Paying For College

College tuition increases have been outpacing general inflation for decades. Parents who went to college in the 1980s may be shocked to find out how much it costs today to attend the very same school they attended. Average in-state college tuition in 1990 was just over $2,000 per year, but by the year 2000 it had nearly doubled. In 2010, average in-state tuition at a state (not private) school is around $7,000 per year, and that does not include expenses like books, room and board, and other necessary expenditures. Most students and their families must come up with a multi-pronged strategy in order to pay for college tuition. Often it takes a combination of loans, scholarships, savings, and work-study programs to pay for a college education.

One possibility for bright high school students is using the CLEP (College Level Examination Program) testing program to receive college credit for what they already know. To do this, the student must earn a qualifying score on any of 33 different exams. It doesn’t matter whether the knowledge was acquired through course work, independent study, job training, or internships. Students can even enroll in a regionally accredited online university during their senior high school year and transfer up to 90 college credits. Each CLEP test costs $77, which is far less than the cost of a one-semester college course. CLEP tests are available in composition / literature, foreign languages, history / social sciences, mathematics and science, and business.

Another way students make college more affordable is by attending community college for two years and then finishing the final two years at a four-year college. With state-run community colleges, credits will often transfer automatically to four-year colleges within the same state system. Though community college tuition costs have increased too, they are still far more affordable than four-year schools.

Student loans are one of the most used financing sources for higher education. Federal student loans have low interest rates, but many graduates realize once they have their diploma that they are starting their working lives saddled with tens of thousands of dollars in debt. However, as of 2007, many public service professions make students eligible for student loan forgiveness after they work 10 years full time and make the required monthly payments during those 10 years. While this may sound draconian, it can seriously cut the amount of debt students have by age 35. Some of the professions included in loan forgiveness programs are non-profit positions, law enforcement, emergency management, early childhood education, and military service.

Scholarships are another option students have for paying for their college. Students with exceptional grades or other outstanding skills and talents should apply to the schools of their choice, even if they are expensive schools. Many of these top schools have generous financial aid for outstanding students that can eliminate the need for student loans altogether. Of course, the student will have to meet certain academic requirements once they are in college, but even the most expensive top-tier private schools will make an effort to attract exceptional students and keep them.