I am in my 40's and considering going back to school but how does one pay the bills?

Question

I am specifically addressing my living expenses. (Mortgage, utilities, insurance, etc.) Working full-time I can BARELY do it now! I have heard of people getting grants with living allowances....but "IF" I was eliglble how much would it cover? My youngest is off to college too and I am a widow....so technically no dependant under 18. Just weighing my options and trying to move ahead. Any insight would be appreciated! :-)

Answer 1

most schools will let you receive aid to cover living expenses and if you talk to your financial aid advisor they could probably increase that amount, stating your circumstances.

Answer 2

All financial aid packages can (and most of them do) include living expenses.  Be aware "financial aid" doesn't necessarily mean free money.  The majority of fin aid is loans and would have to be paid back.  It's never a good idea to take out a loan to pay another loan.  

I think this comes to a shock to adults wanting to go to college, but most folks who don't work while going to school don't have mortgages, car payments, insurance... kids in college.

If you qualify the max pell grant amount next year is around 4,700 a year.  State grants vary greatly... my state gives 1,000 a year max if you qualify.  My states deadline has already passed for next year.  ie the money is already gone to those who applied early.  If you attend a college less than the amount you qualify for in grants then the left over can be used for living expenses.... attend a school more than that and you'll need to take out loans.

attached is a great book on fed fin aid.  Be aware that since you have a kid who is reporting your income on his FAFSA you can include him on your fin aid application.. VERY good for you in determining if you qualify for a grant because on  your fafsa you would list TWO people in the family in college.