Older Americans Went Back To School During The Recession. Did It Pay Off?

"When Ed Morneault returned to college in 2011, two months before his 40th birthday, he didn’t just want a bachelor’s degree — he wanted a raise and a promotion. ... But even with those two degrees under his belt, Morneault said, he has yet to receive a raise or a promotion," according to FiveThirtyEight.

"Morneault was part of a trend in which older students returned to college during and in the years immediately after the Great Recession. In 2007, 1.9 million students ages 40 to 64 were enrolled in college or university either full or part time, according to the National Center for Education Statistics.1 That number reached 2.3 million by 2011 and then dropped as the economy recovered. For some, the decision paid off, resulting in higher wages or more stable employment. But others, like Morneault, are still waiting.

Some went back to school because of a job loss. Some, such as Morneault, wanted to improve their skills or had hit a ceiling in their current jobs and wanted to advance further. Others wanted to change careers. ...

'The rules and regulations of student aid programs are cut out more for 18-year-old brick-and-mortar students,' said Megan McClean Coval, vice president of policy and federal relations for the National Association of Student Financial Aid Administrators, adding that policymakers are starting to acknowledge that more students are nontraditional now and that they need flexible financial aid offerings and repayment plans."

NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.


Publication Date: 12/9/2016

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