Why Adults Return to School
More than 7 million students aged 25 and older enrolled in U.S. colleges in fall 2023, according to the National Center for Education Statistics. Many pursue degrees or certificates to qualify for higher-paying roles, switch industries, or meet employer requirements for credentials. https://nces.ed.gov/programs/digest/d22/tables/dt22_305.20.asp
Employers increasingly require formal education for mid-skill and management roles. For example, many tech and finance employers now expect at least a bachelor's degree for analyst and coordinator positions. Some companies offer tuition assistance, with the average benefit covering between $5,250 and $10,000 per year, depending on the employer and plan.
Budgeting and Saving Before Enrollment
Average annual tuition and fees for public four-year in-state colleges were around $11,260 for the 2023-2024 academic year, while private nonprofit four-year institutions averaged about $41,540, according to the College Board. Room and board and other expenses can add $12,000 to $15,000 per year depending on location and housing choices.
Students can reduce costs by choosing in-state public universities, community colleges for prerequisites, or accelerated programs. Creating a detailed budget that includes tuition, fees, books, transportation, and childcare helps prevent debt from spiraling. https://www.forbes.com/advisor/education/student-loans/average-college-cost/
Financing Your Return to School
The U.S. Department of Education offers federal student loans with fixed interest rates and income-driven repayment plans. For the 2024-2025 award year, the interest rate on undergraduate Direct Subsidized and Unsubsidized Loans is set at 5.50%. https://studentaid.gov/h/apply-for-aid/types/loans
Scholarships, grants, and employer tuition reimbursement programs can significantly lower out-of-pocket costs. The Free Application for Federal Student Aid, or FAFSA, opens doors to Pell Grants, which do not need to be repaid, and to institutional aid. https://www.fafsa.gov/