<p>Both of our S schools took credit cards. We constantly get deals in the mail. Signed up for one that was zero interest for 12 months (might have been more). Got the bonus points for spending over $500 in the first month and basically ended up getting $300 in bonus points which we used for gift cards, you get a little less $ value if you take cash back. I might cancel a card we don’t use and get yet another new deal this August! (don’t want too many open). Also, you have to have a decent credit limit and if your tuition is very high you might not get enough credit line. It was still a good deal even if only for part of the tuition. We only did one semester on the Card so far.</p>
<p>This was instead of PAYING $60 for the installment plan someone else mentioned. We had that option too.</p>
<p>Make sure the tuition counts as a “purchase” for points. I thought it was a great deal! With zero interest we had a year to make payments.</p>
<p>The 529 decision depends on the student. The money is not lost if the child doesn’t continue school, it just goes back to the owner or can be rolled to another child. If my kid was unlikely to finish I’d just as well keep the $. This is why I had them take any subsidized loans they could. If they stay in school there is plenty of time to spend 529 and if they mess up they can pay their loans. It also depends on if you’d like to let your investment grow, or lose, any longer.</p>
<p>All 3 of my kids schools do not take credit cards (2 Big 10 publics and an Ivy private) and the easiest way to pay was by EFT. The first tuition bill for the oldest came a month before classes started which was a bit unexpected the first time and required a bit of scrambling! One of the Big Ten schools had a separate procedure for paying from a 529 plan - including a separate mailing address and paperwork to link the payment to the bill. My view was to use the 529 first because the other investments were making better returns than the ones in the 529 plan and they were easier to change if needed.</p>
<p>I believe the OP stated he/she is a high school junior. Unless there is already a 529 plan in place with the parents or grandparents, I’m pretty sure that junior year in high school is too late to start one; you just wouldn’t get much benefit from it, I don’t think. </p>
<p>But – to the OP – as you can see, there are LOTS of options for paying for college and it almost certainly is different for each college.</p>
<p>If you already know some colleges that you are interested, check their websites for their financial aid information. Then you will have specific info for each specific college.</p>
<p>"I believe the OP stated he/she is a high school junior. Unless there is already a 529 plan in place with the parents or grandparents, I’m pretty sure that junior year in high school is too late to start one; you just wouldn’t get much benefit from it, I don’t think. "</p>
<p>Some states have other benefits of investing in 529’s. Indiana residents who invest in the state’s 529 program can receive a tax credit of 20% of their investment up to a max of $1000 (per year). We never had money in 529 accounts but after the kiddos entered college we deposited $5000 each year and then withdrew it for qualified expenses and received the $1000 tax credit each year.</p>
<p>Many (most?) schools that take credit cards charge a service fee of 2-3% to recoup the interchange fees, or they farm the credit card processing out to a third party which will tack on a fee of 3 or 4%. This will completely wipe out any benefits you get from using the card.</p>
<p>If my kid’s school took CCs without charging the fee I would be all over that.</p>