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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 plans or college savings. Plus, there are even more ways to pay for college, such as those mentioned below:
- If you have other children who attended college, or if you attended yourself, your child may benefit from reduced tuition and/or fees at the same college. The same holds true if you have more than one child 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 child is taking Advanced Placement (AP) courses and exams, look for colleges that offer the most AP credit toward a degree. In some instances, after doing well in the AP program, your child can gain a semester or more of academic credit.
- Colleges may offer reduced tuition during the summer session. Your child 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 child 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 tuition rate for full-time study. Your child can maximize the value of this by taking the maximum number of courses possible, while still performing well in each class. For example, using a "flat rate" charge, 18 credit hours may cost the same as 12.
- College dormitories are generally expensive. Consider off-campus housing, or letting your child 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.
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