There are several ways to reduce future college costs before your child starts their education and career training after high school. The State of Ohio offers three programs to help families avoid future college costs. There are also two options some schools offer which allow students to gain college credits before they finish high school.
Ohio’s 529 Plan
Let’s first start with Ohio’s 529 Plan, CollegeAdvantage. It’s the state program which helps families nationwide save for their children’s future higher education. You can take advantage of the 529 tax benefits of tax-free earnings so all money in our account to yours to spend; tax-free withdrawals for qualified higher education expenses; and a State of Ohio tax deduction for up to $4,000 in matching contributions to an Ohio 529 account per beneficiary, per year. For Ohioans who contribute over $4,000 per account, per year, they can carry forward this deduction to their Ohio adjusted gross income for subsequent tax years until all their contributions are taken.
With Ohio’s 529 Plan, families can pay for qualified expenses at any four-year college or university, two-year community college, trade or vocational school, apprenticeship approved by the U.S. Labor Department, or certificate program nationwide that accepts federal financial aid.
College Credit Plus (CCP)
After saving in Ohio’s tax-advantaged 529 Plan, your family can take additional steps to reduce higher education with College Credit Plus (CCP), offered by the Ohio Department of Higher Education (ODHE) and the Ohio Department of Education and Workforce. With CCP, qualified Ohio high school students can take college classes and have those credits applied to their high school graduation requirements.
Since 2015, ODHE has offered CCP as an opportunity for Ohio students in grades 7-12 to earn college credit by taking classes offered through public community colleges and universities, as well as private colleges and universities. These credits may also count toward their high school graduation requirements.
For the 2022-23 academic year, 80,000 Ohio students enrolled CCP saved over $193 million in college costs. Since its start in 2015, CCP has helped families save over $1 billion. More than 90 Ohio institutions of higher education participate in the CCP program, covering all regions of the state.
If you’re interested in this program, meet with your child’s school counselor to discuss the graduation requirements, career interests, and college options. The next steps would be to talk to and then apply to the college or university from which your student would be taking classes. Students must take an assessment exam to determine college-readiness. The college adviser can provide information on the eligible classes available through CCP. Check the CCP website for deadlines and instructions.
Your student will earn transcript credit for passing his or her CCP classes, meaning that each course will show up on a college transcript as well as the student’s high school transcript. For more information, visit CCP’s FAQ section.
Career-Technical Assurance Guides (CTAGs)
With Career-Technical Assurance Guides (CTAGs), high school students can earn college credits for approved career-technical courses which they took at their high school or at their local career-technical center. Students will qualify for college credit from the course depending on their score on the exam. The CTAG credit will be added to your college transcript. The student has three years after their high school graduation to start their higher education at an Ohio university that offers a similar area of study. Follow this link for more information on which courses and programs are approved for transfer to Ohio higher education institution.
International Baccalaureate
Another way to cut college costs and to become more “college ready” is to take part in an International Baccalaureate (IB) diploma program in high school. IB is an honors degree program through the Ohio Department of Education and Workforce. The goal of the IB degree is to educate students from a global perspective and it requires students to take high school courses that will expand the scope of their education.
If a student earns a high enough score on a specific IB exam, they can be eligible to receive college credit at a participating college or university. Each higher education institution awards credit differently, so you’ll want to check with each institution at which you apply.
Advanced Placement (AP) Classes
If your student wants to study at a collegiate level while at high school, see what Advanced Placement (AP) classes your school offers. The courses available will vary by district and at each high school.
These advanced classes give your student an opportunity to potentially earn college credits while still meeting high school graduation requirements. At the end of the course, your child will need to take the AP exam to receive college credits. A score of 3 or above will earn corresponding college credit at any of Ohio’s institutions of higher education. Check with ODHE’s Advanced Placement Course Reporting System to see what credit will be granted at each of Ohio’s colleges and universities.
You (or your child) will have to pay to take the AP exam; however, if your student scores well on it, that expense should cost far less than paying for college tuition.
Visit ODHE for further explanation of the AP process. College Board also offers guidance on the AP program.
These five programs – Ohio’s 529 Plan, College Credit Plus, Career-Technical Credit Transfer (CTAG), International Baccalaureate, and Advanced Placement — are great opportunities to reduce college costs before your child pursues post-secondary education. As with Ohio’s 529 Plan, any dollar saved is a dollar that doesn’t have to be borrowed, making these programs a wise investment of your student’s time and effort.
Since 1989, Ohio’s 529 Plan has been helping families across the nation save for their children’s college and career training after high school. Ohio’s 529 Plan covers qualified costs at any four-year college or university, two-year community college, trade or vocational school, apprenticeship approved by the U.S. Labor Department, or certificate program nationwide that accepts federal financial aid. Learn, plan, and start for as little as $25 today at CollegeAdvantage.
This article was originally posted in April 2019 and has been updated to reflect current information for 2024.
