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Paying for College: Is It Affordable Without a Scholarship?

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paying for college

For the 2018-2019 school year, the average cost of college was $9,716 at in-state public colleges. During that same year, private colleges cost an average of $35,676. Over the course of four years, incoming college students could spend $38,864 to $142,704 based on those averages. Plus, since over 100 private colleges charged more than $50,000 for one academic year, that four-year total can cross the $200,000 mark. With the cost of higher education so high, paying for college without a scholarship can be overwhelming.

The Benefits of Scholarships

Scholarships are an excellent way to help make college more affordable. If a student receives a scholarship, they can use the money to handle tuition costs and possibly more, depending on any restrictions associated with the award.

Like many grants, scholarships are not debt. The money does not have to be repaid by the student as long as they use the funds in accordance with the rules.

However, not every student may have access to scholarships. Institutional scholarships are usually only given to students with significant athletic, academic, artistic, or other forms of achievement. Scholarships from other organizations, ranging from private companies to nonprofit organizations, can be highly competitive and may have rules that limit who is eligible.

Affording College Without a Scholarship

Whether college is affordable without a scholarship depends on a few factors. First, the cost of the college plays a big role in overall affordability. Paying the in-state public college average of $9,716 a year may be much more manageable than $35,676 a year at a private college.

Additionally, going to a two-year community college can reduce the total cost even further. For the 2018-2019 school year, community colleges came with an average price of just $3,660 a year. If a student went to a community college for two years and then did two more years at an in-state public college, four years of education could come with a price tag of $26,752.

College tuition, fees, and other expenses vary from one school to the next. If a student is flexible about where they go to school, they can hunt down a lower-cost option that makes paying for their education easier from the beginning.

There are Many Forms of Financial Aid

Second, there are many forms of financial aid that can help pay for college. Lower income families may qualify for the Federal Pell Grant based on the student’s FAFSA, which can equal up to $5,920 a year in funds that don’t have to be repaid. Some schools also offer grants to make college more affordable for student’s who may need more financial support based on their household’s income.

Financial aid packages that include work-study options can also help reduce the need for student loans. This makes college more affordable over the long-term and allows college students to avoid debt.

Jobs and Work-Study

Maintaining a separate part-time job if a student isn’t eligible for work-study can also make paying for college easier. That way, if the student needs student loans to cover the difference, they can be as small as possible.

Ultimately, college can be affordable without scholarships. However, not every college will be affordable for everyone. If the cost of college is a potential issue, examining low-cost in-state schools is a great place to start. Similarly, keeping community colleges on the table is a must. By doing that and optimizing other financial aid options, it is possible to send a child to college without breaking the bank.

Do you think you can send a child to college without a scholarship? Share your thoughts and experiences in the comments below.

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Why Parents Shouldn’t Pay Entirely For College

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One of the most enduring images that I recall from college was a video clip of an obviously drunk student at a football game and holding up a sign which read, “I don’t care. Daddy’s paying.” At the time, although my parents had paid for my tuition, I was working about 20 hours per work to cover my costs of school attendance – roughly $15,000 per year, as compared to the approximately $8,000 per year that my parents paid for my tuition.

I worked hard to pay for my car (a used car), car insurance, gasoline, food, clothing, books, entertainment – everything that I wanted or needed that was not included in the price of tuition. I also worked hard to do well in school. For four years, it was a lot of work, but I never once felt that my parents should be paying more. Indeed, I always regretted that I could not pay my own way to college, and found it much more satisfying when I did pay all of my costs in graduate school – including rent and the $15,000 per year in tuition.

But back to the “Daddy’s paying” sign. Did the parents of the young woman who held up that sign really do her any favors by paying for her four year’s of binge drinking? I think not. So many people I have known have failed to invest sufficient effort in their college educations because they have not had a stake in it. You probably also know people who have felt that they could have achieved so much more in life if they had just tried harder in college – partied less, and studied more.

At some point, parents need to force their kids to stand on their own two feet. Of course, the process needs to happen gradually. I have known young adults who have been required to cover all of their costs through college, others who have covered some costs, and still others who have received a free ride courtesy of the their parents. In just about every case, the people who have had a personal financial stake in their college educations have also performed far more effectively in the class room and have enjoyed much greater success upon graduating from college.

I have also known parents who do not want to see their children saddled with tremendous debt upon graduating from college, so they have over-contributed to their kids college costs, without even realizing that the money intended for food and books has been spent on beer and concert tickets. The parents’ objectives were well-intended, but they failed to prepare the child-beneficiaries to face life in which we all have to work hard to pay bills – not just to play.

Whether they are attending Averett University or a junior college, I do not believe that kids should feel entitled to the college education that they want. Rather, parents should make sure that a child who works hard through high school will have the opportunity to attend a good college. My wife and I prepaid the tuition in the Florida public university system 9 years ago (for a total cost of about $13,000). Our kids can attend any Florida school that they want, as long as they are accepted, and their tuition will be covered. They will have to pay all of their other costs, and they have known that for a long time. One has been saving for the past five years. The other has nothing put away (despite my urging) and may have to work for a year before he goes off to college. That is his choice.

Parents can also help their kids look for scholarships and other sources of “free money” – a process that should begin when a child is a freshman in high school. In addition, parents should start their kids in an attainable savings program so that kids learn to put money away for when it is needed.

Parents should not, however, feel that it is their responsibility to cover every cost that a child faces in college. Parents need to make sure that their kids have some “skin in the game” or they will run the risk of seeing their children holding up “Daddy’s paying” signs at a football game, too!

What do you think? Are parents obligated to pay for their kids’ college educations? Should college students be required to pay some of their own costs? Does a parental “free ride” give students an advantage or a disadvantage?