lots of resources, many of which are tailored just to them, to tamp down costs and help them\u00a0make smart back-to-school decisions.<\/div>\n

Here\u2019s what to know about avoiding\u00a0student debt as an older student.<\/p>\n

1. Don’t skimp on research.\u00a0<\/b>They might be older and wiser, but mature students still\u00a0succumb to the temptation to enroll without doing enough research, says Phyllis Snyder, senior adviser at the Council for Adult and Experiential Learning.<\/p>\n

“Often when older people get into debt, they have been floundering and taking classes they don’t need,”\u00a0says Snyder.<\/p>\n

She recommends finding a career adviser through a local college or nonprofit organization to discuss which credentials you might need to reach your goals\u00a0before signing up for any\u00a0classes.<\/p>\n

The American Association of Community Colleges’ Plus 50 Initiative\u00a0\u2013 which aims to create or expand campus programs for students aged 50 and older, with an emphasis on workforce training\u00a0\u2013 provides along list\u00a0of steps for preparation, from visiting a class to speaking with students.<\/p>\n

And don’t forget to apply for\u00a0federal financial aid<\/a>, say experts. Nontraditional students are still eligible for many of the same grants and federal loans as traditional students, depending on their financial backgrounds and enrollment statuses.<\/p>\n

2. Take one class at a time.\u00a0<\/b>Another way to ensure that you’re not getting in over your head, both academically and financially, is to attend school part time.<\/p>\n

“One course at a time, or even two, is much more palatable than going full time,” says Ray Lucas, senior vice president of Integrated Financial Partners, a financial services firm.<\/p>\n

Part-time students may be able to avoid debt by paying as they go, says Lucas, using extra cash to cover tuition or withdrawing from a tax-advantaged\u00a0529 savings plan<\/a>\u00a0in their own name.<\/p>\n

Betsy Werley was able to pay for her stint at\u00a0New York University<\/a>\u00a0out of pocket when she took a couple of classes in nonprofit fundraising and technology in her late 40s.\u00a0She aimed\u00a0to shift from her job at JPMorgan Chase & Co.\u00a0to the nonprofit sector.<\/p>\n

“I wanted to get in, rub elbows and connect with the professors who had their own connections,” she says. “It seemed like a good investment.”<\/p>\n

And it paid off:\u00a0She\u00a0now\u00a0works for Encore.org, a nonprofit that helps people transition\u00a0to nonprofit and public sector jobs.<\/p>\n

Attending on a part-time basis may also give a working student the added financial benefit of having tuition covered by an employer, says Kerry\u00a0Hannon, career expert and author of “Great Jobs for Everyone 50+: Finding Work That Keeps You Happy and Healthy … And Pays the Bills.”<\/strong><\/p>\n

3. Stay within the community.\u00a0<\/b>Community colleges are a go-to resource for older students since\u00a0most people live within driving distance of one, says Mary Sue Vickers, who directs the Plus 50 Initiative. And they have a history of catering to nontraditional students, she\u00a0says.<\/p>\n

Another benefit: They’re affordable.<\/p>\n

The tuition and fees at community colleges averaged $3,264 during the 2013-2014 academic year, according to the\u00a0College Board<\/a>. That’s a fraction of the in-state public four-year school bill of $8,893. It’s also less than the average of $15,130\u00a0charged by for-profit universities and $30,094 by private colleges.<\/p>\n

4. Find free classes.\u00a0<\/b><\/b>“Look for free or discounted tuition based on your age,” says Hannon.<\/strong> “There are a growing number of colleges that cut tuition for students over 60.”<\/p>\n

Non-degree-seeking students may be able to audit classes at a local college\u00a0or take\u00a0massive open online courses<\/a>\u00a0at no cost. The Osher Lifelong Learning Institute\u00a0allows students\u00a0aged 50 and older who aren’t seeking to earn credit\u00a0to attend classes\u00a0at more than 100 universities.<\/p>\n

Plus, a number of states offer tuition waiver or audit programs for older students, including\u00a0Virginia\u00a0andGeorgia. Some programs, such as\u00a0Pennsylvania State University’s Go-60 Program, allow eligible students to earn credits. Students typically need to cover books and other expenses.<\/div>\n

And attending these programs doesn’t just benefit the mature students. “Older students bring a lifetime of experience to the classroom,” says Vickers, of Plus 50. “They also do the homework, talk in class and are a good influence on the younger students.”<\/p>\n

By\u00a0Susannah Snider<\/a><\/p>\n<\/div>\n

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