Even if you start saving early, it may be impossible to completely prepare for paying for college. That doesn’t mean, however, that college is out of the question. You have other cost-saving options available.

Student Strategies: Paying for College
Students can follow a variety of strategies to help reduce their expenses prior to entering college and once they’re in college. For example, many college students are able to work at part-time and summer jobs to help subsidize their tuition or for entertainment money. Be aware, however, that money earned by the child prior to college may reduce his or her eligibility for financial aid.

Some colleges offer cooperative education programs where students rotate study with periods of career-related work, allowing them to earn money and credits at the same time. However, it may take more than four years to complete a degree through a cooperative education program. Ask the college admissions office about the specifics of their program.

Depending on a child’s scholastic ability, he or she may be able to earn college credits by taking college courses or Advanced Placement exams while still in high school. First- and second year college students can also take College Level Examination Program tests for course credit. These options can represent a significant savings over the cost of a course in the classroom. Check with your child’s high school guidance counselor or with the college admissions office for eligibility requirements and program specifics.

Another cost-saving possibility is for your child to attend a Community College for the first year or two, then transfer to a four-year college to complete a degree. This can be a more affordable approach to receiving a degree from a prestigious institution. Also, colleges that are highly competitive for freshman applicants are often less competitive for third-year applicants.

Paying for College using Financial Aid
The traditional sources of financial aid include scholarships, grants, work-study programs and government loans. Your child’s scholastic record, course of study, athletic ability, and choice of college are just a few of the variables that may affect the availability of these options. The Internet can provide information about billions of dollars of scholarship money available each year. There are several very good scholarship search websites. See For More Information for websites.

If your family meets certain financial criteria, the federal government has a program of low-interest loans with extended payment terms. Relying too heavily on loans, however, can burden graduates with large debts just when they are working to establish financial independence.