Color Magazine Online

The cost of education can be shocking: 58 colleges now cost $50,000 or more a year for tuition, room and board; private schools (Kindergarten through 12th grade) can have correspondingly, shocking tuition sticker prices; continuing education quickly adds up with courses costing $400 to $1,500 per credit. The soaring cost of education can be overwhelming, and paying the bill can be a huge challenge. But that doesn't have to stop you from getting the education you or your loved ones deserve. Here are some financing options to consider:

1. Conduct a broad, yet strategic, financial aid search and apply: Financial aid includes scholarships, loans or work. Sources of financial aid include the government (federal and state), educational institutions, corporations, religious or civic organizations, clubs and foundations.

Do not assume you are ineligible for income, investment, savings or academic reasons. Financial aid is intended to make education available for students in a variety of situations. The qualification factors vary, aid can be awarded based on financial need, academics, abilities, talents, demographics, memberships, essays, contests and competitions.

Be wary of financial aid or scholarship scams that require you to pay money for assistance to find funds for education.

In your hunt for financial aid, be organized and meet application deadlines!

2. Seek Employer Support: Employees may be eligible to receive partial or even full tuition reimbursement from their employer. Some employers may assist with reimbursing or loaning employees funds for educational expenses, even supplies like textbooks and computers. Companies may consider offering tuition assistance benefits to employees, especially if the education they are pursuing would bring expertise and value to the company.

3. Consider Local Offerings: Community colleges, high schools, or adult education centers may offer low cost or free courses.

4. Evaluate Online Education: Review online education programs and see if these meet your needs and goals. The costs of attendance of online education are often lower.

5. Enroll in a payment plan: Ask if the institution offers a tuition payment plan. Tuition payment plans are not loans. Rather than paying the total amount due in one lump sum at the beginning of a term, a tuition payment plan breaks down your balance into more manageable, monthly, (interest-free) payments. In addition to monthly payment plans, educational institutions may also offer other installment options.

6. Reduce the amount: Investigate ways to bring the overall cost down. Explore possible education income tax credits or deductions. Find out if there are tuition discounts available at the institution. Find out if you can take fewer courses to complete your program and therefore pay less. Try transferring credits or placing out of a course through previous college courses, prior professional work, real world experience or on the basis of national or institutional test scores.