Families find creative ways to pay for college

WASHINGTON – The annual cost of college went up more than 14 percent in the last five years, and college loans remain relatively expensive.

Because of this, Smart Money suggests exploring alternative ways to finance education, including tuition installment plans, home-equity loans, insurance policies and zero-interest loans from colleges.

Using a credit card with a zero percent promotional interest rate is even an option as long as it’s paid off during the introductory period, otherwise interest rates could reach up to 23 percent.

It may even be possible to tap into life insurance policies or use home equity to get a tax break.

More information and tips are available from Smart Money.

WTOP’s Jeanne Meserve contribute to this report. Follow WTOP on Twitter.

(Copyright 2012 by WTOP. All Rights Reserved.)

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