Many factors, such as your financial status and your child's academic record, determine the out-of-pocket cost of your child's college education, but most important will be your knowledge of available resources. Most everybody knows that academic and athletic achievements can lead to scholarships. Many are also aware that there are a number of federal and state aids that help low-income families fund their children's education, but many people are not aware of some of the programs and tests that can give any student, regardless of family income, a low to no-cost start at a college degree. Here are some of the most valuable resources to help launch your child's education.

Testing

Advanced Placement

If your child is academically inclined, she may have the option of taking advanced placement (AP) courses at her local high school. These classes are usually intense versions of the honors classes available at the school. The best advantage of taking these classes is that the student can take a test that may be accepted as credit at the school in which she chooses to enroll. Aside from giving the student a chance to earn college credit while in high school, these classes offer the student a chance to properly prepare for the intense coursework that can be expected at the university level. Normally, the student is tested at the end of the semester or school year. Many advanced placement tests require a testing fee, they generally cost less than one semester credit hour at a community college. Some schools will reimburse the testing fee to students who meet certain eligibility requirements. Whether your student is eligible for free testing or must pay the testing fee, such tests can save as much as 75%-85% on normal tuition costs.

CLEP

The College Level Examination Program is an exceptional way for anyone to save money on a college degree. Whether you are looking to find a way to fund your child's degree, or you are an adult looking to minimize the time needed to complete your degree, you can register to take a CLEP exam at a nearby testing facility. CLEP exams cover specific college subjects as well as general college level subjects. As with the AP exams, the cost of a CLEP exam can be significantly lower than registering for and paying tuition for a class at the university. In fact, military members are eligible to take CLEP exams for free. A CLEP exam can be particularly beneficial to a high school student who has just completed a specific class in high school and feels confident in testing out of the subject. Many libraries offer CLEP study materials, though you can purchase them at most bookstores for a reasonable price (or you can be a true bargain hunter and hunt down a used CLEP study manual, which is usually easy to do considering many people use them only to study for the exams, then sell them at a fraction of the cost).

DSST

DANTES Subject Standardized Tests are similar to the CLEP tests. The DSST were originally developed to offer members of the military a way to earn college credit by taking examinations on subjects for which they've gained experience or formal military training. These tests are available to everyone, though, and you can usually order and take the tests at local testing facilities. As with CLEP and AP, a good understanding of the subject should precede the test. The DSST tests cover subjects such as college mathematics, English composition, and other more specific subject areas, such as business finance. The cost of a DSST is usually less than one semester credit hour at a community college, making it a great way to save money on tuition, as well as expediting a college degree.

Dual Enrollment

Before your child reaches the ninth grade, be sure to check out the colleges and universities in your local area. Many community colleges have agreements with the local high schools that allow students to take college level classes that satisfy both the high school's and the college's graduation requirements. In short, rather than taking the regular courses offered by the high school, the student will be taking the college level classes while still finishing her high school diploma. This program is called, "Dual Enrollment," but in some states, it is called, "Running Start." In most cases, the student is required to pay for the college books, but the tuition may be paid for by the state. There have been many students who have graduated high school with an Associates Degree because of this program. This program, by far, is one of the most cost effective ways of ensuring that your child gets a 'running start' on a college degree. Even though your child may be required to purchase her own books, a savvy shopper can find used books for a much lower cost, and can more than likely resell the books to recuperate a substantial amount of money. This program alone can cut the costs of a four year college degree by as much as 50%.

Taxes

Taxes can be really complicated, so here is just a quick tip. If you are paying for a college education for either yourself or a dependent, you may be eligible for either a Hope or a Lifetime Learning tax credit. These tax credits can be as much as $1500-$2000 per year. Be sure to review these credits when you begin to file your taxes.

Payment Plans

Don't think that the only way to pay for college tuition is to pay a lump sum or to take out a loan. Most colleges offer a wide assortment of financial assistance, and one of the options available at many of these colleges is a payment plan. While a grant or a scholarship would be more desirable, these options are usually not always available to every student wishing to garner a college degree. Payment plans are not loans, so they are usually interest free, which surely beats paying back a loan. These payments are usually spread throughout the school year, so the payments can be a fairly painless way to fund an education. If the student works part-time, she can offset the costs by paying a portion, if not all of the monthly payments. This type of funding can be a great way for a student to learn through both a college education and life experience. She might be better equipped to transition from student to working adult if she is helping to pay for her own college degree. Also, if the student is helping to pay for her own education, she will be more apt to take her own education very seriously.

Some Points To Consider Regarding Testing

• Though CLEP, DSST, and AP are significantly cheaper than general tuition costs, not all colleges and universities accept all of the tests. One of the best ways to ensure that taking these tests will be beneficial to the student would be to contact all of the possible colleges that the student will be attending to ask which tests are accepted as college credit.
• Though a school may accept these tests for college credits, many of the schools vary on what they deem an acceptable score. For example, a community college may accept an Advanced Placement test score of 3, while another university may require that the student score at least a 4 before using that test score as college credit.
• It is very important that the student reviews associated study materials before taking a college level test. These tests are used as a way to allow people who are sufficiently well versed in certain subjects to by-pass having to take the entire course again in college. Though a high school student may earn top scores in a specific subject, such as algebra, the college level material is usually a bit more in depth. Setting a good study plan to review the associated materials is highly recommended, and though it will not guarantee success, it still exponentially increase the likelihood of passing the standardized tests.

Additional College Saving Tips

College texts can costs hundreds of dollars themselves. It isn't a bad idea to search for used versions of required texts. Be very cautious, though, when buying certain used books. If you are going to purchase the books online, you are taking a chance at receiving a book with missing pages, or missing supplemental materials, such as CD's and additional workbooks. Also, when looking for used books, be sure you identify the actual ISBN of the required text. Many scholastic texts have very similar, if not identical titles, and furthermore, many of them have several editions.

Don't count out the job market. If a student expresses an affinity for a specific profession, there may be a way for her to earn tuition assistance through the employer. Though she might not start out at the desired position, she can gain experience in the company while garnering a college degree at their expense.

Summary

Financial aid and scholarships are available for all students, though the degree of assistance depends on a number of circumstances. Aside from the traditional routes of funding a college degree, testing, and dual enrollment programs can greatly offset the costs of a college degree while giving a student a head-start on that degree. The most important thing anyone can do to decrease the costs of an education is to become knowledgeable of all the available resources. Be sure to talk with financial advisors to find out what types of programs are available to students. Many resources go unused simply because people are not aware that they are available.

A college education is not impossible, no matter what the financial situation of the student is.