In my 30s and want to go back to school

Well my school of choice says that I can’t get financial aide because I have too many attempted credits previously. I did have several W’s when I attended. I attended that school from 2001-2005 credits and that I need to be enrolled into an AA or AS program for them to even consider my appeal for financial aide and that I’ll probably have to pay out of pocket if I wanted to start in the fall. I’m in South side of Chicago area. I’m really just starting to think that this is not going to work in my favor or if I apply to a different school that my past credits are going to haunt me.

This is moraine valley community

Your past attempted credits will probably haunt you wherever you enroll, so get a clear evaluation of the number of credits you will have to pay for out of pocket.

Go check out your local credit unions. They might offer more favorable interest rates, and you might be able to consolidate your loans with a lower monthly payment. Hopefully your credit is good.

I agree with the CNA or nursing training. Find out what is offered in terms of assistance through vocational rehabilitation or displaced worker.

You could start out working as a CNA and pay off your debts and then look into going to school.

I was in the same position as you a few years ago and I had to go to graduate school. Banking was a scanty living. That 2 and a half years was HARD!! Fortunately, my amazing wife was gracious enough to work so I could finish. At the same time I lost my job too. I ended up getting a new job working 3-11 pm. It sucked, but it allowed me to take a full load of classes. Try applying to Accenture.

Ultimately, college requires sacrifice. You might need to downsize and live in a cheap apartment. If it makes financial sense, you could sell the car and get an old beater. For nursing, you could get all your prerequisites at a community college and save yourself some debt. All your current student loans will be deferred as long as you’re in school. Then all you need to do is transfer to a good nursing school and finish your last 2 years. You’ll be done before you know it.

Is working at a college for free tuition an option?

https://www.usnews.com/education/best-colleges/articles/2011/10/26/some-recommend-working-for-colleges-for-free-tuition

Would require part time and take longer, but might be a very pleasant life, and one where your experience could be an asset.

I’m going to say no, not for nursing school. Those employees who go for free have to squeeze in the classes at lunch or take evening classes (or online). Even if one could find an employer to work for at an institution that offered online nursing courses for content, the clinical component would would be an issue.

Does anyone know if let’s say I cash out my 401k, does that affect FAFSA. (Yes I know about penalties and taxes if taken out before retirement age)

If you cash out your 401k, this will be considered additional income the year you do so. So your income for that year will increase…and usually that means need based aid goes down.

How long is the program? Financial aid is based on your income from two years ago. Let’s say you start school in fall 2018. Your 2016 tax year income is the basis of FA. For school year 2019-2020, your 2017 income is the basis of your FA. So if you cashed out your 401k today, that income would not be considered in your FA determination until school year 2020-2021. So if it’s a two-year program, you’re in luck.

If it’s a four-year program, perhaps you can take student loans for the first two years, then in the third year cash out your 401k. Depending on how much is in your 401k, maybe you can pay off the loans immediately and use the rest of the cash-out for the following two years. (A loan does not count as income.)

Another possibility: Borrow against your 401k. Then it doesn’t count as income because it’s a loan. Then you’d have to pay yourself back. If you become an R.N. you are a pretty safe bet that you’ll be able to pay it back because there are jobs.

Hi Brantley,

Thanku for that info. Yes it is a two year program and from what you said that would work out in my favor cuz the program would be finished in 2020 or sooner since I already have credits prior that will count towards it

I went back to school at age 29 with about 30 college credits previously earned. Took one course in the first semester and three the next in a community college to test the water. Finished 90 credits within 2 and half years later with a professional degree while working full time as a mail carrier. It is doable if you set your mind to it.

It can be done. I went back to school at age 41 to complete a degree I would have never attempted in my 20’s. I wasn’t ready for college right out of high school so I just went to work. I have a good job but not a career that I love. I enrolled in a CC in while working full time, earned two AA’s, enrolled in a four year (this will be my last year) and then it’s on to grad school. It can be done if you make a few concessions. Learning to manage your time, managing possible stress, learning how to study properly and getting over the age thing quickly (you will be in classes with 18 year olds who think that they are still in HS). The hardest things for me was re-learning how to study and conquering the math monster (as I call it). Just have faith in your abilities and you will get there.