PREPARING YOUR CHILD FOR COLLEGE: WAYS TO SAVE ON TUITION PART I

Your child is a senior and after lots of research they have decided on the schools they want to apply to. You are thinking great this is the next phase in their life –totally excited and completely on board because after all you have been dreaming and hopefully planning for this day.  

Now you are faced with the realization that the average cost for tuition and fees at a four-year public college is $9,000 per year and at the other end of the spectrum at a private university you can expect the cost to be $35,000 or more per year for tuition and fees in the United States. These figures don’t even account for additional expenses such as room and board, books, supplies, equipment, and transportation. According to The College Board ®, the average 2009-2010 tuition increase was 4.4% at private colleges, and 6.5% at public universities. The staggering costs can leave parents and students with a feeling of getting punched in the stomach and wondering how will they cope. You may know of the more traditional ways of paying for that ever increasing education and this will include scholarships, loans, and savings. You can slash your educational costs by thousands of dollars if you follow the tips listed below. 

College Board's CLEP® program can save you money while earning your child college credits. CLEP exams are an accredited, proven tool allowing your child to place out of introductory classes by demonstrating knowledge in any of five subject areas.

Here are just some of the benefits for you and your child:

	Save money. At $77, CLEP is a fraction of the tuition and fees for a college course and books.
	Earn credit. Accepted at more than 2,900 colleges, a satisfactory score on any of the 33 CLEP exams can earn your child up to 12 credits.
	Accelerate. Taking CLEP exams early can help your child fulfill the requirements of his or her major more quickly.
	Explore options. Placing out of classes in which they are already proficient allows students to explore a wider variety of academic options.
	Graduate on time. CLEP can help your child cross the finish line in four years, whereas most students now take six or more.
	Reduce student loans. CLEP can lower the burden of college loans by eliminating the cost for one or more courses.

While in High School Advance Placement (AP) credits can save time and money. The better your child does in high school can determine how long they have to attend college. Subsequently, the longer they attend college the higher the cost will be. How much money can you save if you took enough AP courses in high school to place out of five courses at a university? That would be the equivalent of an entire semester’s worth of work for a savings of over $15,000 for private school tuition. Is taking five AP courses in high school unrealistic? I think not so parents it is up to us to guide our children and ensure they are getting the most out of their high school years.

The cost of higher education is outpacing the rising cost of living by an incredible amount and only getting worse every year. I think our children owe it to themselves, and us, to receive a quality education at a reasonable cost. One way to control the cost of college is to be cognizant of how you can save money along the way and leading up to when your child enters college. Saving thousands of dollars now and not taking out massive student loans will start our kids out on the right foot in building wealth. An education should never feel out of reach and with some planning, hard work and creativity it can remain attainable.

Article by Eslyn