Nontraditional students earning nontraditional credentials from nontraditional schools may think their Financial Aid options are limited. Think again.
Though the federal government is the best place to start your quest for financial aid, don't stop there. You may also qualify for aid from your school, your state government, a private scholarship, or an organization connected with your field of interest, to name a few. Here are some specific options to consider.
LEAP Award
The Leveraging Educational Assistance Partnership (LEAP) program provides funds to states to assist them in giving need-based grants to eligible postsecondary students.
All nonprofit institutions of higher education in a state are eligible to participate. And, the most recent LEAP participation figures show that 26 states made LEAP awards available to students attending for-profit schools as well.
Though some states limit LEAP awards to undergraduates attending at least half time, all states can choose to grant LEAP awards to graduate, less-than-half-time, and other nontraditional students.
To be considered for a LEAP award, you'll need to apply directly to your state agency or indirectly through your school. The maximum award is $5,000 per academic year, which is reduced proportionately if you're enrolled part time.
Find your state's most current financial aid information through the Department of Education's database at http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_ID=SHE.
Lifetime Learning Tax Credit
The Internal Revenue Service offers the Lifetime Learning Tax Credit, a tax benefit equal to 20 percent of the first $10,000 of qualified education expenses you pay to an eligible education institution each year. In other words, the amount of income tax you pay can be reduced by up to $2,000 each year that you're funding your education.
For the purposes of this tax credit, qualified education expenses include tuition as well as student-activity fees and expenses for course-related books, supplies, and equipment if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.
An eligible education institution is any college, university, vocational school, or other postsecondary education institution eligible to participate in a student aid program administered by the Department of Education. This includes virtually all accredited public, nonprofit, and for-profit postsecondary institutions.
The Lifetime Learning Tax Credit is available for all years of postsecondary education, for an unlimited number of years. If you're taking courses to acquire or improve job skills, even if you're enrolled less than half time and you're not pursuing a degree program, you may still be eligible for the credit. You can even claim this credit for education expenses paid with the proceeds of a loan as well as for education expenses not refunded in the case of withdrawal.
Find out more about this tax credit for nontraditional students at www.irs.gov.
Nontraditional students are not forgotten in the financial aid food chain. Look closely, and you'll find plenty of funding opportunities just waiting to be discovered.
About the author:
Robyn Tellefsen is a frequent contributor to The CollegeBound Network. Learn more about finding a school that's right for you.
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