6 Ways You Can Pay For College That Won't Send You To Debt
College costs more than ever, but Anthony ONeal, author of Debt Free Degree, believes you can finish higher education without racking up IOUs. "Parents see the cost and think student loans are the only way," he tells Woman's Day. "But it really is possible to pay cash for college."
You read that right. You don't have to jump through hoops, fill out piles or paperwork, or go into debt to give your child a good education. At least, those aren't the only ways. Here, ONeal breaks down how to pay for college and the things you can do now to help you in the future.
Save up
The day your child is born (or any time after that), start saving money for college in a 529 account, you can put away up to $15,000 a year, and there are no income restrictions for contributors and no age limits for use of the money.
Consider community college
Think of this as a smart way to do college rather than a last resort. By spending a year (or two) at a low-cost college in his or her hometown, a student can save on housing costs and tuition and later transfer to a four-year school.
Go online
Modern States Education Alliance offers a Freshman Year for Free program through a series of Web-only courses, videos, and practice exams to use to prepare for official ones.
Look for money
Kiwanis, Lions Clubs, banks, utility companies, churches, area sports clubs, and even employers may offer grants and scholarships. Every little bit helps. Check out anthonyoneal.com for an updated list of recommendations.
Find work
Have your student look for work-study programs or other part-time work on campus to cut down on college expenses. Many universities have work-study funds that go unused, so your child can ask for more hours and may get them if the money is available.
Keep applying
Continue hunting for scholarships after college begins, The number of students per class on campus generally drops a little each year, so the chances of winning money get better and better. Plus, many schools will look at your student's first-year GPA in college and value it over how he or she did in high school.
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