Continuing education is the “fastest growing segment of American education.” According to a recent study completed by UPCEA, the premiere professional association for the Continuing and Professional Education industry. This means that more and more “nontraditional” learners are looking to return to school to earn the skills and competencies necessary to meet the needs of the ever evolving workplace. The question is: are institutions of higher education ready for them?
Historically, a traditional college student was assumed to be an 18-22-year-old, residential learner attending classes full-time and dependent (at least to some degree) on their parents for financial support. As such, the entire higher education ecosystem for generations was designed and resourced to support the very specific needs of this often homogenous group. This included everything from when courses were offered (usually during the daytime hours), how they are offered (usually in-person), the availability of learner support services (obtaining that first, post-undergraduate job) to how degrees where financed (Federal and Private loans often assumed by the parent based on their financial health). However, there is an impending demographic cliff with this group and institutions of higher education must figure out how to respond. Unlike this traditional group, the continuing education seeker represents a fairly non-homogenous group and therefore presents the higher education ecosystem with a wide variety of needs that must be met to enable them to meet their educational goals. Those educational goals are also increasingly NOT the attainment of a traditional degree program – at least not all at once.
Today’s continuing education learners are often employed full-time and have dependents of their own. They need flexible courses that integrate into their busy lifestyles. They may be looking to change their career by learning new skills or increasing their competencies in new technologies to obtain a promotion in their current organization. While degree attainment remains a longer term goal for many, they often have shorter term objectives when returning to school. They need workplace relevant professional and continuing education programs offered through accessible and flexible delivery formats with learner support services focused on their specific personal and professional challenges, and of course they need the resources to pay for it!
In this blog series, I will address some of the issues facing todays continuing and professional learner. From program design and delivery, to preparing for school after what may be years of absence, to options for financing these “standalone” programs.
As a nontraditional learner my entire academic career, I experienced first-hand many similar challenges which is what fueled my desire to help others navigate what can certainly be a confusing path through higher education.
How to Finance Your Continuing Education Programs?
Your path through higher education may be as unique as you are. There is no beginning, middle and end. A degree is no more the end of that journey than a short credential can be the sum of it. The healthiest mindset is to see learning as a lifelong endeavor and that education is a long term investment in yourself particularly given the rapid evolution of skills and competencies required to succeed in today’s fast paced business environment. As times change, new knowledge is earning power.
Federal learner loans currently focus on traditional, degree granting programs. Learner must be enrolled for a certain number of courses over a certain period of time and those courses must ultimately lead to a recognized degree (baccalaureate or graduate). Yawn! This is an example of the how the higher education ecosystem needs to catch up with the demands of learners pursuing ALL college level programs, but for now, it is the reality. So what are the options?
Please note that I am not personally, or on behalf of Suffolk University, endorsing any of these options. The intention of this list is to provide the reader with resources and direction. You should always do your own research and make determinations to borrow money based on your personal situation.
Employer Tuition Assistance Programs
Many employers offer tuition assistance through reimbursement upon successful completion of a course deemed relevant to the employee’s current position. Reimbursement is often available as tax free income up to a certain amount. Traditionally, these programs have focused on credit bearing programs, but certifications and other noncredit earning programs are gaining traction. You should take the time to review your employer’s policy on tuition reimbursement and not hesitate to speak to HR if the specific course/program you want doesn’t fit the existing requirements.
Grants and Scholarships
Believe it or not, there is usually a decent pool of money at state levels earmarked for workforce assistance. Additionally, many non-profit organizations and special interest groups have grant and scholars funds that go unused every year! They are literally trying to give money away to worthy individuals. These opportunities vary from state to state and based on the individual specific case, but I highly encourage you to research what might be available for you. It takes time to investigate opportunities and more time to apply, but seriously, it’s free money!
Veterans Benefits
Veterans should always investigate what is available to them as part of their benefits. The opportunities may vary based on the institution you want to attend, but you should certainly reach out to the veteran’s affairs group to learn more.
Continuing Education Learner Loans
There are many private loan options available for continuing education programs. These products often include variable loan interest rates, multiple loan repayment plan options, and additional borrower benefits like credit cards. Keep in mind that the loans and associated benefits available (interest rates, payment options, etc.) are driven by the economic climate at the time you borrow and good credit is often required, so expect to submit to a formal credit check in the process of apply for most private continuing education loans.
Citizens Bank Continuing Education Loans are designed for adult learners returning to college, or getting started on higher education later in life.
- Trufit Learner Loan option provides flexible repayment terms, as well as automatic reductions in interest rates for those participants who enroll in automatic electronic payment plans.
Sallie Mae Continuing Education Loans are designed for learners beyond traditional enrollment age. Borrow with your own credit or with the help of a worthy co-borrower. There is no limit on the amount you may borrow. Money may be used for tuition and for related expenses.
- Sallie Mae Career Training Loan is ideally suited to learners in technical training programs, but may also benefit continuing education learners. Loan features are similar to the Continuing Education Loan.
Private Continuing Education Loans for Applicants with Bad Credit
What if your credit history is less than perfect? Well, don’t be so quick to give up! You may be able to negotiate a deal by including a co-borrower with good credit in your education loan application. These loans can also be great opportunities to BUILD credit.
If you decide to borrow to finance any part of your educational journey, just borrow responsibly! The benefit of standalone short courses is that they are usually affordable (relatively speaking of course), but always consider your longer term goals. The nation is dealing with a student debt loan crisis as a result of lots of people borrowing lots of money that they have yet to see a return on, and that is generating some criticism around the value of a college education. I would argue (and I think many would agree) that the return on any education is almost always there, but like any long term investment, that return takes time to realize. I don’t think the question is value but expectation. If you can manage yours effectively, I promise you won’t regret the effort!