How to Creatively Pay for College in Bad Financial Times

It may have taken a while, but my middle child finally went to college. And he would chose a very expensive, private Christian College, but at this point, I am so happy that tuition is not an issue. This semester he is having to take out a full loan, however I have been researching creative ways to fund his future education, so neither he nor his parents will be broke and paying school loans till we turn 100!! Some of these ideas should be started years in advance, while others don't require much time, if any.

1) Often, grandparents have a fund set aside for their grand children. I discussed this with my parents, to make sure there was no such fund, and none existed. However a friend of mine paid for an entire year of her son's college before her parents reminded her that they had started a college fund years ago for her child.

2) Cash in your life insurance policy if it provides a cash value. This is sort of a catch 22 situation. Are you willing to either go without life insurance, do you have a back up life insurance policy or plan, or do you have enough time to gamble that you will be here long enough to rebuild your life insurance. We looked into our policy, but it was not paid out, so any cash we borrowed, would have to be paid back.

3) U Promise program. Florida has what is called the U Promise program. It is ran by private corporations, and companies. You sign up for the program, are issued a key ring card that you use to swipe when you make qualified purchases, and a percentage of your purchase price will be donated by the corporations into a savings account for your child. Now the fee is usually 1 percent, so at that rate, you would literally have to save for years to come up with any substantial savings for college. But if you are just starting out, the U Promise plan might provide at least a partial means to use to pay for your child's education. Check with your state to see if such a program exists in your area.

4) Parents think that if their child is not brilliant or a star athlete that they can not get scholarships. I have been fervently researching, and scholarships exist for everything from employee based scholarships, to health scholarships, to church affiliations, to hobby and interests. I joke that you can get a scholarships if your left toe turns inward, but this really is not a far cry from the truth. My son has eczema and there are scholarships for that. One of his asthma medication companies is even offering a scholarship based on essay submissions. Just be very careful and don't end up paying for information that you can get for free. One great site I have found is www.fastweb.com. The catch with this site, is that they seem to be paid for by ads from various colleges, so they will offer you an ad asking if you want more information. Simply check the no thanks box, and they take you to your desired search. It is also a good idea to sign your child up for the college board web site, the infamous site that handles the SAT and ACT college entrance exams. They send you various information about important deadlines, and college scholarships, fitted to a profile you fill out for your child. Just remember that most of these scholarships have deadlines early in the spring. As our son decided at the last minute to attend, this was not an option. but we are checking into every possible avenue for next fall.

5) Sponsors. I guess this would be similar to having a scholarship, but a relative of mine had a rich friend sponsor their child. Basically, a friend sponsored or paid for part of her child's tuition, because the child had similar career interests. No doubt, the child will probably end up either working for the company or doing an internship there. What a shame that I do not know any really, really rich people. Plus not many pastors. sacred music minsters, or youth ministers are rolling in the dough, and this is my son's chosen career path. However, sometimes a church will offer to sponsor or loan a student money. My church is much to small for this, but I am sure some of the larger churches in metropolitan areas, or mega churches would be willing to do this.

While any one method won't provide for all the education costs, combining them together just might. Search for your own means, because creativity is limitless, and any help with college tuition is greatly appreciated by all.