August 29, 2014 1:06 am
Outstanding student loan debt has now reached $1.2 trillion, according to recent estimates from the Consumer Financial Protection Bureau. Yet there are ways to help reduce the amount a family or student has to borrow to fund a college education, if families start early.
1. Earn college credit in high school. Many high schools offer students the opportunity to earn dual high school and college credit, before college, through advanced placement (AP) courses. You can learn more about AP programs online.
2. Consider a community college. Average annual community college tuition and fees are less than half those at public four-year colleges and universities and one-tenth those at private four-year colleges and universities, according to a 2008 report from the National Center of Education Statistics.
3. Learn about college savings financial options. There are many different financial products to help save for college. Under certain circumstances, some colleges and universities lock in tuition for all four years. Even certain life insurance policies offer cash savings options to help pay for expenses such as college tuition, weddings, or starting up a business. Look for permanent or whole life policies with cash value accumulation options.
4. Research scholarships early. Scholarships are available for traditional and non-traditional students, but don't wait until senior year to research. Some require organizational membership, volunteer hours, or criteria that may take time for the student to be eligible.
Published with permission from RISMedia.