Recently Ihad such a GREAT Time sharing in the Celebration of a College Graduation.
During the festivities the atmosphere turned grim for a few moments as the conversation turned to the rising cost of education, paying for school, and the rising fact that the money may not be there to there to pay the student loans, because of the present job market. As a champion of Hope I begin to share some ideas and encourage them to think outside of what they had previously envisioned. Such Great Accomplishments as a Graduation is not a time to embrace and entertain fear of the future, but a time of looking forward with Great Expectancy of the Opportunities Ahead!
Therefore in this blog, The Practical Princess will share a few options to assist in the planning, discussion, and affordabililty of College.
Many students are graduating today buried in College Debt from Student loans. According to the College Board, the cost for a typical 4 year private college education runs around $130,000 and the cost to receive a college education from state schools is roughly $54,000. The College Board Savings Foundation estimates by 2024 the cost of a 4 year private institution will likely be more than $200,000 and likely more than $100,000 at a public college.
As college costs continue to rise we wanted to share Twelve (12) ways to Pay for a Child’s College Education:
Start Early, Have a Vision – Going to school should not be about getting a job, but more about enhancing and fine tuning to Make and Create Opportunity! In all things, planning and preparation are the keys. If you still have a couple of years before your child enters college, START PLANNING TODAY!
Creativity and Ingenuity – Allow creativity and ingenuity to flow. What are your child’s gifts and talents? How can they be used to create an enterprise or earn additional money? Examples: a website, tutoring, teaching piano, car detailing, lawn care, dry cleaner delivery business, baking business, etc., A great example of allowing creativity and ingenuity to flow is the Million Dollar Home Page website conceived and birthed by student, Alex Tewby, in 2005. Google million dollar home page or click here (FAQ for the million dollar homepage) to see what the fruit of unbridled creativity can manifest.
Building a Strong Work Ethic – Start early instilling a strong work ethic and discipline into your child’s character. This will aid in their performance through school which puts them in line for more opportunities. Also having a strong work ethic will enable them to work while in school.
529 Plans – Great plan to save money. Morningstar, Bank rate, Kiplinger are great resource websites. Take a look and then speak with an expert in your area.
Prepaid Tuition – If you are starting to prepare early, seek information on institutions which allow parents to pay today for tomorrow. This is similar to an “education lay-away plan”.
Transfer Credits – Consider the option of beginning at a Junior or Community College:
Determine and make a list of what school(s) are being considered for college education and then investigate junior and community colleges to see if credits can be transferred. If so, your child could complete a year or two at the Junior/Community College and then transfer to the school in which they would like to graduate and receive their college diploma. Staying at home while attending a community college often allows the student to work and save, as well.
Seek Wise Counsel – High School Guidance Counselors and College Financial Aid Offices are great sources for steering you in the right direction for information on college specific, as well as, private funding sources. Make an appointment to meet with the Counselor and Financial Aid Office.
Speak with Human Resources Department – If your child is presently working while in high school or college, have them check with their Human Resources department there may be an opportunity for scholarship, tuition reimbursement etc., Also, a lot of companies that have several locations will assist in helping the student transfer to a company location where they are going to school. Oftentimes, when they return home on breaks, holidays, etc., they will have the option of working at their previous location during their stay at home, as well.
Advanced Placement/Dual Enrollment – Investigate if your child can take Advanced Placement classes which count towards college credit. Also, some schools may allow high school students to enroll and take some college courses.
Aggressive Degree Plan – Speak with school advisor and counselor as there are opportunities where four (4+) year degrees may be finished in less time.
FREE Money – Studies show there are millions of scholarship which go unclaimed every year. There are books and websites which provide information on Grants and Scholarships. Please note we suggest that you avoid programs where you have to pay for this information unless you have thoroughly researched the program.
Student Loans – Although a viable option, so many students are leaving school saddled with student loans, we are offering this as the last option. Student loans may be obtained by the student or by the parent for the student. There are a lot of public and private sources which could assist with this option. Should this option be used, look for opportunities where the loan may be forgiven after a period of time. There are volunteer opportunities and fields of work that may allow the student loan to be forgiven. Also, there are programs like Upromise, etc., which provide alternative options to assist in the repayment of the student loan.
The above suggestions are Great Ways to Pay for a Child’s College Education. In addition, many of the options cross over to any individual who is in school or planning to go back to school.
Please share this information with your family and friends. In addition to sharing the information, we encourage you to share practical ways you are saving, paying, or affording college for yourself or your child. We look forward to your Wisdom.
Fabulously frugal,
The Practical Princess
thepracticalprincess 