Back to school in a down economy

A sluggish economy has many unemployed looking to hit the books, instead of the time clock. But how does one pay for college if there’s no income?

Experts say you'll want to start with the free application for federal student aid. How much money you receive depends on your previous year's income.

And even if there's a job loss a college or university’s financial aid office can help with other options.

"We encourage those families to come back, talk with the financial aid office, because at that point, there may be other options available,” said Steve Booker, Director of Financial Aid at Rollins College in Winter Park. “That may be grant-based, there may be some additional subsidized loans -- meaning that the interest is paid by the federal government while they're in school -- that they didn’t have before or maybe there's a work study opportunity."

Booker said graduate students can also borrow a little more than $20,000 through the guaranteed student loan program. There is also a new program for veterans. Booker recommends the free scholarship search site, FastWeb.com , to learn about more options available.
 

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On the web:

FastWeb.com