4 Best Affordable Ways For Gen X To Go Back To School
Written by
J. Arky
Edited by
Angela Corry
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Gen X might have graduated decades ago, but it’s not too late for the forgotten generation to head back to school to obtain some new skills or get a degree towards a new career path.
As this generation doubles down on saving for retirement, this may seem impossible to accomplish without going into debt or draining all your savings. Luckily, there are options available to finance an education rather inexpensively.
Here are four of the best affordable ways for Gen X to go back to school.
Tuition Assistance
Just like many people who return to a learning environment, it’s worth first checking out what kind of tuition assistance a job might be able to provide.
“It’s worth finding out whether your employer is willing or able to lend a hand with the cost of your skill or career development,” offered Patricia Roberts, the Chief Operating Officer at Gift of College, Inc, adding that over 45% of employers offer some form of tuition assistance according to the Society for Human Resource Management.
“After all, a more educated you will very likely add even more value to the organization you work for,” Roberts pointed out.
Online Certificate Programs
For Gen X-ers who are interested in re-entering education but don’t want to spend a fortune and get the best value, online certificate programs offered by public university extension schools are the perfect solution, according to Sarah Keish, RBT Exam Coach and Mentor.
“They’re cheap, versatile and directly tied to the demands of today’s job market,” Keish went on to say. “These programs usually cost between $1,500 and $5,000 and can be finished in less than one year. Because you can take them at accredited institutions, most are eligible for FAFSA, employer tuition reimbursement, or monthly payment plans.”
Tax-Advantage Savings Plan
Saving money in a tax-advantaged 529 plan is an approach worth pursuing, according to Roberts.
“Many don’t realize that these plans are not only useful when saving for a child’s future education,” Roberts explained. “529 plans are extremely useful for adult learners as well. You simply name yourself as both the account owner and beneficiary.”
Roberts highlighted that any Gen X-ers who live in Washington D.C. or one of the 37 states that offer an annual tax deduction or credit for investors will be saving on state taxes too with this method.
“Less tax can mean more money for your educational dreams,” Roberts shared.
Earn While You Learn
Based on her personal experience of pursuing and attaining a J.D. at night while working full time, Roberts recommended that Gen X-ers consider an approach that allows them to keep earning while learning.
“You’ll meet interesting students who are also working full time,” noted Roberts. “For older Gen X’ers, some cities, states and institutions offer significantly reduced tuition or tuition-free options for those who are 60+. Now there’s a benefit to getting older!”
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