(FORTUNE Magazine) – Even if college costs seem hopelessly high, don't despair. You can bring them down in several ways, some of which you may not know about. -- A hardworking, brainy kid may be able to finish college in less than four years. Hundreds of colleges, including Wellesley and the University of Pennsylvania, award credit for passing Advanced Placement exams and college courses taken in high school. Possible saving: 25% of the total four-year cost. -- Many colleges give tuition breaks when more than one family member attends the school. For example, George Washington University will cut tuition 50% for a sibling. Some schools, such as the University of Mississippi, reduce tuition $2,000 annually for children of alumni. -- Now might be the time to join the professorial ranks: Children of faculty usually receive tuition cuts of 50% to 100%. Some colleges also offer tuition discounts for children of nonteaching employees. -- A possible bargain route to a prestige diploma: Have your child attend a state or local college for two years, study hard, and then transfer to a big- name university. Getting accepted will require top grades and luck, but the student can pick up the glitter of a status BA at around half the cost. -- Make sure you qualify for the resident tuition rate at your favorite public university -- it requires more than just showing an address on one phone bill. Your child will almost always have to prove he has resided in the state for 12 consecutive months before the first day of classes. If you can't meet this requirement, take heart: Even the nonresident fees of top ''public ivy'' schools like the University of North Carolina at Chapel Hill and the University of Texas at Austin (both around $11,000 in total annual costs) are lower than at many private colleges. -- Of course students can work during school, contributing 5% to 10% of college costs, but around 1,000 colleges also alternate formal study with periods of career-related work, reducing costs by 25%. Your child might even work full time during the week and attend weekend college programs at schools like the University of Alabama. -- For more on reducing college's daunting costs, look into such books as Don't Miss Out and College Check Mate, published by Octameron Press.