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3 On Your Side: Saving On Tuition Costs

jim-donovan-web Jim Donovan
Jim Donovan is a 13-time Emmy Award-winning consumer reporter w...
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By Jim Donovan

PHILADELPHIA (CBS) – As college costs climb, so does the amount of the nation’s student loan debt. Rather than taking out another loan, 3 On Your Side Consumer Reporter Jim Donovan looks at some other ways to cut college costs.

Almost 67% of college students who graduated in 2012 had loans, so it’s worth your while to look into other options. Tuition waivers and academic reciprocation agreements can help eliminate college costs just as easily.

For high school seniors awaiting acceptance letters or adults pondering a career change that requires further education, tuition costs can be a big factor in deciding where to go to school.

With Americans carrying more than one trillion dollars in student loan debt, Bankrate.com looked at some of the lesser-known ways to cut college costs, starting with state tuition aid. In addition to federal aid programs, states hand out billions in aid each year to qualified students.

Another route to consider is loan forgiveness for in-demand professions like teachers, health care and legal defense – either through federal or state programs.

Bankrate also says students should be aware of the Academic Common Market. It’s a cooperative between 14 southern states, Delaware and Maryland that allows students to pay in-state tuition rates outside of their home state if their field of study isn’t offered at a public university in the state where they live.

If multiple siblings are headed to the same college at the same time, contact the school’s financial aid office to inquire about a family discount, since some schools do offer them.

For more information visit:

Academic Common Market: http://www.sreb.org/page/1304/academic_common_market.html

Bank Rate: http://www.bankrate.com/finance/college-finance/7-lesser-known-financial-aid-programs-1.aspx

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