College is getting more expensive and coming up with the money to pay tuition costs can be a difficult. This article discusses some of the different option that people have for paying college tuition costs. Students will often need to scrape together family savings, work study loans, financial aid, grants, and scholarships. It is also common for Universities to offer some sort of tuition payment plan. This article also explains how people can spend money on tuition from 529 accounts. According to this article a family that has the money should try paying for tuition up front to avoid having to take out a loan. People could also consider spending from a retirement account like a 401(k), though there are risks involved with this approach. It might be a good idea to meet with a financial adviser to discuss different options for paying tuition costs.
See Beth Pinsker, It takes a village of options to pay college tuition, Reuters, April 7, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
