Lowering the cost of college

In a few weeks high school students across the country will start receiving acceptance letters from the colleges to which they’ve applied. Hopefully your student will get into the school of his or her dreams. You might wish you were dreaming when you see the tuition bill, however. Even though tuition increases were only around 4 percent last year – less than the long-term average of 6.5 percent – it is still getting harder and harder for families to afford to foot the entire bill. Here are a few tips that might help you manage the cost of college:

• Ask the college if you get a discount for paying the entire year's cost up front.
• Some colleges give a discount if you allow them to debit your bank account directly.
• See if you can spread the payments over 12 months, instead of paying larger sums 2-3 times during the academic year.
• Be realistic about meal plans – will your child really eat 3 meals a day in the dining hall? I don’t know any high schooler who doesn't get up 5 minutes before they have to dash off to school, skipping breakfast on a regular basis.
• Have your student earn some college credits while in high school. Local community colleges are a great way to take basic freshman year courses for a fraction of the cost. This can be done during their senior year (note to parents of 10th or 11th graders) or over the summer.
• Defer college for a year. Once you are accepted, many schools allow students to postpone starting for one year, allowing the student to work and earn money for tuition.
• Work part-time while in college. I would suggest holding off on this for the first semester, but once the student is acclimated they may find they have plenty of time to fit in a job that can earn them enough for spending money, travel costs, books, etc.
• Finally, if you apply for financial aid and the package you are sent isn’t feasible, call the Financial Aid Dept. and talk to them. Explain why the aid package doesn’t meet your needs and see if they can be more generous.