Financing An Education

For many adults who have a family, a mortgage, car payments and credit card bills, financing an education is what keeps them from pursuing those dreams of going back to school. It doesn't have to be. There is a variety of ways to come up with money to get the education you want.

By Matt Krumrie, Star Tribune Sales and Marketing

Last update: July 9, 2008 - 2:34 PM

The first thing adult learners need to do is to consider traditional aid options and apply for a state or federal loan or grant, says Brenda Janikowski-Rhines, director of financial aid at the Minnesota School of Business, Plymouth campus. Contrary to what many believe, she says, people shouldn't assume these types of financing options are unavailable to non traditional students.

"One of the most important things to remember is to talk to a representative from a financial aid office before you rule anything out," said Janikowski-Rhines. "It's amazing how many options that are out there that people don't consider. That's what we are here to discover with you."

David Cooper, managing director of Sallie Mae, said many adult learners will consider taking out a second mortgage or a home equity loan to pay for an education.

"Ask yourself if that is really worth it," said Cooper. "Those things (owning a home) sometimes take a lifetime to achieve."

If the traditional methods of financing don't work, Janikowski-Rhines says to check with your employer about tuition reimbursement programs, or developing a program to help pay for you to go to school - especially if the education will benefit your employer in the long run.

Think of creative methods like asking an organization you have volunteered for, or checking with the local Lions or Rotary Club, to see what options they offer. Check with professional organizations within your desired field of study to see if they offer scholarships or grants. If those methods don't work, maybe it's time to sell that baseball card collection, cut back on some of the family luxuries, or get a part-time job to help save for the future. "It's tough to be an adult and try to go back to school, but it's not impossible," said Janikowski-Rhines.

Matt Krumrie is a freelance writer from Inver Grove Heights, MN and has five years of experience reporting on the employment industry. E-mail subject ideas to janelson@startribune.com.

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