Four money tips for older students before heading back to school

KANSAS CITY, Mo. - Back to school is just about here, but college isn't just for kids anymore.

Time Magazine reports more older students are heading back to school. If you're a more mature student, it's important to have a good financial plan before you hit the books.

The article states in 2010, 43 percent of students were over the age of 25 -- up from 16 percent just three years earlier in 2007.

Older students have more financial commitments like a house, car and health care.

Time suggests these financial tips to keep in mind:

1)     Determine your "debt ceiling". If you take out loans, crunch the numbers before you commit.

2)     If you cannot eliminate debt within five years after school, look for a cheaper school or more lucrative degree.

3)     Look for alternative sources of funding. Check out your employer’s college reimbursement plan. Consider community colleges and scholarships.

4)     Compare your potential earnings to the costs. Experts say be realistic. If you cannot expect a significant bump in salary to offset costs, you may want to reconsider.