How to Earn a Degree When You Have Existing Student Loan Debt

For many adults, the weight of student loan debt and ongoing efforts to find relief from student debt is more than a financial burden — it’s an emotional one. You might feel like your goals have been put on hold or that opportunities passed you by while responsibilities grew. Yet deciding to finish your degree or return to school isn’t starting over; it’s reclaiming your future.

Returning to college with existing debt is not only possible but also often a smart step toward long-term stability, higher earning potential, and a career path that brings you pride. With the rise of flexible online programs, transparent financial aid options, and support for working adults, securing a lower interest rate and earning your degree is more accessible — and more empowering — than ever.

Understanding Your Student Loan Landscape

Going back to school with student loan debt can seem overwhelming. Before you enroll in an online degree program, you should evaluate your student loans, consider guidance from the university’s department of education and assess your ability to finance your degree. 

Know Exactly What You Currently Owe

Prior to filling out an application, take inventory of your federal and private loans, especially direct loans. Note the servicers of the loans, your outstanding balances, the interest rates, and the repayment terms. This will give you an idea of what you still owe, helping you determine if you can take on any more student loan debt. 

How Going Back to School Affects Existing Loan Payments

If you have outstanding federal student loans, you may qualify for in-school deferment when enrolled at least part-time. According to the Federal Student Aid office, deferment allows you to pause payments while you complete an online degree program. However, there may be eligibility requirements that you have to meet. 

In addition, the Federal Student Aid office offers income-driven repayment plans. These plans provide borrowers with a monthly student loan payment based on their current income and household size, helping you pay for college while working full time.

Should You Refinance or Consolidate Before Returning?

You may consider refinancing or consolidating your loans before you return to school. Refinancing may help you reduce your payments, but it could remove federal protections that are in place. Loan consolidation may simplify repayment but could also extend the term on your loan. Reviewing your student loans can help you determine which option (if either) makes sense for your goals. 

Funding a New Degree While Managing Existing Debt

Whether you are returning to college to finish your degree or you want to earn an additional degree, there are financing options available that can help you manage your existing debt.

Federal Financial Aid Is Still Available for Returning Students

Financial aid for returning students is available, even if you have prior loans. To learn more about what type of federal aid you qualify for, you should fill out the FAFSA for returning students. After completing your FAFSA form, you will receive detailed information about the scholarships and loans available to you. Depending on your personal financial situation, you may qualify for Pell Grants.

Scholarships and Tuition Assistance for Adult Learners

Scholarships can be a powerful tool for those who are going back to school with student loan debt, as they provide direct funding that does not have to be repaid. There are many scholarships available, from both public and private entities, that support career changers, working adults, parents, or students entering high-demand fields. 

Adult learners going back to school may find that their employers offer tuition reimbursement programs, which can make an online degree program more affordable and accessible.

Lower Costs With Transfer Credits, Prior Learning, or Military Experience

One of the best budget tips for college students with debt is to find creative ways to lower the total cost of your degree program. When you choose an online degree for working adults, you will find several ways to reduce tuition costs, such as:

• Taking advantage of transfer credits. You may have previously earned college credit that can be applied to your new degree, reducing the number of courses needed to graduate.
• Take College-Level Examination Program (CLEP) exams to see if you have prior learning or professional experience that translates into relevant college credit.
• Submit professional experience or military training to your academic advisor for evaluation. In some cases, this practical experience can be applied to your current degree program.

Building a Budget That Supports Your Education and Your Life

When you return to college with existing debt, it’s helpful to build a manageable budget that allows you to finance your education while supporting yourself and your family. 

How to Estimate the Full Cost of Returning to College

It's important to understand the full scope of your investment before you enroll. Estimate the cost of returning to college by considering the cost of tuition and fees for your program, textbooks, technology, and additional supplies. Keep in mind that you may have ongoing loan payments to make. By understanding your full budget, you can make informed decisions and prevent unexpected financial stress.

Choosing Flexible Degree Formats That Reduce Total Expenses

Online degree programs offer flexible learning formats that let you complete your coursework while working. As a result, you can continue your current career trajectory and minimize the impact of lost wages. 

Tools to Stay Organized and In Control

There are a variety of budget tools available for college students that can help you stay organized and in control of your finances, such as:

• Budget apps
• Loan servicer dashboards
• Expense calculators 

These tools can help monitor expenses, automate payments, and prevent you from missing payment deadlines, ensuring that you stay on track financially while earning your degree.

Choosing the Right Program to Maximize Your Return on Investment

Investing in a college degree is a financial strategy that can enhance career outcomes and boost earning potential, all while making you feel more fulfilled on a personal and professional level. However, understanding student loan interest is crucial when unlocking the benefits of a college degree, which requires you to select the right program.

Pick a Degree With Clear Job Growth and Proven Career Placement Success

Choosing the right degree matters even more when you're balancing existing student loan debt. The strongest return on investment comes from programs with documented job growth and strong placement outcomes for graduates. At Marian University, several undergraduate pathways consistently align with expanding fields across Indiana and the Midwest.

Healthcare-related programs, including health sciences and nursing pathways, continue to see substantial demand due to statewide workforce shortages and long-term growth projections from the Bureau of Labor Statistics. Business and organizational leadership degrees also offer strong placement opportunities, preparing graduates for roles in management, human resources, and operations—fields that remain stable even during economic shifts. In addition, technology-connected programs such as logistics and supply chain management or data-aligned business tracks prepare students for sectors experiencing rapid expansion due to e-commerce and global distribution needs.

Marian’s undergraduate programs are designed with these trends in mind. Many feature high placement rates, employer partnerships, and support from faculty who understand local hiring needs. For adult students worried about taking on additional debt, choosing a degree backed by both labor-market demand and proven Marian career outcomes can create a far more secure and confident path forward.

Look for Schools That Support Adult Learners

As you consider different online degree programs, search for schools that cultivate a nurturing environment for online learners, including options for student loan repayment assistance. The best programs offer academic advising, flexible scheduling, technical support, and clear pathways to graduation.

How Marian University Helps You Build a Better Future

Marian's online degrees are built specifically for working adults looking to advance their careers. Students work closely with supportive faculty members and receive personalized instruction as they complete practical coursework. All programs are designed for real-world application, giving you the ability to immediately implement your learning in professional environments.

Conclusion: You Don’t Have to Choose Between Dreams and Debt

Going back to school with student loan debt may seem daunting initially — but it also opens up a new world of possibilities. By building financial literacy, exploring aid options, and carefully selecting a program designed for working adults, you can invest in your education and begin the next chapter of your career. 

Education Is an Investment—Not a Financial Setback

Going back to school isn’t a setback; it’s a strategy. Adult learners going back to school are investing in their careers and making moves that may increase their earning potential, improve their job security, and build their confidence. Choosing to earn your degree means you’re taking a step toward a life that you will feel proud of — one where your goals aren't limited by your past but rather shaped by the future you want to create.

Now is the moment to take control of your finances, your career, and your future. With Marian’s online programs and personalized support, you don’t have to choose between hope and bills — you can build a life that includes both stability and possibility.

You Have More Options Than You Think

Marian University offers a nurturing and supportive environment that includes financial aid for returning students, flexible online learning environments, and specialized support services that make earning a degree possible at any stage of life. 

Take the Next Step Toward Your Future

Are you asking yourself, Can I go back to college if I owe student loans? If so, the answer is a resounding yes! At Marian University, we work closely with you to provide personalized support, ensuring that you have access to the resources and aid that you need to make this powerful investment in yourself and in your education. 

Learn more about our online degree programs, and contact an advisor to explore our personalized pathways to degree completion.

Sources

• https://www.marian.edu/academics/office-of-financial-aid 
• https://www.marian.edu/online/ 
• https://www.marian.edu/admissions/tuition-and-fees/ 
• https://www.marian.edu/admissions/online-admissions-financial-aid/cost-financial-aid 
• https://www.marian.edu/fafsa/ 
• https://studentaid.gov/manage-loans/lower-payments/get-temporary-relief 
• https://studentaid.gov/manage-loans/repayment/plans/income-driven 
• https://studentaid.gov/h/apply-for-aid/fafsa