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Q&A | Adult students face hurdles in getting FINANCIAL AID for college.

I am 38 years old, recently divorced, and want to go back to college. Is there any financial assistance geared toward my age group and situation? --KAREN PACE, via e-mail

Adult students often face a Catch-22. If you remain employed and go to school part-time, you probably won't qualify for much need-based aid. But if you quit a good job and go back full-time, you still may not qualify--at least in your first year--because aid formulas are based on past income (your 2000 income, for instance, for the 2001-02 academic year).

You should still apply for aid and--once you receive an aid offer--ask your school's financial-aid officer to adjust your award if your income will drop when you return to school. But you should also cast a wider net. Free online scholarship searches, such as Fastweb .com, tend to be aimed at traditional students, but they do include awards with no age restrictions. Essay contests, in particular, tend to be open to anyone, says Laureen Grieve, a Fastweb.com vice-president.

A few scholarships specifically target adults. The Business and Professional Women's Foundation (www .bpwusa.org), for instance, sponsors scholarships for women over age 25 with financial need. Similar awards can be found in Peterson's Scholarships and Loans for Adult Students ($19.95). Most of the listings are for students in specific fields or residents of specific states. Also ask a financial-aid officer whether your school sponsors any scholarships for nontraditional students. For example, the University of North Carolina at Charlotte offers 33 need-based scholarships, averaging $1,000, for adult students seeking undergraduate degrees.

Finally, if little free money turns up, there are many lenders that will help you finance a degree. Sallie Mae lends student borrowers with excellent credit up to the full cost of college (less any grant aid) at the prime rate plus 0.5 percentage point (10% now) and a one-time 3% repayment fee. (Rates are higher if you have poor credit.) At 8.2%, federally backed Stafford loans are a better deal. You can borrow $6,625 as a freshman, $7,500 as a sophomore and $10,500 each subsequent year.