Paying for College

[larryc19]

Hello everyone,

I'm wondering outside of scholarship awards, what are the different ways middle class people (who typically don't quality for need based assistance) are paying for college? I have one child going to college this coming fall. After that I have one going in two years then another in two more years. Then I have a 3 year break before the the last child is ready for college. Needless to say, I see no way I can pay out of my pocket for all of my children to attend. I have not received much assistance through FAFSA because our family income is too high. I don't want to put my children in debt for life by taking out excessive student loans. The military is an option but again, that's a huge commitment to make and I don't want my child putting themselves in harms way just for the money. Any feedback, success stories, ideas would be greatly appreciated. Thanks in advance!

LC

[pflyers85]

I would look into starting at community college for the first two years. I went to a community college for two years and transferred to an in state, state school. My dad and I paid the community college 50/50 as I attended, I worked PT through school. Perhaps see if your kid can get a decent entry level job with just an associates degree (I know its becoming increasingly difficult as more jobs require at least Bachelors). From there maybe he can latch on with an employer that will pay for him to complete a Bachelors degree or offer some kind of tuition reimbursement. I would avoid taking out loans for school as much as possible.

[zemon1]

I am graduating in about 10 days here. I go to a private school out of my home state. My dad pays about $2k a month I think. He pays the bit that is due now and I get the loans. If your children are pursuing degrees that will actually pay off there is no problem with taking loans, in my opinion. I have a nice stack of loans, but I got a solid education in a solid field and I should have my loans paid off anywhere from 2.5 years to 10 years depending on how aggressive I am with them.

At one point my dad had 2 or 3 jobs to help me pay. Times have been rough, but we made it through. That said, some of my friends went to state schools, which were perfectly good institutions as well, and instead of paying 20-30k a year they only need to pay $5k.

We also get little to no aid. You'll make it through.

-Jeff

[Joan.of.the.Arch]

Maybe you see it as more than a matter of terminology, but loans can be considered a form of needs based assistance, too. Even the poor who get outright grants often need loans to make up the difference in grants and actual cost. So please don't feel put out that you or your children may need need to carry loans for college. You aren't being singled out. Just don't take any more loan than needed. Consider letting your student live at home and live simply.

Community colleges really are becoming one of the most popular ways to lessen the cost of a four year degree, so look into that with your kids.

My own son chose to go to the least expensive state university in our state. It turned out to be a great place. Not all our state institutions cost the same. Compare.

I would say that saving from birth is one of the big things middle class families do to help their kids' with college expenses. To save really seriously in that way might mean ratcheting down lifestyle, including the kind of house you live in, the entertainment and hobbies pursued by everyone in the family, the eating out, the family transportation. Personal saving done over the previous 18 years can make a difference in those concentrated 4-6 years when your student is in school. (But to be honest, we did not have a college savings for our child.)

[Drake3287]

I was in the EXACT same position with 3 kids and the last one graduates next month. Although it's a little late for you now, I put aside a small amount of money per pay check for each child and after 18+ years they each had like $100,000. Time is your only help in saving like this, luckily I was able to do it unlike many people. I also felt like I was the only one paying for the full college costs simply because of our income level (middle class). Everyone else seems to get a free ride.

Junior college is a great way to save the cost of the first two years of a 4 year college. You can literally almost cut your college costs in half. Here in California if you do reasonably well at the JC it almost guarantees you admission into the California State University system. Other states my have the same type of program.

Even if you can only afford a small amount, every dollar you can save helps.

[snafu]

The suggestions offered are very practical. I've 2 DSs who completed advanced degree a year ago. The elder has a modest student loan, the younger squeaked through. Each applied for every award, bursary, grant they had even a remote chance to qualify. There are thousands of small awards that are never applied for and their moderator is thrilled with the request! It requires a lot of research and writing a lot of papers in support of the application but the added benefit is improved research and writing skills, so important in advanced education.

Unless you are able to go to one of the very top university in the chosen field, it really does'n't matter that the student graduated with an Engineering degree from an agricultural university! It's far more important that they select a career in a growing, not fading industry. If they can't get a job with a future after graduation all the work, effort, and money was pointless. Each of your DKs over 16 y/o needs to get a summer job, preferably something they can continue on a limited basis during the school year. For example, working as a dishwasher is a nearby restaurant is a humbling experience, helps them learn time management, realize the benefits of an education, working as a team with others who did not get the opportunities you have made available and life can get real stinky. Our guys also developed their own 'landscaping' business, looking after yards in the neighbourhood. In winter they shovelled snow in driveways. Operating a business teaches a long list of important life skills.

DH and I were of the view that our guys needed to have 'skin in the game' so that they learned that money was a tool and if used intelligently, makes life easier. Screw up and do something stupid comes with a whole list of nasty consequences. It's better to learn life lessons when parents are there to help and possibly smooth out the ride. I was pleased that DSs were willing to live like the poor students they were without complaint and clearly appreciated the opportunities that came their way.

[Thrif-t]

We're going thru this now! Our oldest is just finishing up her freshman year and the middle child will be a senior in hs next year and then we'll have a 3 year gap before the 3rd gets there.

We were late to the 529 game just didn't have the money when they were young to contribute. We started 10 years ago and have managed to save up one year for each kid at the public state school 20 min away. Our high school offers post secondary(college classes taken at our high school) so the kids knew they had to take as many of those for free as they could. Oldest dd had 19 college credits from hs and middle dd will graduate with 16 college credits.

Between them taking the Federal loans, withdrawing money from the 529, and them working summers and holidays and living at home and commuting, I'm hopeful they will come out with minimal loans(10-15k).

Also our University has a co-op program that both girls will participate in. Oldest DD is studying Engineering so she will make good money co-op'g after her sophomore year.

Middle DD wants to be a nurse and she too can co-op and earn a competitive salary while in school.

We thought we'd go the community college route but with the college credits oldest DD earned from high school and the academic scholarship the University gave her, we found we could swing the whole 4 years at the main campus.

Good Luck!

[SavingBucks]

Paying for College

We have a junior in high school who is looking to go out of state for school and we also will qualify for squat based on financial need. Community college may be a good option to consider. Also, have you gone to any college fairs in your state? We just went to one here in CA and there were lots of schools. The specific ones we visited had many options for aid that were merit based. Have you checked cappex.com and fastweb.com? There are many scholarships based on merit on those sites. Also, you are in the western states, there is a program called WUE. Check any local affiliation you can think of for a possible scholarship -- church, employer, credit union, bank, neighborhood, PTA, ethnicity, gender, possible major, etc. I would also suggest that the high schoolers work at least work in the summer (if not possible part time during the school year) to earn monies towards college.

Good luck!