A little while back, I wrote a post about the things I tell myself when I’m discouraged about our late start on retirement savings.
It probably won’t surprise you to hear that we’re also a little late to the game when it comes to college savings.
(Years of living on a small salary will do that to you!)
We’re doing a bit of catch-up work on that now, and we figure whatever we can manage to save is better than nothing.
So. Here’s how we’re hoping to help our kids navigate the finances of college while avoiding student loans.
We’re not saving in a 529 plan.
A 529 plan is awesome if you are positive that your kid is going to go to college. But the fact that the money has to be used for educational expenses makes Mr. FG and me nervous.*
*edit to clarify: 529 money used for non-educational expenses is still eligible for withdrawal. You have to pay taxes on the earnings, plus a 10% withdrawal penalty on the earnings.
What if one of our kids decides not to go to college and needs the money for something else (starting money for a business, for example.)?
My parents set aside some money for me to go to college, and I did go for a year. But then I got married and decided (with my parents’ blessing) that I wanted to use the money to buy a piano so I could continue teaching. Piano teaching was a great job for me for many years, and it ended up serving me far better than the degree I was pursuing would have.
So, I’m super grateful the money my parents saved for me didn’t have restrictions on it.
Mr. FG actually doesn’t have a four-year degree either, but he’s doing quite well for himself working in IT.
Anyway, suffice it to say that, given our history, we don’t want to make assumptions about the path our kids’ lives will take. So, we feel more comfy avoiding the 529.
We’re planning to use the community college.
We have a great community college, and we’re planning to have all of our kids take classes there, starting in the later years of high school.
For those that want to pursue a career requiring a 4-year degree, we hope to have them complete their first two years at the community college and then transfer to a four-year school.
Being able to complete half of their college education at community college rates while living at home will give them a good start on avoiding student loans.
Sub-point: We’re starting them early at the community college, which saves money because if you do dual-enrollment while you’re in high school, tuition is 50% off.
We will encourage our kids to work to help pay for college.
Of course, we don’t want them to hold down a 60-hour-a-week job while they’re in school, but a part-time job is pretty feasible (my siblings and I worked while taking college classes, so I know it can be done).
And the summer is a perfect time to work and save.
We’re open to them living at home for all four years.
If an in-state school offers the program of study they want to pursue, we are a-ok with them living at home and commuting to college. It costs way less for us to house them than it costs to board at a school, and we’ll be happy to provide them with that benefit.
If it makes sense to have them live in a dorm, then we’ll do that, obviously, but we aren’t ruling out the possibility of having them stay here until they graduate.
I know some feel that the dorm experience is essential, but neither Mr. FG nor I feel as though our lives are particularly lacking from not living in a dorm. And we think skipping the dorm experience to avoid student loans is certainly a valid choice.
We’re going to research scholarships.
That’s an entirely new world to me, but I know they’re out there, and we’re going to see what’s available for when my kids are ready for a four-year school.
We’re automatically saving each month.
You know all those online savings accounts we have? Four of them are for college expenses for our kids, and every month, money is automatically sent over there from our checking account.
It requires no mental effort from me, which means I can never forget to deposit the money.
I love automation.
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I’m positive there are a lot of readers who have more experience with being a college parent (I have right about none.). So, if you’ve got a great strategy to add to my list, would you share it in the comments?
I’d love to hear your ideas and my other readers would too.
___________________________
P.S. Joshua and I posted our takes on the Red assignment this week. I actually like his idea better than mine!
Amanda says
I love your suggestions. I taught high school for years, and several of these are things I’d tell my students.
The military is another great option to pay for college. It helped my husband through his undergrad (but made it take 8 years because of training and deployment) and paid for most of his graduate degree. My brother in law is using his GI benefits to help pay for med school right now. That said, the military is a wonderful option for people who want to join the for more than just the education benefits because it’s a hard lifestyle where many give their lives.
Alica says
College expenses have been a huge frustration for us! Our son wanted to pursue a degree that wasn’t offered at the closest college to home, and after a lot of discussion and tears!! he is now at a Christian college about an hour from home, in the dorm. We feel great about where he is, but the finances are soooo frustrating. He could have gone to a state school at least an hour away, which would have saved money, but it felt a little like “throwing him to the wolves”. One thing I will say…saving for college is not always a plus. I know that might sound strange, but because we had saved, and because our son had saved, we got NO financial aid! Even though our income as dairy farmers is very low, they look at cash and assests. He did get an academic scholarship, which is the only way he is at this particular school, but he has to work his tail off to keep it. I think taking classes at a community college is an excellent idea, and our daughter is doing that this year while she’s still in high school. Staying at home is also a great opportunity for them to save money. I hope it works well for you!!
priskill says
Whoa — getting penalized for carefully saving for your son’s education — that is awful! But at least he is at a good school and you have achieved this. I do feel your pain — our daughter went a few hours away and it wasn’t cheap even though it was a state school. There are no easy answers here — good luck to you and your son!
Kristin says
I also am sorry to hear that this is still the case – being penalized for saving! When I went to college in 1992, I didn’t qualify for financial aid at some very expensive private schools, because my father owned a business – he’s a mechanic. We lived modestly, and my parents had a good amount of savings. They also sent me and my two younger sisters to a private high school. What were they supposed to do? Take out a mortgage on our house? Then what about my sisters?
It all worked out in the end. All three of us went to state schools (Yeah SUNY!) and two of us have professional degrees from that same state system, and we’re all doing just fine, and so are our parents!
Our nephew is now in a program in high school which leads to an Associate’s Degree in Mechanical or Electrical Engineering Technology from the local community college – all free as a part of our tax dollars. The students graduating from this program will be employment-ready in a variety of advanced manufacturing jobs that pay well. I believe our schools need more of these types of programs, because, as Kristen pointed out, college is not the only path in life. And we as a society still need plumbers, electricians, welders etc., etc.
Karen. says
This was a problem when I went to college in 1994 but I had hoped they would have changed the algorithm by now. The FAFSA people don’t understand that you don’t just sell a handful of cows or a tractor or something to pay for college. It doesn’t work that way.
Live and Learn says
Yeah, a great frustration. If you are careful with your money and don’t have a huge debt, you don’t qualify for most financial aid. I know many people who made more money than we did and had bigger houses and bigger cars than we did and had the big debt to go with them. Because they didn’t have many available assets, they qualified for more money than my kids. However, academic scholarships are another thing.
Kate says
I think you are very lucky to be able to avoid the dorms!
My husband is from Toronto, and the three Toronto-area universities don’t have enough room for all Toronto-area applicants to attend, let alone students from outside Toronto. So even if it makes sense to go to university in your hometown, it doesn’t always work out!
Thankfully, I didn’t have that problem, and I was able to live at home for three of the four years I was in undergrad. My best way to cut down on costs was to stick to four years of undergrad- many (maybe most) of my fellow students took a fifth year, which not only cost them an extra year’s tuition but also kept them out of the job market for a year.
Heather in L.A. says
We have taken a very similar path for our children. The one piece of advice I have is to not think that all courses will transfer. My daughter is in eleventh grade and taking two dual enrollment classes. There are three universities less than thirty minutes away from our home and a community college. We had to research which dual enrollment classes would transfer from the community college that offers the courses to the high school and would count at the university she intends to attend. Not all would, including the math and one English that was offered.
nicoleandmaggie says
Yes THIS. In many states the community college the bulk of courses will transfer directly to in-state public schools in the same system, but they will not necessarily transfer to out-of-state schools or private schools within the system. Additionally, courses that are considered “remedial” will not transfer directly.
Kristen says
Oh yes, I wouldn’t imagine that remedial courses would transfer at all. They don’t even count as credit at the community college level.
Luckily, Joshua did super well on his placement test, so he’s starting out at the highest English and math levels that you can place into (though we opted to save English for another semester.)
nicoleandmaggie says
Not just remedial courses though– regular classes may not transfer at all to some schools and state schools may have specific requirements about what transfers and what doesn’t.
Kristen says
Oh yes, I understood that. I just was saying I’d be surprised if remedial classes EVER transferred. Regular classes transfer at least some of the time.
This is why guidance counselors are worth their weight in gold! It’s great to have a knowledgeable person help you through the process of wisely choosing classes.
Jen says
I would like to say that I appreciate that you did not “bash” or otherwise criticize families for whom student loans are a reality. So many who speak on this topic are so dogmatic about it, and I so appreciate that you have shared what YOU are planning for YOUR family without assuming that it has to work for everyone else!
Happy Monday!
Lisa says
I did post secondary at a community college my last two years of high school and graduated with an AA and diploma at the same time. It was a fantastic way to save money that is absolutely not for everyone. It made it impossible to participate in any after school activities/in school clubs and I saw more than one kid burn out. My best friend at the time didn’t do well in such an open environment (most college professors even at the community college level do not give a crap if you attend or not) and failed out of her classes and was lucky to graduate high school at all. She wasn’t a ‘bad kid’, she just tried to work a full time job while going to college and it was too much for a 16 year old. My advice would be let it be your kid’s idea and make sure to at least have a general idea of their new schedule; kids who go this route have a tendency to schedule 32 hours for a 24 hour day before they even realize it.
Savannah says
I’m not a college parent, but I am the first child in my entire extended family to go to college. We were highly uneducated on how to approach financing college. My parents weren’t in a place financially where they could help, and my public school guidance counselors were no help whatsoever (I’m sure there are some amazing ones out there, but mine were not). So, I did what I think most kids in the early 2000’s did…I took out massive student loans to go to a very expensive private university for 4 years. And I’m sure paying for it now. Literally.
I loved my experience at college, and I loved my college period. I have an amazing career that is a result of my education, but I know there are so many other ways I could have obtained it.
It is VERY doable, what you’re suggesting. Even our local state school (Akron) is affordable on a part time basis. My cousins work part-full time depending on the year and pay for their tuition each semester out of pocket. It has taken them longer than the traditional 4 years, but they are graduating with no student loan debt, savings, and a degree. Sounds pretty perfect to me!
Michael Belk says
I think you have a great approach to college for your children. It is a great idea for them to attend their first two years at a community college.
Many kids are in such a rush to get to a 4 year college they overlook the savings.
Megyn says
My parents both work in education and were able to push enough so that my siblings and I all qualified for academic scholarships. My brother’s covered most of tuition, but he did take out loans to cover cost of living. My sister’s covered all of tuition and books, but she lost the scholarship later in school and took out loans to cover the rest. I was able to get scholarships that covered tuition and most of cost of living, but I was able to do so because I did something very unconventional–I got married at 19 which allowed me to qualify for financial aid, and thus opened up more scholarships. I like to semi-joke with people that a divorce costs less than student loans, so marry someone on paper throughout college so that you can both get the financial benefits and just divorce afterwards. I know many would find this morally reprehensible, but in order to fight back against the demon that is the student loan industry, there need to be creative solutions. It’s definitely no worse than those who marry a friend to help them stay in the country.
As for the comment about joining the military, I will advise my boys against that. When a person is 18, they tend to be naive about the repercussions and commitments of joining such an establishment, and are just tricked into seeing the immediate monetary gain. My dad joined the Army as a means to pay for college, and he now suffers the consequences having had to go to war at such a young age. I know not everyone gets mentally scarred or has to go to combat, but it is a very real reality for many young soldiers. Having the stress to pay off student loans honestly doesn’t seem as mentally or physically damaging as going into battle. Just my two cents…
Amanda says
I agree with your comment about the Army which is why I said that you should only join if education is not your only reason. Both my husband and brother-in-law enlisted in their early 20s (not fresh out of high school), and they joined the National Guard so that they only had a one weekend a month commitment (after their initial training). They both served a deployment before meeting me and my sister, so it didn’t stress our relationships. That said, they are highly patriotic men and enlisted for reasons far beyond the education benefits. Those were just an added perk. The military is not for everyone, but it is a wonderful way to get training not available anywhere else (the reason my husband is about to start his dream job) before finishing college and starting a career (unless you make the military a career…another great option).
Alison says
We are saving the bulk of our “education funds” in a Roth IRA. If our kids don’t go to college it is extra retirement money for us. It is also more sheltered from the FAFSA. This works for us because we are ahead on retirement saving and have the space in our Roths to save.
My parents didn’t give me a dime for my education – I went primarily on scholarships. You often get better financial aid at private schools, so don’t rule them out because of the cost.
We also plan on having the kids do a fair bit of dual enrollment in high school. I enjoyed the dorm experience, but it might be a deal-breaker for my oldest because of his personality. Each child is so different!
Alex says
From a current college student:
Some college have a three year requirement to graduate, so it’s possible to only get the savings for one year. (Extra credits for the sake of learning how to do college level studying is still worth it.)
Some colleges have much heavier amounts of work for a normal course load, and working part time would be difficult.
The “big” scholarships are usually for low income/diversity students, though there are some for first generation regardless of income. These are all also super competitive. Regardless of whether one qualifies, being open to smaller scholarships is key if that is to be a resource.
Many schools that offer financial aid reduce work study requirements first if using outside scholarships.
Always, always, always remember that some students don’t have these opportunities before college, and they might struggle more because of background or whatever. You may struggle more because of some other reason. Self worth is not designed by success in college classes, and both physical and mental health are far more important than any grade.
Amanda says
I second the vote to look for first generation scholarships! They seriously helped me and my siblings.
LeAnn says
This isn’t a money saving tip per se. I learned in college – if it was possible – find out my spring textbooks in December. I could claim the cost of textbooks on my income tax and books I bought for Spring 2016 in December 2015 could be claimed when I filed my 2015 income taxes. This meant money spent in December for spring books could be reclaimed in February.
Also, if your kids can find a part time job at their community college – versus student work – they may receive tuition benefits a couple of years down the line. It took me longer than usual to complete my two year degree, so for a while I was taking classes for 2.00 a credit hour thanks to the discount.
Jess says
Another good text book idea is to see if you can purchase a used version from someone taking it the previous semester, if the class is taught frequently by the same professor. I can remember the frustration of getting 2 dollars back for a Norton Anthology that the bookstore sold for 25 used
I’d rather have sold it to another student for 10 or something.
Becky says
I went to a small state school in WI that included books in the tuition. The books were rented out each semester and returned at the end of the semester. Not all the state schools do this, but it was a HUGE advantage.
Sarah R says
Did you go to Whitewater? I did, and that savings was huge! Plus, they updated the textbooks every two or three years, and gave away the old textbooks for free.
h2ofilter says
I went to La Crosse and we had the same program. I think I paid $45 each semester for books!
Deb says
My kids are 22, 20 and 19. Oldest graduated from Christian college 2 years ago debt free and is now in Seminary, married, with a baby, and paying for it as he goes by working and scholarships. he did the dual enrollment and community college thing while still in high school. We helped him ONE semester, he did the rest. Second child-dual enrolled, didn’t enjoy college, works at a library FT and has enough in savings to do whatever she would like to do. Third child-dual enrolled, but didn’t LOVE that atmosphere, so she is working FT and saving to go to a small Bible College in the fall. She has been on 2 mission trips to Africa and I can totally see her being a missionary in the future.
My husband had student loans when we got married and then took out a few more after we were married. It is just not a great way to start out life, already behind. I would tell my kids to take a year off or go to extreme measures to not go into debt. The future is to uncertain to borrow against. Debt can drastically limit your options.
I will also say that I have heard from my son and other sources that the kids who were paying for school either through work or scholarships were better students. The kids who did not work at all but borrowed all the money were not as serious. It was shocking to my oldest when some of his classmates bought big screen tvs and gaming systems (for their dorm room, nonetheless) with borrowed money.
Every child is different, but student loan debt is a universal hindrance to the future.
Christine says
I don’t think it’s fair to say that less wealthy people who have to take out student loans don’t do as well in school, or are less motivated. That’s just bigotry. I have to take out student loans and I have literally nothing but ‘A’s on my transcript. I’ve also won two sizeable gpa-based scholarships (because I have a fantastic gpa that I work VERY hard for), and yet still need student loans.
A lot of people who take out student loans do so because they come from poor families or are less fortunate in some way. It’s pretty crappy of you to make generalized comments about people because they don’t have enough money to pay for school. Having money doesn’t determine if you are a hard worker or not…
rosie says
In TX, we have the option of pre-paying for college tuition, which we have been doing for each of our kids. You can buy “credits” in blocks of 50, with 100 equating to the cost of one year of classes, and it locks in the current cost-per credit at the time of enrollment (no inflation!). We’ve bought 3 years worth for both of the kids, in the hope that between AP and dual enrollment, one of the years will be covered. If it works out that way, all we pay for is books and dorm, if applicable. As long as they stay at a public, in-state school, they’re covered.
We’ve told them that if they are planning to go to a private college, out of state, or any advanced degrees, they’re on the hook for the difference. If they get a scholarship that covers some or all of their expenses, we will take those funds and use it toward another financial “gift” later in life, either advanced education, help with a house down payment, etc.
Because it’s not tax deferred in any way (like a 529), if they don’t go to college the whole time, or at all, or go out of state or private, we can either transfer the funds to someone else, or withdraw the funds without penalty.
Jenelle says
I work at a university (and always have) and value the opportunities that my student loans, that I have from both of my degrees, has given me. There is no way I would be able to do my job without them. With that being said, I know that not all students need to attend college to be successful! I have family members whom are very successful financially without a college degree. Thank you for being open about some people accruing debt to loans. I would like to caution you and readers that I’ve seen parents “make these choices” for their students (2 yr. vs 4yr., living at home, etc.) without the input of their student. I’ve seen family relationships fall apart. Please, please value what your child’s opinions on this matter. This is their future, not ours (as parents). Let them choose their future and if loans are part of that future, educate them on the pros and cons of loans.
It’s very hard to have students come to me and want to talk to their parents about these decisions, but are too afraid to talk to them for fear of being abandoned by their families. Sometimes, I do say to students, “This is your future, not your parents. They won’t be around forever and they aren’t the ones going to work to make your paycheck.” It sounds horrible to some of you, I know, but it is the truth.
Kristen says
Absolutely. That’s why I said we’re open to them living at home for all four years. We’re also open to other options, and we’ll do our best to aid them in coming to the best decision for the life path they want to choose.
WilliamB says
Permit me to point out that dorm-vs-home isn’t an all or nothing issue. If your child wants to integrate into ze’s class, ze can live on-campus for some of the time. I recommend the first year for this, as students form many of their groups during their first years.
Another option is a sharing an apt or house. I recommend doing this after the first year – your child will want the time to determine who is not just compatible but also reliable. In some places living close to campus is more rent but the transportation savings outweigh that; in others this is not the case.
Finally I second what Kate says: the most expensive option is another full-time year. Caveat: if the child wants a master’s, a 5 year combined version is the fastest – and therefore maybe cheapest – option. But that doesn’t take into account the different grants available at undergrad vs grad level.
PS – there are some really wacko scholarships and grants out there. The one I remember is the Duct Tape grant, available to seniors who make the most interesting thing of duct tape. One year’s winner made a prom dress. I do not, alas, have a resource I can point you to.
WilliamB says
Also want to point out that integrating into one’s class isn’t a purely social thing. In grad school we estimated that half the value we got for our tuition were the professional contacts we were making with our classmates.
Barb @ 1 Sentence Diary says
I would second these comments as well. Part of the benefit of college can absolutely be the contacts you make and use for the rest of your career. And integrating into the social fabric of the school is much more difficult as a “transfer” student (e.g. after a 2 year degree from a community college) than as a freshman. This aspect of college will vary tremendously based on the student and the college, but is something to take into account.
Amy W says
My 3 oldest children lived at home after high school and earned their associates degrees at a local community college before transferring to universities to complete their 4 year degrees. I thought it was a brilliant idea when I came up with it when my oldest graduated high school 10 years ago. LOL But it has caused some unforeseen problems as time has passed. My 3 child is now at university and the problem we’re running into is that had he started there as an incoming freshman he would have taken some of his general ed classes and also some of the classes that he needs for his specific degree in each semester. He should have started at the uni as a junior, because he has all his general ed done, but because he didn’t take the degree-specific classes as a freshman and sophomore he has to take them now. And there are a lot of prerequisites for these upper-level classes, some of which are only available during certain semesters.. So it will still take him 4 years at the university to finish his bachelor’s degree. It’s super frustrating and maybe not so wonderful and cost-effective after all. It all depends on the degree and how well your university and community college work together.
Susan says
I would say that college entrance exam scores are key if you won’t qualify for financial aid. The difference between a 31 and 32 on the ACT can mean $40k in merit scholarships. If your kid scores a 30 without benefit of a prep class, investing $1k in a good one could be a very frugal choice,
Jess says
If your children are interested, being an RA can help defray lots of the costs of living in the dorms. I was an RA for 2 years and it saved me all the room and board expenses. But it was a stressful job, and at my university it wasn’t as competitive as others to get a spot. Another good thing, if they want to stay in higher learning, it’s a stepping stone to working at university. Several old co-workers still work in the housing or student activities department.
I would also say, figure out which degrees are worth a private university, and which are not. I nearly went to a small private school to get my teaching degree, and looking back, I am so glad I did not. I would still be paying my loans off and where you get a teaching degree doesn’t really matter to employers.
Molly says
I was fortunate enough to get a full tuition National Merit scholarship for undergrad. My parents only had to pay for room/board, which was about what my high school (Catholic) tuition cost.
My husband attended a fantastic out of state public university, and we paid off his “moderate” undergrad loans this year.
My two cents for graduate school:
My husband has an MD/PhD from an MSTP – medical scientist training program. I had no idea this was a thing until I met him at 21.
The government paid for him to do so.
It took him 8 years to get both degrees, but we saved 300K+ in medical school tuition for the “extra” 4 years and “extra” degree.
So if you’re interested in both graduate degrees, it can work out.
priskill says
This is a great thread and I wish I had access to it in 2007 when my daughter enrolled! So much information here. She did the 4 years away at state university — still not cheap, by the way. We applied for loans, were rejected so ponied it up. Then, in her third year we received a partial loan for some reason — our income dropped that year and as some one up thread pointed out, they look at income not wealth. So IRAs, etc., aren’t factored in. We were happy to get it — not astronomical but paid off now.
I went to community college and lived at home two years with a part time job, hopping a bus to school. It was great! I made lasting friends knocked a lot of credits out cheaply and didn’t bankrupt my parents. Transferred to the state university (most of my credits carried over but you can’t assume they will, as someone pointed out . I lived in a dorm year 3 and moved into a shared house year 4 — excellent experience. I never had the option to take college classes in high school — that is brilliant. Anyway, lots to think about and reminders to be flexible — you don’t know what your children will want so to offer them reasonable choices is a wonderful gift. Excellent thread!
monica says
I have chosen to save in a variety of ways. I have two boys and I do have 529s for each of them. My hope is to save enough for two years tuition, room and board at UMass (our state school). Because 529s can be used for other family members, I feel confident that the money can be used for one or the other of them to go on to college. If neither decides to attend, I could arrange for funds to be used for my one of my nieces. Because I am an older mom, and I believe in “oxygen for me first” I also am saving in various retirement funds, since by the time my oldest goes to college I will just about be 59.5 years old and will be able to withdraw from those if necessary. I am also hoping for scholarship money (academic as well as athletic) and will insist that they contribute in some way as well (summer jobs, loans etc). I do want my guys to have the dorm experience – I feel like it is a good way to become independent and be able to handle much of lives day to day decisions without having to be totally responsible for paying the bills, buying and cooking food.
Sounds like you have a great plan – My good friend home schools and I think the homeschooling offers fantastic opportunities to take college courses while still of high school age. I know that one of the best “bargain” approaches would be to go to community college for a start and then transfer to UMass for the last years – will have to see how it all plays out!
Sarah R says
You have some great ideas!
A couple things about the 529 plan….it can be transferred to other siblings if one does not go to college. It can also be used at community colleges and vocational schools.
If all else fails, you can take out all of the money you put in without penalty or taxes since those were contributed with after-tax money. You only pay the taxes and a 10% penalty on the earnings.
Jenelle says
Here’s another thought for everyone. Most colleges and universities, if you work for them, give you some type of discount or event tuition for your children as a benefit. If you are job searching, look at what jobs are available at the local college or university.
Jess says
Yeah, my friends mom specifically became a secretary at a local college for this very reason!
Geneva says
I took out student loans on just tuition and fees. My parents had put aside some money that helped cover rent (I never lived in a dorm), food, utilities and other living expenses. I had a part time job to cover all the “fun” stuff. Because I knew I had to pay back my loans I was more serious about my studies than my friends who had their parents cover all their expenses. My four years of loans on just tuition at a state school ended up being the equivilant if one semester as a private school.
We are currently not putting anything aside for our five year old (my parents are though). We do plan on doing so but we are trying to bump up our retirement first. Our main thought is: you can take loans out for education but not on retirement.
Megyn says
We’re in the same situation–my mom actually advised me AGAINST saving for college. They have funds going for our boys and told us to focus on retirement. There are so many ways to pay for college/get lower costs, but you’re right–you don’t get those options when it comes to retirement
David says
Hi Kristen, College. A wonderful idea, indispensable in today’s world really. You probably would not want to do this but you can get a FREE college education for your kids! Many European countries offer free education to students – Germany, Denmark etc etc! Even to people from foreign countries! That is how important many countries think education is. The only problem would be the language barrier, although I do understand that some countries even teach in English. Another problem might be living costs, which could be solved if you know someone there. Even if you don’t, room and board could cost less than the cost of a College/University education in the US. And they would have the advantage of travel experience – almost as important, plus they would pick up at least some foreign language skills which could be important when looking for a job back home.
We have Grandchildren one of whom just graduated from Towson University. He worked three part time jobs while doing full time schooling! He had some money saved up – he started saving for College when he was about 10 years old! Anytime he did work for us, such as mowing the lawn we would ask him if he wanted the $20 cash or $40 in his college account (We had set up a college account for him.) he always took the $40. He also put in birthday cash from us or my parents – his great grandparents. When he was ready for school he had saved over $7,000. Which does not go far for education in the US! But he had his 3 jobs and he borrowed money from Uncle Sam – at 3.8% ! (Incidentally Uncle Sam just doubled the interest on his school loan to $7.6% !) Nothing like encouraging education.
But he will be able to pay it off. He has friends who, now in their 20’s and 30’s, are paying on their school loans, some owe more than $100,000 and will NEVER pay it off before they retire! Yep they will be paying their entire life!
Megyn says
My best friend went the European route for grad school. Since she is in the sciences, they are taught exclusively in English. She just pays for room and board, which isn’t too bad with her job through the college. The programs are a bit different in Europe v. US, but they tend to get people in and out faster, which helps too.
Anne says
I am writing in full support of your plans for your children’s higher education. I have three daughters all in their early to mid-thirties and all with college degrees and no student debt. It can be done! They all took advantage of concurrent enrollment classes in high school and graduated from high school with their associates degree from a local university. And all were still very involved in extra-curricular activities, sports, and social clubs while attending high school. They all worked part-time while attending the university and lived at home. Did they miss out on experiences they would have had if they had lived on campus? Most definitely. Were they experiences worth going into debt? Probably not. I feel very blessed to live in an area which affords students such educational opportunities and I feel bad for students who are unaware or unmotivated to take advantage of such opportunities. Good for you.
Sara says
Greetings!
I am not sure if this was addressed above but many times, students at the community college lose credits when they transfer to a University because the courses they took at the college do not meet specific requirements for the degree they choose at the University.
Many states (and the universities themselves) have course equivalencies listed or made available so that students don’t end up taking unnecessary courses or having to duplicate coursework. They also have listed pathways (that is what it is called on the West Coast) that detail the courses needed at both the community college and university to attain a specific degree.
Having worked at both a University and now a community college, I would highly recommend making a good contact in advising/student affairs at both the community college and university institutions for initial advising on courses needed for the degrees your children are interested in pursuing.
I’m sorry if this is long winded. Academic advising can be a bit unruly…I hope you can find some use for this information!
Kris says
Love this post. Keep ’em coming, Kristen.
Something I have noticed when people are discussing college costs is that there is very little emphasis on exposing kids to different career options prior to attending college. I have lost count of the number of people I know who have committed several year’s worth of time and money to achieving a degree, only to discover they don’t want to work in the field in which they majored. When you are talking about something as important as helping a young person discover their life’s work, doesn’t it make sense to give them a realistic view of what that career entails? Spending a day (preferably several days!) on the job, especially if they can do a little hands-on experience, is hugely important. A lot of careers sound good on paper but the reality may not match up with the expectations. If you want to teach elementary education, you’d better be comfortable in dealing with vomiting kids and kids with lice. If you want a medical career, know that cleaning up after bodily functions multiple times a day (and doing scads of redundant paperwork) is the norm. If you want to be a biologist, a lot of your time is spent looking through a microscope and writing papers–it isn’t just doing the “fun” fieldwork part of the job.
Along these lines, it is helpful to understand your personality. A friend of mine completed several years toward an engineering degree (she is gifted in her math skills) only to discover she needed more interpersonal interaction than an engineering career would provide for her–she switched to elementary education and was much happier. Meanwhile, my college roommate majored in elementary ed only to discover that working with kids wasn’t her thing, and went on to get her Master’s in library science.
What I’m saying is … it’s great to look for the most affordable way to get your kids through college, but be smart and insist on having some on-the-job experiences first. It will pay off in the long run. If a child gets to the point of high school graduation and doesn’t know what they want to do, it’s a huge mistake to push them into a decision–that’s when either taking a year off and working or attending community college for a year and doing some (easily transferable) pre-requisites makes sense.
Kris says
I’m adding on to my long-winded comment. It is also helpful to research pay and the job market once a kid decides on a career track. With all the technology changes, there are a lot of careers being phased out. My career (occupational therapy) has great job prospects nationally, but locally there are a lot of OT schools, which means there is a glut on the market for local jobs. Is your child willing to move out of town/out of state or are they a homebody? Are they content with frugal spending or do they have big dreams of a fancy house/”toys”? These are practical questions to ask. If a child is willing to count the cost, i.e. take on a lower-paying job or moving far away, then kudos to them. If you know that doesn’t suit your child’s personality, then a reality check is needed.
Kristen says
I agree. It’s important to know your kids and help them know themselves. If your kid is an extrovert and thinks they want to go into a job where they work all by themselves in a room somewhere, then as parents, we can help them see that perhaps that’s not the best choice.
Emily M says
Agreed. Looking back on the various tests and prep my high school made me do, I feel like I got absolutely no preparation. ‘Good at math? Become an accountant!’ Not the most in-depth or thoughtful preparation, I’d say.
Also, I’d add that really having your children be the ones that are crunching the numbers & figuring out how it would financially work is helpful. I love my parents and am very grateful for their financial support, but honestly I had no freaking idea how much money was being spent. I mean I saw it on paper, but I mean truly understanding exactly how much that was in the real world, you know? If I had understood then what I know now about money, I definitely wouldn’t have picked the same path. But alas, such is life, eh.
Rejena says
Great post! I also love how the Non-consumer Advocate puts all extra or “found” income into an education savings for her sons. Really helps you see how all those extras here and there add up.
I got a music scholarship that paid 3/4 tuition for me. All I had to do was participate in band or orchestra class. The directors were awesome, and worked with me. I dropped out of college during my sophomore year and did not come back for 3 years. During that time I had 2 children, and got a divorce.
They gave me back my scholarship and allowed me to participate in orchestra–1 night a week for 2 hours. If you are musically inclined, a music scholarship is a GREAT way to pay for college!
Kim says
I currently have two sons in college. Our community college is ranked one of the top in the country. In fact, a few years ago it was ranked #1. My oldest son will be finishing his Associate’s this semester from the community college and then will transfer to the University of MD. He has lived at home, worked 30-40 hrs a week and paid his way so far. He also did an internship inthe governor’s election campaign headquarters. He was deliberate in his course selection to make sure all credits will transfer.
Depending on the field of study, community college may not be an option. My younger son is studying Nuclear Engineering. Studying at the CC and then transferring into a NE program is not an option. No university in our state offers Nuclear Engineering so he must go out of state. Thankfully, the State of MD is one of the state’s that participates in the Educational Common Market. The ECM is a cooperative program that many of the southern states are part of, which allows a student to attend an out of state school for in state tuition if their major is not offered by their home state’s university system. He is attending University of Tennessee where the Nuclear Engineering program is ranked in the top 5 in the nation and he pays in state tuition which saves us over $21,000 a year. He also received a $40,000 scholarship at $10,000/yr. and a $4,000 grant. So sometimes it does cost less to go out of state.
He also got credit for 2 of his AP classes so that allowed him to skip Calc 1 and a gave him credit for a Social Studies class. He didn’t get credit for his other AP courses, even though he got 4’s, because they are not part of his course requirements. At $84 per AP exam, we spent a lot of $ that gained no college credits.
Currently he is not working while at school since his “job” in our view is to maintain the necessary GPA to keep that scholarship. We all felt with him being a freshman with all the adjustment that it entails, taking 17 credits and adjusting to living over 500 miles from home, it was best for him not to work while at school this first year. He worked over Christmas break to earn his spending money for 2nd semester. Over the summer in addition to working, he will be taking an English class at the CC to fulfill that requirement at a lower cost. We are verifying with his university that the credits will transfer.
Margo says
I can’t stress the AP classes enough! Our son took 4 AP classes in high school and was able to “skip” 8 college classes. Yes, he worked hard in high school but the payoff was worth it!
My views differ from most on this page, but we are committed to Christian education for our kids, and we are willing to go into debt to do so. (Let the stone-throwing commence!) Our oldest son is attending a private Christian college, where he earned a hefty scholarship and is enrolled in the Honors program. He could have worked but he “makes” more money keeping his 3.5 GPA and staying in the Honors program than he would working in the school cafeteria so we opted for that route.
I would not trade my dorm/campus experience for anything, and we wanted the same for our kids. Our oldest daughter went for one year, hated it, and that was it. Our second daughter is also not interested in college. Our oldest son was/is very focused, has his whole life planned out, etc. Not attending college was not an option for him and he wanted to (and we felt it was important) for him to get away and be on his own. As I said, we are willing to go into debt to make that happen. Our youngest son is not as gifted academically so things will be different for him. We will see what happens. But, again, we are willing to do what it takes. In the first semester our oldest son has been away, his growth in every area has been phenomenal. It is worth every dime of interest to me. We do have the security of knowing that we have a large inheritance coming our way at some point in the future. We are beyond thankful for that and know that we will be able to knock out that debt at that time.
Now, you may not agree, and that’s fine. I don’t expect you to do what we have done, and I hope you’ll give me the same courtesy!
Off my soapbox now!
Megg says
I came out of grad school with $30,000 in student loan debt. That’s after working and going to school full time plus a 50% off tuition scholarship at a state school (but out of state for me). Honestly, I think a little loan debt isn’t the worst thing in the works. It helped both my husband and I to have debt we were dutifully paying off when we bought our first house at 24 and 26 years old. I’m grateful my parents paid for some of my undergrad, but I’m also grateful for the loans. I wrote the interest off on my taxes and it’s helped me have responsible debt.
Mary Ann says
Be sure to submit the FAFSA form. Even though my kids didn’t get very much financial help, it opened up better opportunities for on-campus jobs beyond just working in the dining hall. They had more career-oriented options. Might have just been their university (VA Tech), but it was helpful. Also, I have heard stories from students that what they took in community college did not transfer for their chosen degree at a 4-year college, so that may need more research at the time. We never had much money to save for our kids’ education either, but amazingly it all worked out in the end. No debt for them or us.
April says
http://www.amazon.com/College-Out-Of-The-Box-ebook/dp/B00Y93X4FC
https://www.facebook.com/College-out-of-the-box-612439138890481/
https://www.youtube.com/watch?v=dvWiKlvTmtw
College Out of the Box is VERY interesting! Your kids could be done with community college before they graduate from high school! It’s done by a homeschooling mom. Check it out!
Renee Lodolce says
Actually, by using College Out of the Box my son was able to graduate with an accredited Bachelor’s degree at age 17 (the same year he graduated from high school!) and it only cost us around $3,000! (He did get some cash scholarships along the way.) No student debt and in less time. As his friends were getting ready to go off to college he was able to start his career as a college graduate!
Amanda says
I graduated in 2013 and wanted to add my 2 cents – don’t forget most careers that require degrees now also require one or more internships – that means on top of classes 20 hours a week + studying 30-40 hours a week you work 10-20 hours a week that you don’t get paid for. Really the only way you can work during that is if you reduce your class load and work on campus (like RA, campus coffee shop, etc).
And get on the scholarships early – there’s a million out there and they take a while, but they’re worth your time. I entered one for Jiffy Lube and while I didn’t win, I got free oil changes for life (a card which my mother then lost, thanks mom.)
And in the end they may not get a job in the field they studied for, which is why I’m a huge proponent of liberal arts colleges and taking classes outside your field. Don’t just focus on learning things specific to that career – learn to become a well-rounded person. Learn how to work efficiently alone, work with a team, how to lead and how to follow, how to help others and how to help yourself. With the price of college these days, you should get more out of it than just a job. Because a job is far from guaranteed.
Crystal says
My oldest went to our local tech college during her last 2 years of high school… for free! She went there for the Web Development program and now has a certificate of completion from there. In her field ( as Mr.FG knows) you don’t need a college diploma to work in the tech field. The school has over 30 programs and is a great way to save on college costs. Here in UT you can start at age 16 for most program’s ( medical/dental being the exceptions) , be in high school ( homeschooled is fine , my kids were/are dual enrollment with the local high school), and pass a simple entrance exam ( or prove your ACT score or most recent Math and English grade, B or better). All books were free, any supplies she needed , and of course the class fees. It cost us a total of $60 for 2 years of classes ( enrollment fee).
So don’t forget to look into tech colleges during high school, your child(ren) might not need a degree in their chosen field.
Heather in L.A. says
You don’t have to go to any college for web development… One word Treehouse.. For not only coding but also financial. They also give away the program to high schools. They focus on several computer languages and web and app development. One can work at their own pace, so during high school they can work on it and when they graduate can start working on a portfolio that can be used for employment even during college if they decide to go that route.
Emily says
My husband and I are both in the medical field (nurse & dentist). We both utilized student loan repayment opportunities offered by our state and our employers. After graduation I was obligated to work full-time as a nurse in my state for 2 years (Which was my plan anyway) and my husband is completing his third year of commitment with the Indian Health Services.. These have been great options for us to minimize our student loans, especially when it comes to graduate degrees. There are a lot of programs like these available in the medical fields!
Elise says
That is so great that you even have a plan in place for your kids to go to college
We aren’t saving in a 529 either, it doesn’t make sense to us. We are, however, contributing to our kids education through a few IRAs (one in each girls name and also our own). You still get the same tax advantages but you aren’t locked into using the funds for education.
sandra says
It sounds like you are doing everything right! i have read some about saving for retirement late and a recommendation has been to DO NOT fund your children s education but instead use it toward your retirement. i think there are always funding options for school and those who want to find them. You know, home schooled kids are some of the smartest
and that leads to scholarships. Testing high on their pre college tests (SAT) gets them noticed and recognized by their school. They should utilize their college student liaison to help find funding also. My son has graduated with a Masters degree and no student loans! He did work part time and i did help with extra fees and such. His was all paid for with scholarships and work study programs through the school financial aid program and from extra scholarships from having a high SAT score. Some have their children apply for scholarships that their parents place of employment offers.
Penny says
I really like your comments because that’s exactly how I made it through college in the 1980’s (dual enrollment wasn’t available to us back then). I did receive grants for a couple of years that helped with part of the expenses. But basically I lived at home, worked part-time, and attended our local community college for two years. Then I commuted for a year to a nearby university. My last year of undergraduate school I did live both on and off campus, using money I had made working full-time during those last two summer breaks. I was fortunate to be offered an opportunity to attend graduate school with a graduate assistantship. This allowed me to pay for graduate school debt-free. Although I wasn’t able to be a part of regular dorm/sorority life, I found many campus organizations can help meet that need to experience campus life (I was a part of the Baptist Student Union which provided tons of fun socializing opportunities).
Gretchen says
I would like to add that you may want to start looking into college scholarship money now. There are many different contests that high school age kids can enter to win money for their college education in the future. I have even seen photography contests which Joshua would be very suited for.
Kathy says
My husband and I are educators and both of our kids are in college. I stayed home form many years so were too were unable to save for college. My tips..
1. We always lived on one income so when I returned to work (three years before child #1 went to college), we paid off cars and took care of needed home repairs, etc. Then, when she went to college, my salary went 100% to college.
2. Both kids went to public school. However, they spent their entire senior year dually enrolled in the local community college. (They didn’t have to go to their public school at all.) Benefits: one year of college paid in community college rates. AND, according to both kids, they felt much better prepared to handle college-level work when they did go away to college.
3. Both kids first choice in college was an expensive private university (in state). Do NOT overlook applying to these since they have more to offer in scholarships and grants than public schools. Both kids are attending for the same cost as Penn State University (about $27K) despite the $60K price tage of the universities they are attending.
4. We told our kids we would only pay for their college up to a certain dollar amount; they could choose any school they want but would have to pay for the difference.
5. Relating to #4 – we told them we would ONLY pay if they choose majors that lead to a life-sustaining wage. No philosophy majors on our dime. Sorry if that offends anyone. It’s our reality.
6. Our son choose a school within a 30 mile radius and we did encourage him to live on campus. Our goal is to have both kids living independently as soon as they graduate and we think this is a good start.
7. We never, ever encouraged our kids to attend a four-year school. There are wonderful 2-year technical programs that lead to high-paying wages for in-demand industries.
Good luck and don’t worry. It all works out!
(Unable to edit this as I’m running out the door. My apologies for any typos!)
Emily M says
Ha! I agree with #5.
Kristin says
Me, too. English major here. If you want to talk about symbolism in Victorian literature, I’m your girl. Had to go to law school to actually have marketable skills. BTW, I do not recommend law school these days, unless one cannot imagine doing anything else with his/her life. It’s far too expensive, and the job prospects are dim. Also, there are limited opportunities for scholarships and grants.
JD says
We live in Florida, so I signed up both of my kids for the Pre-Paid Program when they were very small. If they had not gone to college, we could get back the money we paid into it. There was also a list of out-of-state schools which honored the tuition hours paid into the Pre-Paid Program. One of my daughters has her child signed up for it now, and my other daughter transferred her last 2 or 3 unused hours to my grandchild’s Pre-Paid. The program locks in tuition at current prices for children who won’t attend college until years down the road. Both of my girls also won Bright Futures academic scholarships that helped pay at least some of their costs in college. They worked hard to win those scholarships, and it was worth it.
I concur with those who said to check what transfers. Both of my daughters took the few offered AP classes in high school and then attended community college before going to university. They chose a community college that has an on-track program with the university in the same town, which they later attended, and all of their credits transferred, but they had some friends who weren’t so lucky in their school and course choices.
They chose to live in apartments with friends rather than the dorms, and we paid less in rent than the dorm fees would have been. They cooked for themselves, watched their utility bills like hawks, and worked part time jobs, sometimes more than one at a time. Both graduated debt free, and were so grateful to be able to do so.
We provided a vehicle (used, of course), car, medical and renter’s insurance, and their portion, or at least a part of their portion, of the rent. It got a bit tight when two were in school at once, but we managed. They paid for everything else like food, gas, car maintenance, utilities, school supplies, clothes, and entertainment, and learned frugality very quickly.
K D says
I second the AP test taking and also CLEP tests are still around. I took some CLEP tests in the 1970s and received credits.
We never did a 529 either, planning to pay as we went along. It turned out my daughter received a scholarship to the school she most wanted to attend and after one year of living in the dorm preferred living at home. It cost us very little for her to be in school and she worked full time in the summer and part time during the school year.
If your child is gifted and involved there are full ride scholarships for them (regardless of the parents financial resources), beginning freshman year. Don’t be afraid to look into them.
Lee Ann says
Good post and much to think about. I think community colleges are way under utilized. I mean, if I can learn a trade that will provide me with a good salary then that is what I would do now. I did go to college and my job is not in my field. at. all.
My husband and I were discussing this a week or so ago. Some people are not cut out for college and should not be made to feel that they have to go to “be somebody”.
I would love to see a time when students only had to take coursed that specifically dealt with their major and not have to spend time and money on other classes. Just my humble opinion.
Kristen says
I agree-college is very necessary for some people and for others, it’s not necessary. That’s why we don’t feel like it’s a foregone conclusion that our kids will all go. We want each of them to do what’s right for their gifts and abilities.
Barb @ 1 Sentence Diary says
I absolutely agree that college is not for everyone, it’s not needed for everyone, and that there are a lot of ways to be successful in life (both financially and otherwise). And, I think there are a lot of ways to educate yourself, with our without college.
However, my two cents is — if you do go to college — you *should* have to take courses that are outside your major. Part of being “college educated” is having exposure to a wide variety of knowledge and ideas. Students don’t have to agree with all the ideas (to the contrary! think for yourself and make your own decisions!) but even engineers (speaking as one) should take history, literature, and social science. And literature majors should take science and math courses, too. The world is a complicated place, and there’s a lot to learn. As an engineer, I bemoan the lack of science education in our schools. How can we expect voters to make decisions on complex issues if they are woefully uneducated in the basics of science?
Jess says
Yes, many people miss the point of liberal arts vs. technical and it’s that broadness of study.
nicoleandmaggie says
High achieving low- (and sometimes mid-) income kids can often go to selective schools for free or close to free. If you have a high achieving kid, it is worth applying to generous schools rather than just going the community college route.
Carol g says
AP classes and CLEP tests saved us a bunch. My daughter was able to use her AP credits for a full year of college biology. She is now working for a public non profit and paying her grad school student loans off as slowly as possible. After 10 years, the balance is forgiven. 10 years of loan payments seems like a long time, but she already has 3 1/2 years under her belt and that went by quickly! https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
Claire says
I love your approach. My hope is that my son will attend community college and then transfer to our local state university, living at home the whole time. I do not by any means feel that the dorm experience is essential to a developing adult. In fact, in some cases I feel that it can be detrimental.
CC says
I cannot really compare my own experience since i’m from France. School/university/education are affordable there I was on a scholarship and worked to pay my rent/food / clothes… Here is my husband’s history when it comes to university and career path in the USA. He grew up around Seattle took college classes the lasts 2 years of high school and went to BCU in Vancouver Canada. I am not sure how it is right now but at that time (early 2000) the costs of university in Canada was way cheaper than any state university in USA. He ended up with a student loan under 15k (which is still pretty big to me..) got a good job in genetics for 3 years at UW and became a full time glass artist in 2007
I think being debt free from education is a big deal. Not feeling guilty about changing path. I mean I did know what i wanted to do when I was 18… I decided to change path last year. Starting to work early really help figuring things out => hands on experience. We talk a lot about our son’s future (we have time he is only 3!) we agreed on saving a certain amount of $ for him to use for college or a big project when he will turn 18.
Michelle says
(I didn’t real all the many comments…I hope I’m not being too repetitive!)
First, I’d say to lower your kids’ (and your own!) expectations. When I went to college, I was able to pay for a 4-year private college by myself due to many scholarships. And so I figured our daughter could do the same. But when it came time for her to go to college, I was shocked to learn that there were fewer scholarships available, and more students competing for them. It was very disappointing to her when she had to turn down the out of town state university she had hoped to attend and instead live at home and attend community college. But she had a great attitude and never complained (and she wouldn’t have met her future husband if she’d gone to the state university!).
Going to the out of town state university would have cost a minimum of $20,000/year for tuitions, expenses, room & board, etc. Living at home and going to community college, she figures she spent about $5000/year.
After 2 years she transferred to a local university and continued to live at home. She estimated that cost her about $10,000 year.
She also worked 2 part time jobs (for a total of 20-30 hours/week) throughout college. In order to work that many hours, she chose to spread her schooling out over 5 years, taking fewer class hours so she could work more.
During her 5th year, she got an apartment with friends. Although this increased her expenses, we felt that it was valuable for her to live on her own for a time, as it was looking very likely that she would be getting married soon after graduation (which she did). She also took a 3 week trip to Europe, which used up some of her school money, with our blessing. We felt that the benefits of the trip far outweighed the downside of needing to take out a small school loan to “pay back” her savings account.
She ended up with a school loan of $5500. Of course it would have been nice if she had avoided loans all together, but we felt that she made some wise decisions regarding her finances. She got married in July and she and her husband have paid off more than half of her loan already (he had his own small loan paid off before they got married).
I tell people that living at home and going to community college certainly isn’t glamorous, but she and her husband will be debt free before they’re 24 years old, and that’s worth an awful lot!
Kristen says
$5500 is SUPER impressive! Good for her.
Bonnie says
You have begun to formulate a great plan in my opinion. Almost no one I know recently has had a good dorm experience. I know it used to be considered part of the learning experience but I think that time has passed; and if finances don’t allow it it’s a moot point anyway. At least your family is going to be clear about what you can and can’t provide and if any given child wants something different (as a previous commenter mentioned), then they should know up front they will have to find a way to pay for that. I applaud you for planning ahead.
Cheryl says
My son didn’t decide on a career till March or April of his graduation year. We were going to send him to our community college but Adam decided he want to do music technology (recording music for himself and others). The school he chose he would have needed four years due to the curriculum for music,technology, and business that he is taking. Going to community college for two years then college for four just didn’t make sense. Cheryl
Krissy says
I love your plan – being flexible with what your kids’ talents and ambitions lie is awesome! I am somewhat bitter about college myself and wish someone would have told me it’s okay not to go, or at least postpone it until I knew what I wanted to do.
I managed two years at a community college debt-free, thanks to a scholarship and help from my Grandma paying for books. I lived with my fiancé and we both worked to support ourselves in an apartment. All during this time, I didn’t know what I wanted to do and used up the whole two years worth of scholarship testing the waters (I could have graduated in like 1 year otherwise). I am glad for this experience though – I personally think there are many more interesting people with more varied backgrounds at a community college than at traditional university.
I still didn’t know what I wanted to do, but we transferred to a public in-state school for 5 semesters and racked up about $15,000 worth of debt each there. My fiancé and I still were working this whole time, but our money was all for living expenses. We are both people who don’t want to take handouts from anyone, even our own families, and never had any expectations they would pay for our school.
Ultimately, my degree isn’t good for much without going to graduate school or higher, and I discovered I really do not like academia (the main career-path for my major). I wish I had called it good with community college, but I didn’t listen to what I wanted and went to a 4 year school anyway. I did extremely well academically in high school and thus was given high expectations (“You have so much potential!”) – fortunately not so much from my family, but mostly from educators and general societal norms.
To finish what has become a dissertation (sorry!), I can’t help but compare my situation to my little sister’s… She went to community college for a couple of semesters, decided it was not for her, and managed to escape with no debt. She makes just as much as I do, and she just bought a house with her boyfriend over the summer. I know she doesn’t want to stay where she is forever, but at least she will be mature and wise enough to target her efforts when/if she does go back to college.
So I just wanted to share my perspective as someone who wishes they either never went to the 4 year college, or at minimum waited a few years.
Thank you for always creating such thought-provoking posts!
Krissy says
I realize I made it sound harsh about calling financial assistance from your own parents “handouts!” I meant that we are too stubborn to accept help at all – although I have tried to be a bit more gracious about it in the past few years! I know when I have kids someday, I will want to help them any way I can!
Stephanie L says
I see my experience was very different from that of a lot of commenters! Both of my parents went to college several hours away from their respective hometowns, and ordered me and my sister to do the same. Even if I had wanted to stay home for a year or two (I really, really didn’t want to) – I wouldn’t have been allowed. They felt it was extremely important to stretch our wings a little.
Yes, we both graduated with debt. Yes, we both worked our fannies off at low-wage jobs during college. Our parents and grandparents helped as much as they were able but as far as I was concerned, it was my responsibility. Interestingly, neither my sister nor I ever moved back in with Mom & Dad after college.
Isabelle says
My kids are still young (4 and 6) and we live in Canada, so schools are cheaper here than in the US. But we contributated 6000$ per kids in the last 5 years, and now it will accumulate interests until they turn 18 and give them about 23 000$ each for school. Can be used for vocational school, college or university (different rates of mon id given back depending, between 16000$ and 25000$). We figure out that this should pay for at least 2-3 years for each. For the rest they can apply for grants, loans and work part time. I’ve done it : 2 years private college, no help from parents (but staying partly at home), finished with a 10000$ debt that I cleared in 2 years, something I’m very proud of! Paying for it myself thought me the value of money and of my education.
Tam J says
Thanks for the 529 info. They advertise the bageezus out of that plan on TV.
Louise L says
I saved college money for my son with a 529 plan, and it was a given while he grew up that he would obtain a college degree in an area of interest to him with the main objective of meaningful employment. It is serving us quite well. Both of my parents had higher degrees and encouraged all of my siblings to go to college. You can lose your car, your home, and your job, however, no one can take away your education yay! New York’s 529 plan has terrific state tax savings, too, as well as being dependably managed by Vanguard. If he doesn’t use all the funds, the account can be re-assigned to another qualifying individual. I really like the idea of the Roth IRA, but the yearly contribution limit is lower than the 529 which could be troublesome.
Lynn says
I did the 529 and Roth for my retirement plan and as a back up in case we ran out of 529 money before my son graduated college.
Trudy says
I’m so glad you’re not automatically assuming your kids have to go to college to get a good start in life. Neither myself nor my siblings did, but we got jobs which supported us and earned our college degrees through distance education. Obviously this isn’t possible for every vocation, but ‘earn while you learn’ worked great for all of us! None of us had student loans – in fact, at the end of his degree, my brother had also saved enough to put a deposit on his first house. His lack of college hasn’t held any of us back – we have all gone on to have careers we love. I’m not knocking college educations, but so many people seem to go for the good times or because they think it’s what they need to do, instead of thinking through what they want to do.
Merrilly says
As a college registrar, I’d like to give a couple of points about dual enrolled credit:
1) Dual enrollment can be wonderful tool to get ahead on required credits! Nearly every degree (barring double majors or heavy mahjors such as nursing, engineering or education) requires electives, so even if the specific courses do not transfer to fulfill set requirements they may well meet the elective requirements toward the total credits needed to graduate.
2) One thing to keep in mind- if your kids don’t complete the AA or AS degree at the community college as a part of their dual enrolled program, chances are good that a four year (particularly a private school) may have a limit on the number of pre-matriculation credits they will accept. This includes tests, online or traditional classes. It can really shock families who expect fifty or sixty credits of pre-matriculation credits to transfer when they find that only thirty actually will. This does vary from school to school but it is worth exploring if the kids have an idea of where they would like to end up.
My husband and I both went to private schools for undergraduate and graduate degrees and have emerged without debt- mostly with academic scholarships or due to schools that didn’t charge tuition to lower income or graduate students. If your kids are academically inclined, many of the top tier schools have a minimum household threshold that determines whether the student’s tuition and fees are waived. The threshold is something absurd- like $100,000, so sometimes the most expensive schools end up,being practically free!
Louise L says
Excellent advice
Diana says
Yes, high achieving students should definitely look into top-tier private schools around the country! It will often be cheaper than a state school. Those top-tier schools often have very large endowments and give great scholarships to low-income students (as Merrilly points out, “low” is often defined to be around $100,000 household income or less…), especially students who could be considered to increase the diversity of the student population. Both of my brothers-in-law grew up in less wealthy families (one was the kid of immigrants and grew up in NYC, the other grew up in rural Colorado), and they literally got paid to go to college (Harvard and Caltech, respectively). As in: tuition and room and board was covered, but they were also given a generous stipend to pay for books, clothing, and fun extras. They came out of college not only ahead financially, but also set up for great careers with strong alumni networks. The “sticker price” at these schools is a price that only a small subset of students actually pay.
Jamie says
I am currently a freshman in college taking 18 hours, so I am not a college parent but I do have a few things to say. Joshua, my older brother, transferred credit from AP courses to his college. The transfers only counted as a credit and not a grade. Due to this, I chose to not transfer credit so I could take a few easy classes and get an A, which helps my GPA greatly. I don’t know what Joshua, your son :), wants to major in, but I am majoring in nursing. In order to get a guaranteed admission, I am required to take all of my general education courses here. Due to the competitiveness of the program, I felt it was best to take the classes here so I am guaranteed that they will admit me before someone who is not a guaranteed admission student and to help my GPA.
As far as scholarships, I applied for ones offers through my city, county, camps/seminars I attended, parents work, and searched Google for any scholarships that I was eligible for. Of course, I didn’t get them all, but the ones I got helped a lot. My parents are paying for my college as long as I get good grades, but I do work during breaks and summers.
I live in the dorms since the college I am at is 1.5 hours from home. I chose to attend this college due to its nursing program being nationally ranked, but I know several of my friends are going to community college. Some are going due to finances and others are going because they don’t know what they want to major in. This allows them to get their general education courses done and spend a couple more years thinking about their major.
I know this is kind of scattered, but I hope I helped by giving tips/advice/etc from a students ‘s point of view.
Louise L says
Excellent observations from a currently enrolled soon to be Nurse! Yay! Great planning, and your parents must be very proud of you
Jamie says
Thank you, Louise! I am currently a pre-nursing student, but I have my finger crossed that I get into the nursing school here!
Lynn says
You can go online and look up scholarships for anything you can think of an example: there are scholarships for people with chrons or colitis ( I don’t wish that on anyone). Scholarships from local organizations as well. Does your child have a particular takent like writing, music or visual arts? There are scholarships from art organizations. Google everything you can think of and there is a scholarship for that; even your your religion or ethnicity
As a single parent, and the only one paying for my son’s college education, I had opened a 529. I told him that if he went to a state school, I guaranteed him that he wouldn’t have student loans to pay back. He wasn’t happy because he wanted to go to a private school. A few months before he graduated he said, “thanks mom, I’m the only one of all my friends who doesn’t have a student loan.”
Kristen says
Yes! Starting out with huge student loans is just a rough way to go, so if we can help our kids avoid or minimize that, we’ll be very happy.
Linda says
University of Alabama offers some of the best 4 yr full tuition scholarships out there for kids that score 32+ on the ACT. My child is extremely happy there and we are happy with the small bill.
You do need to be careful about taking classes at any other colleges but they may waive this if you homeschool. A phone call if you are interested to the school would help in any planning.
JD says
I forgot to mention that there are scholarships for ESE students — a daughter is dyslexic so we found out about them through her ESE coordinator in high school.
And, just for fun –one of my daughters participated in the very local level Junior Miss pageant (winners go on to state, then US) when she was in high school. She got first runner up and earned $1500 in scholarship money. She borrowed most of her needed outfits and bought an “evening gown” at drastic clearance ($32) so she spent less than $100 to earn that $1500. We were pretty happy with that.
Kristen says
That is a great story!
Richard says
Hi Kristen: I am still teaching myself to find the comments section to post one. Perhaps you can include the email I sent your way about 15 minutes back.
I am appreciative
Richard W. Zorniak
Sandy says
From the first day my daughter stepped foot into preschool, I told her that what you put into your education will be what you get out of it; set a goal, dedicate yourself, work hard, and perseverance when the going gets tough. The end result could help pay for your education. She is now a freshman at Harvard on a full scholarship. My younger daughter is now a freshman in high school and we hope to follow down the same path!
Carmen says
You’ve some great ideas about college and a really welcoming attitude to them living at home until graduation.
We live in the UK. It’s hard to even get onto the housing ladder, in the tiniest tiniest abode, without a decent job, which typically requires a degree. It’s tough without one, as well as very limiting from a career perspective. So unless one of our kids has a great alternative to college (entrepreneurial flair?), that’s basically the assumption for anyone bright enough to go.
Our kids are academically bright, so looking into the top universities when the time comes (next year for eldest!), your equivalent of Ivy League I suppose. The cost doesn’t overly concern me: assuming there isn’t a major cash flow crisis, the debt is only an issue in relation to future likely income. The ROI on respected degrees from top (expensive) universities is considerably higher than the opposite. So whilst not ideal, a doctor or lawyer should not be unduly stressed repaying student debt.
Tiffanie @ SimpleWifeSimpleLife says
I couldn’t agree more! Using a 529 plan scares the bejeebus out of me in case our children decide to go an alternate route (which is completely fine with my husband and I!). I’m glad to see I’m not the only one, because it hasn’t been the most popular train of thought amongst our family and friends.
Jenny says
On thing I very rarely see mentioned is tuition reimbursement. That is where your employer pays for some of your school. What is available varies widely but many large employers offer this. I went to school for a semester and it wasn’t for me so I dropped out and went to work full time. Once I was ready to go back I was able to work full time go to school part time and I have my employers pay for it (I switched jobs in the middle and between both employers they paid almost 25K.) I now have my degree and no student debt. I was able to move up with my employer and save to a down payment on a condo. My employer offers tuition reimbursement at 24 hours a week (I think it is $2,500) or $5,000 for FT.
Kristen says
This is great when you can get it! Mr. FG’s former employer paid partially for college classes, so we took advantage of that for him.
EngineerMom says
Your and your husband’s experience dramatically changed how I look at my children’s education, Kristin. Years ago, you wrote about your college-piano history, and it really made me think. I went to a high school who prided itself on a 95%+ college acceptance rate. There was an enormous amount of pressure to choose a career that required a 4-year degree, and very little discussion about other career paths (electrician, plumber, landscape designer, business owner, hairdresser, etc.). In fact, there was a distinct bias against pursuing any of those “blue collar” jobs. I graduated high school in 2000.
So we all went to college. I was fortunate enough to earn a merit-based scholarship that covered most of my tuition, a few smaller scholarships, and to have parents who managed to scrape together enough funds through their own money and loans to pay for room and board. I worked every summer as an intern in my field (mechanical engineering), and the majority of that went towards school, as I was able to live at home. At the end of it all, I came out with $5,000 in student debt, and my parents paid off some unknown amount (I ran the numbers one time and estimated they paid about $35,000 on top of my scholarship and what I paid from my summer work). My degree did allow me to get a well-paying job in 2004, but ultimately, I’m not sure it was the right field for me.
I am now married, with two kids ages 7 and 4, I worked the first year of my son’s life, then stayed home until about a year ago. I started working part-time at Starbucks, then found a part-time engineering job (very rare), but my true passions are gardening, volunteering, and teaching my kids. My job is just that – a job that basically pays for my kids to attend a Montessori school. As I get farther down my life’s path, I’m starting to radically reconsider things – like the possibility of going back to school to become a Montessori teacher, that I definitely want to go through the training to become a master gardener, and that I’m starting to look into eco-friendly landscape design.
Although there are features of engineering that I enjoy, I don’t feel like I made a well-informed decision about my schooling after high school. I didn’t know myself well enough, and I don’t think my parents knew me well enough to really help me, either. After I started staying home with my kids, my mom commented that I was the happiest she’d seen me in years. I don’t want my kids to have to wait until they’re 25-30 before they know themselves well enough to make good, informed choices about their futures.
I think the most critical part of choosing the right education/career path isn’t what you choose, but whether the person who has to live that path knows him/herself well enough to have the path fit the traveler.
Kristen says
Yes to what you said there at the end. I think it’s really important for parents to help kids think about what they enjoy and what they’re good at and what they seem happiest doing rather than automatically assuming that a 4-year degree is the correct path.
It’s not that 4 year degrees are always the wrong choice, it’s that they’re not always the RIGHT choice.
I think Joshua’s going to get a 4-year degree of some kind, and I think several other of my kids will too, but probably not all of them. And that is a-ok with me. We are way more interested in helping them find a career that’s a good fit than we are in making sure they have four years of college under their belts.
(And if some of them end up doing “blue collar” jobs, we are totally ok with that too. The world needs good blue collar workers just like it needs good white collar workers, and there is no shame in doing a job where you work with your hands. Where would we be if no one did that kind of work?)
That’s so great that you’ve found some new passions and interests at this point in your life AND that you’re making plans to pursue those. Wonderful!