How to Afford Going Back to School as An Adult
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One of the biggest challenges you may face when advancing your education is that the financial investment can be significant. Financial constraints may stop people from enrolling and can even force them to leave school before finishing their degree.
You may be wondering, are there scholarships for adults who want to finish their degrees?
Yes, many financial aid options are available to working adults enrolling in a an adult degree completion program, such as grants, scholarships and student loans.
If you are on the fence about finishing your degree and are concerned about paying for it, keep reading for information about the financial aid available for adults who want to return to school.
Grants vs. Scholarships: A Refresher
When you are researching the financial aid options that may be available to you, you will see different terms, like grants, scholarships and loans.
But what are these, and what do you need to know about grants vs. scholarships vs. loans?
A grant is a form of financial aid that does not require repayment. It typically comes from state or federal funding and is often designated for specific use (such as student housing) or a specific area of study.
Scholarships, like grants, do not need to be repaid. They are created specifically for educational purposes to make earning a degree more affordable. Most often, they will come from your school and are typically given for academic performance, experience or on a need-based basis.
Finally, a student loan is money that you borrow from a lender that you will have to pay back. You can borrow money either through federal student loans or private student loans from a bank or credit union.
A financial aid package from your institution will often include a combination of each of these to help make college more affordable. Be sure to understand what financial aid looks like in your state. You can learn about Tennessee’s financial aid here.
Tennessee Scholarships and Grants for Adults Going Back to School
Now that you have a basic understanding of how these forms of financial aid work, we can talk about what types of grants and scholarships are available for adult degree completion programs in Tennessee.
The good news is that many degree completion scholarships were specifically created for working adults. Schools know how challenging it can be to return to school as an adult when you have to balance your career, family, and other responsibilities. So, they want to make this journey as accessible as possible for people like you.
Here at Southern, we support many different Tennessee school grants and scholarships for adults as part of our tuition. Here are a few:
What is the Tennessee HOPE Scholarship?
If you have been out of college for more than two years, you may be eligible for the HOPE Scholarship for nontraditional students. You must be a Tennessee resident and at least 25 years of age. Learn more about the details of the HOPE scholarship and eligibility requirements.
Federal Pell Grant
The Federal Pell Grant is awarded to students who come from low-income backgrounds and need financial assistance. Eligibility and grant amount will depend on your financial situation and academic status. To see if you qualify, visit the Federal Pell Grant webpage.
Do you have prior life experience?
Learn more about Credit for Prior Learning.
Military Scholarships at Southern
We understand that military personnel and their families have unique challenges when it comes to furthering their education, which is why Southern is proud to offer financial aid through the Tennessee Helping Heroes Grant.
To be eligible, you must be a current member or veteran of the US military or Tennessee National Guard. You can earn $1,000 per semester if you enroll in 12 or more semester hours, or $500 per semester if you enroll in 6 to 11 semester hours.
To learn more about eligibility requirements and the application process for the Helping Heroes Grant, visit the Helping Heroes webpage.
Military Scholarships, Grants, and Financial Aid for Veterans and Active Service Members
If you have more questions about grants, scholarships and other financial aid available here at Southern, we invite you to visit our Tuition Overview page or talk to our Admissions office.
Thinking about going back to school to finish what you started? Download our free guide, Take the Next Step: A Re-Entry Guide to Finishing Your Degree.
In this helpful resource, you will get insights into:
- Determining if you should finish your degree
- Picking the right degree completion program
- Learning more about your financing options
You can also connect with the Director of the Adult Degree Completion Program here at Southern to talk about the types of financial aid that may be available to you. Schedule time on her calendar below!