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With 4 year schools costing an arm and a leg these days, what are you folks doing to save, if anything that have young children?
My take is this: I will help pay for school if the following 2 requirements are met
1: Graduate with a min of 3.0 GPA from a 4year school( 2 year school to start is fine)
2: Graduate within 5 years of starting class #1 ( up for discussion if legit reason arises)
1: If both of those are met I willhelp pay the loans back
2: If both are not met, I pay nothing and they are on their own.
Scholarship would be their only route directly to a four year school otherwise it's community college for two and then transfer. I may consider helping out after the transfer
With 4 year schools costing an arm and a leg these days, what are you folks doing to save, if anything that have young children?
My take is this: I will help pay for school if the following 2 requirements are met
1: Graduate with a min of 3.0 GPA from a 4year school( 2 year school to start is fine)
2: Graduate within 5 years of starting class #1 ( up for discussion if legit reason arises)
1: If both of those are met I willhelp pay the loans back
2: If both are not met, I pay nothing and they are on their own.
I think this is a smart plan. This approach encourages your kids to do well and take it seriously, because otherwise they will be footing the bill themselves.
I would not pay at all maybe if u have to actually pay for a gen Ed degree u will reassess and go to trade school
Too many people working at star bucks with a gen Ed degree
First 2 years, community college. They can work, live at home, and pay for it. No loans. After they transfer to a 4yr school, I will pay for 2.5 years as long as they maintain 3.5GPA. No loans. And they have to continue working to pay at least most of their living expenses.
And they have to apply for grants and scholarships to help defray costs.
First 2 years, community college. They can work, live at home, and pay for it. No loans. After they transfer to a 4yr school, I will pay for 2.5 years as long as they maintain 3.5GPA. No loans. And they have to continue working to pay at least most of their living expenses.
And they have to apply for grants and scholarships to help defray costs.
Exactly how life went for me. First 2 years at JUCO I had a baseball scholly, and no costs since i lived at home. Worked a little in the off season to pay my car payment. Good times. Last two years, moved away to a major state school, and worked 20 hours a week to my food and utilities, while they sent me a little money to live on. Tuition and books money was on loan, which i repaid in about 8 years after graduating.
A great strategy. it worked, and I've earned an average wage in the 16 years since graduating, making around 750,000 gross on a 10,000 loan.
High school: worked part-time job and took community college classes.
Graduated high school and went to local community college for 2 years off savings, living at home.
Graduated community college with AA degree and a good GPA, transferred to top-tier state school that is very affordable.
As the oldest of 6 kids I couldn't qualify for financial aid, so my Dad co-signed my private student loans (with my credit union - lower interest rate than federal loans).
Graduated in 2 years with 3 job offers.
Paid off my student loans myself in 2 years and am officially debt-free.
IMO having any financial help from my parents would have hurt me. I knew I was paying for everything myself, so I was motivated to do my best and to find a good job. A lot of the slackers I saw in school had their parents paying for everything, and hence some of them were there for a number of years more than I was and are now working low-paying jobs.
And I would insist on community college. There's no reason to pay full tuition for 2 years of GE classes that any school can offer. Plus, at a community college you can try a bunch of different classes and figure out what major you like, rather than being forced to decide what you want to do with your life while still in high school. Finally, community college is relatively easy - you can often get into better schools as a transfer than right out of college. My friend got into UC Berkley (I didn't apply though I probably could have made it, as I had no interest in going there).
I read a great book titled "Debt-Free U". Loved it so well I took notes:
Everyone from the HS guidance counselor, admission officers, Financial aid officers and friends and family have a vested interest in what school you attend. Financially speaking
Don't borrow, loot your savings or withdraw from retirement accounts to pay college tuition.*
Downsize your expenses to find money to pay for college, get a second job,
Scholarships are overstated because they are so random.*
*For merit based aid, Apply for schools were your student will be in the top ten percent.*
Financial aid is 60% loans which is useless for our desires.*
A student can finance a 4-year degree by doing two at a community college and working on average 30 hours per week; mostly during summer and school holidays. Premise is to take the yearly savings and roll it into next year's semesters.*
2010 there is a $2500 tax credit on qualified *educational expenses over $4K.*
Some institutions let you pay monthly. *
Graduate in 3 years by either taking a full load (if not working) or taking summer courses each year.*
Default has life-ruining disastrous effects: garnished wages, lawsuits, bad credit, professional license suspension and denial of civil service jobs.*
Never finance large debts for illiquid investments.*
Talent, energy and work ethic are a larger contributor to school success than school on the diploma.*
- sadly being attractive or in shape and we'll groomed increases career prospects.*
Success requires active participation and to act. The part.*
Enrolling at honors programs at State schools is as effective as going to an Ivy League school on a resume. Also HPS have smaller class size
HPS use the tutorial/dialogue format for learning and lay the foundation for success at the graduate/professional level. HPS set the stage for life-long *intellectual engagement.*
The premise is to save before you go, pay as you go and make smart choices.
We should be able to pay for our kids' college education without it impacting our expectations for retirement, so we plan on paying for their undergraduate degrees in full.
I read a great book titled "Debt-Free U". Loved it so well I took notes:
Everyone from the HS guidance counselor, admission officers, Financial aid officers and friends and family have a vested interest in what school you attend. Financially speaking
Don't borrow, loot your savings or withdraw from retirement accounts to pay college tuition.*
Downsize your expenses to find money to pay for college, get a second job,
Scholarships are overstated because they are so random.*
*For merit based aid, Apply for schools were your student will be in the top ten percent.*
Financial aid is 60% loans which is useless for our desires.*
A student can finance a 4-year degree by doing two at a community college and working on average 30 hours per week; mostly during summer and school holidays. Premise is to take the yearly savings and roll it into next year's semesters.*
2010 there is a $2500 tax credit on qualified *educational expenses over $4K.*
Some institutions let you pay monthly. *
Graduate in 3 years by either taking a full load (if not working) or taking summer courses each year.*
Default has life-ruining disastrous effects: garnished wages, lawsuits, bad credit, professional license suspension and denial of civil service jobs.*
Never finance large debts for illiquid investments.*
Talent, energy and work ethic are a larger contributor to school success than school on the diploma.*
- sadly being attractive or in shape and we'll groomed increases career prospects.*
Success requires active participation and to act. The part.*
Enrolling at honors programs at State schools is as effective as going to an Ivy League school on a resume. Also HPS have smaller class size
HPS use the tutorial/dialogue format for learning and lay the foundation for success at the graduate/professional level. HPS set the stage for life-long *intellectual engagement.*
The premise is to save before you go, pay as you go and make smart choices.
This is good. The only thing I would note is that while attending college full-time I was doing internships, student projects, and I was an officer in my academic club. Taking out student loans (which I repaid in 2 years) allowed me to spend more time puffing up my resume, which I believe ultimately resulted in a better salary. I sure an even more motivated person could have done all of that while working for money, but I think that might be unrealistic.
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