My daughter is one of many family members who wonders when I'm ever going to "get a job." My excuses range from economic downturns resulting in huge layoffs (how do you expect me to find a job when hundreds of others are losing theirs?), to the fact that I may be socially deficient and unable to work in a public environment. Mostly, I'm just overqualified (that excuse works the best).

What other reasons do I need to continue college education at my age? I already have two associate degrees, a BFA, and I'm now working on my Master's degree (one brother calls it the "Masters to Medicare Program"). At night, when most people are asleep or out socializing with peers, I pore over college catalogs and dream about future doctoral possibilities. The tension keeps me physically fit, and the potential for travel and personal challenges is much more varied than a job at the local corporate enclave.

Besides wondering about my personal business, everyone also wants to know how I'm financing this education and how I manage to pay rent, food bills, and other essentials. That, my friends, is part of the strategy of the professional student. Whether you dream about furthering your own skills or you worry about how to fund your children's future education, we have numerous options at our disposal. These options help us swim the channel while others merely float.

The American higher educational system is based on money and prestige. If you don't have money, you can replace this lack with a bit of savvy about schools and financial packages. Prestige is another matter. Of course, the most expensive schools are going to carry the most prestige, as they need to afford their reputation; however, there are ways to pay for this education, and there are also many schools which carry educational clout without the financial price tag.

As I learn from my own educational experiences over the years, I increase my skills concerning my daughter's future. At age 13, she's unsure about her future. But, with a mother who seems to always be in class or studying, it's hard for her to avoid thinking about what she'd like to eventually study. We've talked about her possibilities many times, and we'll share what we've discussed to date:

Associate degrees are great, but they're only the foundation of the educational totem pole. The person with a two-year degree often receives an education lacking in liberal studies. Associate degrees do give merit to the technical skills needed for various professions; however, once a person obtains an associate's degree, it's difficult to enter another school with transfer credits unless the course carried some liberal studies along with the training program.

I learned the hard way that if one wants to study for two years and take a break, it might be best to take a course of liberal arts at a local state college. The financial burden is almost always smaller at most state public colleges in the state where the student is a resident. The added bonus is for those who don't know what they want to be when they grow up, because liberal studies help expand the student's knowledge base and offers increased opportunities for new directions in studies or work. These one to two years of liberal studies courses often carry the most success in course transfers, dependent on the previous college's accreditation and the willingness of the next college to accept your specific transfer credits.

The Bachelor's degree is the next step up on the totem pole. This four-year degree (provided one finishes it in four years) gives a huge leg up the ladder for those seeking higher pay or a specific direction in career possibilities. Financial packages for both the associate's and bachelor's degrees are so varied it's impossible to list the wide range of discrepancies here. The best way to decipher these packages is to look for the colleges you want to attend and add up tuition, fees, room and board, books, travel, and personal expenses. Once this number is calculated (and I found it's best to add a few thousand to round off this figure), grab your tax calculations from the previous year and head to the FAFSA (Free Application for Federal Student Aid) web site to determine your financial aid eligibility.

Next, look for the core courses at each school you want to attend. You might think about taking those courses at the local state college and transferring these credits to finalize your degree. Call ahead to the college of your choice and ask if they accept credits from your local college. This move could provide you with a less expensive path to prove your worth to the college of your choice, providing you maintain a grade point average (GPA) of 3.5 or above. Grades carry almost as much weight as money, especially for schools bent on obtaining the best and brightest students.

For elder students like myself, you might find yourself pleasantly surprised at the number of credits an educational institution will accept from previous degrees. My experience included transfer of 12 credits from a twenty-year-old degree. Twelve credits is almost a full quarter, and this transfer saved me a bit over $5,000.

School loans vary, financial scholarships range from merit (grade-based) to sports ability to ethnicity, and tax credits fluctuate from family to family. Don't accept what you see at first glance, though. You or your child has room to re-evaluate loans and grants, and - if you plan ahead - the sticker shock won't be as stressful. Tax credits and deductions are becoming more palatable as the years roll by, so keep an eye on what you can deduct or take for credit on your taxes. You can't take both, and a credit is more valuable than a deduction, so plan carefully.

The quandary really begins at the phase between the bachelor's degree (undergrad) and master's degree (grad). The time between these two degrees can be the worst sort of financial limbo imaginable, and we'll explain why next week.

Until then,
Linda Goin