My cautionary tale

[FairProspects]

That is not an option for all fields of study. It is not just about the 'college experience', dd20 blew through the highest level of math offered by our community college before she graduated high school.

 

The community college here is overwhelmed and underfunded. The 'advanced' classes cap out quickly. Other than saving the cost of the dorm it is not worth the price differential.

 

small example: This semester they offered 7 sections of remedial arthimetic (adding, subtracting, multiplying etc) this was at full tuition price and no college credit earned; they offered one section of calculus 1. Calculus 2 and 3 are offered once a year, if you don't hit the cycle correctly it can take extra years to complete the limited number of advanced classes they carry.

 

For us it really had to be a four year college. We were lucky that she found a terrific school in the public system and she received several scholarships. With luck child 1 will have less than 25K debt.

 

That fact that I think that is a good deal and can use the word 'luck' in that sentence makes me want to cry.

 

 

:iagree:The system is insanely stressed given the realities. Something has got to give.

[Jane in NC]

Not even remotely possible here. The closest state university will not grant any credit whatsoever for CLEPs. They offer a few for AP, but are even cutting back on offering credit for those.

 

Dearest FairProspects,

 

You mentioned in another thread that this one was depressing you. May I offer you a virtual glass of wine or some chocolate?

 

:cheers2:

Jane

[FairProspects]

Dearest FairProspects,

 

You mentioned in another thread that this one was depressing you. May I offer you a virtual glass of wine or some chocolate?

 

:cheers2:

Jane

 

I will gladly take you up on that glass of wine! It is beginning to feel like those of us with youngers have no hope!! Cheers!

[mommy5]

Like others have said -- something has gotta give with these schools. This is absolutely ridiculous to charge these outrages amounts for tuition/room/board and then to not even be able to qualify for loans for the full amount? Even with the loans for full cost - I think it is crazy to have to spend that on an education. How can ***anyone*** afford this?

[Leanna Tomlinson]

I haven't read all of the pages and posts but I'm wondering if anyone has mentioned CLEP tests and others like it? Is there a possibility of testing out of 1/2 of the workload and basically just going for their "major/minor" classes?

 

CLEPs are possible and two of my college age children have taken them, but they really can't get half of their work done using CLEPs or AP exams.

 

The max # of CLEP credits my ds can earn towards his engineering degree is 23 credit hours. That's more than a semester, but not a full year. All of the other credits he needs are not classes that have a corresponding CLEP option.

 

The max # of CLEP credits my dd could earn towards her nursing degree was 27 credit hours. All other courses were major specific and there was not a CLEP option.

 

Taking CLEPs allowed them both to add a minor, but it didn't save any time because of course progressions.

 

My eldest dd, who will graduate in a few weeks with a history degree, could have taken 32 CLEP credits towards her major saving a year.

 

You also have to be careful of having a student enter with sophomore status which can jeopardize some scholarships.

[Denise in Florida]

The situation is very different. Night and day. And Hell to the Yes about state school . It's a sick and sad joke.

 

Yep...this is us in Florida. One of dd18's picks is a state university.

 

I don't remember exact numbers but something like base tuition was $103/credit hour; base tuition plus differential plus fees was $178/credit hour. Therefore the 100% tuition grant (ha!) doesn't actually cover much, they also reduced the grant by 20% last year and plan to raise tuition by 10-15% for next year. aaarrrgh

[MindyD]

I graduated from a private school 9 years ago with 0 debt. I did manage to pull together enough through scholarships and aid to have a full-ride. I'd love to be able to write a check for my kids to go to college, but that's just not realistic for us. Living on one income does have its disadvantages I suppose. We'll be looking at dual-credit in high-school to try to get through the freshman courses, then we'll see from there.

[Julie in MN]

I am not so sure about this.

 

When FAFSA calculates the EFC, it assumes that parents have been saving--whether or not they have. Repeatedly we have heard from parents over on the College Board note that their EFC is $25K+--and they have nothing like that in their savings.

 

Is that per year, or per 4 years? If it was for 4 years of college, then the "drop in the bucket" of $30,000 would become a "whole 4-year cost" of $30,000, which makes a difference to me.

 

The "really poor single mother types" I know usually have a FAFSA amount of around $7,000 per year, which includes housing and food (which *theoretically* would have to be paid anyway if you were supporting them), and some comes back in taxes. There may be things they aren't sharing, I don't know?

 

Julie

[Julie in MN]

Agree.

 

This post explains it well: http://www.thecollegesolution.com/will-saving-for-college-hurt-your-chances-for-financial-aid

 

I'm not sure what "shielding" or "sheltering" money means in that article. I really suspect it does not mean that you can have that amount of cash in the bank. She refers to things like

 

 

...$100,000 in non-retirement assets, including $25,000 in a 529 savings plan, and the oldest parent is 55.

 

 

 

The family would get to shield $60,200 from the FAFSA formula, which would leave $39,800 unprotected. In calculating the family’s financial need, the FAFSA methodology wouldn’t expect the parents to sink all of that money into college.

 

 

Not sure that's the same as having cash in the bank available for education. Maybe I should have asked the original poster if she had the $30,000 in a 529 or something, because that might be different than a savings account, but I am clueless about all that. Just based it on our own experience and that of those we know, who definitely don't have any special accounts defined by numbers :)

 

Julie

[Jane in NC]

Is that per year, or per 4 years? If it was for 4 years of college, then the "drop in the bucket" of $30,000 would become a "whole 4-year cost" of $30,000, which makes a difference to me.

 

The "really poor single mother types" I know usually have a FAFSA amount of around $7,000 per year, which includes housing and food (which *theoretically* would have to be paid anyway if you were supporting them), and some comes back in taxes. There may be things they aren't sharing, I don't know?

 

Julie

 

Per year. FAFSA is calculated per year and will change with the number of students in post-secondary education, income fluctuation, etc. Our EFC has changed only about one or two thousand annually.

[KidsHappen]

Yes, but the attitude I'm hearing is that kids shouldn't have to spend that much so it's the parents who should do it instead. That is my problem with this argument. I don't have 50K lying around for a college education anymore than my child does. That 50K is going to have to be spent. I maintain it's the child's responsibility to pay it and not mine.

 

What we have found is that the child can't borrow the money even if they want to. I have two in college (one married). The FAFSA is based on our income (even for the married child because she got married after applying and did not qualify for the adjustment). The children can only take out $5500 in student loans for the first two years. An 18 year old has no access or ability to take any additional loans for the balance and the government bases the financial abilty on the parents income. Basically if we don't come up with the money, they can't go. I have no idea why adult students' financial aid is based on the parents income. That means that a parent can actually prevent a child from going to college (for any reason at all from lack of income to just plain spite). Our expected contribution for the two children currently in college came to half of our take home pay. :001_huh: I have absolutely no idea how that is possible epsecially considering we have two more at home and my hubby is in a Master's Degree program.

 

I don't think they even took into consideration the amount we still owe on our student loans. We were the first generation in our families to go to college. We started in community college, worked full time, sometimes went to school part time (it took me 8 years to get my degree) and borrowed only the amount allowed which at the time was $2500 per year. Between my hubby and I we borrowed a total of $30,000 to pay for our college. That doesn't seem so bad but the total amount we will pay back will be three times what we borrowed because of 9% interest and we can't get a lower rate because of the time period in which we took out our first loan. We consolidated our loans so that we would only have one payment (with only on minium payment amount, basically half as much per month). Our payout is over a 30 year period. It is the equivilent of a second though albeit somewhat smaller mortgage. So even with the lower cost in the past it was already an issue for middle class people. With the sky rocketing prices now it has become an almost impossible dream for many.

 

There will be no retirement for us. It will take the rest of our lives to pay these off. Even if I wasn't disabled, I wouldn't be able to make enough money to put much of a dent in any of this. It would take two of my hubby's income to make much of a difference.

[mooooom]

so forgive me if I am repeating things.

 

First of all, test scores are super important, so pay the money for a test prep class. It will make a difference.

 

Second, have your child apply to schools where their scores and grades are in the top 25th percentile - or higher. We did this with my sons and they had merit aid offered at EVERY school. Going to community college for 2 years might not end up cheaper in the long run, because you very rarely get any merit aid as a transfer.

 

Third, research college essays, there is a correct way to write them and it is not that hard to do. There are multiple books dedicated to this and online sites as well. A good essay could really make a difference.

 

Another make or break item is extra curriculars, start keeping track freshman year, count hours, make sure there is volunteer work, sports, interning - and if your child has a specific interest, try to assemble all these activities around it. Passion is the word of the day.

 

The application process is important, research the way each school wants things done - apply the way they prefer, if they offer more than one option.

And put together a really nice looking transcript (not that anybody here wouldn't)

 

For a high performer, apply to some 100% needs met schools. If your EFC is low, they will give you everything you need. My dd will be going to a small needs met school in the fall, the tuition is lower than we dreamed possible. She iss a very unique child with hundreds of hours of very specific extra curriculars, looking for a degree in a very specific (and rare) major. One top tier school put her on the waitlist, but the second - looking for unique individuals - wanted her. This is her dream school, with excellent lab facilities and opportunities. Yes, some of it was luck, but we also worked very hard to present her at her best, and I think that paid off.

 

Spend time, lots of time, on College Confidential - especially on the Financial Aid forum. I learned sooo much there, and was prepared in advance for anything that might have happened. Yes, it can be a bit snobby, but get past that and learn everything you can.

 

Education is very big in my family - if any of my kids had had a passion for a trade I would have blessed them to go off and learn it, but they all have different desires, and I have no qualms about scrimping to help them get there.

[Julie in MN]

Per year. FAFSA is calculated per year and will change with the number of students in post-secondary education, income fluctuation, etc. Our EFC has changed only about one or two thousand annually.

 

Well, I wasn't asking about yours, but was responding to this quote you made:

Repeatedly we have heard from parents over on the College Board note that their EFC is $25K+--and they have nothing like that in their savings.

Again, if you have heard that folks with low incomes and no money in savings have been asked to pay $25,000 per year, that would be new to me.

 

I suppose it could depend on some other factors like the school you are going to, the room-and-board "support" expected, etc., but folks in our circles of family/friends who have low incomes and no money (including us) have typically been paying $7,000 per year. Of course things could be changing or factors could be grossly different (high buck college, etc?).

 

Oh well, lots of factors in there. I was just throwing out the not having cash as one possible solution. I suppose I could extend my suggestion to finding some kinds of "sheltered" accounts, according to the other posts, but I am clueless on those. The idea may be the same, though?

 

Julie

[KidsHappen]

Ditto, and probably true for everyone who has been in the market since the late 90's.

 

We also invested in real estate. Had we done so a decade earlier, we would have doubled or tripled our money. Today, the houses are estimated at about what we paid for them - over a decade ago. No appreciation at all, which was hopefully going to cover college and maybe a little retirement.

 

Yes, we have lost all of our money twice and lost money on our last house. We also had to borrow against our 401K to cover my mother's funneral costs and then last year our health care covereage was changed to a high deductible plan. We are barely keeping our heads above water and my kids who were raised with a solidly middle class lifestyle are wondering why we are suddenly poor.

[Julie in MN]

An 18 year old has no access or ability to take any additional loans for the balance and the government bases the financial abilty on the parents income. Basically if we don't come up with the money, they can't go. I have no idea why adult students' financial aid is based on the parents income. That means that a parent can actually prevent a child from going to college (for any reason at all from lack of income to just plain spite).

 

A student can get around this by waiting to start college until they have gone out and lived on their own for a while. There are pros and cons to this, of course, but it's one avenue that we looked into for a while with our oldest son. He had already taken a gap year to go through Army Reserves boot camp, and he was willing to live on his own for longer if need be.

 

Not the best option probably, but an option for those who are desperate (like we felt for a time).

Julie

[Laura in CA]

Good grief! Where do you all live???

 

I have two kids in college. The tuition for both state universities (two different ones) they attend is about $2,300 per semester. My son has a half academic scholarship, my dd has a full tuition/fees scholarship for ballet.

 

...

 

So my kids have no problem paying for their own college degrees. I think it just depends on how crazy expensive your in-state universities are. And right now, I am sooooo glad we live in Utah.

 

My son will probably be attending college in ... Utah! Apparently they are very generous with granting residency -- after one year he will be a Utah resident. There is also generous merit aid, even for out-of-state students. Yay for Utah! (We're in California, obviously.)

 

He was also considering Northern Arizona University -- beautiful setting, four seasons, mountains, lots of snow (not what one usually associates with AZ). They told us they "lock in" the tuition when you start, and it's guaranteed to be the same for you for the next four years. They also have a "finish in four" philosophy, where they do their darnedest to help you graduate in 4 years. (Caveat: This is not true for engineering, which is - naturally - what my son is interested in, and something else ... pre-med? something medical, I think.) But I just want to mention NAU as a possibility that folks may not have thought about.

 

Agree.

 

This post explains it well: http://www.thecollegesolution.com/will-saving-for-college-hurt-your-chances-for-financial-aid

 

:iagree:

 

Anyone who reads Lynn O's blog ( the link in Barbara's quote ) will not be surprised that BWRKs (bright, well-rounded kids) need financial safety schools. I do sympathize with Home'scool's frustration, but it is very common, and something we're trying to avoid with some prep. As PPs have said, save a bit of $$$ starting early, and get those test scores up!

 

Advice from a guidance counselor at NYC's Stuyvesant High School:

 

What is your single best piece of advice for applicants?

Accept that you will feel overwhelmed and confused in the beginning. Applying to college is like learning a new language.

 

(The whole interview is here.)

 

Yes, the U.S. "system" is big and messy and overwhelming, but there IS somewhere for everyone. I don't want to get started on other countries, but I'll just say that I'm very familiar with a few overseas countries in which college is "free" (= paid for by taxes), but the government severely restricts access (I'm thinking of countries in Europe and Asia). Here in the U.S. almost anyone can go somewhere, but you might have to do some research and "learn a new language" ...

[Nan in Mass]

:iagree: with Jane. Start saving early.

 

The other advice I would give (to those with younger kids, especially) is that when you are shopping for a house, do not overbuy. See if you can find something you can afford on a 15 yr mortgage. You might have to settle for something a little smaller than you'd like.

 

However, if you buy the house when the dc are young, and you can pay it off just as they are going to college, you'll have a nice stream of income to divert to college costs when the time comes.

 

Brenda

 

This is what we did. And we saved. And the grandparents saved. We still have loans. Our children still have loans and scholarships. Doing this helped a HUGE amount, though.

 

Nan

[Barbara H]

Being counted as an independent student for FAFSA purposes can be difficult. Here's a link that explains what is required. http://www.fafsaonline.com/fafsa-form/dependent-status-for-fafsa-5.php

[KS_]

A student can get around this by waiting to start college until they have gone out and lived on their own for a while. There are pros and cons to this, of course, but it's one avenue that we looked into for a while with our oldest son. He had already taken a gap year to go through Army Reserves boot camp, and he was willing to live on his own for longer if need be.

 

Not the best option probably, but an option for those who are desperate (like we felt for a time).

Julie

 

This used to take several years though (like age 24?) - at least back when I started college. I had been married and was going through a divorce and filing the FAFSA (I was 21 or 22 at the time). I had to file still married, because if I didn't, I was still considered a dependent under my parents.

[tuzor]

To the OP. I have not read all the replies here. But I think this is very sad. Higher education cost must to be reduced. Best wishes to your family.

[Barbara H]

 

I don't think they even took into consideration the amount we still owe on our student loans. We were the first generation in our families to go to college. .

 

Yes, that's exactly it. Debt doesn't factor in. They assume you can pay based on your current income. If you are burdened with high debt for whatever reason - student loans, medical debt, credit card debt etc. it can be impossible.

 

One factor for homeschooling families can also be that one parent is still at home educating younger children. So many families who have had a stay at home parent cope with college costs by having that parent go back to work.

[kewb]

We did save. We also have investments that aren't doing as well as we had hoped. This is a tough economy.

 

 

My kids college funds are worth less then what they started with and ds is only 4 years away from college. I worry a lot about how we are going to help our kids pay for college. In this economy over the past few years our retirement funds and emergency funds were wiped out as well. Dh will not be having an early retirement as we had hoped. He will most likely be working until he drops at his desk.

[KidsHappen]

She can also look at the option to do CLEP exams for subjects she's confident she'll be able to master independently, take the exams and save thousands by doing that. It is one of the things I did to shave years off my undergrad studies that I was paying for myself and graduated debt-free going to a private university that was very expensive.

 

Mu hubby took tons of CLEP exams but because of school requirements it did not lessen the amount of classes he need to take to graduate. He just ended up graduating with 150 credits instead. Very few of them counted towards his degree at all.

[Jane in NC]

Well, I wasn't asking about yours, but was responding to this quote you made:

 

Again, if you have heard that folks with low incomes and no money in savings have been asked to pay $25,000 per year, that would be new to me.

 

I suppose it could depend on some other factors like the school you are going to, the room-and-board "support" expected, etc., but folks in our circles of family/friends who have low incomes and no money (including us) have typically been paying $7,000 per year. Of course things could be changing or factors could be grossly different (high buck college, etc?).

 

Oh well, lots of factors in there. I was just throwing out the not having cash as one possible solution. I suppose I could extend my suggestion to finding some kinds of "sheltered" accounts, according to the other posts, but I am clueless on those. The idea may be the same, though?

 

Julie

 

Sorry--I think the problem of posting in a winding thread has reared its head.

 

Let me try to explain my previous responses. You had written

This might be a key problem for you. Sadly, almost all aid (medical, educational, etc) expects you to first pay what you have. I mean, that's perfectly reasonable, -except- that means you are better off in the aid dept. if you have spent thoughtlessly than if you have saved carefully. Sometimes it helps if you use the money to pay off debts or pay ahead on a mortgage or something like that, so you don't have cash on hand, just waiting to pay for educational expenses.

 

Once you have spent your savings, you might get a little more help (or reduced fees, if you want to look at it that way).

 

I then said that FAFSA assumes parents save--whether or not they have. As an added commentary on that theme, I noted the repeated dismay we have witnessed over on the Well Trained Mind College Board where parents are shocked to learn their EFC. That is where the arbitrary number of $25K+ came from. Parents repeatedly announce that their EFC is far more than they expected.

 

In the post I quoted above, you did not mention low income. You suggested spending money as opposed to saving. Many of our fellow posters self identify as "middle class". I would assume that their EFC is higher than $7000.

 

Apparently you know people with low EFCs. I know people with the opposite. Perhaps our comments reflect our experience? (Something which we could clearly realize and acknowledge if we were having this conversation over a cup of coffee?)

[mommymilkies]

Then, the universities get into the trap where they are getting so much money from the gvmt for each student. They don't want to fail these students or give them grades that will kick them out of the money stream. I was a TA for a while and despite blatant plagiarism, copying, and papers so bad that my 4th grader could do better, the professor would not let me turn anyone in, fail anyone, or do anything that would upset those students. She said she would get in trouble with the admin if she was responsible for too many funded students failing. That was the day I decided that I would not become a professor! That was 8 yrs ago at a highly respected school. I doubt it is any better now.

 

Dh had a similar problem as a TA, and even as a professor now. In fact, even with irrefutable proof against them, the students can still petition and have the plagiarism charge dropped. It's completely ridiculous. There is no student accountability and teachers are not allowed to do their jobs.

[KidsHappen]

By the way, the old trick of declaring financial independence from parents rarely works anymore unless a student gets married. A few years ago, poster Kareni offered to become our Well Trained matchmaker. ;)

 

And the married thing is not a guarantee. I personally had to get a letter from my father stating that he was not financially responsible for me because I was married. There was a time lag for that and financial aid was not adjusted retro-actively. My 19 year old is married and wass still counted as our dependent for the year because she got married after she filled out the FAFSA and they wouldn't make the adjustment for this year. Also, they won't adjust retro-actively. Quite frankly I do not understand the expectation that an adult is not financially independent enough to pay for college when in all other aspects (except for drinking age) and 18 year old is consider a financially independent adult.

[Denise in Florida]

Can she get a FASFA loan?

 

I'm not sure if your question was answered elsewhere or not. The $5,500 loan the OP mentioned (that is the maximum a freshman can get) is the the FAFSA loan.

 

Completing the FAFSA allows you to get either a subsidized or an unsubsidized loan (as well as several grants etc that we never qualify for :glare:). Subsidized means your interest starts after graduation. Unsubsidized means your interest starts immediately upon disbursement and then gets capitalized into your loan upon graduation.

[KidsHappen]

The scary thing is that they do not do a income to debit check for this loan. They only do a credit check. So if you have good credit and no bankruptcy history' date=' you could borrow 100k, 200K and upwards. And then you have 10 years to pay it off starting from the day they graduate. They just keep giving you the money when you ask for it. And then you are buried.[/quote']

 

Actually they did do this for us and we were turned down for the loans because our ratio was too high.

[KidsHappen]

All of my college children (plus one fiance) live at home or with relatives and work full time. They all started at a two year state college and then transferred to four year state and still the costs are barely managable. I actually don't really know how we are all doing it because hubby is in a Masters program at a private (and expensive) college as well. I still have two more to reach college age. One of them wants a vet degree which I have been informed is the equivilent of med school and she wants to go to one of the better schools for this major. I honestly have no idea how we are going to manage this. I am afraid to see what the damage will be once the dust settles.

[KidsHappen]

That is not an option for all fields of study. It is not just about the 'college experience', dd20 blew through the highest level of math offered by our community college before she graduated high school.

 

The community college here is overwhelmed and underfunded. The 'advanced' classes cap out quickly. Other than saving the cost of the dorm it is not worth the price differential.

 

small example: This semester they offered 7 sections of remedial arthimetic (adding, subtracting, multiplying etc) this was at full tuition price and no college credit earned; they offered one section of calculus 1. Calculus 2 and 3 are offered once a year, if you don't hit the cycle correctly it can take extra years to complete the limited number of advanced classes they carry.

 

For us it really had to be a four year college. We were lucky that she found a terrific school in the public system and she received several scholarships. With luck child 1 will have less than 25K debt.

 

That fact that I think that is a good deal and can use the word 'luck' in that sentence makes me want to cry.

 

My children are having a hard time getting into the upper level classes they need at state because there are not enough offerings there which will delay graduation as well. :glare:

[KidsHappen]

I haven't read all of the pages and posts but I'm wondering if anyone has mentioned CLEP tests and others like it? Is there a possibility of testing out of 1/2 of the workload and basically just going for their "major/minor" classes?

 

I addressed this downthread. In theory a good idea, in practice it doesn't neccesarily work out so well.

[Denise in Florida]

CLEPs are possible and two of my college age children have taken them, but they really can't get half of their work done using CLEPs or AP exams.

 

The max # of CLEP credits my ds can earn towards his engineering degree is 23 credit hours. That's more than a semester, but not a full year. All of the other credits he needs are not classes that have a corresponding CLEP option.

 

The max # of CLEP credits my dd could earn towards her nursing degree was 27 credit hours. All other courses were major specific and there was not a CLEP option.

 

Taking CLEPs allowed them both to add a minor, but it didn't save any time because of course progressions.

 

My eldest dd, who will graduate in a few weeks with a history degree, could have taken 32 CLEP credits towards her major saving a year.

 

You also have to be careful of having a student enter with sophomore status which can jeopardize some scholarships.

 

The college my dd20 attends does not accept CLEPs, AP, or IB credits. They do accept a limited number of community college (dual enrollment) credits because of a state law requirement. DD20 had almost 40 community college credits and they gave her the equivalent of one semester. :001_smile: However, I have no complaints about them, they are an awesome school and reasonably priced for the quality.

[anissarobert]

I think we must be really lucky. I also think this is one time when being lower income is a good thing. Dd is planning to attend an out of state university. She received a scholarship for most of the out of state tuition ($11,000-12,000 per year) and with grants and all she will have to borrow around $7000 per year and work at a work study job. We are not in a position to give her anything except some spending money. She will be a broke college student!

 

She is an above average but not stellar student and she could have attended our state U for free after scholarships and grants. Her scholarships were over $6000. I wanted her to go there, but no school in Idaho has either of her intended majors and she didn't want to change her dreams.

 

At both schools she was awarded over $5500 in grants and our EFC is $0.

[Mom0012]

Yes.

 

One thing that colleges have done is increase the amount charged in "fees". So tuition at state schools may look reasonable, but these fees slam the pocketbook.

 

This is my big fear. We have just about paid for 2 years of college at the state university through our prepaid tuition plan, but I keep hearing about all these "fees". It seems outrageous that the schools can get away with this.

 

Lisa

[Jane in NC]

My children are having a hard time getting into the upper level classes they need at state because there are not enough offerings there which will delay graduation as well. :glare:

 

Janice mentioned earlier in the thread that many students are having a difficult time graduating in four years or less. This is sometimes due to students switching majors and having to backtrack but the new reality for many state schools is fewer courses. Ouch.

[Sk8ermaiden]

My daughter is almost three and we just opened her college savings fund; we will put away $150 a month until she is 18 and we will still need to supplement from our income at the time. For a state school, at today's prices locked in. It will suck, but it is the advantage our parents gave us, and one we will pass on. It might actually feel like we're getting a raise after paying what we plan to for her high school education.

[Plucky]

I think we must be really lucky. I also think this is one time when being lower income is a good thing. Dd is planning to attend an out of state university. She received a scholarship for most of the out of state tuition ($11,000-12,000 per year) and with grants and all she will have to borrow around $7000 per year and work at a work study job. We are not in a position to give her anything except some spending money. She will be a broke college student!

 

She is an above average but not stellar student and she could have attended our state U for free after scholarships and grants. Her scholarships were over $6000. I wanted her to go there, but no school in Idaho has either of her intended majors and she didn't want to change her dreams.

 

At both schools she was awarded over $5500 in grants and our EFC is $0.

 

Out of state students at University of Washington don't usually get scholarships. Grants yes, but no scholarships from the university.

[Denise in Florida]

This is my big fear. We have just about paid for 2 years of college at the state university through our prepaid tuition plan, but I keep hearing about all these "fees". It seems outrageous that the schools can get away with this.

 

Lisa

 

It can depend on the individual pre-paid plans, in Florida the older plans covered tuition only. Therefore even though parents thought tuition was paid for they still needed to cover differential and fees. Tuition $103/hr, tuition plus differential and fees $178/hr. They then also had to come up with books, dorms, meal plans, etc.

[Sk8ermaiden]

It can depend on the individual pre-paid plans, in Florida the older plans covered tuition only. Therefore even though parents thought tuition was paid for they still needed to cover differential and fees. Tuition $103/hr, tuition plus differential and fees $178/hr. They then also had to come up with books, dorms, meal plans, etc.

 

Our (TX) prepaid covers tuition and feeds, but not housing, meals or books.

[anissarobert]

Out of state students at University of Washington don't usually get scholarships. Grants yes, but no scholarships from the university.

 

I can't remember if Washington is included in the program that helped her or not. It is called WUE or Western Undergraduate Exchange. It makes out of state tuition 150% of in state tuition. Both of the WUE schools where dd applied award it based on academic merit just like other scholarships. She did not get any other scholarships there.

[Catherine]

My ds was also NMS, 2200+ SATs, multiple college classes at three different colleges, almost straight A's, a year abroad. We thought he had quite good credentials. He was rejected at both reaches, wait listed at both schools we thought he'd likely get into, and accepted at both safeties, one with significant aid. The aid he got no where near approaches the cost of school. We are fortunate to have savings and enough income to pay the difference.

 

It still stings that he was not accepted at the university where my dh and I have both worked for 22 years, where he successfully took a class, and where, by the numbers, he would have been in the top quarter of their class. I can only assume his essay, which I thought was "average" or his LORs did it.

[justamouse]

My ds was also NMS, 2200+ SATs, multiple college classes at three different colleges, almost straight A's, a year abroad. We thought he had quite good credentials. He was rejected at both reaches, wait listed at both schools we thought he'd likely get into, and accepted at both safeties, one with significant aid. The aid he got no where near approaches the cost of school. We are fortunate to have savings and enough income to pay the difference.

 

It still stings that he was not accepted at the university where my dh and I have both worked for 22 years, where he successfully took a class, and where, by the numbers, he would have been in the top quarter of their class. I can only assume his essay, which I thought was "average" or his LORs did it.

 

Ugh, that is horrible! :grouphug:

[Walking-Iris]

http://www.americorps.gov/

 

This is a long thread so if someone mentioned this already sorry for reposting. But I have friends who have been a part of AmeriCorps. Seems to be a great experience.

[*Michelle*]

At this point, saving enough to send all the kids to college is beyond our means. Either things will get better or they'll get a lot worse. We can't sacrifice our ability to support ourselves in our old age in order to prepare for the unpreparable. The best thing we can do is provide our kids with a solid education via homeschooling.

[Lang Syne Boardie]

Several have made the comment about "if you're not poor..."

 

How do the powers-that-be define "poor" and "low-income?"

[Miss Cornelia Snook]

If you and your child spend a hundred thousand on their college education, will they really be so much better off after graduation (provided a well-paying job can be found) when there is so much debt to pay? And if you've sunk your retirement into their education, what will there be for you if your child CAN'T get a good job and is not able to provide for you in your old age? (Does ANYONE believe that Social Security will be helpful when they retire anymore?? I certainly don't!)

 

I loved college. Absolutely loved it. But when I graduated in 1997, I got work at around $11-12 an hour and my wages stayed there till I became a SAHM six years later. I was very fortunate to attend an excellent private school which my father paid for entirely (I worked part-time to pay my living expenses). I could have made as much or more money if I'd attended a cheaper trade school instead.

 

I'll encourage my children to prepare for college. But I won't pooh-pooh trade school if that is where their interests lie. My husband and I took the smart route and our home will be paid off next month. All that money will go straight into our life insurance policies and savings. But as we are small business owners without prospects of a retirement, that savings will not be going into college funds for our four children. Our investments tanked out, in '08 and '09, too. Don't see them recovering any time soon.

[Plucky]

I can't remember if Washington is included in the program that helped her or not. It is called WUE or Western Undergraduate Exchange. It makes out of state tuition 150% of in state tuition. Both of the WUE schools where dd applied award it based on academic merit just like other scholarships. She did not get any other scholarships there.

 

No, it's not part of WUE.

[Denise in Florida]

Several have made the comment about "if you're not poor..."

 

How do the powers-that-be define "poor" and "low-income?"

 

The powers that be have set the bar for 'poor' very low (or high, I think I misused that metaphor :lol:). Even folks who earn very little can not seem to qualify for pell grants.

[Lang Syne Boardie]

The powers that be have set the bar for 'poor' very low (or high, I think I misused that metaphor :lol:). Even folks who earn very little can not seem to qualify for pell grants.

 

That's awful.

 

I wonder how many of the very, very poor who might qualify succeed at preparing their children for college. The poorest among us are probably not homeschooling, and probably not living in good neighborhoods where the better public schools are.

 

So the kind-of-poor who do manage to homeschool, or move to a better school district, are amazed to learn that the whole time they were eating beans and rice and going without heat in the winter, they were actually very middle class!

 

I'm starting to understand the education bubble a little better...

[Venia]

Not sure if anyone has mentioned this yet but there is also the Perkins loan offered by the school if they participate. I have heard of students stacking the Perkins with the Stafford if their need is greater than the limits on the Stafford. Of course grants, scholarships and work study all stack with the loans too.

 

Private loans are another, less desirable, but available option.

 

One strategy I personally used to get through was to work part-time as a student assistant for a government agency. They paid much more than minimum wage, gave me a break from some deductions (FICA?) AND they hired me as a permanent full-time staff after I graduated. I paid as much as I could with cash each semester and used loans for the rest. At one point I was also using a credit card (which I paid off before the semester ended and this built up my credit). Also, as a student at public college, public transportation was free with my student ID. Traveling between work and school was a breeze and gave me time to study since I was not driving.

 

 

We are saving some money for each child as a "life seed fund", but not necessarily a college fund. It wont be enough for a full-ride. If they want to live at home while they take classes, start a business, or trudge up through entry levels of a profession, we will support them and fill the gaps where we can. If they want to have the full "college experience" and/or attend a big name university all four years, they need to figure out how to make that happen without bankrupting either of us. IMO, anything beyond a solid education at the most affordable school/s available is a luxury, not a need.