Nicole's response: Dear Leesa,
It is definitely NOT too late for you to consider a career as a dancer! There are many, many dancers who have started much later than you, or who have taken breaks along the way as you have. Please go to my previous reply to Beginning to dance as an adult for my most definitive take on supposed 'late-starters' -- and also to my reply to How old where you when you knew that you wanted to be a dancer? for my own personal experience on the subject.
As for your term paper, I think that in this case your fellow Questioners on this site have provided an excellent potential starting-point! Put together, the career-related questions aptly represent many of the the most potent issues at hand -- and in themselves might make for a great initial outline for a paper on the matter. Boiled down, these main issues seem to be:
-- For whom is it realistic to consider a career in dance?
-- What are some good pathways to breaking into professional dance?
-- What is the range of career options in dance?
-- Is it really possible to support oneself financially as a dancer? How?
-- What happens to a dance professional's career as s/he gets older?
As I have answered any question I have also tried to point folks in the direction of resources for further research into each topic -- so make sure to track those down as well. As always, the "Career Planning" pages of the Dance section of this very website provide a very good resource for those researching dance careers. And please do not hesitate to write in to ask me more specific questions as your work progresses!
Good luck on all fronts! Do let me know how it goes --
-- Nicole