 |
In addition to traditional financial aid resources, there are alternative financing options. Among them may be payment plans through the college, reimbursement through your employer, home equity loans and lines of credit through private lenders and 529 prepaid tuition or college savings plans. Plus, there are even more ways to pay for college, such as those mentioned below:
- If you have other students who attended college, or if you attended yourself, your student may benefit from reduced tuition and/or fees at the same college. The same holds true if you have more than one student at the same college, at the same time.
- Some colleges offer a four-year "locked-in" tuition rate. A guaranteed rate for four years may help you to plan more efficiently.
- If your student took Advanced Placement (AP) courses and exams in high school, look for colleges that offer the most AP credit toward a degree. In some instances, by doing well in the AP program, your student can gain a semester or more of academic credit.
- Colleges may offer reduced tuition during the summer session. Your student may be able to complete required courses during the summer for a fraction of the cost charged during the regular academic year.
- Accelerated degree programs can help your student complete a traditional four-year degree in less time. Such a program may also combine an undergraduate degree with a graduate degree in a reduced timeframe.
- Many colleges offer a "flat rate" of tuition for full-time study. Your student can maximize the value of this by taking the maximum number of courses, while still performing well in each. For example, using a "flat rate" charge, taking 18 credit hours may cost the same as taking 12 credit hours.
- College dormitories are generally expensive. Consider off-campus housing or having your student stay at home and commute to college.
- Although military service isn’t for everyone, it’s a way to help pay for college. The U.S. Armed Forces, the State of Illinois, and the federal government offer many programs to help students in paying for higher education. Have your student contact a local military recruiter or chain of command for more information if interested in joining the armed forces.
|
|
|
|
