A Special Guide for Adult Students

Funding Your PC Education: A Special Guide for Adult Students

P R O V I D E N C E C O L L E G E S C H O O L O F C O N T I N U I N G E D U C AT I O N

www.providence.edu/sce

funding Your PC Education: A Special Guide for Adult Students

If you’re like many adult students, figuring out how to fund your college education is one of your biggest concerns. Fortunately, at Providence College, you have plenty of options, including several scholarships just for Continuing Education students.

To help you better understand what potential funding sources are

There is also a Federal Supplemental Educational Opportunity

available for adult students, we’ve put together this special guide that

Grant (SEOG). Priority for this fund is given to students who are

lists some of your options. While we do not endorse or recommend

eligible to receive a Pell Grant and amounts range from $250 to $1,000.

any particular financial resources or organizations, we hope this list serves as a starting point to help you develop a plan that works best

Student loans are provided through the William D. Ford Federal

for you.

Direct Stafford Loan Program. These loans are taken out in the

PROVIDENCE COLLEGE SCHOLARSHIPS

student’s name and there is no credit check required to qualify.

The Providence College School of Continuing Education offers sev-

Loans are either subsidized or unsubsidized. Subsidized loans are

eral scholarships each semester to its students. To learn about these

for students who demonstrate financial need and do not accrue in-

scholarships and how to apply, visit SCE Scholarships.

terest while the student is enrolled at least half-time (two classes, six credits). Unsubsidized loans, on the other hand, are for students who

FEDERAL RESOURCES Money provided by the federal government can take the form of grants or loans. A grant is “free money” that does not have to be repaid, while loans must be repaid.

do NOT demonstrate financial need and accrue interest while the student is enrolled in school. For the 2011-2012 year, independent students can borrow a total of $6,000 in an unsubsidized Direct Loan the first two years and $7,000 the remaining years.

The primary federal grant is the Federal Pell Grant, which is designed

To learn more about federal student loans, visit Federal Student

for undergraduate students (of any age) who have not earned a bach-

Aid. This site also provides a College Preparation Checklist for Adult

elor’s degree and is based primarily on financial need. The amounts of

Students.

the grant change from year to year (for the 2011-2012 academic year, the amounts range from $555 to $5,550). Students must be taking at least two classes (six credits) per semester to receive a Pell Grant.

STATE RESOURCES Many states offer education grants. For example, Rhode Island offers the Rhode Island State Scholarship (RISG). This money does not have to be repaid. Amounts for the 2011-2012 year range from

$250 to $900. To be eligible, students must apply for financial aid by March 1 of each year.

You can learn more about Rhode Island funds and helpful resources by visiting the College Planning Center of Rhode Island and the Rhode Island Higher Education Assistance Authority.

PLEASE NOTE: In order to apply for both federal and state aid, you must first file the Free Application for Federal Student Aid (FAFSA).

Learn more at FAFSA.

TAX-SAVING IDEAS Tax Credits: The Internal Revenue Service (IRS) provides an Information Center that explains the various tax credits, deductions, and savings plans available to help with college expenses. You can also view IRS informational YouTube Videos on several topics.

The American Opportunity Tax Credit allows you to claim up to

$2,500 on your tax return for college tuition and related expenses such as textbooks and other materials, as well as fees that are not covered by scholarships or grants.

A Section 529 college savings plan can help you finance your own education. Anybody enrolled in at least half-time college study (two classes, six credits) can participate, regardless of age or income. These funds can also be used to help pay for a computer for

FUNDING THROUGH THE MILITARY The Post-9/11 GI Bill permits military servicemembers and veterans to attend college without having to pay a large amount of money outof-pocket. To learn more about the various types of military financial assistance, visit Military.com. You can also visit Military One Source, a resource outlining free services for eligible servicemembers and their families.

FUNDING THROUGH YOUR EMPLOYER Many employers offer a Tuition Assistance Program, which allows them to provide employees with up to $5,250 in tax-free tuition reimbursement annually.

your coursework.

Bonds: If you have Series 1 or EE bonds (issued after 1989) and redeem them in the same year in which you have qualified education expenses, you do not have to pay taxes on the interest income that you collect at redemption. The bond’s owner must be at least 24 years old on the bond issue date.

Traditional or Roth IRAs: You can withdraw funds from an IRA for qualified higher education expenses—tuition, books, fees, supplies and equipment—and avoid the 10 percent penalty levied on people under the age of 59 1/2. If you are enrolled at least half-time in a degree program, the money withdrawn can also be used for room

ADDITIONAL SOURCES FOR FUNDING Civic, religious, and social organizations also offer scholarships to students who meet particular criteria. Check associations and organizations affiliated with your field of study, as well as community and

and board.

PLEASE NOTE: Always consult a financial professional before implementing any of these strategies.

professional foundations.

To learn more about these types of scholarships, visit Scholarships.

learn more Contact the School of Continuing Education, 401.865.2487; sce@providence.edu; www.providence.edu/sce, or the Providence College Office of Financial Aid, 401.865.2286; finaid@providence.edu.