6 ways to help pay for college

Who isn't looking for a little extra money for college?

After you've maxed out scholarships, work study, federal student loans, your parents' savings and your own savings, here are six ways to help pay those college bills:

- advertisement -

1. Apply for college credits. By taking advanced-placement classes in high school, then earning high enough scores on a variety of standardized tests, you can earn college credits. "What people don't understand is how much money this can save you," says Ben Kaplan, author of "How to Go to College Almost for Free," who racked up enough college credits that he was able to enter Harvard as a sophomore -- saving himself about $30,000.

Even a single test can slice "over $7,000," he says.

Scope out your prospective schools to find out what subjects merit advanced placement credits and which tests they require.

"Some schools award credit for everything and a lot of it," says Kaplan. "Others are really stingy. Two comparable schools might have different policies that could make a difference of $15,000."

In high school, Kaplan was strongly considering Harvard, which accepted AP literature, but not AP composition. So he took AP lit. It "seemed more accepted and helped me save some money."

2. Brainstorm. Are there any hobbies, interests or talents you have that might make you more valuable to your school? L.D. Ross, father of two daughters in college and senior program manager for District of Columbia College Access Program (DC-CAP), remembers the son of a friend sweating over the last $10,000 in tuition for an Ivy League school.

The young man played an instrument well and learned there was a need in the college symphony. He tried out and got the position, along with the scholarship money. While he knew he'd be majoring in a completely different subject, as long as he stayed in the orchestra, he could keep his scholarship.

Keep an eye out for scholarships that will let you apply each year or semester, Ross says. His daughters both worked for a business that allowed student workers to compete for a $500 scholarships every semester. They have to maintain 3.0 gradae point averages and work a certain number of hours every year, he says. But for the cost of a little extra work on their breaks, his girls have access to another source of college money.

3. Revisit the financial aid office. "If you're facing the semester and the bill is something you cannot handle, go back to the financial aid office and lay it out," says Kathy Kristof, author of "Taming the Tuition Tiger."

Be specific with what you want. Say, "I'm short this amount of money. What can you do for me?" she says. There might be a school-based loan or a grant they've found. Or they may have gotten additional aid

Financial aid packages are negotiable, says Ross.

Kristof agrees. "You have to go in and you have to ask," she says. While many people are hesitant to discuss money, this is no time to be squeamish. "Get over it because this is Intro to Life 101," she says.

4. Inquire about a payment plan. If you can't quite make the money fit the bill, and you're already contemplating a loan, first "go to your college and ask them to set you up on a payment plan," says Kristof. If you can't come up with $6,000, ask if you can pay them $500 a month, she says. "It means you don't pay interest on the debt."

"Generally, it costs about $50 to sign up and you're done," Kristof says.