Retraining? Do your homework before taking loans

Now comes the hard part: Figuring out how to pay for it.

Higher education professionals said there are a raft of options beyond loans for returning students: grants, scholarships, tax breaks, work-study, and other jobs.

“There are other ways to pay for college than taking out a lot of debt,’’ said Todd Weaver, a senior associate at Strategies For College Inc., a college counseling service.

One of the first stops is filling out the federal application for financial aid (also known as FAFSA), which you’ll need to qualify for most aid. You can fill it out for free at www.fafsa.gov. But beware of private sites that will demand fees to submit the form.

“A student can’t go wrong by filing the FAFSA, whether they are 18 or 80,’’ said Jessica Hipp, a spokeswoman for the Massachusetts Educational Financing Authority, a state chartered nonprofit that offers student loans to about 10,000 students a year.

You should also check in with financial aid offices at all the schools you are considering, officials said. “It’s smart to start with the school,’’ said Robert Brun, associate commissioner at the Massachusetts Department of Higher Education’s financial aid office.

In addition, college advisers recommend that you consider a variety of schools, including public and private institutions, to figure out the best option. Even more expensive schools might wind up being cheaper once you factor in financial aid. And make sure you consider all the costs of attending a particular school, including books and commuting.

“The most important thing is to look carefully at your bottom-line costs,’’ said Lauren Asher, president of the Institute for College Access & Success, a nonprofit advocacy group in Oakland, Calif. “Don’t assume that a school with a low sticker price will wind up costing the least.’’

The good news is there are many ways to pay the tab, including:

Grants. Many schools offer grants to needy students, as well as a variety of other grants (such as the federal Pell Grant and Massachusetts Part-Time Grant) for lower-income students. There are also programs tied to certain careers, such as the TEACH Grant Program, which offers grants up to $4,000 for students who intend to teach in schools that serve poor low-income children.

Scholarships. Many scholarships are aimed at high school graduates going to college, but others are aimed at older, non-traditional students. For instance, the Talbots Charitable Foundation awards a handful of scholarships each year to women who earned a high school diploma or GED at least 10 years earlier. The College Board’s website lists 2,300 sources of aid online. And many public libraries and college financial offices keep directories.

But beware of sites that charge you for the same information. And you might check in with your school first before applying for aid; some schools automatically deduct scholarship money from any grants they would normally give you anyway, said Weaver, the college adviser.

Tax breaks. The federal government offers several tax breaks for college students, including the American Opportunity Credit, Lifetime Learning Credit and student loan interest deduction. The tax breaks diminish in size, or are not available at all, for higher earners. So be sure to factor those in when filing your tax returns.

Jobs. Some companies offer tuition reimbursement programs that could pay for at least part of your education. And many schools offer work/study jobs. Indeed, some graduate programs offer free tuition and stipends for students who work part time as teaching assistants or in other roles. (Weaver said he paid for his MBA this way.) For some students, it may also make sense to work at least part-time outside of school to help pay for college. But advisers recommend you not to work so many hours it interferes with your studies.

Loans. If you need to borrow, the best route is securing a federal student loan. Needier students can qualify for subsidized federal loans, which generally don’t accumulate interest while you’re in school or during grace periods and deferments. There are also unsubsidized federal loans, as well as private student loans. MEFA also offers loans at lower interest rates than many private lenders.

Several advisers said students shouldn’t be afraid to take out some loans to pay for college. Just “don’t take out more than you can afford to pay back,’’ said Weaver, the college adviser. The US Department of Education has online calculators to help you figure out how much your loan payments will be at studentaid.ed.gov.

Asher, who works for the California advocacy group, advised students to ask lots of questions. Make sure you understand the difference between a grant and a loan that must be paid back. If you are getting loan, understand the terms: Is it a fixed rate of interest or a variable rate that could skyrocket when interest rates rise? And it’s worth asking for all the details in writing and taking the time to read them.

“Don’t sign anything unless you read the fine print,’’ she said.

Todd Wallack can be reached at twallack@globe.com.