Discount options for retirees headed back to school
By Richmond Times-Dispatch Staff
Q: Are there any financial resources available to retirees who are interested in going back to college? Since I retired, I've been thinking about going back to school to study some topics of interest to me, but living on a fixed income I could use financial help.
A: From continuing education and enrichment classes to graduate school, more and more retirees are heading back to the classroom looking to pursue their interest, connect with other people or retool for a new career. But with the high cost of college these days, paying tuition, fees and books can be a big strain for many older adults on a fixed income. Here are some tips that can help you save.
Your first step is to contact your nearby college to find out what, if any, deals they offer retirees. Many community colleges and some four-year colleges, for example, allow senior citizens to audit classes for free, and many offer significantly discounted tuition rates for those who take them for credit. According to Fastweb, a college financial aid resource, 21 states and Washington offer free tuition for seniors at some or all of their public colleges. (Textbook costs and sometimes fees are not covered, however.)
Uncle Sam can offer some assistance, too, in the form of tax credits and deductions. For credits, check out the Lifetime Learning tax credit that allows students of any age to claim up to a $2,000 credit each year for college or other post-secondary school expenses. And the American Opportunity credit, which allows an annual tax credit up to $2,500. The government also provides tuition and fees deductions for students that can cover up to $4,000 in expenses. But you can choose only one of these tax breaks — Lifetime Learning credit, American Opportunity credit or the tuition and fees deduction. To learn more, visit the Internal Revenue Service's Tax Benefits for Education Information Center, which you can access at www.TaxBenefitsForEducation.info.
Although most scholarships are aimed at traditional undergraduates, there are a number of grants offered specifically to adult and nontraditional students. Good websites to help you find them are www.Fastweb.com and www.Scholarships.com, both of which offer huge databases and easy-to-use search tools.
Beyond college classes, another popular and inexpensive option is Lifelong Learning Institutes. These are noncredit educational programs that involve no tests or grades, just learning for the joy of it.
These institutes offer an array of academic courses in such areas as literature, history, religion, philosophy, science, art and architecture, economics, finance, computers, lifestyle issues and more.
To find an institute, call your closest college or search the websites of the two organizations that support and facilitate them: Osher (www.osher.net) and Elderhostel (www.roadscholar.org/ein/intro.asp). Together they support more than 500 institute programs nationwide.
If you don't find an institute in your area, depending on where you live, there are other organizations that offer noncredit older adult education courses such as Oasis (www.oasisnet.org, (314) 862-2933), Shepherd's Centers of America (www.shepherdcenters.org, (816) 960-2022), and SeniorNet (www.seniornet.org, (571) 203-7100), which offers computer courses at learning centers across the country.
Also, be sure to contact your local public library to see if it offers any programs for seniors.