More Adults Returning to College as Part of New Year's Resolutions

RESTON, Va., Dec. 18 /PRNewswire/ -- Nontraditional students -- men and women 25 years of age or older attending college -- have become one of the fastest-growing demographic segments in higher education. In 1970, 2.4 million students age 25 and older were enrolled in degree-granting institutions, according to the National Center for Education Statistics (NCES). By the year 2000, nontraditional students represented 6 million -- 43 percent of American undergraduates. By 2012, adult enrollment for this age group is projected to increase to more than 6.7 million, meaning more than half of the student population will be over the age of 25.

"The value of a higher education is indisputable," says Martha Holler, spokesperson for Sallie Mae, the nation's leading saving and paying for college company. "Students of all ages realize the benefits of higher education, and higher education institutions are experiencing greater demand as a result."

There are a myriad of reasons for the rise in nontraditional students. Some are first timers, attending college at a later-than-average stage in life; others are returning to the classroom to improve their skills set and thereby their earnings potential in the workplace. Still others are retirees, using their newfound free time to prepare for a new business venture or simply to take advantage of lifelong learning.

The influx of nontraditional students presents several challenges for both schools and older adults-turned students. Adult student learners typically have unique needs that their younger counterparts do not. Many must balance school with a full-time job and family, and they are often unprepared or out of practice for the rigors of college life. To help these students, a growing number of colleges and universities have developed special programs and services tailored to meet the needs of the over-age-25 college student; examples of these efforts include online curriculums, onsite childcare, classes that are held during nights and weekends, life experience credit offerings, organized study groups, even carpooling services.

Paying for college

Financial aid is one area that often presents a difficult hurdle for older students who make the decision to either return to college or pursue higher education for the first time.

Sallie Mae provides a variety of financing options for students of any age, from federal Stafford and PLUS loans to private education loans. To help guide students down the most cost-effective path to financing a college education, Sallie Mae has pioneered a strategy called the "1-2-3 Approach to Paying for College."

After tapping college savings and using current income to help defray the costs associated with college, the first step in the 1-2-3 approach is to apply for the financial aid that does not have to be repaid, such as scholarships and grants. Second, exhaust federal student loans, which provide the most consumer-friendly loan rates, benefits and repayment options. Parents and graduate/professional students can borrow up to the cost of attendance under the Parent PLUS and Graduate PLUS programs, respectively. The third step in Sallie Mae's 1-2-3 approach is to use private student loans -- but only as a last resort -- and only to fill any remaining funding gap.

Nontraditional students also should look to the companies where they work. In many instances, employers of employees-turned-students who return to college will help pay the education costs. Statistics from the College Board show that more than 40 percent of nontraditional students who are attending college today are reimbursed for some or all of the tuition expenses via their place of employment.

Sallie Mae's College Answer Web site at http://www.collegeanswer.com provides numerous tools and resources specifically geared to nontraditional students, including tips on balancing work and family with school, payment options and financial aid resources, a free scholarship search to locate awards, scholarships and grants for adult learners, guidance on the skills and degrees most sought-after by employers, salary information, self assessment tests on personality traits, interests, and skills to determine the most viable career path and more.

"If returning to college is part of your resolutions for 2008, you can be assured that it will be one of the best investments of your life," adds Sallie Mae's Holler.

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