Mellody's Math: Tips on Paying for College

After making the grades or excelling in something outside of the classroom, the second hardest part of securing a scholarship is finding out about it. The Internet is an excellent resource for parents and students to learn about scholarship opportunities for students of all abilities. Web sites such as www.finaid.com, www.fastweb.com, www.collegeboard.com and www.scholarships.com connect students, for no charge, with financial aid opportunities. A prospective college student simply inputs basic information and is then notified if there are any scholarships which match their profile.

The scholarships are available — it just takes a bit of effort to find them. In fact, a typical high school student should be eligible to apply for 30 to 40 different scholarships.

Giving Back: Signing up for community service after graduation may also be a fast-track means to eliminating your college debt or paying for additional post-graduate education. A job with AmeriCorps, whose 50,000 members serve more than 2,100 nonprofits, public agencies, and faith-based organizations, could earn a student an educational award of up to $4,725 to pay for graduate school or student loans.

Teachers Aid: Another option for parents looking for tuition relief is through a full-time position at a university or college. Most schools offer some type of assistance package to the students of parents who are employed by the university.

At Northwestern University, for example, students whose parents work at the university full-time can save 35 percent on tuition at Northwestern as well as at other participating universities. If a parent has worked for more than 10 years at Northwestern, 100 percent of billed tuition (up to a certain dollar limit) is covered.

For parents looking to get back into the workforce when their children reach school age, a college or university may be the perfect fit because of the wide-range of opportunities and benefits.

Go for Free: Does free tuition sound too good to be true? Believe it or not, there are a small number of colleges which actually offer their students a tuition-free education.

For example, the College of the Ozarks in Missouri, allows admitted students to attend tuition-free in exchange for on-campus employment. Each student is assigned to an "on-campus work station" for 15 hours a week across 80 different areas such as the campus airport, cafeteria or Laundromat.