College....How do people afford it??

[Chris2597]

Our oldest dd went to college in our city so she was able to live at home while studying. She received her teaching degree, got a job and moved to her own apt.
Youngest dd will be going to college next fall and is considering an out of town university. The cost would be 16k-20k a yr. This would include tuition, fees, books and dorm/food plan. I am sure the cost is more at some private schools but it is still alot. How do middle income parents budget for something like that? DH and I want to see her get a good education but we still have to live and pay our monthly bills. The clincher is that we live in a city that has many colleges and universities that she could go to and live at home. The tuition/fees/books are within our means but the added dorm/apt expense is close to 9500 per year, which puts it out of our means.

 

[Saphire]

Loans. Many people afford it by loans, spread out over 15 years, per child.

 

[LadyZolt]

Where I live, kids who graduate high school here in the state get a state funded scholarship that pays most, but not all, of their college if they attend one of the state colleges. But not every place has that, so if your area isn't like that, I recommend you talk to your child and say what you can afford. She could do two years at the collge near home and save up her money to go to an out-of-state college for the last two years and graduate from it. If she wants what you cannot reasonably afford, then she should be the one to get the student loans and pay them back. By the time children are old enough for college, parents have to realize that their own retirement years are more important for them to finance than their children's future.

Also, I believe that people value what they must pay for themselves. So I think every college student should be paying at least something towards his/her own education. I'm in my 40's and back in college myself now, and I am paying for it all by myself after having helped put my DH through college. I think parents who can afford to help a child are nice to do so, but if they can't, there's no reason the child can't do it him/herself. Many people work full time, go to school full time, and earn scholarships. If your DD decides to go to a college you can't afford, let her know how much you can give and encourage her to research her options to pay for the rest.

(One other thing -- at the state university I attend, if you have a high GPA, they have a program where people can switch to do a semester at another university for the same tuition they are paying in-state, or even if the state scholarship is funding most of their tuition, so that's another idea if colleges in your area are doing it. She could go to the college in your area, do well the first year or so, then go to a college in another state and not have to pay any more than the local college tuition.)

-Dorothy (LadyZolt) (who will graduate in December 2007 with her Bachelor's Degree)

 

[Tracey1974]

Loans, loans, loans. It took me 8 years to put myself through school and between loans, savings and some very very small grants, I am down to 13K which should be paid off sometime around 2013. My parents did pay off one of my loans for me which was about 2300 and gave me 3K when they refinanced but that was it. The rest was on my own.

It isn't easy but I would encourage your DD to apply to any type of funding, scholarship or grant program out there. Any help is better than nothing, even if it is a small amount to cover books, etc. She can also maybe get a job on campus- that paid for some of my tuition for the few semesters when I was working both on and off campus. As much as I hate being in debt for it- it could have been worse. I ended up living in the state I went to school in (MD) for a year to establish residency and paid in-state tuition.

I worked 2 jobs, 7 days a week for 4 of the last years until I graduated. It was very hard work and I graduated 4 years after my friends did, but ultimately it paid off!

 

[aes74]

I got my teaching degree. How? A scholarship, some grants, and two jobs while going to school fulltime...one of them at Disney!!

I think it's one of those things that makes you an adult, a well-rounded, hard working individual! Good experience!

We are still paying some of my husbands loans...I've never had my parents pay for my school, so I can't comment on that. They couldn't afford it, so we did it on our own. I think it made us better people. Wow, I seriously sound like I'm on a soapbox!

 

[aes74]

My other thought is...by paying for my own education, I definitely made sure I made good grades! It meant that much more to me.

 

[HugsForEeyore]

My parents helped me out paying for college. But even as a high schooler, I knew they weren't made of money. I also had two other siblings who went to expensive colleges to get specialized degrees, so I only looked at state schools so the finanical burden would be smaller. I only applied to nearby colleges that were reasonably priced for in-state students, and I worked a temp job. I had decent grades in high school, but I honestly felt my siblings needed the better colleges over me, so I did what was practical for the family.

I am not a fan of huge student loans, and sometimes a student (like I was) has to put costs first, and do what makes sense financially.

 

[Chris2597]

The problem with grants and no interest loans is that they are all based on our income....which is too high to qualify. I understand her need for independance but I am having a hard time going into debt 9500 (dorm and living expense)a yr, for 4 yrs to let her go to school away from home. We can pay for most of her tuition/fees and books if she goes to school in our city and lives at home and she can graduate with little to no debt. Our state does not offer any scholarships to students with high gpa's.
We have told her that she could go to community college for her basics and transfer to another school in her jr and sr yr. We could help her the last 2 yrs if she did her core hours at the communtity college.

 

[aes74]

my parents paid for my car insurance and health insurance. That was their gift to me, much appreciated.

Chris, look deeper into grants. I know there has to be something out there. Maybe it would help if your student lived on her own? I was able to get grants, and my parents were average, not "rich," but not "poor," either. I know those are gross generalizations, but that was the basics of it. Have you sat down in the financial aid department of your local colleges? They are a huge resource.

 

[flipturngirl]

I am a high school senior and am going to an in-state college in town next year.. My parents might be able to help me but not that much. most of it is on me and that is it. I do not know how i am going to manage.. but I will

 

[daisyduck123]

DD12 will only be 16 when she graduates high school...so we've told her that for her 1st year of college she will be living at home & commuting (she'll be too yound to live away at school, IMO).

After that, we're hoping for a scholarship of some sort. We're thinking she may go to John's Hopkins Univ.----it's a little soon, but that's one of her possibilities.

 

[I Love Pluto]

Loans. Many people afford it by loans, spread out over 15 years, per child.

That's how we did it. We're still paying. Our kids are 31 & 32.
It was worth it. I'm proud of who they have become.

 

[Cindy B]

I am an adult student who is finally in my senior year of college. I took class upon class at county college (paid cash for that). For my senior year, I will be taking out loans.

Yes, you read right--I was able to do three years at county so I came into the university with about 77 credits and an associates degree.

Technically my senior year is a two year program (dual major teaching program with student teaching) so I will have to pay approx. 18K in loans --tuition only for these years.

I commute to school and I do work when I am not in school (substitute teaching). I am trying to find something for the summer as well, but that may be tricky with my two childrens schedule. I may just take two more classes at county--which the university will accept.

 

[Acklander]

I paid my way on the GI bill. Just let her know what you can afford to pay. If she wants to go out of state have her work/student loan for the difference. If it's that important to her, she'll find a way to make it work.

 

[hpygrll]

As soon as the boys were born we started the college funds - those boys have more money then we do - my hope is that will pay for everything as we slowly sock the money away!

Jenny

 

[antmaril]

Our DS is a sophomore in college. He was at a private out-of-state college, but has decided not to go back this semester. He is transferring to an in-state (not local) university. He is our only child and we have been saving for his college education since he was a baby. In addition, he is the only grandson/nephew on my husband's side of the family and they have also been saving for his education. The private school he attended was reasonably priced and was the same price as our in-state university. It is a lot of money for average folks, no doubt about it. If I had more than this one child, it would be a different story.

 

[disneyfam]

I agree with the rest. Loans, loans, loans. However if you want to help your daughter you could do what my parents did. I took out the loans in my name because its a much better rate if the student applies. Then after graduation my parents paid on the loan for me. I got the "we'll give you the loan to pay when you get a job" then then never gave it to me when I did get a job. The ended up paying the loan for me over a course of time. It gave my credit rating a great start too!

I did live at home my first few years and during school I did work 2 - 3 jobs at a time and paid my own bills. But the only way I made it through was old fashioned loans.

For my kids I started a TAP529 and I work at Penn State. I feel bad making them go to school in their hometown but for 75% off tuition its pretty much go to Penn State or get a scholarship.

Good luck.

Cynde

 

[christineann]

Loans and grants! If I can do it, I think a lot more people could, if they wish. I am a single parent with an ok income and no financial help from the ex. My kids go to an out of state public university that we chose together because it offers great departments for their chosen majors, which they decided upon in high school. Each child and I fill out the FAFSA, which determines the estimated family contribution (EFC), which is then sent to the university, and a financial aid package is put together. It can be more difficult to get scholarships for an out of state public university, because (of course) they want to give the awards to in state students to keep them from going out of state. With my second child, I was a lot smarter about financial aid, and after a couple of phone calls by her and by me to the university, she was awarded some very good scholarships. My son has worked all the way through college, including as an RA (good pay), and my daughter is doing work study in her major department and will be a research assistant next year. I would STRONGLY recommend doing work study - your student will make a name for him/herself in the college, and that opens a lot of doors, especially for scholarships. I do have some sizable Parent Plus loans, but I consolidated them at 4.25%, and it is worth every penny to me. Both my kids said they would go in- state for financial reasons, but for their majors and the "fit", they chose the best school for them. Our experience has been that grades, extra curricular activities, job experience/personal responsibility, and SAT's are very important in consideration for scholarships.

Also, don't exclude private universities and colleges because of the tuition. The private ones are usually very well endowed and can offer great award packages of their own.

 

[Lynn CC]

Did you fill out the FASA? A lot of people are surprised at the funds they get even though they think they make too much money. It's worth a try.

I'd say let her apply to the schools she wants to and then compare financial packages that are offered to her. You could even talk with financial aid officers after acceptances are in to see if there is other funds available.

Did she take any advanced placement classes during high school? My son who is a sophomore got 1300 towards his tuition this year for those classes just by filling out the FASA.

Look on collegeboard.com website, maybe you can get a few more ideas there under the paying for college section.
Good Luck

 

[The Mystery Machine]

My dd is a sophmore and I just got a job after being at home for 10yrs and am saving my paychecks for her for college.
She will also take out loans, get a job and contribute, and hopefully she can try for some scholarship money. Anything will help.

My youngest will probably end up with lots of scholarships, she is in 4th grade and watches the scholarship essay boards ....she is a good writer.