When two of the biggest trends in higher education merge, the result is – what else? – student loans for most families. As the non-traditional student population swells the ranks of college students at the same time that online college degrees expand dramatically, parents are flocking to online degree completions program. But is the debt worth it?

Online Degree Completion Programs

Most parents age 25 and older (the primary definition of a “non-traditional” student) have a few college credits, or even a few semesters, under their belts. Online degree completion programs like the University Without Walls program at the University of Massachusetts or the Kent State University online continuing education program offer busy parents what seems to be a lifeline. Study from home, transfer many of the old credits, and have that B.A. or B.S. on the resume.

In addition, as more non-profit colleges and established institutions like Bay Path College, Penn State, University of Northern Colorado, Western Governors University and more roll out online degree completion programs, prospective students have choices to turn toward known-name colleges and universities – often at a fraction of the cost of for-profit schools.

Online College Degrees and Family Budgets

So is it worth it? Do online degrees balance out when it comes to the debt incurred while completing a degree? You could face costs as low as $3,000 per semester, or as much as $10,000 per semester, and if Mom or Dad is returning to college when the oldest child is 16, the double whammy of parent/child tuition might stretch your family budget to the breaking point.

On the other hand, federal financial aid considers all students in a family, so you might find that grants and subsidized loan amounts increase when parent and child are student colleagues. Check your FAFSA and run some financial models to see whether the increased financial aid makes it possible for the non-traditional adult learner to go back.

Non-traditional Students Go Back to College

What about work? If you need to work full-time and be in school full-time to maximize student aid, take a good look at your coursework. Talk to an academic advisor to get a reality check on workload and – just in case – what happens if you have to withdraw, drop out, or take an incomplete. You don’t want to be left holding the bag for thousands in grants because you didn’t understand the intricacies of enrolment and federal financial aid.

Adult learners with clear career or financial goals have the greatest success with online degree completion programs and taking on student loan debt. Whether you’re seeking an RN to BSN nursing degree, teacher licensure, or a B.A. or B.S. that guarantees a raise, having a specific reason for going back to college – and a financial plan that makes sense – is critical for making the grade.