| CNN WEB SITES:
How to keep college costs down
October 7, 1998
Web posted at: 2:08 p.m. EDT (1808 GMT)
Money-saving tips from Time magazine education writer Jillian Kasky:
- Start saving now
- Lower interest rates
Even though many parents and students are taking out loans and going into debt to pay for college, new federal legislation lowered the interest rate. "That money is now at a better rate and students can save up to $600 over 10 years if you borrow about $12,000," she told CNN.
- Pick a school in the middle of the country
"A lot of students tend to go to the east coast or the west coast, but the schools in the middle need to fill their seats and are willing to bargain a little" to attract good students.
- Negotiate the price
"High profile students," sought by more than one college, may be able to strike a deal by telling college "X" that college "Y" has offered more financial aid. ( 187 K/ 16 sec. AIFF or WAV sound)
- Pre-paid tuition
Most states allow parents to pre-pay tuition for colleges within that state. Such programs have tax advantages, too.