Tips to Manage Rising College Tuition Costs
The rising costs of tuition can be financially stressful on parents. 
The College Board reports that a year's education costs (including only tuition and fees) for 2006-07 was more than $22,000 at a private four-year school and nearly $6,000 at a public school. And college costs have been rising faster than inflation for more than a decade.
With financial aid and scholarships often difficult to obtain, students need to seek creative ways to manage college costs. Here are some approaches to consider:
Cutting college costs while still in high school
Taking Advanced Placement (AP) classes allows high school students to earn college credit at almost no cost. The students enroll in AP classes at their school, then take topic-specific exams offered by the College Board. Students who score high enough on the exams earn college credits. Although the College Board conducts 37 tests in 22 subject areas, not all subjects are offered at most high schools. Your school's guidance counselor can advise about taking AP classes that are available at other high schools in the area. Finally, although the classes are free, most students have to pay to take the AP exams.
- The fine print: Because each college has its own rules about Advanced Placement credits and which test scores they will accept, check with the colleges you are interested in to learn their policies.
Enroll in community college classes, which are often open to high schoolers who can use them to earn college credit while fulfilling their high school graduation requirements. Some school districts will pay for these classes. But even if the student must foot the bill, the cost per credit will be much less than that at either a public or private four-year school.
- The fine print: Check with the colleges you're interested in to see which community college credits they will accept.
Look into local four-year schools that allow high school students to take low-level classes. In some cases, the schools will trim tuition in the hope that students will get comfortable with the arrangement and enroll permanently after high school.
- The fine print: The rigor of these classes may be a shock to your high schooler. Ask about the availability of tutoring or study groups to ease the transition.
Cost-cutting options after high school
Spend two years at a community college. This is an affordable way to obtain up to two years worth of college credits that can then be transferred to a four-year school. As with all such credit transfers, you'll want to find out which credits and classes will count toward fulfilling the requirements of any four-year school you are considering.
- The fine print: If you want to start at a four-year school, look into whether you can save by taking a reduced course load, then making up the credit shortfall at a community college during the summer. Beware of reducing your course load below the minimum needed to be considered a full-time student at your primary school, however, since this can affect financial aid.
Plan the shortest path to graduation so you can get your degree in four years or less. To make this happen, students need to work closely with the school's academic advisors right from the start. Adding classes in the summer and during semester breaks can reduce the workload a bit during the regular school year, but the extra classes also eat into time that could be used to earn money for school.
- The fine print: Students who aren't able to focus 100 percent of their energies on school may find it difficult to survive on a fast track. Getting core classes out of the way before starting college can greatly ease the burden.
Look into co-ops and internships, which allow students to earn money, experience and college credits by working at jobs in their field. In a co-op program, the student alternates between a paid work experience and semesters in the classroom. Although the income can help with college costs, co-op students typically need more time to obtain a degree. Internships provide similar benefits but usually require the student to maintain a regular class schedule.
- The fine print: Start looking for these opportunities early. The best co-op positions and internships are filled quickly.
Take the next step...
How much are you spending? Take time to gather your records and make a budget. Our budgeting calculator can help you get started.
