The Obama Website

To begin your search for financial aid, go to the Web site set up by the Obama administration, Opportunity.gov at: www.opportunity.gov. Designed to help unemployed Americans of all ages who want to return to school, it covers grants, loans and information about various educational programs.

Another source to consult at the beginning of your search is: www.finaid.org. Type "older students" in the search box for advice on obtaining financial aid if you are a "nontraditional" student, which on this Web site is anyone over age 30. Whereas Opportunity.gov is aimed at unemployed Americans, FinAid has advice for both the employed and unemployed.

Local Assistance

Next, make a list of the schools in your area that you would like to attend and contact the financial aid officer of each. These professional educators are in the know about what money their school has for older students and what outside financial aid programs might be available.

Your own state may be able to help. A number have passed legislation mandating that publicly supported state colleges offer free or discounted tuition to senior residents. For example, Pennsylvania State University's "The Go 60 Program" allows state residents 60 or older (who are retired or working less than half-time) to enroll in continuing education courses for credit.

But private schools also have special programs for older students. A case in point -- Columbia University's School of General Studies is open to qualified full or part-time students and offers scholarships ranging between $500-$18,000.

And, if you are still working, find out if your company (or the company your spouse works for) offers scholarships or loans for family members.

Scholarships for the "Untraditional" Student

There are also scholarships specifically designed for older students. One of the best-known is the Osher Reentry Scholarship (www.osherfoundation.org) which gives grants of up to $50,000 to students who dropped out of college five years ago, or longer and now want to complete their degree. The Reentry Scholarship is available to ages 25-50. If you're over 50, you can take advantage of the Osher Lifelong Learning Institutes, which offer noncredit courses at colleges and universities around the country.

Most people don't realize that two types of aid commonly associated with younger students, Pell Grants and Stafford Loans (explained below), are also available to qualified "nontraditional" students. To apply for either, get a copy of the Free Application for Federal Student Aid, known as FAFSA. Download  it at www.fafsa.ed.gov or at www.opportunity.gov. Don't delay: Schools have firm deadlines for submitting the FAFSA and completing the form takes time and some people find it a real pain.

Tip: FAFSA is much easier to do online, even though a paper version is still available. If you need help with either, ask friends and family. It's very likely you know a college student or parent who has completed the FAFSA.

The FAFSA information is based on last year's income, so if you were laid off or retired this year, your income is undoubtedly less than will be reported on the form. Again, a good reason to speak with financial aid officers, explaining your reduced income.

Nancy's New Book Is Here!
Recession-Proof  Your Financial Life  A Financial Survival Guide for an Economy in Free Fall. Bestselling personal-finance author Nancy Dunnan offers back-to-basics advice to ease the financial squeeze of our troubled economy. Let Nancy Dunnan see you through the worst of the recession, so you and your family can live well today and prepare for a better tomorrow.	Available now on: Amazon.com Barnes & Noble

Stafford loans are available for all four years of college. For your freshman year, you can borrow up to $9,500; then $10,500 for your sophomore year and $12,500 for your junior and senior years. For details: studentaid.ed.gov.

For More Information

Finally, check your local library or a bookstore for "501 Ways for Adult Students to Pay for College: Going Back to School without Going Broke" by Gen and Kelly Tanabe (published by Supercollege, 3rd edition, 2009). 

- Nancy Dunnan