It is no secret that tuition and other educational costs keep rising from year-to-year. Without a doubt, tuition and fees constitute a significant portion of the total cost, but there are other hidden costs of education as well.

Cost varies depending on the degree you pursue and situations you are in, therefore the best a college can offer is an estimate of the cost of education. Most colleges publish their expected cost of tuition per year or per semester, but many of them do not reveal the total cost of a degree attended on a part-time basis. So, how do you know what the total cost of your degree is?

How to

First of all, you need to decipher all expressed and hidden costs for the full degree from beginning to graduation.

Adult learners usually cannot take advantage of the flat tuition rate.

Due to their busy schedule:
- Adult learners typically take one or two classes per semester on a part-time basis
- Pay for each credit they take
- It is impossible for them to take advantage of the flat tuition rate that most colleges usually offer after 12 credit hours

Adult learners usually take risk of the depletion of federal loans.

According to federal financial aid regulations, undergraduate students become eligible for the full amount (12 credit hours) of student loans based on 6 or more credit hours of enrollment
Most adult learners are not taking full-time credit hours, and unless they make a comprehensive plan to match the credit earned and student loan funds used, they run the risk of exhausting federal assistance before they complete the credit hours required to finish a degree

Adult learners are not eligible for a parent loan.

Adult students are not eligible for a Parent Loan
- Which is granted to the parents of traditional-aged college students
Federal assistance is somewhat limited for adult learners
- It is advisable that adult learners make a comprehensive plan to include financial feasibility as well as academic progress to complete a specific degree

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Therefore, adult learners need to consider the Return on investment in education, by comparing the total cost of education and the potential future earning. This helps students move forward professionally and financially by gaining a higher level of education. Keep in mind that education has an inherent quality beyond a simple financial gain. Many working professionals go back to campus for various reasons, such as getting the required qualification to remain in their field of work or for changing a career path. So think about your potential return in various ways.

Practice

Now that you understand how to compute the total cost of education, think of paying it forward and discuss your experience with a friend or a family member.

Congratulations! You can move on to Chapter 2. Proper use of financial aid funds while working toward completion of degree

To review the full module on Adult Learners, click here.