With college students returning to classes in droves over the coming days, many parents are still scrambling for ways to cover the cost of higher education. A tough economy and stiffer lending requirements is putting the squeeze on some families, forcing some people to turn to high interest rate credit cards to pay for tuition.

Even the age-old fall back, home equity, has fallen on hard times as housing prices plunge and parents find that what little money is available to them won’t pay for tuition or the interest rates being charged are causing some to pause.

Worse yet, are those lenders who’ve you dealt with in the past who are no longer writing student loans or have ceased business altogether. This has been especially challenging year for families looking to renew a relationship with a lender they like only to learn that it isn’t business as usual for them.

Searching For Student Aid

Even as classes get ready to start, it might not be too late to secure funding for the 2008-2009 academic year. You’ll have to move quickly though as the number of applicants is up while the number of lenders is down — private student loan lenders are definitely being stretched. Here are some tips to help you secure financing this year:

Search Around – Our sister site, SayStudent.com, offers excellent tips and advice on how to find private student loans. Download a free copy of the free Student Loan Aid Booklet to help you get organized and track what you need.

Consider PLUS Loans — PLUS loans or Parent Loan for Undergraduate Students allow you to borrow up to the full amount of college tuition minus any financial assistance. With a fixed APR of 8.5%, this rate is much lower than a credit card and slightly below what some private student loan lenders are charging. With a PLUS loan, just remember that you are responsible to repay it, not your student.

Contact Financial Aid — Your college’s financial aid office can help you out by sharing with you a list of recommended lenders. Be careful as some schools work closely with lenders receiving contributions from them in order to be included on their list. Shop around!

Payment Plans — Some schools will allow you to make payments over the coming academic year, understanding that students might be very limited when it comes to paying for their education. Usually offered interest fee, you may have to pay an administrative fee which is typically set at $50.

It certainly is a tough year for some families, requiring parents and students to work together to find a way to pay for education. If your financial condition has worsened since your child first entered school, you could be eligible for additional relief. Contact the college’s financial aid department to find what your options are.

Tags: PLUS loans, private student loans, stafford loans, student aid, student lending

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Here’s a thought: you’re in college and are frustrated with your major, even dissatisfied with your school. You’re contemplating quitting, perhaps heading out to the work world in pursuit of a career and some money. After all, Bill Gates never finished college and look where that got him.

Though entertaining thoughts of quitting college can certainly be appealing, it could leave you vulnerable. Specifically, you may end up being passed over for a promotion simply because you didn’t finish college.

Co-Workers Say They Know Someone Who Was Passed Over For A Promotion

In a recent study conducted by eLearners.com and Kelton Research, respondents were asked several questions about employment, specifically their personal knowledge of the work environment. 19% of the people surveyed revealed that they knew of at least one person who didn’t get a promotion for not having a college degree, with 13% saying that they knew of a co-worker who didn’t get promoted because their education level was less than desirous.

“The statistics from this study confirm what has widely been known, not only is a degree critical to getting a job, but it is also key to advancing in one’s career,” said Terrence Thomas, EVP Marketing Operations at EducationDynamics. “And given the current economic climate, a degree might be needed just to keep your job.”

People Surveyed Admit That A Lack Of Education Has Hurt Them

When people were asked if they were passed over for a promotion themselves, the response was a bit different, but still significant: fully 9% of those surveyed said that they themselves lost the opportunity for a better job because they were unqualified academically.

“The message is loud and clear, that in today’s competitive job market, if you don’t have the right education others will pass you by,” continued Thomas.

“We found that 22% of people who started college but didn’t finish have been denied a job, raise or a promotion. What is shocking is that workers are telling us that not having a degree is becoming a significant roadblock in their careers.”

Stay In School

Clearly, the survey reveals two important points about higher education: a degree is still valuable when seeking career advancement and, if you’re already in college, then completing your studies is the way to go.

(Source: eLearners.com)

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Tip – Is a lack of money keeping you from finishing your college education? Consider Federal Pell Grants which never have to be repaid or a work study program offered through your school. Upper classmen can sometimes find work as a professor’s assistant while private student loans and Stafford loans offer ways for you to borrow money which can be paid off after you graduate.

Tags: bachelor degree, College Budgeting, college degree, college education, college scholarships, Federal Pell Grant, masters degree, private student loans, stafford loans, university