How Will You Pay for Your Baby to Go to College Now?

By Yodit Gebreyes

Due to the recent credit problems from the economy many parents will need to think of alternate means for monetary funds rather than college loans to get their children through school next semester. With higher costs to borrow money for popular fixed rate loans many college students are out of luck when trying to stay out of debt. Unfortunately many banks and other financial intuitions have to raise fees due to the credit crisis.

As a student I understand that paying for college is not always a walk in the park for many people trying to attend the school of their dreams, but there are some other ways to fund you or your children without being effected too much by the current state of the economy.

Below are some ideas on how to get the most bang for your buck from Bankrate.com

#1 Accelerate your degree

Accelerated classes cram a semester's worth of material into six- or eight-week sessions. The classes, while intense, can really help to move up your graduation date. You land the degree you want at a much lower price.

#2 Be a transfer student

Consider the power of credit transfer.

In many cases, credits earned at a less-expensive college or university can be transferred and applied toward a degree from a pricey, elite school. You could earn a prestigious diploma at a fraction of the price.

So why not attend a community college for a couple of years and then transfer to your dream college? It's not as if the fancy diploma you'll hang on your wall will say "transfer student."

#3 Go where you're wanted

Somewhere out there is a college or university that's dying to have you as a student. Find that school, fire off an application and watch the cost of your college education drop.

Not sure where to start your college search? Begin by checking out smaller, regional colleges in your area. An excellent but less-known college may be searching for a student just like you.

#4 Choose a tuition-free school

Overwhelmed by tuition prices and the prospect of paying massive student loans after you graduate? Why not attend a tuition-free school? You get the college education you want without the hefty price tag. The catch? You may have to work. Some schools require students to work 10 to 15 hours a week on campus and in jobs related to their majors.

#5 Get a sponsor

Can't quite swing the cost of college? Federal student loans are the best way to go when borrowing money for school. The government sets the maximum rate of interest and any qualified federal loan lender is able to charge less, such as MyRichUncle. The company provides federal Stafford , PLUS and Graduate PLUS student with upfront interest rates that start at repayment. There are no minimum numbers of on-time payments to qualify and this interest rate cut will never be taken away from the borrower, so long as they don't default of their loan.

#6 Lock in tuition

Can't stand the way college tuition keeps shooting up? Consider locking in a single tuition rate for four years.

The tuition rate you pay as a wet-behind-the-ears freshman is guaranteed until you graduate. No more losing sleep over skyrocketing tuition costs.

#7 Work off debt with community service

Got your degree? Why not do some good and wipe out a big chunk of education debt at the same time?

Recent college grads can cancel part or all of their federal-education debt by working in public-service jobs -- lower-paying professional jobs that serve low-income communities -- or by volunteering.

Loan-forgiveness programs are available to everyone from teachers to nurses to young doctors and lawyers to Peace Corps volunteers.

#8 Never give up on scholarships

You don't have to be a great student to land a big scholarship. Unless it's strictly an academic scholarship, your grades don't really matter. As long as your grades make the cutoff, often a 2.5 GPA or higher, you have as good a chance as any applicant of bagging a scholarship.

And there's no reason your scholarship search can't continue through four years of college.

Even with the recent credit crisis, these alternates for monetary funds should be able to make sure your child has a great chance to attend a college without you worrying about how it will get paid for.