Before you do anything else, apply for financial aid. Even if you think your family earns too much to qualify, send in the forms. Then try these tips:
* Look for scholarships. Many colleges offer academic scholarships that aren't based on need. (See the Scholarship Search Wizard and "The insider's guide to scholarships.")
* Besides scholarships, apply for loans (which you have to pay back) and grants (which you don't). (See "Find free money for college" and "The insider's guide to student loans.")
* The Federal Work-Study Program provides jobs for students, encouraging them to perform community service and work related to their studies to help pay for education expenses. Many schools also have on-campus jobs that are not part of the program but offer tuition discounts and wages.
* Negotiate your aid package. At some colleges, as many as 75% of students who appeal their financial aid receive extra money.
* Programs such as AmeriCorps, Vista, the ROTC and the Peace Corps will help pay off student loans or provide funds during college in exchange for a service commitment upon graduation.
* Tax breaks on 529 plans and larger deductions also are available. Talk with a tax professional. (See "Uncle Sam will help pay for college.")
Pick up credits where you can
The more credits you can bring with you, the less money you'll pay to a four-year university.
* Take the first two years at a community college, which has lower costs and easy-to-transfer credits. Pick one that has an articulation agreement with a four-year university. It's quite common and specifies which community-college credits will be accepted toward a bachelor's degree at the four-year institution. (See "College for half-price.")
* If attending a four-year school, take summer classes at a community college near your home.
* Get college credit early. Many high schools offer college-level classes to prepare students for Advanced Placement exams. Some colleges also may let you take College Level Examination Program exams to receive college credit.
Paying for the basics: Eating and sleeping
The cheapest room and board is living with Mom and Dad. Commuting from home can save as much as $6,000 a year. But if you go away to school, try these tips:
* If your college requires you to live on campus the first year, don't automatically accept the three-meal-a-day food plan if you're not going to use it. Consider a once- or twice-a-day plan.
* Furnish your dorm room in early American thrift shop rather than new décor.
* Be a resident assistant. Typically open to undergraduates after freshman year, this job involves some work and a commitment to be on call at certain times, but it usually comes with a break on room and board. Plus, you can learn leadership skills for the post-college world.
* Ask your family to buy you a home. It's not such a crazy idea. If other students rent rooms in the house, the income could offset monthly mortgage payments. Families should make certain, however, that the property they purchase meets all of the requirements of rental property. Consult a tax professional.
