Overlooked Ways to Pay for College

Overlooked Ways to Pay for College 

Paying for college is one of the most significant financial decisions many families will face. With tuition costs continually rising, understanding the various options for funding higher education is crucial. From scholarships and grants to student loans and work-study programs, navigating the landscape of college financing can seem daunting. This blog post will break down the available resources and provide practical tips to help you make informed decisions, ensuring that you or your loved ones can achieve academic goals without being overwhelmed by financial stress.

College 529 Savings Plans

College 529 savings plans, offer an opportunity for families to grow their savings tax-free as long as the money is spent on qualified educational expenses, is used to pay a greater percentage of college costs than other savings options like no college savings accounts and retirement accounts. There is a Private College 529 plan that allows you to lock in your tuition rate at over 300+ participating colleges.

Local Scholarships

Although colleges and universities offer institutional scholarships, students can still look for local scholarships that are offered by local organizations, nonprofits, labor unions, or places of worship.

Typically these scholarships are not as large as national scholarships, but they are far less competitive and still chip away at the cost.

Financial Aid Appeals

FASFA uses “prior-prior year” information to determine financial need. However, families who have had a recent change in their financial situation - like job loss, salary reduction, or high dependent care costs- can request a financial aid appeal. 

Employer Tuition Assistance

In addition to being a college student, some people also juggle being a parent and working. Be mindful of the companies you work for, as some offer tuition assistance to help employees afford their degrees. Note that most places do have a cap on this funding, and several rules need to be followed in order to gain funding.

One example of a company that offers tuition assistance is Chipotle. Chipotle offers their students up to $5,250 each year toward their education goals, plus their Debt-Free Degree program. The Debt-Free Degree program offers employees to pursue an eligible associate, bachelor’s, or business certificate completely tuition free if they pursue an eligible study and school. They also match eligible student loan payments by making matching contributions into a 401(k). 

AP and Dual-Enrollment Credits

If your student scores high enough on their Advanced Placement exams in high school, this helps the student and their families save on college tuition. I want you to know that many schools will award these credits, but please make sure you research what scores are needed to be awarded these credits as it changes at every university. 

Another option is for students taking dual enrollment classes. These classes allow students to earn credits for free or at a reduced cost at participating institutions. These courses are separate from the student’s high school curriculum, which helps the students to earn both high school and college credits in the same course. I took dual-enrollment courses offered at my high school through Loyola University Chicago!

ROTC Programs

The Reserve Officers’ Training Corps, also known as ROTC, offers a scholarship program that covers either tuition, fees, books, or room and board. These scholarships are large, but they require a commitment to work in the U.S. military for at least eight years (this may differ) after graduation.