Assistance with tuition
- Thread starter USAFpj
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CADplans
Elite Member
We educated two daughters recently,, and played ALL the financial games to get the best deal,,
In the opinion of my wife and I,,, there are some basic rules,,
If your family income is under some number of $$$ (like $250,000) if you play all the games,, your cost for your child's education should be $17,000 per year, room, and tuition.
That is a locked in the concrete number that is hard to change without some VERY special scholarship. ( I guess inflation will adjust it a little )
That also applies even if the school is public, or private,, the number changes VERY little.
There are special scholarships,, athletic, and merit based.
Be careful with athletic,, we almost got hooked,,
It seems some athletic scholarships are only an enticement to get you on campus the first year,, then BANG,, no more scholarship,, you are paying the same as everyone else,,
Why else would a school give scholarships for sports that do not fund themselves with ticket sales, like football??
My daughter was offered one of those,, by SEVERAL universities,, for her ability to throw a discus,,
After we got the offers, my wife casually approached each coach, and asked for the offer in writing,, detailing that it would be a four year scholarship,,
Only one school returned the offer in writing, it happened to be the one my daughter wanted,, so all went well.
The scholarship was maintained for 4 years,, she was one of VERY few who kept the scholarship four years,,,
So, IMHO,, if you pay a nickel over $17K,, you missed a financial opportunity.
If you pay much under $17K,, you truly found a real scholarship,,,
In the opinion of my wife and I,,, there are some basic rules,,
If your family income is under some number of $$$ (like $250,000) if you play all the games,, your cost for your child's education should be $17,000 per year, room, and tuition.
That is a locked in the concrete number that is hard to change without some VERY special scholarship. ( I guess inflation will adjust it a little )
That also applies even if the school is public, or private,, the number changes VERY little.
There are special scholarships,, athletic, and merit based.
Be careful with athletic,, we almost got hooked,,
It seems some athletic scholarships are only an enticement to get you on campus the first year,, then BANG,, no more scholarship,, you are paying the same as everyone else,,
Why else would a school give scholarships for sports that do not fund themselves with ticket sales, like football??
My daughter was offered one of those,, by SEVERAL universities,, for her ability to throw a discus,,
After we got the offers, my wife casually approached each coach, and asked for the offer in writing,, detailing that it would be a four year scholarship,,
Only one school returned the offer in writing, it happened to be the one my daughter wanted,, so all went well.
The scholarship was maintained for 4 years,, she was one of VERY few who kept the scholarship four years,,,
So, IMHO,, if you pay a nickel over $17K,, you missed a financial opportunity.
If you pay much under $17K,, you truly found a real scholarship,,,
Paddy
Veteran Member
USAFpj,
As said by others, the cost of an education has gone up dramatically. I had a little help but could pay for tuition by working my summer job. When I returned to get an engineering degree years later, my wife worked and we took on some dept.
Not everyone has the smarts/test taking skills to get a full ride. Certainly not me, I had to work my tail off to get B's at Purdue engineering. If the student wants to get a degree AND it's in a field that will be a good investment, don't worry about student loans. But if just heading off to school to get any degree, it's a huge debt that can't be paid off.
As said by others, the cost of an education has gone up dramatically. I had a little help but could pay for tuition by working my summer job. When I returned to get an engineering degree years later, my wife worked and we took on some dept.
Not everyone has the smarts/test taking skills to get a full ride. Certainly not me, I had to work my tail off to get B's at Purdue engineering. If the student wants to get a degree AND it's in a field that will be a good investment, don't worry about student loans. But if just heading off to school to get any degree, it's a huge debt that can't be paid off.
fruitcakesa
Veteran Member
While I never attended college, my wife did back in the days when schooling costs were quite low and she paid her own way.
Our daughter planned on going to college and made every effort to obtain grants, scholarships and loans on her own.
What wasn't covered by these was picked up by us and her grandparents and she intends to pay back as much of what is loaned as she can.
She is currently finishing her masters in public health and then will be applying to PA school in the fall.
In the meantime she is working full time as an LNA at a local hospital in order to accumulate as many clinical hours before applying to school.
Our daughter planned on going to college and made every effort to obtain grants, scholarships and loans on her own.
What wasn't covered by these was picked up by us and her grandparents and she intends to pay back as much of what is loaned as she can.
She is currently finishing her masters in public health and then will be applying to PA school in the fall.
In the meantime she is working full time as an LNA at a local hospital in order to accumulate as many clinical hours before applying to school.
EddieWalker
Epic Contributor
My wife teaches at our local university and most of her students work to pay for their classes. Sometimes they have a student that is in financial trouble and needs help, which they are sometimes able to provide from a list of grants and scholarships that they have available if they feel the student is trying really hard and going to do well in school. Sadly, a few are just playing the system and take advantage of this, but overall, it's been very beneficial to the students that need it. I have no idea if other universities do this, or just the University of Texas. This is just for students already enrolled in the Nursing Program, so I also don't know if it applies to any other areas at the school. My reason for commenting is that there are a lot of funds out there that will take some leg work, face to face conversations and time to find.
When my step daughter graduated high school, she went to the local JC and worked part time to pay what she could. Then went to the university where tuition was the lowest. There is no reason to go to some out of state, high dollar university. Her BSN degree has allowed her to work where she wants, and make what she wants. The options for Nurses is almost limitless, and for those who are willing to work while going to school, it's also affordable.
When my step daughter graduated high school, she went to the local JC and worked part time to pay what she could. Then went to the university where tuition was the lowest. There is no reason to go to some out of state, high dollar university. Her BSN degree has allowed her to work where she wants, and make what she wants. The options for Nurses is almost limitless, and for those who are willing to work while going to school, it's also affordable.
Oaktree
Super Member
I did the same...went to a 2-year community college, worked 2 p/t jobs to pay for it. As Streetcar noted, college was a lot more affordable back then (in my case late 60s, graduated in 1970), especially at a community college with in-state rates. My parents agreed to help with expenses during my second year but my first I was on my own (a bit of pressure to perform...I'd been kind of a slacker in H.S.). I also was able to get a small grant in my 2nd year (with conditions...more on that later), which helped too.
It worked...I graduated 2nd in my class with a 3.85 GPA.
Excuse me for saying this, but it seems like your daughter's contributing to her own problems. Teaching and nursing are both fields (especially nursing) where demand exceeds supply. Would it kill her to work for a few years in Podunk in exchange for a scholarship?
I had a grant (not a scholarship per se) when I was in school that in exchange I'd agree to work for my first 2 years after graduation at a firm based in state. I did. Could I have made more money moving out of state? Probably, but making the big bucks was never that much of a motivation for me, and the last thing I wanted to do was to move to some big city anyway.
Alas, today's generation seems to have been raised to see such opportunities as beneath them.
Nothing wrong with "the trades". Dunno about where you live, but there's lots of demand for skilled tradesmen, especially as we boomers retire and few are there to take our places. Meanwhile millennials with post-grad degrees are working at Starbucks or driving an uber because there's a glut of applicants with similar qualifications for jobs in those fields (and demanding a $15 minimum wage because they can't get by with what a menial job like that pays).
MossRoad
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My father paid his way through college for 2 years by working in high school before, and as a barber during, got drafted into WWII, and finished college after the war on the GI bill. Mom went to college, too, but I have no idea how she paid for it, as her parents were poor. I'm guessing she got scholarships and worked like my father.
They had 5 kids. Gave them all the same offer: stay home and go to local college and you get free room and board as long as you are a full-time student. Drop to part-time, or quit, and you pay rent. If you go away to school, you'll have to take out loans, work, and get scholarships if available. We'll help you if we can, but don't count on it.
All of my siblings worked in high school, saved money, went away to college, got partial scholarships, took out student loans, and worked during college. They all got out with student loan debt, and took about 20 years to pay things off, but did get things paid off and all are well.
I took up my parent's offer, worked during high school, lived at home with free room and board, went to local colleges, no scholarships, worked a full time job and a couple part time jobs, and got out of college debt free with money in the bank (thanks mom and dad).
Got married. Wife and I both work average wage jobs. Have 2 kids. Started 529 college savings plans as soon as they were born. $20-25 per paycheck went into those accounts. That added up to around $25-30K by the time the 529s were drained at the end of 4 years. The beauty of compound interest! Daycare was $5K per year. Catholic grade school was $5K per year. Catholic high school was $5K per year. We were used to paying $5K per year, so we said what the heck, let's give them $5K per year towards the first 4 years of college.
So the kids got $20K from us ($5K x 4 years), $25K from the 529 plans, for a total of $45K. Purdue University tells you to figure $22K per year after tuition, room and board, car, medical expenses, travel, etc... so we paid for half. Both kids got partial scholarships of about $5K per year, so that's another $20K. So we're looking at $65K of the $88K that Purdue suggests planning for already covered. The kids worked in high school and while at Purdue, and were able to cover the remaining $23K over 4 years with ease. In fact, they both came (or will come) out with money in the bank and no debt after 4 years.
After 4 years, any further education is on them. Mom and dad want to retire.
Scholarships are not to be counted on, so don't plan on them. If they get them GREAT! but don't count on them. Working in high-school and while at college, and summers between semesters, etc... can add up to thousands each year, so encourage that.
In-state tuition is almost always 1/2 the cost of out-of-state tuition. Try and convince your kids to go to in-state schools. At the best, many out-of-state schools will offer scholarships that end up bringing the cost down to your in-state level, so look for those.
Don't discount high-priced small private colleges. They tend to give out more generous financial assistance, and brings the cost more in-line with state school prices.
Don't forget about study abroad costs. Many schools require a semester of study abroad, and many times, that isn't included in the initial cost analysis.
Don't forget about cars and transportation. Many college towns offer free bus service to students, so a car might not be necessary. It's nice, but it's not necessary in many cases.
Living off-campus can be considerably cheaper at first look. However, we've found that getting the cheapest dorm package and a lower meal plan always works out to be less than living off-campus, and, the kid doesn't have to cook for themselves.
In the end, looking back, even if we could have afforded to pay for the entire thing, we wouldn't. We'd make the kid put in their own time and effort to earn money BEFORE AND DURING college by working part-time jobs.
Discourage them from paying for the entire thing with loans. Don't take out loans until you need them. Take them out 1 semester at a time if needed. Only take out as much as they need. Etc.....
Good luck. It's a trying time on both the kids and a married couple. But it can be done on average wages.
Sorry for the long winded reply... I'll reiterate that it's imperative and a heck of a lot easier to start a 529 plan or ROTH IRA as soon as a kid is born, and contribute a few bucks each paycheck over 18-22 years than it is to come up with a chunk of change all at once. It's one of the best things we ever did. Study the differences between 529s and ROTH IRAs. Both have their plus and minus sides. :thumbsup:
They had 5 kids. Gave them all the same offer: stay home and go to local college and you get free room and board as long as you are a full-time student. Drop to part-time, or quit, and you pay rent. If you go away to school, you'll have to take out loans, work, and get scholarships if available. We'll help you if we can, but don't count on it.
All of my siblings worked in high school, saved money, went away to college, got partial scholarships, took out student loans, and worked during college. They all got out with student loan debt, and took about 20 years to pay things off, but did get things paid off and all are well.
I took up my parent's offer, worked during high school, lived at home with free room and board, went to local colleges, no scholarships, worked a full time job and a couple part time jobs, and got out of college debt free with money in the bank (thanks mom and dad).
Got married. Wife and I both work average wage jobs. Have 2 kids. Started 529 college savings plans as soon as they were born. $20-25 per paycheck went into those accounts. That added up to around $25-30K by the time the 529s were drained at the end of 4 years. The beauty of compound interest! Daycare was $5K per year. Catholic grade school was $5K per year. Catholic high school was $5K per year. We were used to paying $5K per year, so we said what the heck, let's give them $5K per year towards the first 4 years of college.
So the kids got $20K from us ($5K x 4 years), $25K from the 529 plans, for a total of $45K. Purdue University tells you to figure $22K per year after tuition, room and board, car, medical expenses, travel, etc... so we paid for half. Both kids got partial scholarships of about $5K per year, so that's another $20K. So we're looking at $65K of the $88K that Purdue suggests planning for already covered. The kids worked in high school and while at Purdue, and were able to cover the remaining $23K over 4 years with ease. In fact, they both came (or will come) out with money in the bank and no debt after 4 years.
After 4 years, any further education is on them. Mom and dad want to retire.
Scholarships are not to be counted on, so don't plan on them. If they get them GREAT! but don't count on them. Working in high-school and while at college, and summers between semesters, etc... can add up to thousands each year, so encourage that.
In-state tuition is almost always 1/2 the cost of out-of-state tuition. Try and convince your kids to go to in-state schools. At the best, many out-of-state schools will offer scholarships that end up bringing the cost down to your in-state level, so look for those.
Don't discount high-priced small private colleges. They tend to give out more generous financial assistance, and brings the cost more in-line with state school prices.
Don't forget about study abroad costs. Many schools require a semester of study abroad, and many times, that isn't included in the initial cost analysis.
Don't forget about cars and transportation. Many college towns offer free bus service to students, so a car might not be necessary. It's nice, but it's not necessary in many cases.
Living off-campus can be considerably cheaper at first look. However, we've found that getting the cheapest dorm package and a lower meal plan always works out to be less than living off-campus, and, the kid doesn't have to cook for themselves.
In the end, looking back, even if we could have afforded to pay for the entire thing, we wouldn't. We'd make the kid put in their own time and effort to earn money BEFORE AND DURING college by working part-time jobs.
Discourage them from paying for the entire thing with loans. Don't take out loans until you need them. Take them out 1 semester at a time if needed. Only take out as much as they need. Etc.....
Good luck. It's a trying time on both the kids and a married couple. But it can be done on average wages.
Sorry for the long winded reply... I'll reiterate that it's imperative and a heck of a lot easier to start a 529 plan or ROTH IRA as soon as a kid is born, and contribute a few bucks each paycheck over 18-22 years than it is to come up with a chunk of change all at once. It's one of the best things we ever did. Study the differences between 529s and ROTH IRAs. Both have their plus and minus sides. :thumbsup:
Motorboatin
Gold Member
I have two kids in college. One is a entering grad school and other will be entering her junior year
This is what I have learned. Academic scholar ships help but there is no free ride. Private schools have more grant money and are willing to hand it out. Kids change their mind and therefore their major and thus the price of schooling increases. It was cheaper for our kids to attend an out of state school than an in state school. Neighboring states often have tuition programs designed to pull more kids into their programs. And lastly FAFSA is a joke
We told our kids they could go wherever they want but they only get three years worth of state school costs from us. They are responsible for everything else
This is what I have learned. Academic scholar ships help but there is no free ride. Private schools have more grant money and are willing to hand it out. Kids change their mind and therefore their major and thus the price of schooling increases. It was cheaper for our kids to attend an out of state school than an in state school. Neighboring states often have tuition programs designed to pull more kids into their programs. And lastly FAFSA is a joke
We told our kids they could go wherever they want but they only get three years worth of state school costs from us. They are responsible for everything else
