Introduction It's no secret that financing a college education is getting tougher. College costs have skyrocketed over the past decade or so, and there's no relief in sight. Average tuition at four-year colleges will increase 7 percent this school year, double the rate of inflation. Student aid is not increasing fast enough to plug the growing gap between tuition and family finances.

In addition, there is a growing number of older students entering college today. These students have families that they need to support. I know, because I am a family man who has returned to school. I wish to finish my degree at the Rochester Institute of Technology. The only problems I face are financial in nature. It is with this in mind that I set

about this research. The not so simple question: Is financial aid available to older students, and if so, how do they go about obtaining it? The Cost Of Education The cost of higher education varies by type of institution. Tuition is highest at private 4-year institutions, and lowest at public 2-year institutions. The private 4-year colleges nearly quadrupled their average tuition rates between 1975

and 1996. For private 4-year colleges, tuition and fees for the 1995-96 academic year averaged about $15,400, compared with about $5006 at public 4-year colleges. The cost of attending an institution of higher education includes not only tuition and fees, however, but also books and supplies, transportation, personal expenses -2 and, sometimes, room and board. Although tuition

and fees generally are substantially lower at public institutions than at private ones, the other student costs are about the same. According to MS-Encarta94,"the average cost for tuition, fees, and room and board for the 1995-96 academic year at private 4-year colleges was about $20,165. At public 4-year colleges the average combined cost was about $9290" (Encarta94). The cost of attending RIT

is approximately $15700 per year. This does not include room and board, or books, and supplies . This cost falls in line with the national average. However , according to Rachel Shuman of the RIT Financial Aid Department,"the increase in cost at RIT was 4.8 percent for the 1996-97 academic year over the 1995-96 academic year." This falls 2.2 percent below the national average for

4 year private institutions. Still, $15700 is a lot of dollars for an unemployed family man or woman with little or no income. The Cost Of Living Factor Though the Cost Of Living is not directly related to tuition it is still a major player in the decision making process. Is it possible to maintain a family financial structure while paying for an education? The cost of a mortgage,

or rent, and other bills that are associated with living adds up to many thousands of dollars per year. These costs in addition to what the tuition, books, and supplies total are expected, and have to be dealt with. -3 The financial burden alone can seem over-whelming to some. But let us consider what the total cost of

living and attending a four year private institution are. The Bureau of Census statistics for the County of Monroe indicate "that the approximate average income for a family of four is $50964. The poverty level for a family of four is approximately $15455". These are statistics calculated for the 1995 calendar year. No newer statistics were available. With these statistics in mind we can then determine

the financial model we must follow. This model will determine what the total yearly outlay a family of four must shoulder in order to send a person to RIT. The Financial Burden First and foremost a family has to live. The Census data indicates that the minimum a family must earn is "a poverty level income." So, let's assume a family

needs $16000 per year for living expenses. The cost of attending RIT is $15651 per year. Books and supplies are approximately $1200 per year. Finally, travel expenses will be approximately $500 per year. I am assuming that one spouse will be working to cover the living expenses. So, I am excluding medical and dental costs. These costs are partially or fully covered by an employer. In the

event they are not let us include them in the poverty scenario, which basically means the family must pay the costs. -4 The total amount of funds needed are $17700 the first year. If you increase that number by 4.8% each year thereafter you can come up with the projected amount for each school year.The $17700 figure remains the obstacle

to overcome. This cost has to be covered by Financial Aid. If this cost cannot be covered by the available system, the student will not be able to pursue a standard four year degree at RIT. Family's Will Strain It's going to be tougher to pay for

college in 1996, and that's going to widen the gap in enrollment between rich and poor students that the nation has struggled three decades to close. Average tuition at four-year colleges will increase 6 percent this school year, double the rate of inflation. But family income isn't keeping pace ;"after adjusting for inflation, the average family has gained hardly any ground in the 1990s," says the Department of Labor. As a result, says the Department of Education,"sending a student to a private college in 1996 without any grants or loans will require more than a third of a typical family's income and nearly two thirds of the income of a working-poor family." The Government Student aid is not increasing fast enough to plug the growing gap between tuition and family finances. The federal government supplies 75 percent of student -5 aid. But the value of federal grants has eroded sharply, covering only 10 percent of tuition today, compared with 20 percent a decade ago. The Financial Aid Page explains that: Congress's budget-cutting Republicans want to spend $450 million less in 1996 on student grants, a move that education officials say would take nearly 200,000 student off the grant rolls. Also at risk: a new federal program that helps less affluent students by permitting them to repay federal loans over a longer period if their incomes' after graduation are modest (Kantrowitz). Not surprisingly, the American Council on Education an organization of colleges and universities, recently reported that fewer colleges than in the early 1990's report enrollment increases among black and Hispanic students, who are generally less able to pay for college.Once in school, more and more students