For the 40 percent of college students nationwide who are over 25, being older and wiser has its perks -- like the fact that you probably already know what you want to do with your life. And, you can get into off-campus bars with your real ID.

Financially, going back for your degree can put a real squeeze on your family's budget, but when it comes to handling money, you still have a leg up on all the 18-year-olds. Here's how to get the best deal on your degree:

• Opt for aid. According to the government, you're officially independent if you're over 24. That's a good thing, since your parents' assets won't hamper your ability to qualify for grants or loans. Your own assets will matter, however, so if yours are significant, consider using your savings to pay off your credit card balance or your car loan before you fill out your FAFSA, the Free Application for Federal Student Aid. Also, if your money situation will change drastically when you go back to school -- if you're leaving your job to pursue your degree full time, for instance -- ask your financial aid officer about filing a revision request form for your FAFSA after the semester starts, says Charlene H. Harrison, director of the Center for Adult Learner Services at Pennsylvania State University in University Park. You may qualify for more help than you thought you would.
• Get credit where credit is due. You may not have a degree, but if you've spent 15 years as a bank teller, your experience counts for academic credit at most universities. All you have to do to qualify for these "life credits" is prove that what you've done in the past meets the requirements for a particular class. It's a win-win for adult students: You get a headstart on your degree, saving time and tuition, and you aren't forced to rehash info you already know. But some students don't take advantage, says Gen Tanabe, co-author of "501 Ways for Adult Students to Pay for College."
  "Getting as much credit as you can for your life experiences is something that a lot of adult students overlook," Tenabe says. "I think some adult students think of it as a gimmick, but it's really not." Most life-credit systems are informal, so talk to your department chair about your university's get-out-of-class passes.
• Learn from a distance. Hundreds of universities offer distance-learning programs -- online courses and, sometimes entire online degrees -- that can be a good option for returning students. You save the cost and hassle of a commute to campus, knock down expenses like lattes in the student union, and often get to complete your homework on your schedule, which lets you keep pace with your full-time job. Find programs in your field at Petersons.com.
• Find a cheap babysitter.Babies and business marketing courses don't mix. But financing child care while you study or go to class can be a pricey proposition. Help is available through the government's Child Care Access Means Parents in Schools program, which subsidizes child care for students through campus-based programs. At the University of Michigan in Ann Arbor, parents can apply for a grant of up to $3,550 per semester to cover child care costs. At the University of Oregon in Eugene, the ASUO Women's Center will reimburse student moms up to $50 for babysitting while they attend university events.