{"id":216,"date":"2015-03-27T14:17:52","date_gmt":"2015-03-27T22:17:52","guid":{"rendered":"http:\/\/www.checkworks.com\/blog\/?p=216"},"modified":"2015-03-27T14:17:52","modified_gmt":"2015-03-27T22:17:52","slug":"12-killer-tips-to-slay-the-college-debt-monster","status":"publish","type":"post","link":"https:\/\/blog.checkworks.com\/index.php\/12-killer-tips-to-slay-the-college-debt-monster\/","title":{"rendered":"12 Killer Tips to Slay the College Debt Monster"},"content":{"rendered":"<p class=\"western\">\n<p class=\"western\"><span style=\"color: #000000;\"><a href=\"https:\/\/www.checkworks.com\/blog\/wp-content\/uploads\/2015\/03\/bigstock-One-Hundred-Dollar-Bills-7697610.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-218\" src=\"https:\/\/www.checkworks.com\/blog\/wp-content\/uploads\/2015\/03\/bigstock-One-Hundred-Dollar-Bills-7697610.jpg\" alt=\"One Hundred Dollar Bills\" width=\"900\" height=\"600\" srcset=\"https:\/\/blog.checkworks.com\/wp-content\/uploads\/2015\/03\/bigstock-One-Hundred-Dollar-Bills-7697610.jpg 900w, https:\/\/blog.checkworks.com\/wp-content\/uploads\/2015\/03\/bigstock-One-Hundred-Dollar-Bills-7697610-300x200.jpg 300w, https:\/\/blog.checkworks.com\/wp-content\/uploads\/2015\/03\/bigstock-One-Hundred-Dollar-Bills-7697610-624x416.jpg 624w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a> <\/span><\/p>\n<p class=\"western\">By MJ Plaster<\/p>\n<p class=\"western\">\n<p class=\"western\"><span style=\"color: #000000;\"><span style=\"color: #000000;\">To finance a co<\/span>llege education <\/span><span style=\"color: #000000;\">today<\/span><span style=\"color: #000000;\"> requires a paradigm shift. Parents and students have to work together to combine as many opportunities as possible to save money on college. If you have a teenager, you probably earned a significant portion of your tuition when you were in college. Today\u2019s minimum-wage jobs hardly make a dent in the cost of a bachelor\u2019s degree, but \u201ceasy money\u201d has made student loans available to anyone who wants them\u2014at a cost. If this isn\u2019t what you have in mind for your child, keep reading because we\u2019ll look at a combination of techniques to reduce the cost of a college education. Before we dive into cost-cutting measures, let\u2019s look at the true cost of higher education.<\/span><\/p>\n<p class=\"western\"><b>The Sky-High Cost of College<\/b><\/p>\n<p class=\"western\">Average annual costs for tuition and fees for the 2014\u201315 academic year published by <a href=\"http:\/\/trends.collegeboard.org\/college-pricing\/figures-tables\/average-published-undergraduate-charges-sector-2014-15\">CollegeBoard.org<\/a>:<\/p>\n<ul>\n<li>Public, two-year college (local) &#8211; $3,347<\/li>\n<li>Public, four-year, in-state institution &#8211; $9,139<\/li>\n<li>Public, four-year, out-of-state institution &#8211; $22,958<\/li>\n<li>Private, nonprofit, four-year private institution &#8211; $31,231<\/li>\n<\/ul>\n<p class=\"western\">Room and board<span style=\"font-family: Calibri,serif;\"> runs an additional <\/span>$7,700\u2013$11,000 per year.<\/p>\n<p class=\"western\"><b>What Does a College Education Buy?<\/b><\/p>\n<p class=\"western\">Not enough apparently: In a recent CNBC article, \u201c<a href=\"http:\/\/www.cnbc.com\/id\/101176249\">Why Johnny can&#8217;t write, and why employers are mad<\/a>,\u201d we discover that some employers have to provide remedial education in basic communication skills to new hires. When high schools changed their focus from education to training, common sense, critical thinking and communication skills got lost in the shuffle. Coincidentally, those are the skills required to advance beyond an entry-level position in today\u2019s workplace\u2014with or without a degree.<\/p>\n<p class=\"western\">Employers want competent employees they don\u2019t have to train in the basics, not graduates with transcripts filled mostly with classed such as \u201c<a href=\"http:\/\/www.princeton.edu\/pr\/pwb\/01\/1112\/3a.shtml\">Getting Dressed<\/a>,\u201d Princeton; \u201c<a href=\"http:\/\/courses.georgetown.edu\/index.cfm?Action=View&amp;CourseID=PHIL-180&amp;AcademicYear=2007\">Philosophy and Star Trek<\/a>,\u201d Georgetown; and \u201c<a href=\"http:\/\/content.time.com\/time\/magazine\/article\/0,9171,1176976,00.html\">Cyberporn and Society<\/a>,\u201d State University of New York at Buffalo.<\/p>\n<p class=\"western\"><span style=\"color: #000000;\"><b>12<\/b><\/span><span style=\"color: #000000;\"><b> Tips to Finance College Without Breaking the Bank<\/b><\/span><\/p>\n<p class=\"western\">Pick and choose the tips that work for you. All roads lead to savings, and by combining them, you\u2019ll stretch your college dollar further.<\/p>\n<p class=\"western\"><b>1. College credit for high school AP courses<\/b><\/p>\n<p class=\"western\">Encourage your child to enroll in high school Advanced Placement (AP) classes. <a href=\"https:\/\/apstudent.collegeboard.org\/apcourse\">AP classes<\/a> earn college credits and cover a broad range of topics.<\/p>\n<p class=\"western\"><b>2. Free Application for Federal Student Aid (<\/b><b>FASFA) <\/b><\/p>\n<p class=\"western\">Whether you help your child apply for a loan, a grant or a scholarship, it all starts with filing a <a href=\"https:\/\/fafsa.ed.gov\/\">FASFA<\/a> form. This financial statement enables the federal government to calculate the Expected Family Contribution (EFC) toward education for students who qualify for <span style=\"color: #000000;\">federal assistance.<\/span><\/p>\n<p class=\"western\"><b>3. Grants and scholarships<\/b><\/p>\n<p class=\"western\">Combine need-based scholarships and grants such as the Pell grants, Hope scholarships, etc., with merit-based and nontraditional scholarships and grants to help finance the remaining tab. Start your search at <a href=\"http:\/\/www.collegescholarships.org\/\">CollegeScholarships.org<\/a>. Apply for need-based opportunities even if you think you don\u2019t qualify because the calculation formulas are obtuse and largely undecipherable.<\/p>\n<p class=\"western\"><b>4. Community colleges and fee waiver programs<\/b><\/p>\n<p class=\"western\">Every state has a different name for their free, fee-waiver or means-tested community college programs. Type \u201cfree community college [your state]\u201d into your favorite browser. Many states also have guaranteed acceptance into four-year schools upon completion of a two-year community college program. Again, the names vary, so search for \u201cguaranteed acceptance to four-year college [your state].\u201d<\/p>\n<p class=\"western\"><b>5. Online courses<\/b><\/p>\n<p class=\"western\">Many colleges and universities offer online courses, which eliminate room and board and\/or reduce commuter costs. Some offer degree courses entirely online. I have a friend who is earning a Ph.D. through distance learning.<\/p>\n<p class=\"western\"><b>6. In-state tuition for out-of-state colleges<\/b><\/p>\n<p class=\"western\">States have formed regional alliances to offer in-state tuition to neighboring states. Qualifications vary widely; learn more by visiting your regional alliance:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.wiche.edu\/wue\">Western Undergraduate Exchange<\/a><\/li>\n<li><a href=\"http:\/\/msep.mhec.org\/\">Midwest Student Exchange<\/a><\/li>\n<li><a href=\"http:\/\/msep.mhec.org\/\">New England Regional Student Program<\/a><\/li>\n<li><a href=\"http:\/\/www.sreb.org\/page\/1304\/academic_common_market.html\">Academic Common Market<\/a> (Southern states)<\/li>\n<\/ul>\n<p class=\"western\"><b>7. FREE college<\/b><\/p>\n<p class=\"western\">Check out <a href=\"http:\/\/time.com\/money\/2977702\/22-colleges-free-tuition-moneys-best-colleges\/\"><i>Time<\/i><\/a> magazine\u2019s article on 22 free college opportunities. Some of the schools require students to work for their room and board, some offer mean-tested free admissions to students who qualify academically, and some offer free tuition for talented students.<\/p>\n<p class=\"western\"><b>8. MOOCs<\/b><\/p>\n<p class=\"western\">There\u2019s a new sheriff in town, and her name is MOOC (short for Massive Online Open Courses). These courses are the same ones taught in the most hallowed halls across the globe, but MOOCs do not offer traditional degrees. Classes are taught as self-paced eLearning or as interactive experiences. MOOCs are offered in most areas of study including science, technology, engineering and math (STEM) courses. The most popular MOOCs offering bona fide college-level courses include:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coursera.org\/\">Coursera<\/a><\/li>\n<li><a href=\"https:\/\/www.udacity.com\/\">Udacity<\/a><\/li>\n<li><a href=\"https:\/\/www.edx.org\/\">edX<\/a><\/li>\n<\/ul>\n<p class=\"western\">View a comprehensive list of MOOC sites at <a href=\"http:\/\/top5onlinecolleges.org\/mooc\/\">Top5OnlineColleges.org<\/a>, and combine this tip with the next one.<\/p>\n<p class=\"western\"><b>9. Tests for college credits<\/b><\/p>\n<p class=\"western\">For a small fee per test, students can rack up more college credits by taking <a href=\"https:\/\/clep.collegeboard.org\/exam\">CLEP<\/a> and <a href=\"http:\/\/getcollegecredit.com\/test_takers\">DSST<\/a> exams. Some students eliminate two years from their four-year degree programs. Before students take a CLEP or DSST exam, they must ensure their college or university grants credit for the test. Ask the admissions office what additional tests the college or university offers.<\/p>\n<p class=\"western\"><b>10. Internship programs<\/b><\/p>\n<p class=\"western\">Earn a stipend and\/or college credits for internships. Search for \u201cpaid internships programs\u201d \u201ccollege credit internship programs\u201d to find internship portals on the Internet. Even more important, internships provide an easier entr\u00e9e into a job right after graduation due to the experience gained.<\/p>\n<p class=\"western\"><b>11. Tax deductions and tax credits<\/b><\/p>\n<p class=\"western\">Tax deductions reduce taxable income, and tax credits reduce the amount of taxes paid on net income (gross income minus deductions). <a href=\"https:\/\/www.alltuition.com\/library\/financial-aid\/taxes\/tax-credits-and-deductions\/\">Alltuition.com<\/a> explains the options in plain English.<\/p>\n<p class=\"western\"><b>12. Military service<\/b><\/p>\n<p class=\"western\">Military members and veterans are eligible for a host of <a href=\"http:\/\/www.military.com\/education\/money-for-school\/active-duty-education-benefits-users-guide.html\">military education benefits<\/a>.<\/p>\n<p class=\"western\"><b>Need More Help?<\/b><\/p>\n<p class=\"western\">Between AP classes, MOOCs, CLEP, DSST, state programs, waivers and community college, no one earning a bachelor\u2019s degree should have to pay for more than two years of an undergraduate degree. Grants and scholarships can chisel away more of the expense, leaving student loans as a last resort rather than the first, easy option. <a href=\"https:\/\/www.edvisors.com\/\">Edvisors.com<\/a> can walk you through myriad options for college financial planning.<\/p>\n<p class=\"western\"><span style=\"color: #000000;\">If you can\u2019t finance a college education outright, you can reduce the cost of student loans by combining the techniques above. Further, free eLearning is <\/span>opening doors that were once closed to those without a degree. Nothing lasts forever, so take advantage of these tips while the getting\u2019s good.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By MJ Plaster To finance a college education today requires a paradigm shift. Parents and students have to work together to combine as many opportunities as possible to save money on college. If you have a teenager, you probably earned a significant portion of your tuition when you were in college. Today\u2019s minimum-wage jobs hardly [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts\/216"}],"collection":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/comments?post=216"}],"version-history":[{"count":3,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts\/216\/revisions"}],"predecessor-version":[{"id":220,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/posts\/216\/revisions\/220"}],"wp:attachment":[{"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/media?parent=216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/categories?post=216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.checkworks.com\/index.php\/wp-json\/wp\/v2\/tags?post=216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}