Whether you want to set yourself up for your next promotion or shift your career into a completely new direction, continuing education can help you reach future success. The majority of employees understand the benefit of going back to school; according to the Bright Horizons 2024 Education Index Report, 74% of workers are interested in developing new skills or pursuing additional education.

One of the major barriers, of course, is cost. In fact, in the same survey, 53% of employees say that incurring student loan debt has prevented them from pursuing new education opportunities, despite the benefits of learning. The good news is that there are multiple ways to reduce or even eliminate out-of-pocket costs of going back to school, whether for a certification, degree, or other program.

Here are four resources to explore that can open the door to more affordable education and a much brighter future in your career.

Employer-Sponsored Benefits: The Education Perk You Might Be Missing

The first place to look for financial help with your continuing education goals is with your employer. Many companies provide education assistance, so reach out to your human resources department to get the details of any program that’s available.

Some of the most common types of educational benefits include:

• Tuition reimbursement or upfront payment: Your organization may offer reimbursement or even direct payment for continuing education programs. Ask what types of programs are eligible and what your responsibilities are in order to qualify (like completing the course or maintaining a certain grade).
• Student loan repayment: This could be structured as reimbursement, direct loan payments, or even a student loan retirement match. While the costs may not directly apply to new programs, it could free up money in your budget so you can put more towards your new tuition payments.
• Professional certification sponsorships: Depending on the skills your company wants to cultivate within the organization, you may be able to have a professional certification sponsored and paid either partially or in full.

There may be restrictions on whether or not the program must relate to the company’s industry, so chat with your HR representative to learn how you can qualify.

FAFSA: Unlock Federal Financial Aid

The Free Application for Federal Student Aid (FAFSA) can provide federal financial assistance for individuals of all ages enrolling in a degree or certificate program. That can include academic, professional, or vocational undergraduate or graduate degrees, or a certificate.

Potential types of federal aid you may qualify for based on financial need include:

• Grants: Most federal grants are designed for undergraduate students, although there is an additional grant program for all degree levels that is available for teachers in high-need fields.
• Student loans: There are low-interest loan options available for undergraduate, graduate, and professional students.
• Work-study programs: Designed for undergraduate and graduate students, a work-study job is meant to help students secure part-time employment either on or off campus. You may not need this if you’re keeping your current job, but it’s helpful to know that work-study is available.

You must apply for FAFSA aid by the annual deadline, which is typically in June each year. Each state may have its own unique deadline as well.

Scholarships: Free Money For Your Back-to-School Era

You may think that scholarships are reserved for high school students entering an undergraduate program for the first time. But there are actually a variety of programs available for students of all ages. Search online databases to find scholarships based on age, industry, or affiliation (like a sorority or fraternity).

Watch our on-demand webinar: How to Find Scholarships to Fund Your Education for more tips.

The best part about a scholarship is that the money doesn’t need to be repaid and it’s usually provided upfront. That means you don’t have to cover that portion of your tuition and wait to be reimbursed. Just make sure you understand the eligibility requirements, such as attendance or grade minimums.

Educational Tax Credits: Reduce Your Overall Costs

Another way to tap into financial resources for continuing education is to look into potential tax credits. Currently, there are two education-related federal tax credits you may qualify for, depending on the type of program you enroll in.

American Opportunity Credit: Designed for students in their first four years of higher education. The maximum annual credit is $2,500 per student in your household. The IRS outlines more detailed eligibility requirements to explore.

Lifetime Learning Credit: This federal tax credit comes with more flexibility to qualify. It can help pay for undergraduate, graduate, and even professional degree courses and can add up to $2,000 per tax return. The goal is to encourage adults to get or improve job skills. However, there are income and other restrictions in order to be eligible.

Tax credits don’t help with upfront payments, but can help lower your overall cost of continuing education. Consider consulting a tax professional if you’re unsure of how to qualify.

Reignite Your Career by Investing in Continuing Education

Supercharging your career path doesn’t have to be out of reach. By tapping into a variety of resources, you can get your finances in order and comfortably take the next step in your professional journey.