Up to this point, you've explored the traditional sources for financing your education. But there are alternatives! Involve your parents in the discussion and ask them to consider consulting with a tax advisor or other professional to thoroughly explore your options.

Borrowing from Insurance

Your parents may have "permanent," as opposed to term, life insurance policies into which they've paid premiums for years. Those premiums have a cash value that your parents can consider tapping to help fund your education.

Borrowing from Yourself

One or both of your parents may work at companies with retirement plans, such as a 401(k) plan, that allow them to withdraw funds or take out loans for education purposes. Check with the plan administrators to see how this might work for your education.

Other Bank Loans

Banks and other financial institutions offer loans that may or may not be tailored to financing education–in view of terms, loan limits, fees, and collateral–but could be used for this purpose. These products will most likely cost you more. Contact your preferred financial institution for more information about other consumer loan options that could fit your needs.

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