Free Money for College Part 5: Alternative Education Options

February 26, 2008 By Erica Barton

In this final article of its five-part series, I go over little known options for financing education, as well as cheaper options no often considered when choosing colleges. By being fully cognizant of all of your options, you may find your college degree costing a fraction of the “usual” college fees, and all without having to join a work program.

Studying Abroad:

When I was in my Junior Year of college (1998-1999), I decided to spend a year studying abroad in Dublin, Ireland. I transferred to Lynn University to attend their study abroad program at a cost of $16,000 for the entire year (an excellent price at the time). This price included my room, board, tuition, food, and even my books for both semesters. The dorm I lived in had students from all over the world, and those students attended colleges all over Dublin. My Irish roommate was attending Trinity College Dublin at the same time. When I first laid eyes on this esteemed school, I absolutely drooled. Not only was the place steeped in 400 years of history, but it was also beautiful in a way that made your heart ache. To my disgruntlement, I found out that another American student in the dorm was attending Trinity all four years at a cost of $4,000 US dollars per year, the same cost as my one year through an American college. Plus, his semesters were nine weeks long whereas mine were the standard 16 weeks used in the American system. Apparently, Trinity only charged “International Students” a fee to attend, but their students have to attend for all four years and could not transfer in. Were I to decide to attend Trinity, I would have had to start over as a freshman.

This is really something to think about before sending your child to a university. Not only could your student receive an excellent education studying abroad, but also the college could cost a fraction of what it costs in the United States, especially if you go to a country where the exchange rate favors the US Dollar or where the country gives a lot of money to their higher educational institutions. Your student could receive an advantage in a corporate workplace since they will gain a unique perspective into the culture of another country, and they will gain a new perspective on international politics. They could also spend less time in that country and more time at home since their semester would be shorter in another country.

If you do not wish to send your student to another country for four full years, you still may want to look into study abroad programs at your student’s college since they offer so many advantages. Such advantages include the possibility of spending less for the school the study abroad (because of currency exchange rates) while they still receive credit at a US college and can still get grants and scholarships. Plus, they would still gain all the other advantages mentioned above. Either way, here are a couple of books that can help you find scholarships for studying abroad: Financial Aid for Study and Training Abroad, 2006-2008, Grants Register: The Complete Guide to Postgraduate Funding Worldwide.

College Credit for Work Experience:

If your college student has any work experience, they may be able to get college credit for it. In fact, there are many colleges that will allow your student to take a simple test and gain as much as 30 credits in order to get their degree faster. The College Level Examination Program (CLEP) is one such exam that gives “credit” or “hours” to their participants and is accepted by more then 2,900 colleges. In addition, some colleges don’t require any testing at all and will simply look at the student’s verifying documentation. Each college has different policies regarding work experience, so check out the program at your local college to find out what free credit your student might qualify for to get their degree earlier.

Going to School for an Extended Period of Time:

Although most people would like to rush their students through college in four years, this is not always the best course for your student. They may end up getting a degree in something they don’t enjoy simply because they feel the pressure to graduate quickly, and thus end up in a job they hate. However, since there is no limit to how many times you can fill out a FAFSA or apply for grants and scholarships, it may be in your student’s best interest (and your financial best interest as well) to let your student attend half time for more then four years. This way, your student can continually apply for a wide variety of free money, have time to work should that be necessary, and be able to really figure out “what they want to be when they grow up.”

Continuing Education:

If you have a student that is dying to go to a four-year university like Harvard, why not discuss the possibility of attending that school’s Continuing Education program instead of its four-year undergrad program. A few years ago, my friend Marina informed me that she had transferred to Harvard’s Extension School and was taking their Continuing Education program towards a Graduate Degree for a cost of $620 per class. When you consider that the 2006-2007 year cost at Harvard was $43,655, you can see how a 99% discount might make attending Harvard later a more feasible option for your student, even if they have to attend another college first.

Being an Independent Student:

Although many students will not qualify for financial aid because they have parents who make “too much money,” a student can always apply for financial aid as an “independent student” and their parent’s income is not taken into consideration. Generally, the student has to be over 24 years old and not living with their parents, but in actuality, each school and each state has a different set of qualifying standards. When I was applying for financial aid to study abroad in Ireland, I found that the standard in California (my home state) was to have been living “on my own” for more then two years, and that to qualify, I had to prove that I “could not live with my parents.” However, when I applied through Lynn University in Florida, their standard of an independent student was simply that my parents could not have “claimed me on their taxes for the last two years.” Therefore, when your student is applying at a college, find out what that school’s requirements are to file as an independent student as this may net them a higher financial aid award.

Fee Waiver:

Whether or not your student qualifies as an Independent Student, they may be able to qualify for a Fee Waiver at their local school. In some cases, a fee waiver only waives the application fees to a specific college, but in many instances, the fee waiver will waive all college fees. Ask your local financial aid office about this program and you may find your college costs cut in half.

Community College First:

Although many students may have their heart set on attending a four-year university (and only a four-year university), you may want to talk to them about the possibility of going to your local community college first. Not only is it a huge savings in college fees, but I once had a four-year university professor inform me that they preferred transfer students to students who came directly from high school. Their explanation was that the transfer students had a better understanding of how to write a report and study for an exam, as well as having a better foundation in the course they were studying. At community colleges, the classes are smaller and so the students have a better chance at acquiring the teacher’s undivided attention. Plus, by transferring from a community college into a four-year university, you will be more able to afford a graduate program at a school of their choice…and excellent way to get a stubborn student to cooperate. Plus, the degree will be from the college they transfer to instead of the community college.

Don’t forget to read the first four articles as well of this series: “Starting with Pennies,” “Tax Programs,” “Hundreds of Grants,” and “Searching for Scholarships.” With all of these tools under your belt, anyone can get their degrees quickly at a fraction of the cost or for free.

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