Category Archives: college costs

admissions, college costs, college guidance, college planning, college transfer, mom approved tips

Mom-Approved Tips: Questions parents ask about college

 

Questions parents ask about collegeOver the years, parents have cornered me and asked me questions about the college admissions process and their college-bound teens. While those questions are varied, and sometimes specific as they relate to their own circumstances, parents undoubtedly have questions about the college prep process and beyond. Following are some of the most common questions parents ask about college.

About choosing a college

How many colleges do you think my teen should apply to?

Here’s a good formula: 3 reach colleges (colleges that might be a reach but still attainable), 4 good fit colleges (colleges that are a good match for the student), 3 safety colleges (colleges that the student will be at the top of the applicant pool). Having choices also means the colleges are in competition, which translates into negotiation for you with the financial aid package.

What’s the most important tip you could give me about the college admissions process?

Find those “perfect fit” colleges. Do the research and evaluate choices based on student body, academic programs, college visits, location and financial aid awards. If the college is a good fit, they will value the student for his/her contribution to the student body. Those are the colleges you want in your application pool.

About financial aid

Should I fill out the FAFSA even though I think we make too much money to qualify for financial aid?

YES. YES. YES. The FAFSA is what colleges use to determine your EFC (Expected Family Contribution) which is used to determine the financial aid package. This package is NOT just federal aid. It’s composed of grants, scholarships and loans (much of which is merit-aid directly from the colleges themselves). If you don’t fill it out, your teen can’t get ANY of that money.

We can’t afford to pay for college, does that mean our teen won’t be able to go?

There are all kinds of ways to finance a college education: student loans, work-study, college grants and scholarships. Everyone qualifies for parent and student loans. But be wise about your borrowing and consider the best options. Paul Hemphill with Pre College Prep has come up with a GREAT way to attend college on the cheap!

About SAT scores

My teen’s SAT scores aren’t that great; will it affect their admissions chances?

The bottom line is that most colleges do look at those SAT scores. But, it’s just part of the overall picture. The best advice I can give is MAKE CONTACT with an admissions representative from EVERY college your teen is applying to. This PERSONAL contact can and will make a difference when the admissions application is reviewed. Do this by visiting and making an appointment to speak with them. Then hang on to their card and stay in contact until acceptance letters arrive.

About organization

My teen is so scatter-brained and we keep missing deadlines–how can I help them get organized?

Set up a landing zone for college material. Use a desk, a file cabinet, a bulletin board, and a wall calendar to keep track of deadlines. Start this freshman year and remind them that their floor is NOT the landing zone. Once they get used to bringing everything to that one spot, it will be easier to find, file and locate all the college related materials.

About dealing with rejection

What do you do when your student is rejected? How do you handle your feelings? How do you handle your student’s feelings?

When it arrives you may want to try and spin it into a positive. Resist that temptation. It’s upsetting to both you and your student. Allow some time to display the emotions related to the disappointment and the feelings of rejection. It’s only natural to feel them and it certainly hasn’t been the first or the last time your student will be disappointed. Parents take these letters personally. How dare they reject MY child! Our disappointment can often overshadow the feelings our student has. Be careful and don’t project your disappointment on to your student. He/she feels bad enough already; the last thing they need to feel is that they disappointed their parents by not getting accepted.

Every student reacts differently. Some might shrug it off (to your surprise) and others might see this as the end of their world as they know it. The hardest part of this whole college process is dealing with disappointment and rejection. All the truisms in the world won’t help at this moment. Hold them, hug them, and let them know that you feel their pain. Don’t spout off truisms like “it will be ok” or “you don’t want to go there if they don’t want you.” Your student needs the time to deal with their disappointment and move on.

Once the time has passed and your student is able to be objective, use this as a life lesson. Remind them that there is a place for them and that there is a college where they will feel wanted and accepted. Point out that life is filled with disappointments that often turn into opportunities and you never know what lies ahead on the path you might not have originally chosen.

Every child faces disappointment and rejection throughout their life and a parent’s goal should be to help them face those hurtful times with love and perspective.

About college discontent

What do I do when my student wants to drop out of college or talks about transferring during the first semester?

Before you say anything listen to their reasons. Don’t scream and yell, listen. Your student is upset and needs to voice how they feel. It may not be logical or even feasible, but they need to vent and you need to listen. Stay calm and approach this by treating them as an adult. Use reasoning first and see if that helps. Most freshmen get immediately homesick, especially if they don’t get along with their new roommate or their coursework is overwhelming them. Usually by the end of the first semester they have settled in and have made some friends. Usually.

There may be very good financial reasons for them to stick it out and then re-evaluate at the end of the first year. It’s rare that your student will use finances as an excuse to transfer, but if they do, be prepared to answer with a logical explanation.

Is there a friend or a boyfriend encouraging them to move back home or join them where they are? This is the worst reason. Help them to understand that they made the choice to leave and it’s time for them to move on with their life. Holding on to the past will only cause them to miss the benefits of the future. They may be adults but you, almost always, hold the purse strings.

In most cases, you should stand your ground—at least until the end of the first year. Tell your student that if he/she still feels the same way at the end of the year you can revisit the option. It’s my experience that most students, later in life, thank their parents for giving them some tough love when they needed it.

I’m not saying it’s easy to listen to their pain and not act. And in some instances their mental health is much more important than drawing a line in the sand. But you know your child and you will know when they are just too unhappy and miserable to remain where they are. In some cases, they just chose the wrong school.

college costs, financial aid, Uncategorized

10 Ways to attend college for free (or almost free)

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attend college for freeAs students begin applying to colleges, and juniors begin narrowing down their college choices, consider that there are many options available that allow your student to attend college for free (or almost free), excluding expenses like books, fees, and possibly room and board. But free tuition is nothing to scoff at. Many of these colleges cost upwards of $100,000 for four years.

Here are 10 ways your student might be able to attend college for free;

1. Get good grades and score well on the SAT

Many colleges offer free rides to valedictorians, top 10 percent, and other academic distinctions. High SAT scores help as well—where many colleges offer merit-based free tuition.

Students at Macaulay Honors College, part of the City University of New York system, don’t stress about the high price of tuition. That’s because theirs is free. At Macaulay and a handful of other service academies, work colleges, single-subject schools and conservatories, every student receives a full merit-based tuition scholarship for all four years. Macaulay students also receive a laptop and $7,500 in “opportunities funds” to pursue research, service experiences, study abroad programs and internships.

2. Be a PSAT Merit finalist

Scoring high enough on the PSAT to become a Scholar, a Finalist or a Semi-Finalist can equal big money at some schools-public and private. That means your student may only need to score high enough to make it to the last round; he or she doesn’t even have to be the last one standing.

Here’s a list of automatic (and full-ride) scholarships for National Merit finalists and semi-finalists: http://thecollegematchmaker.com/52-colleges-offering-full-tuition-scholarships-national-merit-finalists/

3. Win Scholarships

With work and a tested method (How 2 Win Scholarships) your student can cruise into college with multiple scholarships. Start early with the research, register on scholarship search sites, and look locally.

4. Work while you attend

There are several colleges that let you work while you attend and pay your tuition. In exchange for free tuition, students at the College of the Ozarks work on campus 15 hours a week. Possible jobs at this Missouri college include dairy farming and custodial work.

5. Pursue a specific career path

Colleges offer free tuition to students who pursue specific career paths or areas of interest. For instance, prospective students must audition for enrollment into Philadelphia’s Curtis Institute of Music. Those accepted receive full-tuition scholarships.

6. Use your location

A number of cities, counties, and states offer free tuition to students who either excel in their studies, or demonstrate a serious need.

7. Go overseas

Believe it or not, there are colleges overseas that offer free tuition to international students. For instance, students at KTH Royal Institute of Technology can get a free technological education at the Royal Institute of Technology. At Lund University in Sweden, you will not have to pay tuition fees.

8. Attend college online

Get free tuition from these online colleges and you’ll truly get a good deal. You won’t even need to pay for room and board! Andrew Jackson University,  Trinity College of Biblical Studies and The Diulus Institute allow you to attend college online for free.

9. Demonstrate need

Students who come from low income families can get free admission from numerous colleges and universities. Surprisingly, many colleges consider low income to be above the poverty level, so don’t think you won’t qualify. Check out each college’s income levels.

10. Serve your country

With a commitment to serve after graduation and acceptance to one of the nation’s military academies and some military colleges, you can attend college for free (and even get paid while you attend). And if you join the military before college, you can attend using the GI Bill after you are honorably discharged.

Following is an additional resource:

The College Solution listed colleges that provide 100 percent of need:

http://www.thecollegesolution.com/list-of-colleges-that-meet-100-of-financial-need/

 

college costs, tech gadgets, technology

Investing in a laptop for college

laptop

If you have a teen heading off to college in the fall, these upcoming weeks are a great time to get ready for college: like purchasing books and dorm room furniture and supplies to be ready for the first day of class.  And hopefully, many students received some of these supplies as graduation gifts.  One of the most necessary items to have before stepping foot on campus in the fall is a laptop.  Laptops offer supreme portability and efficiency, aspects which make them an essential item for all college students.

And parents, laptops have far more uses for your children than checking Facebook every ten minutes and playing online games.  With a laptop, students can easily and more effectively take notes during class and Skype their parents to tell them face-to-face how school’s going.  But there are so many laptops to choose from–how do you decide?

Fortunately, Parents Countdown to College Coach has a laptop comparison tool, powered by FindTheBest, that enables parents and their children to narrow down the best laptops for their needs and preferences.  With the widget below, you can sort through hundreds of laptops by price, display size, battery life, and Smart Rating (a single rating based on technical specifications and review scores from expert sources).  Also, if you want to narrow down the list, just filter the search by price range, display, battery life, and storage range, and also laptop type.  If and when you find the laptop that best fits your child’s needs (and your budget!), you can purchase it directly from Amazon, and it will be at your doorstep in a week or less.

[findthebest container_style=”width:520px;margin:0 auto;” width=”520″ height=”400″ style=”vertical-align:top;” src=”http://laptops-and-notebooks.findthebest.com/w/srp?new=2&w=520&h=400&amazon_id=parecountocol-20″ after_style=”text-align:center;” link_href=”http://laptops-and-notebooks.findthebest.com” link_style=”font:10px/14px arial;color:#3d3d3d;” link_text=”Compare Laptops and Notebooks”]

Also, a crucial accessory to have for laptops in college are headphones.  Whether your child wants to listen to music while he’s in the library, or he needs to watch a documentary for class while his roommate is asleep, this item comes in handy very often.  Like laptops, determining which earphones are right for them is a difficult process.  Check out the widget below to find and purchase the right headphones for your kids!

[findthebest container_style=”width:520px;margin:0 auto;” width=”520″ height=”400″ style=”vertical-align:top;” src=”http://head-phones.findthebest.com/w/srp?new=2&w=520&h=400&filter_by=Price&amazon_id=parecountocol-20″ after_style=”text-align:center;” link_href=”http://head-phones.findthebest.com” link_style=”font:10px/14px arial;color:#3d3d3d;” link_text=”Compare Headphones”]

 

college costs, college guidance, college planning

Oh Canada–heading north for affordable college

 

mcgill university
McGill University-Canada

With American college tuition rising and families feeling the economic pinch, universities in Canada are becoming more and more appealing. Graduating with student loan debt is forcing students to look north to Canada for a more affordable education. That’s right–Canada!

According to the Institute for College Access and Success, the number of U.S. students at Canadian colleges rose 50 percent in a decade, and now about 10,000 Americans attend Canadian colleges. The institute reports that graduates from an American university can expect, on average, to carry more than $26,000 in debt; and 9 percent of those graduates default on student loans within two years.

Compared to American universities, Canadian colleges clearly offer a better bargain (costs for one year of tuition):

  • University of Chicago – $45,945
  • George Washington – $45,780
  • Stanford – $41,250
  • McMaster (Hamilton, Ontario) – $20,966
  • McGill – $14,561
  • University of Winnipeg – $11,115

The overall costs are significantly lower with the added benefit of American students allowed to use college savings plans and U.S. student loans. Many universities also offer scholarships as well.

Continue reading Oh Canada–heading north for affordable college →

admissions, college apps, college costs, college guidance, college housing, college majors, college planning, college visits, dorm life, financial aid, parenting, scholarships, student loans, test prep, tutoring, Uncategorized, websites

Comprehensive List of College Info Websites

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college planning

Here’s a current comprehensive list of my picks for college info websites. Do you have any additional suggestions?

COLLEGE BLOGS

ParentingforCollege.com–You will find the MOST information ere olege news. Come here first to find the latest and bhest tools to hn our blog: college guidance, college planning, college coaching, and colelp you navigate the college maze.

TheCollegeSolutionBlog.com–An excellent resource for college-bound teens and their parents: admissions, testing, and financial aid.

UniversityLanguage.com/blog–Great blog articles about everything related to college admissions geared toward students.

GreatCollegeAdvice.com/blog–An excellent resource about the college admissions process providing expert advice helping students map their college journey.

USNews.com/Education–The education channel of U.S. News and World Reports providing the latest news and information related to college.

CollegeBasics.com–An excellent resource for information about college essays, college applications and high school resumes.

InsideHigherEd.com/blogs–Several different blogs related to higher education.

CollegeAdmissionsPartners.com/blog–An expert blog dedicated to helping students find the right college.

CollegeFocus.com/colleges–A virtual clearinghouse of blogs related to college life, parenting, college searches, etc.

Road2College.com–You can find just about any topic related to college prep at this site: financial aid, college planning, student loans, test prep, and more.

PARENT SITES

UniversityParent.com–A site where parents can ask questions, gather information, and download and view college guides and campus newsletters.

CollegeParentCentral.com–A blog created to give parents useful information about college and the college admissions process.

YourCollegeKid.com–A site with parent forums and other college prep tools.

CollegiateParent.com-A site dedicated to providing parents with information for their college students.

FINANCIAL AID

Fafsa.ed.gov–The official government website for the Free Application for Federal Student Aid.

SallieMae.com/plan–A FREE education investment planner that will help determine college costs, compare college costs, and provides information about student loan repayments.

SavingForCollege.com–Everything you need to know about financing a college education.

FinAid.org–An excellent resource for the answers to all your questions regarding college financial aid.

CollegeFinancialAidAdvisors.com–Help with the college financial aid process.

SCHOLARSHIPS

Fastweb.com–An extensive scholarship search website with a massive database of scholarships, along with articles and helps designed specifically for parents.

Chegg.com–A free service for students and parents where students can showcase themselves, connect with colleges, and search for scholarships.

Cappex.com–The place to go to find merit scholarships and academic scholarships from colleges across the country.

Scholarships.com–An extensive scholarship search engine that helps you search and schedule alerts for deadlines.

How2winscholarships.com–A guide for parents and students on how to effectively apply to and win scholarships.

COLLEGE VISITS

SmartCollegeVisit.com–Created to provide information about college visits, help parents and students plan, and view personal accounts from both parents and students.

CollegeWeekLive.com–A virtual college fair that sponsors free LIVE events with archived presentations, student chats, and college booths.

Youniversitytv.com–Learn about colleges by watching video tours, chat with students on campus forums, post questions and get answers.
CustomCollegeVisits.com–Offer custom tailored to your family’s needs, whether you’re visiting college & university campuses close to home, across the country or from overseas.

COLLEGE PLANNING

Cappex.com–A site created for students to help them simplify their college search, create a profile and search for scholarships.

CommonApp.org–The common application site used by 400 colleges and universities across the country.

PrincetonReview.com–The best value colleges list for public and private institutions across the country.

UPromise.com–UPromise partners return a portion of eligible purchase money back to you. Those earnings accumulate in your Upromise account until you decide to use it to invest in a 529 plan, help pay down eligible student loans or assist with college expenses—all tax-free!

CollegeBoard.com–It’s here you’ll find the CSS Profile application (required by many private colleges), register for the SAT, and read articles about planning for college.

CollegeXpress.com–A search site that groups colleges in categories and provides college “hot” lists (i.e. top college for late bloomers, colleges for students needing a second chance)

VolunteerMatch.org–Find local volunteer opportunities for your college-bound teen and teach them about the importance of giving back to their community with the added bonus of adding that service to their high school resume.

KnowHow2Go.com–A college planning site for college-bound students providing helps and aids from middle school to senior year: interactive and fun!

 BigFuture.collegeboard.org–A planning tool to help parents and students get ready for college.

TEST PREP / TUTORING

TutorsForTestPrep.com–An SAT expert and coach offering tips to help your college-bound teen improve their SAT/ACT scores.

FairTest.org–The site for the National Center for fair and open testing providing information about colleges who do not use the SAT/ACT for admissions decisions.

QuincyTutoring.com–A resource to find a tutor and schedule a tutoring session.

LaunchpadEducation.com–Tutoring to help students with learning disabilities and ADHD.

TEXTBOOKS

ECampus.com—Find textbooks, sell textbooks, search for college supplies and college apparel all on this one site.

Chegg.com–A hub for students to compare textbook prices, study for exams, and choose the right courses.

RECRUITING

NCSASports.org–The college recruiting site for athletes.

BeRecruited.com–If you have a teen that’s a student athlete, they can create an online profile here and help colleges and coaches find them and be recruited.

college costs, financial aid, student loans

Taking on student loans the smart way

 

Student loansThe May 1st college deadline is quickly approaching and parents and students are making decisions about financial aid packages. Most likely, those packages will include some form of student loans–either Stafford or Perkins. Colleges also provide parents and students with private loan options to supplement the government aid when necessary.

No one wants to graduate from college loaded with debt, yet 60 percent of college students and their families borrow money each year to cover ever-rising tuition and fees, according to American Student Assistance. That’s because the average private college charges close to $40,000 a year for tuition, fees, room and board, while state universities average just over $17,000 a year. Out-of-state students at public four-year schools fall halfway between those costs, averaging just under $30,000 for the 2011-2012 school year, cited US News & World Report.

Financial aid — merit-based and need-based scholarships, grants, work-study programs and loans — has become a reality for the majority of college students.

A New Way of Life

The process of finding aid begins with completing the Free Application for Federal Student Aid (FAFSA) to determine expected family contribution (EFC) based on family income and expenses. There are 63 universities in the U.S. that claim to meet 100 percent of students’ financial need, as determined by the FAFSA. The cold hard truth is that the majority of students don’t attend these colleges and will need some form of financial aid.

Protect Yourself

While working through the process of acquiring funding for college, remain mindful of identity protection. Your soon-to-be college student can be especially vulnerable to identity theft because his or her personal data is easily accessible through grade postings, credit card applications and online transactions, according to the Dept. of Education.

Here are some ways to protect the identity of your student:

  • After completing the FAFSA, log off the page and close your browser.
  • Don’t use paid financial aid services that operate over the Internet or by telephone. The Department of Education offers its services for free and pages containing your private information are password-protected.
  • Do not reveal the FAFSA personal identification number (PIN) to anyone, even if that person is helping you fill out the form. The only time you should use your PIN is on secure websites.
  • Shred receipts and copies of documents with student identity information if they are no longer needed.
  • Review financial aid award documents and keep track of the amount of student aid applied for and awarded.
  • Make sure your student reports all lost or stolen identification (such as your student ID card) immediately.

Forgiveness

When your child graduates, the payoff amount on the loan may seem crushing. But your child has options: student loans, especially those connected to postgraduate professional education, sometimes can be paid off through public service. In 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to work full-time in public service jobs. Borrowers who have made at least 120 payments on eligible federal student loans may qualify for forgiveness of the remaining balance while employed full-time by certain public service employers, according to StudentAid.gov.

If public service isn’t an option, loan repayments can be accomplished more easily by paying off private student loans before paying off federal loans.

Be Smart

Only borrow what you can afford to repay. There are numerous sites that provide student loan repayment calculators. Know your options before you borrow and educate yourself on student loan repayment. Research salaries for your career choice and always estimate using entry-level figures.

 

college costs, college guidance, financial aid

Tax deductions for college students

 

college tax deductionsCollege students that don’t work probably don’t need to file taxes, especially since most student loans are considered to be non-taxable (provided they are used for qualified education expenses) rather than income. And yet, there are a few reasons why college students may want to file an income tax return, mainly as a way to see some money back thanks to deductions. Of course, students that have a job (part- or full-time) will certainly want to file. But either way it’s important that they know which deductions may be used without raising red flags. And as a parent you can not only help to ensure that your students receive all the money they’re due, but you may also want to look into deductions that you can take in relation to college expenses for your kids. Both students and parents can save when college is a household expense. And here are a few helpful tips to help parents determine tax deductions for college students.

The first deduction that students should know about is the American Opportunity Tax Credit. It is available only to students that have less than four years of school under their belt, that enroll in one or more semesters of school within a tax year, and that maintain half-time status or better in a degree or credential program. It is available to eligible students for each year that they meet the criteria of the credit, and students may claim up to the first $2,000 of applicable expenses (tuition, books, equipment, etc.), as well as 25% of additional expenses (up to a total claim of $2,500 for a tax year). Similar to this is the Lifetime Learning Tax Credit, which allows students to claim 20% of qualified college expenses, up to $10,000, leading to a credit of $2,000. However, these two credits may not be claimed in the same year, so any students eligible for the American Opportunity Tax Credit should use it since the deductible amount is higher.

Students that find they are not eligible for the credits listed above (due to the number of years in school, the amount of money they or their parents earn, or felony convictions, just for example) may instead choose to deduct any tuition and fees they pay out of pocket, up to $4,000. Since this tax break is slated for termination at the end of 2013, now is the time to use it. In addition, any students that have started to pay back their college loans may deduct up to $2,500 in interest payments. Again, these types of deductions cannot be combined with others of the same type, so students need to consider each carefully before deciding which will be most beneficial.

As for parents, they may also claim any of the deductions listed above provided they are making applicable payments on behalf of dependent students. This, of course, can get a little complicated when it comes to the interest payments on student loans. In general, parents should expect that they will not be able to claim this last one for loans that are in the student’s name, even if they’re paying off the debt. It’s no surprise that federal income tax forms are complicated, and any time finances are co-mingled, as with parents paying for student expenses, claiming deductions can be tricky. You need only call the IRS or contact your tax prep specialist to ensure that you and your student get all the deductions you’re due.

college costs, dorm life

College meal plan–to buy or not to buy

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college meal planWhen you send your kids off to college you’ll start to worry about all manner of things. Will kids stick to their schedule, attending class and getting their homework done in a timely manner, or will they fall in with a party crowd and neglect their studies in favor of social pursuits? Will they get enough sleep and pay attention to their physical and mental health? Will they use proper protection (condoms, for example, or pepper spray, should the situation call for it)? Will they employ a buddy system at parties, designate a sober driver, and avoid open containers of alcohol? These are all questions that plague parents sending their kids off to campus. But you also have monetary concerns to contend with, and these include tuition, books, and living expenses. So while you may be concerned about your kids’ eating habits on campus, the meal plan could seem like just one more expense. The question is whether or not the college meal plan is worth the purchase price.

Consider the options

The first thing to consider is that there are usually a couple of different options when it comes to meal plans. One type will provide students with a set number of meals in a week (ten, for example) while others provide for a set number of meals per semester. Or you may have access to a flex plan or a declining dollar plan that simply allows you to put a set number of meals or money on a student account that your kids can use at any time during the semester.

However, you should be aware that most meal plans are of the “use it or lose it” variety. This means any money you put towards meals for your kids will not carry over from one semester to the next. And often, the plans that come with a specific set of meals per week won’t even carry over from one week to the next. They may come with other limits, as well, pertaining to how often meals can be purchased within certain time spans, so that your kids can’t use their accounts to buy a meal for themselves and their friends, for example.

Are meal plans worth the cost?

Now, the real question is whether or not you’ll save money by opting to pay for a meal plan. If your students have little to no disposable income and you are unwilling to provide them with cash or access to credit cards, then a meal plan is probably a good way to ensure that they are able to eat during their time on campus. So long as they use all of their credits you will likely save money over other dining-out options. However, if you know that they are likely to dine out with friends, allowing their meal plan to lapse, then you’re simply throwing money away. Flex-type accounts may allow students to purchase items other than meals, such as snacks or other grocery items (laundry detergent, for example), so this could be a good option to ensure that all the money you contribute to the account is used.

How often will your student use the meal plan?

Many college students who purchase the meal plan rarely use it. Students snack in their rooms, skip meals and often go out with friends. If your kids aren’t interested in on-campus food options, or they’d rather try to do dorm cooking with the help of menu planning at emeals.com, then perhaps you’ll want to skip the campus meal plan. Just keep in mind that many schools require meal plans for students living in dorms, in which case you’d better impress upon your kids the importance of taking advantage of these “free” meals.

 

college costs, financial aid

5 Creative ways to finance a college education

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financing collegeAs a parent, you are probably willing to go to great lengths to ensure that your kids make it to (and through) college. You have no doubt tried hard to instill in them an understanding of the different options available to them should they complete a degree. And if you’re like most parents, you’ve likely been contributing to a college fund and you plan to help support your kids during their time in college. But even so, you simply might not have the money on hand to cover all the bills. Between tuition, books, a dorm, and other living expenses, you’re basically supporting two households–a tall order for any parent. So your children might have to take out loans, get a job, and find a few other creative ways to get the money required to pay for their education.

Here are five creative ways to finance a college education:

1. Crowdsourcing.

Random strangers probably aren’t going to help your kids pay for tuition and books. But their loved ones might be willing to kick in, especially if they stand to see a return on their investment. The way crowdsourcing generally works is that a business presents an idea to the public, which then decides if it will move forward via their donations (talk about putting your money where your mouth is). In return, those that donate may get free product, swag, or even cash back with interest (like a loan) when the idea comes to fruition (and to market). Your kids could make the same deal with aunts and uncles, grandparents, and so on. The real upside is that they’ll likely get better interest rates and more lenient terms all around than banks might offer.

2. Grant money.

Many kids apply for scholarships offered by their school and by outside organizations, but many forget that they can also apply for grant money (like the Pell grant) as a way to get additional funds for their schooling. These offerings are generally need-based, so your earnings could play a role in whether or not kids are able to get grants. But it’s definitely worth a try since they do not require repayment.

3. Scholarships.

Most families don’t realize that millions of dollars in scholarship money goes unused every year simply because students aren’t doing their homework to find available funds that they qualify for. Although your kids may be busy with their studies, they won’t be for long if they can’t pay their tuition. So encourage them to sign up for sites like Fastweb, Zinch, and Scholarships.com. If they apply for just one scholarship each week their odds of winning greatly improve.

4. Save everywhere.

There are so many ways for students to save money that they have no one to blame but themselves if they’re paying full price for anything. Textbooks, for example, can be purchased at a discount online (on sites like Chegg, PhatCampus, and so on) or even rented for a semester at a fraction of the cost of new (at BookRenter, eCampus, etc.). They can get numerous discounts using their student I.D., as well; all they have to do is ask to get deals on travel, entertainment, and food. This won’t exactly allow them to earn more money, but it can definitely help them to save some and put it towards college expenses.

5. Consider using other funds.

Suppose you have received structured settlements. You might want to consider selling the structured settlement for a lump sum (there are companies that buy them) as a way to send your kids to college. Yes, you will lose some money in the long run, but if you’re able to avoid student loan payments (and the interest that comes with them) it may just even out.

Get creative with college funding, especially with money that won’t have to be paid back. Don’t, however, use 401K money to finance college. It’s a poor financial decision and compromises plans for your future.