Other ways to pay for college

If you haven’t saved enough for college, these options may take some of the sting out of tuition payments.

Financial aid

Complete the FAFSA (Free Application for Federal Student Aid) to apply for grants, work-study, student loans, and some need-based scholarships. The FAFSA results help the college determine how much federal aid your student will receive. Complete the College Funding Estimator  to estimate your FAFSA results.

Your earnings

If you have a job, save at least half of your earnings for college. 

College payment plans

Many schools offer a 10 or 12-month payment plan. This allows you to use current income to pay your out-of-pocket college expenses.

Home equity line of credit loan

A line of credit allows your parents to use their home equity to pay college costs. They would use a portion of the approved loan amount when they need the money, which fits well with tuition payments. They should consult their tax advisor about deducting the interest. 

Alternative loans

Talk to the college financial aid office about alternative loans which don’t require the FAFSA. These loans typically have a higher interest rate than student loans so exhaust all federal financial aid before pursuing these loans.

The military

All branches of the military offer education assistance ranging from the Montgomery G.I. Bill, to tuition reimbursement, to student loan repayment. Talk to a recruiter for details.