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Lately I’ve seen a lot of positive (or just ”oh wow”) stories about middle aged people going back to college, fulfilling their dreams, and earning skills to succeed in the economy. They’re the fastest growing student population!
One college in New Jersey recently launched a special program called Fomentamos Tu Futuro targeted toward Latino adults over age 25.
“Given the rapid growth of the ‘nontraditional’ student population and the critical role that institutions such as University of Phoenix play in serving these students…. I am delighted that University of Phoenix has decided to invest in research in this area, and look forward to the resulting enhancements in teaching and learning, said a member of the Phoenix advisory board back in 2008.
Alan Tripp wrote earlier this year in the Washington Post that nontraditional students “could also be one of the most important game-changers in the ongoing national discussion on college completion and the continuing dialogue at College Inc. about how to fix higher education.”
Yea, they’re also, it turns out, making some risky financial decisions. According to a Reuters article by Mitch Lipka:
Educational borrowing is up for every age group over the past three years, but it has grown far more quickly among those between 35 and 49, according to the analysis of more than 3 million credit reports provided to Reuters by the credit score tracking site CreditKarma (CreditKarma.com). That group saw its school debt burden increase by a staggering 47 percent, according to the analysis.
The average student loan debt for those aged 38 to 41 was the biggest of that group — about $12,000, up from just under $9,000 in 2009.
According to Tripp, about two-thirds of nontraditional students drop out of college. About 30 percent of these dropouts cite “difficulty managing finances” as the reason for their failure to complete college. No doubt the debt load makes managing finances pretty difficult.
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KH on December 30, 2011 11:23 PM:
I've posed this question before. How are non traditional college age students doing after graduation? Has there been any follow-up? Are they finding a way to make a living? Say the college goer starts at age 46, takes on $20,000 in student loans and then gets out of school and doesn't find a job 1.5 years later. I know someone in this situation who finished with an associates in graphic design in 2010. I'm sure there are other older students who went to school early in this recession and have graduated. What is happening to them?
GregL on December 31, 2011 5:34 AM:
I went back to school at 45 in 1995.In Dec of 1999 I graduated with an MS in Computer Science. Since I was employed all the time, I was able to pay for school out-of-pocket, aided by some employer tuition reimbursement.
The combination of self-financing and an existing job to lever the new skill with, made my decision economically successful.
At the same time, I worked with a person who took out loans for school and couldn't complete the same curriculum I had.
I think that the only way for an older student to complete a course of study is to have a passion for the subject matter. To engage in education for mercenary reasons may be self-defeating because the effort required may not be attainable with that motivation. Add to that the depressing fact that a course of action intended to increase a person's income is, in the short run at least, decreasing your net worth and you have the foundation for quiting and failure.
Dorothy on January 02, 2012 1:25 PM:
I would STRONGLY suggest that non-trads 45 or over contemplating going back to school avoid student loans like smallpox. They are predatory, non-dischargeable in bankruptcy; Social Security can and WILL be garnished, Social Security Disability is no longer the accepted definition of disability for discharge, DEATH is about the only 'acceptable' condition for discharge AND they WILL go after your estate and life insurance.