{"id":6994,"date":"2018-07-09T07:54:33","date_gmt":"2018-07-09T11:54:33","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=6994"},"modified":"2019-04-09T17:52:16","modified_gmt":"2019-04-09T21:52:16","slug":"how-to-pay-for-your-encore-education","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=6994","title":{"rendered":"How to Pay For Your Encore Education"},"content":{"rendered":"<div id=\"app\">\n<div class=\"css-v89234 e1dd99ql0\" data-reactroot=\"\">\n<div>\n<div class=\"css-1kz2g4o eid77k0\">\n<header class=\"css-1bymuyk eid77k1\">\n<section class=\"css-1waixk9 eid77k2\">\n<div class=\"css-1f7ibof em5m38e0\">\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=6898\" rel=\"attachment wp-att-6898\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"6898\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=6898\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?fit=240%2C210&amp;ssl=1\" data-orig-size=\"240,210\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"download\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?fit=240%2C210&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?fit=240%2C210&amp;ssl=1\" class=\"alignleft wp-image-6898 size-thumbnail\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?resize=150%2C150&#038;ssl=1\" alt=\"\" width=\"150\" height=\"150\" \/><\/a>When Colleen O\u2019Bryant pivoted from her job as operations manager at an insurance firm to start her own business as an herbalist, her training came with a steep price tag.<\/span><\/p>\n<\/div>\n<\/section>\n<\/header>\n<\/div>\n<\/div>\n<article id=\"story\" class=\"Story-story--2QyGh css-1j0ipd9\">\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<div class=\"css-1h6whtw\">\n<p class=\"css-1i0edl6 e2kc3sl0\">Ms. O\u2019Bryant, 40, didn\u2019t make any rash money moves, however. She and her husband budgeted for her education, and she took the necessary coursework over a five-year period.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Career shifts like Ms. O\u2019Bryant\u2019s typically require a skill boost and a sizable tuition tab that can be tough to fund, and an increasing number of workers are facing that reality whether they\u2019re heading back to school to follow a passion or out of necessity.<\/p>\n<\/div>\n<aside class=\"css-14jsv4e\"><\/aside>\n<\/div>\n<div class=\"css-1yeziki\">\n<div class=\"css-nfnnd5 styles-embeddedInteractive--2frSu styles-sizeMediumInteractive--3izvz\" data-id=\"100000005938561\" data-slug=\"06learning-promo\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">In the United States, 16 million to 54 million workers may need to switch occupational group by 2030, and they will need to learn new skills or increase their level of education in order to find work, according to a recent McKinsey Global Institute\u00a0<\/span><a class=\"css-1g7m0tk\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" title=\"\" href=\"https:\/\/www.mckinsey.com\/featured-insights\/future-of-organizations-and-work\/what-the-future-of-work-will-mean-for-jobs-skills-and-wages\" target=\"_blank\" rel=\"noopener noreferrer\">Report<\/a><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">.<\/span><\/div>\n<\/div>\n<div><\/div>\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<figure id=\"attachment_6999\" aria-describedby=\"caption-attachment-6999\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=6999\" rel=\"attachment wp-att-6999\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"6999\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=6999\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/colleen.jpeg?fit=500%2C500&amp;ssl=1\" data-orig-size=\"500,500\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"colleen\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Colleen O\u2019Bryant started Wild Roots Apothecary, in Sperryville, Va. Ms. O\u2019Bryant started her own business as an herbalist after working at an insurance firm. Phot courtesy of Ms. O&#8217;Bryant&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/colleen.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/colleen.jpeg?fit=500%2C500&amp;ssl=1\" class=\"wp-image-6999 size-thumbnail\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/colleen.jpeg?resize=150%2C150&#038;ssl=1\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/colleen.jpeg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/colleen.jpeg?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/colleen.jpeg?w=500&amp;ssl=1 500w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><figcaption id=\"caption-attachment-6999\" class=\"wp-caption-text\">Colleen O\u2019Bryant founded Wild Roots Apothecary, in Sperryville, Va. Ms. O\u2019Bryant started her own business as an herbalist after working at an insurance firm. Photo courtesy of Ms. O&#8217;Bryant<\/figcaption><\/figure>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Ms. O\u2019Bryant\u2019s shift was spurred by a new interest in healing herbs and holistic nutrition that began when her mother had a heart attack. \u201cI was determined to help her eat healthy, and I started to look into herbs she could add to her diet to help,\u201d she said. With an undergraduate degree in English, she was well aware that her about-face required some serious schooling, but she was willing to put in the time and money. \u201cI kept playing at it, one course at a time.\u201d<\/span><\/p>\n<\/div>\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<div class=\"css-1h6whtw\">\n<p class=\"css-1i0edl6 e2kc3sl0\">Three years ago, she resigned from her job and started her business,\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.wildrootsapothecary.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Wild Roots Apothecary<\/a>, in an old apple packing plant alongside the Thornton River in Sperryville, Va. To date, her total out-of-pocket encore education outlay is around $10,000, which has come from the couple\u2019s savings and tax refund checks, she said.<\/p>\n<blockquote>\n<p class=\"css-1i0edl6 e2kc3sl0\">\u201cThe reality is that most encore career education goals are not that well planned out,\u201d said Lisa A.K. Kirchenbauer, a certified financial planner and founder of\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/omegawealthmanagement.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Omega Wealth Management<\/a>\u00a0in Arlington, Va.<\/p>\n<\/blockquote>\n<p class=\"css-1i0edl6 e2kc3sl0\">And the ultimate price tag can be considerable. A graduate course at a public four-year college can run upward of $700 per credit. A single course at a private college can top $3,300. A master\u2019s degree can easily set someone back anywhere from $20,000 to more than $100,000. A certificate program might run the gamut from $3,000 if done entirely online to $12,000 for on-campus credit hours, not including textbooks.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">While some students can cover tuition bills with personal savings, there are many resources available for adult learners, ranging from tax breaks to grants, scholarships, low-interest loans and reduced tuition.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<div class=\"css-1h6whtw\">\n<p class=\"css-1i0edl6 e2kc3sl0\">\u201cIf you\u2019re still employed, look to your employer for whatever tuition assistance they can give you,\u201d said Roger Young, a senior financial planner and certified financial planner at T. Rowe Price in Baltimore.<\/p>\n<figure id=\"attachment_7001\" aria-describedby=\"caption-attachment-7001\" style=\"width: 150px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=7001\" rel=\"attachment wp-att-7001\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"7001\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=7001\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/roger.jpeg?fit=299%2C299&amp;ssl=1\" data-orig-size=\"299,299\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"roger\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Roger Young, a senior financial planner and certified financial planner at T. Rowe Price in Baltimore&lt;br \/&gt;\nPhoto Courtesy of Mr. Young&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/roger.jpeg?fit=299%2C299&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/roger.jpeg?fit=299%2C299&amp;ssl=1\" class=\"wp-image-7001 size-thumbnail\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/roger.jpeg?resize=150%2C150&#038;ssl=1\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/roger.jpeg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/roger.jpeg?w=299&amp;ssl=1 299w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><figcaption id=\"caption-attachment-7001\" class=\"wp-caption-text\">Roger Young, a senior financial planner and certified financial planner at T. Rowe Price in Baltimore<br \/>Photo Courtesy of Mr. Young<\/figcaption><\/figure>\n<p>Read on <a href=\"https:\/\/www.nytimes.com\/2018\/06\/05\/education\/learning\/financial-aid-adult-learners.html\">The New York Times<\/a><\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Roughly half of employers offer tuition assistance to employees, according to the Society for Human Resource Management. These\u00a0<\/span><a class=\"css-1g7m0tk\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" title=\"\" href=\"https:\/\/www.irs.gov\/publications\/p15b#en_US_2017_publink1000193668\" target=\"_blank\" rel=\"noopener noreferrer\">programs<\/a><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">\u00a0can provide employees up to $5,250 each year, not counted as taxable income \u2014 and the contribution doesn\u2019t have to be marked to a full-degree program.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<div class=\"css-1h6whtw\">\n<p class=\"css-1i0edl6 e2kc3sl0\">This route, however, can be tricky if someone is eyeing the exit. Some employers may impose restrictions such as taking courses that relate to the current job and requiring an employee to work a certain length of time after taking the course.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Other employers take it up a notch. IBM\u2019s Transition to Teaching program reimburses $15,000 of expenses to become certified as a teacher \u2014 an undertaking that Keith Gordon, 64, an IT software specialist, accomplished four years ago while working at IBM. To qualify, applicants must have been employed at IBM for at least a decade.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">\u201cI was able to take a personal leave for three and a half months to student teach,\u201d Mr. Gordon said. \u201cI also had security in knowing if it didn\u2019t turn out to be what I thought it was going to be, I had a job to come back to.\u201d<\/p>\n<\/div>\n<aside class=\"css-14jsv4e\"><\/aside>\n<\/div>\n<div id=\"story-ad-3-wrapper\" class=\"ResponsiveAd-storyBodyAd--35v2w\">\n<div id=\"story-ad-3-slug\" class=\"ResponsiveAd-adSlug--3H3QM\">\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Since 2014, Mr. Gordon, of Darnestown, Md., has worked as a math, computer science and engineering teacher at Poolesville High School in Poolesville, Md.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<div class=\"css-1h6whtw\">\n<p class=\"css-1i0edl6 e2kc3sl0\">Like Ms. O\u2019Bryant, Mr. Gordon made his career transition gradually. To earn a master\u2019s degree in teaching, he enrolled in one night class each semester for three years and took summer classes. He crunched the numbers to evaluate his financial position. \u201cI wanted to be sure I could afford the pay cut \u2014 60 percent \u2014 that a career change to teaching would entail,\u201d Mr. Gordon said.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">About one year before he retired from IBM, he consulted with a financial adviser to tweak his budget projections. \u201cMy wife, Sue, and I have been fairly frugal all our lives, making sure we saved up, so we did a little belt tightening, but there were no loans, thank goodness,\u201d he said.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Ms. O\u2019Bryant and Mr. Gordon took practical paths to adding skills without accumulating debt.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">For many adult learners, though, student loans may be the only resource. There\u2019s no age limit for a subsidized financial aid, and part-time students are also eligible.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">The federal aid formulas don\u2019t take into account home equity or retirement accounts. The amount a student qualifies for depends on factors such as your financial need, tuition costs and whether you\u2019ll be a full-time or part-time student. The IRS\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p970.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Publication 970<\/a>\u00a0is a comprehensive rundown of all the current tax benefits for education.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Noncredit professional certificates, though, do not qualify for federal financial aid, scholarships, grants or needs-based aid.<\/p>\n<\/div>\n<aside class=\"css-14jsv4e\"><\/aside>\n<\/div>\n<div id=\"story-ad-4-wrapper\" class=\"ResponsiveAd-storyBodyAd--35v2w\">\n<div id=\"story-ad-4-slug\" class=\"ResponsiveAd-adSlug--3H3QM\">\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">There are also tax breaks. Under the new tax law, for instance, student loan borrowers can still deduct up to $2,500 of the interest they paid directly from their taxable income. The Lifetime Learning Credit provides a tax credit of up to $2,000 to cover up to 20 percent of annual tuition, and students don\u2019t have to be enrolled in a degree program. (The benefit phases out completely for married couples earning $132,000 and singles earning $66,000.)<\/span><\/p>\n<\/div>\n<\/div>\n<figure class=\"css-1habotf e1a8i6eb0\" role=\"group\" aria-label=\"media\"><figcaption class=\"css-1wtlzrm e3zkro30\"><\/figcaption><\/figure>\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<div class=\"css-1h6whtw\">\n<p class=\"css-1i0edl6 e2kc3sl0\">With a low-interest federal Stafford Loan there is no age limit, and part-time students are eligible. For students pursuing an undergraduate degree, federal Pell grants are interest-free and don\u2019t need to be repaid; the maximum award is $5,920 in 2018.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">The I.R.S.\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.irs.gov\/\" target=\"_blank\" rel=\"noopener noreferrer\">website<\/a>, the tax-benefits guide from the\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.nasfaa.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">National Association of Student Financial Aid Administrators<\/a>, and the Department of Education\u2019s\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/studentaid.ed.gov\/sa\/\" target=\"_blank\" rel=\"noopener noreferrer\">Federal Student Aid<\/a>\u00a0and\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.finaid.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Finaid<\/a>\u00a0websites offer in-depth details. Private student loan options can be researched at\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.edvisors.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Edvisors<\/a>.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Scholarships, discounts and grants for older students are usually offered by associations, colleges, religious groups, and foundations.\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.fastweb.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fastweb<\/a>, an online scholarship database, provides details.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">The American Association of University Women provides\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.aauw.org\/what-we-do\/educational-funding-and-awards\/career-development-grants\/\" target=\"_blank\" rel=\"noopener noreferrer\">fellowships<\/a>\u00a0and grants for women going back to school.\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/codingnomads.co\/\" target=\"_blank\" rel=\"noopener noreferrer\">CodingNomads<\/a>\u00a0teaches coding boot camps which can run around $6,000 for a 12-week training program. Scholarships are available.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Home equity loans may be an option for some students, but under the new tax law, the interest on the amount borrowed is deductible only if it is used to buy, build or substantially improve the taxpayer\u2019s home, and there is usually a set time frame when the entire amount must be repaid.<\/p>\n<\/div>\n<aside class=\"css-14jsv4e\"><\/aside>\n<\/div>\n<div id=\"story-ad-5-wrapper\" class=\"ResponsiveAd-storyBodyAd--35v2w\">\n<div id=\"story-ad-5-slug\" class=\"ResponsiveAd-adSlug--3H3QM\">\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Retirement savings can also be tempting to tap. But many financial advisers caution clients against using retirement funds to pay education expenses. Unless you\u2019ve saved enough for retirement, this can be a very risky venture, particularly if your new career doesn\u2019t pay a lot, they advise.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"css-18sbwfn StoryBodyCompanionColumn\">\n<div class=\"css-1h6whtw\">\n<p class=\"css-1i0edl6 e2kc3sl0\">Nonetheless, it\u2019s a possible source for adult students. I.R.A. funds can be withdrawn before age 59 1\/2 and the 10 percent penalty is waived if the money is used for qualified education expenses, which include tuition, fees, books, supplies and equipment required for enrollment or attendance at an eligible educational institution. Regular income tax, though, is due on the amount withdrawn early from a traditional I.R.A.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Many 401(k) plans allow participants to borrow up to half the vested balance, or $50,000, whichever is less. Typically, the loans charge an interest rate that\u2019s a percentage point or two above the prime lending rate. Similar rules apply to 403(b) and 457 plans. The hitch: Funds from a 401(k) will normally need to be repaid when the employee leaves.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Adult learners can also use money invested in a 529 college savings plan for courses at a qualified college or trade school. The\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.finra.org\/investors\/529-college-savings-plans\" target=\"_blank\" rel=\"noopener noreferrer\">program<\/a>, run by the states, isn\u2019t only for children or grandchildren\u2019s college tuition. If a child doesn\u2019t go to college, or leaves unused funds behind in an existing 529 plan, the person who started the plan can become the beneficiary and use the money for qualified higher education costs.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">The simplest way to trim the cost might be to seek out options at community colleges.\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.ccsf.edu\/freecity\" target=\"_blank\" rel=\"noopener noreferrer\">City College of San Francisco<\/a>, for instance, offers a free program to all city residents. Some state schools offer free or discounted tuition for older students. For example, California\u2019s state universities offer free tuition in\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.calstate.edu\/budget\/student-fees\/fee-waivers\/discretionary.shtml#age\" target=\"_blank\" rel=\"noopener noreferrer\">their Over 60 Program<\/a>.<\/p>\n<p class=\"css-1i0edl6 e2kc3sl0\">Meanwhile, it\u2019s possible to negotiate for an accelerated degree that can lower the cost. A college might waive some required courses because of \u201cexperiential\u201d credit learned through work and life.<\/p>\n<figure id=\"attachment_7003\" aria-describedby=\"caption-attachment-7003\" style=\"width: 150px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=7003\" rel=\"attachment wp-att-7003\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"7003\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=7003\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/2017-06-24_14.22.51_large.jpg?fit=360%2C480&amp;ssl=1\" data-orig-size=\"360,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2017-06-24_14.22.51_large\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Wild Roots Apothecary, Sperryville, Va. photo courtesy of website&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/2017-06-24_14.22.51_large.jpg?fit=225%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/2017-06-24_14.22.51_large.jpg?fit=360%2C480&amp;ssl=1\" class=\"wp-image-7003 size-thumbnail\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/2017-06-24_14.22.51_large.jpg?resize=150%2C150&#038;ssl=1\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/2017-06-24_14.22.51_large.jpg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/07\/2017-06-24_14.22.51_large.jpg?zoom=2&amp;resize=150%2C150&amp;ssl=1 300w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><figcaption id=\"caption-attachment-7003\" class=\"wp-caption-text\">Wild Roots Apothecary, Sperryville, Va. photo courtesy of website<\/figcaption><\/figure>\n<p class=\"css-1i0edl6 e2kc3sl0\">As for Ms. O\u2019Bryant, she has no regrets about the thousands of dollars she spent on her second education. \u201cI only wish I had a little more trust in myself and done it sooner,\u201d she said.<\/p>\n<\/div>\n<\/div>\n<div class=\"bottom-of-article\">\n<div class=\"css-a7wxe6\">By\u00a0<a href=\"https:\/\/kerryhannon.com\"><span class=\"css-1baulvz\">Kerry Hannon<\/span><\/a><\/div>\n<div class=\"css-3glrhn\">A version of this article appears in print on\u00a0<time class=\"css-10rvbm3\" datetime=\"2018-06-06T04:00:00.000Z\">June 6, 2018<\/time>, on Page\u00a0L13\u00a0of the New York edition\u00a0with the headline:\u00a0Financial Aid for Adult Learners.\u00a0<a href=\"http:\/\/www.nytreprints.com\/\">Order Reprints<\/a><\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/static.hupso.com\/share\/buttons\/share-small.png?w=640&#038;ssl=1\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"How to Pay For Your Encore Education\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>When Colleen O\u2019Bryant pivoted from her job as operations manager at an insurance firm to start her own business as an herbalist, her training came with a steep price tag. Ms. O\u2019Bryant, 40, didn\u2019t make any rash money moves, however. She and her husband budgeted for her education, and she took the necessary coursework over [&hellip;]<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img src=\"https:\/\/static.hupso.com\/share\/buttons\/share-small.png\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"How to Pay For Your Encore Education\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"author":2,"featured_media":6898,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[328,59,29,101,237],"tags":[162,305,505,504],"class_list":["post-6994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career-advancement","category-careers","category-finances","category-personal-finance-2","category-retirement-2","tag-career","tag-education","tag-financial-aid","tag-student-loans"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?fit=240%2C210&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p3YFQS-1OO","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/6994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6994"}],"version-history":[{"count":10,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/6994\/revisions"}],"predecessor-version":[{"id":7442,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/6994\/revisions\/7442"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/media\/6898"}],"wp:attachment":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}