Tuesday, October 9, 2012

Go Back to School without Going Broke

How to finance your education so you can land a better job and bank higher earnings.
By Pallavi Gogoi 

Going back to school can quickly take your career to the next level. And you need not go into serious debt to make it happen. Read on to find out what aid is available and how to get started. 
University of Oregon
University of Oregon (Photo credit: jjorogen)
Money From the School
Most schools offer their own scholarships and work-study programs, along with guidance about other local sources of aid. Key information. Be sure to share any special circumstances you face (like high medical bills or job loss). Schools might offer you more money. First steps. Contact a financial aid officer at the schools you are interested in at the beginning of fall, most financial aid deadlines arrive before January. 

Money From the Federal Government
From a Pell grant to work-study to student loans, the U.S. government offers a variety of funding options. If you have a low income, are a single mom or are simply an adult returning to school, you likely will get some aid. You can also receive funding for help with child care, housing, insurance and food. Visit benefits.gov and fill out the online questionnaire to see whats available to you. Key information. Apply as early in the year as you can, after you have filed taxes (the closer to January, the better). List colleges you are eyeing on your aid application, as federal aid is distributed through the school. First steps. Go to fafsa.ed.gov to fill out the Free Application for Federal Student Aid (FAFSA) so you can be considered for all sources available. 

Money From Your State
States set aside funds for scholarships, including those for nursing, teaching, law enforcement and other critical-need areas. Key information. Most funds run out, so apply early! First steps.View your states list of programs at collegescholarships.org/scholarships/states.htm

Money From Your Community
Local affiliates of Rotary International, the YWCA, religious institutions and other nonprofits often offer scholarships. Key information. Volunteering and being involved in community activities make you a likely pick for funds. First steps. Ask your chamber of commerce about service organizations that offer scholarships. 

Money
 From Your Employer
Many companies, especially large ones, have scholarship funds for employees who attend school part-time. Key information. Involved citizens find more funding. First steps. Check with your employer. Even a small scholarship can help with the cost of books. 

Money to Become a Teacher
A Teach Grant offers $8,000 for two years of grad school. Key information. You must teach in a low-income-area school for four years after graduating. First steps. At studentaid.ed.gov, search Teach Grant. 

Money From the Military
Hundreds of scholarships exist for current military personnel and veterans, as well as their spouses and children. Key information. Involved citizens find more funding. First steps. At careeronestop.org/militarytransition, click Plan Education and Training. 

Money From Professional Organizations
If you are a member of a networking or career-based group, check if it offers or knows of scholarships. Key information. Become an active member to increase your chances of winning a scholarship. First steps. Visit the organizations Website for scholarships, or search a scholarship database by field. 

Other Sources
For a more specialized approach, search scholarship Websites that seek applicants who meet your criteria woman, single mom, ethnicity, income level and many more at CollegeFunds.net,Fastaid.comFastweb.com and ScholarshipExperts.com

For more Naperville education planning ideas, please contact us at Susan S. Lewis, Ltd or Platinum Financial.
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