While this is a guest post, it’s also information I’m starting to gather, because both my boys want to go to college, and I assume Kaitlyn will too some day. How are we going to pay for it? Student loans, you betcha.
Tuition Payment, Main Hall circa 1968 (Photo credit: Kraemer Family Library)
Simply having a college degree is becoming more necessary for those wishing to obtain a decent job in their 20s. While the college education no longer promises a kid the high end job they had always hoped for, it is more likely to get them a job, especially in this rough job market. However, college educations are expensive, and not always easy for everyone to afford both during and after college.
But getting your kid a college education doesn’t mean having to take out thousands of dollars in student loans. There are several ways you can get your kids through college without having to sacrifice your retirement or taking on massive debt yourself including:
Fill Out the FAFSA
One of the easiest ways to receive money for school is by filling out the FAFSA. There are hundreds of thousands of dollars the federal government has to give out each year, and thousands of students miss out on the opportunity to receive that free money by not filling out the FAFSA. Even if you believe that you and your husband make too much money for your child to qualify, you should still fill it out as you may be surprised to find out that your child is actually eligible for several grants.
Scholarships
While scholarships seem like a no-brainer to save money, thousands of students don’t apply for them each year just like the FAFSA. There are several sites such as Fastweb.com and Scholarships.com that provide thousands of dollars in scholarships, and applicants can become eligible for them by simply writing a 500 word essay or submitting their resume. No sports career or 4.0 grade point average needed.
Get a Part-Time Job
Working never killed anyone, and while working 20 hours a week won’t foot your child’s college tuition bill, it can greatly reduce their costs. Instead of spending their extra time hitting up parties, consider having your kid put in a few hours of honest work. Not only will it help them pay down their tuition, but it will also give them some extra spending money to enjoy so they aren’t maxing out their credit cards low interest. Many universities even offer work study programs to help reduce the cost of tuition while paying students above average wages.
Go In-State
The cost of in-state tuition compared to that of out-of-state tuition varies greatly. On average in-state tuition costs a about 50 to 75 percent less than out-of-state tuition, so if your child has the choice between one state school or another, see if they won’t choose the one located within your state. It will cost less, and make affording tuition more possible. The only time you should really choose allowing your child to go out of state is when they have been accepted in to an Ivy League school where attendance will pay for itself in the long run.
Special State Programs
Several states have specific programs that have been designed to help students get through college on a smaller budget. Missouri, for instance, has the A+ Program which allows students to receive two free years of education through a community college in exchange for tutoring and good grades. Other states such as Texas also offer similar plans. See if your state offers programs such as these for your child.
College may be expensive, but it doesn’t need to leave you with tens of thousands of dollars in debt upon your child’s graduation. Instead of agreeing to $25,000 or more in students loans, actually create a budget and figure out a way to get your child through college debt free. Not only will this keep you from having to worry about outrageous student loan bills, but it will give you and your child the financial freedom needed to be prosperous upon graduation.
Big thanks to Alex S. for contributing this post!
I'm Elizabeth, a 40-something Michigan wife and mother of three. I created Table for Five in 2005 as a way to connect with other Moms, and I've been blogging ever since. Please click the About tab at the top of the page to read more about me and my family! email: table4five@gmail.com
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What about the possibility of going to a junior college for two years, and then transferring to a state college? This would save a lot of money, I would think.
I watched an interesting documentary recently about student loans, you can find it on youtube. Search for The College Conspiracy.
This is a 1 hour video and it is a must see!!
“College Conspiracy is the most comprehensive documentary ever produced about higher education in the US The film exposes the facts and truth about …”
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wow! thank you for sharing the video.. Though my kids are too small but it was surely an interesting watch!
Yes, you are right and I believe that these tips are very helpful. Right from the birth of the child, parents should plan for savings and also spend frugally if they want their children to excel in their area of interest. I liked the tip about part time job as it was through that way that I funded my further education
I went to community totally through the use of Pell Grants. They payed for all of my tuition and books with a good amount of money left over for expenses. The FAFSA application is very easy to fill out and you get an answer back from the in a matter of a couple of weeks.
I would also like to recommend military service as an option to get a paid college degree. A three or four year enlistment will get kids the GI bill, and allow them to gain the maturity and experience to help them do well in college.
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Vying for the state college/university could be an option, there are lesser expenses than going to a private one. Getting student loans is okay so long as one doesn’t get drowned in a lifetime of paying for these. So many of those who opted for these are still paying them even when they are already married and raising a family.
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Excellent advice. Going to the military certainly served me well later in life. Something to think about!
Brad has a point, but it is risky going into the military to get an education any more. Seems like the fed keeps trying to cut GI benefits.
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Hello, I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wish you best of luck for all your best efforts. I am sure that my kids will love it too.
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Getting a part-time job will definitely help at some point.
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Taking a year or two off from College to work and save up is also to think about. Most kids from highschool aren’t really sure of what they want to be and worst not at all financially responsible enough. A year or two will allow them some time to “mature” and to really think about what they want in life.
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I would also like to recommend taking courses while in High School. One thing that a parent can possibly do is to encourage their children take courses for both secondary school and college level at the same time. It’s perfect for kids specially to those who has advanced classes while still in high school. A lot of secondary school with IB and AP courses have dual credit options, and the courses cost a quarter of what they would if your child were to take them on-campus. Getting these courses ahead will also lessen the time your kid will need to spend obtaining their degree which also makes the price of their education less expensive.
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Could I also suggest, Elizabeth, the importance of also teaching your kids about money management. Both my sister and I have very similar experiences in terms of paying our way throughout college – we both worked part time, did very similar courses and so on.
The difference is that she wasn’t very smart with her money. She spent more than she could afford on a student income and, as a result, battled with debt for several years after she graduated. All of the above hints and tips are spectacular but I’m not convinced kids of the modern era are all that intune with the importance of successfully managing their money, hence the large amount of debt the country is in!
Getting a part-time job would help a lot but I guess the student (or your child) must also take part of such like go for student assistance jobs, scholarships or any possible thing that could get them off.
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Teaching kids about the importance of money and – more importantly – how to manage it from an reasonable age, is essential. Too many kids are spoiled growing up and therefore mismanage debt through their adult lives.
Helping your kids out – in life and in finances – is every parent’s #1 priority! Education is vital and too many kids are in debt as a result of doing the right thing and getting an education. They deserve the help!
Very important and useful tips not just for kids but also for those who do not manage their financial situation
correctly and fall into debt trap.
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