How to save $20,000

While a college education is one of the best investments you can make, many people are deterred by the cost. There are several ways, though, to beat the high costs of getting a college degree and still get a quality education.

Graduate early
To cut down on education costs, reduce the time you spend in college. You can save an entire year’s worth of college expenses by taking Advanced Placement (AP) courses and College Level Examination Program (CLEP) tests while in high school.

When you’ve completed AP courses, you can take nationally administered AP exams, which are graded out of five points each. If you score at least a three out of five, you will be eligible, most likely, to receive credit hours or college placement from your future university. That could make it possible to enter college at or near sophomore status.

CLEP tests are exams you can take for college credit. If you score well, you receive anywhere from three to 12 college credits. You can take up to 34 different tests, each costing $46, which is far less expensive than college or university tuition. Each college has its own policy on credit-by-examination, so contact the registrar of the college you wish to attend before you take a CLEP.

Go to a community college
While many students want to go away to college, others realize that living at home and attending a local community college makes good economic sense. The average tuition at a community college is $1,000 per year. If you are within driving distance to a community college and don’t have to pay room or board, you have the potential to save a lot of money. Many community colleges will also let you earn college credit while you’re still in high school.

Attend cyber college
You can get a college education without going to class at all. Colleges and universities are increasingly offering classes online, so you can get an undergraduate or graduate degree from the comfort of your own home. Costs are lower than attending brick-and-mortar institutions, too, because you pay minimal tuition and fees.

While there are all kinds of courses and training programs on the Internet, not all of them lead to a college degree. Make sure the courses you take are from an accredited college or university.

What you can do for your country…
By serving in AmeriCorps, a domestic version of the Peace Corps, you work on community-service projects, such as teaching computer skills to teenagers, tutoring grade-school children or cleaning up urban streams. In return, you get a living allowance, health care and child care, if needed. When you are finished with your term of service, you are eligible to receive an education award of up to $4,725, which can be used for paying current college expenses or repaying student loans. For more information, visit www.AmeriCorps.org.

…And what your country can do for you
Every branch of the United States Armed Forces participates in the Tuition Assistance and G.I. Bill programs. The Tuition Assistance program pays for 75 percent of tuition costs for any service member. With the G.I. Bill, those serving on active duty can receive money for college—up to approximately $24,000, if you qualify for all the benefits. Qualifying Reservists and Guard members can receive nearly $10,000 for school. The money can be used not just for college or university expenses, but also for certification programs, flight training, apprenticeships and approved on-the-job training and correspondence courses.

Call 1-888-GI-BILL1 (1-888-442-4551) for more information. A college education can be affordable for everyone, even if you have little or no income. The most important thing to remember is the earlier you start preparing for college, the more options you have. You’ll be glad you prepared well when you graduate from college and start the next phase of your life debt-free.

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