Creative Funding for College Degrees

So, you have gotten into the best college that your skills can afford. Now, how will you pay for it? Your parents may have been preparing for this moment and have saved a bundle for you. As of this writing, four year education costs (tuition and fees only) run from $5132 at state school for a resident to more than $135,000 for a private top college according to the not-for-profit College Board.

So, you have gotten into the best college that your skills can afford. Now, how will you pay for it? Your parents may have been preparing for this moment and have saved a bundle for you. As of this writing, four year education costs (tuition and fees only) run from $5132 at state school for a resident to more than $135,000 for a private top college according to the not-for-profit College Board.

If you are fortunate enough to have parents that have taken advantage of 529 programs, pre-paid tuition or simply smart investing, you will probably not have to worry. As the cost of living rises and parents are not as able to share the burden of tuition programs or find they are unable to foot the bill, you will have to consider loans or grants. There are tons of grants, loans and “free money” available. You just need to know where to look to apply for them.

One of today’s most popular resources for creative funding is to consider the military. The military provides free college education through the four branches at their own competitive academies. They also offer many ROTC programs which help the students to earn while they learn and then finally, they offer extreme reductions in tuition for those that agree to serve after college. The longer you agree to serve after college, the greater amount of tuition assistance you will receive.

Mixing community college with a standard four year program is a great way to save money – as much as 40%. Two years at a community college or a vocational school will likely transfer credit for credit to a four year program at roughly half the price. The key to this is to get all of the “required” subjects out of the way.

Take courses that the four year college offers in the prospectus. Basket weaving might not transfer to credit for a Bachelors of Science degree. Do you research up front so that you gain the full economic advantage of your class choices.

One under utilized source is a series of references books found at the library. Written by marketing icon Matthew Lesko, his “Free Money” series helps you to find the path to many “unknown” or “under publicized” college funding sources. The government has lots of programs in addition to subsidizing traditional loans. If you should know what subject you wish to study, the government has grants and very low interest loans to help students develop job skills in fields that they require workers for. You just need to find them and apply these reference books will make it easy and quick.

Traditional loans, subsidized by the government and then repaid by the student upon graduation are the most popular. Linked to the school, these can be applied for once the student is accepted by the college. Stafford loans typically do not cover all expenses, however. Newer loans, called Alternative Student Loans provided by private financial institutions and companies can provide money to cover all expenses.

Work study is another option. The college provides a job on campus that enables you to work while you study there. These jobs are often within the administration of the college, in foodservice, or as part of the work crew. Often paying minimum wage, these jobs provide some pocket money to cover book expenses, pay tuition or cover miscellaneous costs.

What ever method you decide to choose to finance your college degree, it will be worth it.

Posted on August 17, 2006 at 12:18 PM

Share this article: