Bridging the tuition gap

[jamajo]

So when its all said and done we still have to come up with $3000+ for the first semester.

Any creative fundraising ideas to make this a go without taking out a loan?

 

Sell my car?

Yard sale?

Any 2nd job ideas?

 

I don't want to empty my DD bank account as she needs $$ for incidentals.

 

You all always help me figure things out. 

Thanks,

Sherri

[linders]

(Gently) You probably need to be thinking beyond the first semester. If you have a gap now, what do the next 4 years look like? I'm afraid a yard sale is a very temporary measure and unlikely to help much with even the first semester. Is there a long term funding plan?

[jamajo]

Linders,

 

That's a sobering thought.  We have a 529 plan which covers tuition.  It's the housing/food costs that have me stumped.  At some point, living off campus the last two years will allow for monthly budgeting but after homeschooling for so many years she wants the on-campus experience which is costing much more that I anticipated.

 

So with that, do you have any ideas?

 

 

[TechWife]

 

That's a sobering thought.  We have a 529 plan which covers tuition.  It's the housing/food costs that have me stumped.  At some point, living off campus the last two years will allow for monthly budgeting but after homeschooling for so many years she wants the on-campus experience which is costing much more that I anticipated.

 

So with that, do you have any ideas?

 

Room and board can be paid for out of funds in your 529 up to a certain amount. This is a helpful article. Of course, if you mean that there aren't enough funds to cover anything other than tuition, then the article wouldn't be helpful, would it? Hm, not sure which one you mean. 

 

Many colleges offer monthly payment plans as well, so it is possible to predict a month outlay for on campus expenses. Overall, it appears that living on campus is less expensive than living off campus where my son will attend. Of course, neither is as inexpensive as living at home, though! 

 

ETA: Can she get an on-campus job, or is that already part of your calculation?

[G5052]

Yes, monthly payment plans can make a big difference. Fees are lower than a loan.

 

If you need $3000 over 16 weeks (a normal semester), that's working about 20 hours a week at $10 an hour.  If you're going to be the one working and get started soon, it's 10-15 hours a week or so.

 

We're covered, but believe me, a lot of people are doing these calculations. I've had the same conversation with others recently.

[linders]

Has your DD checked into being a resident assistant in the dorms (cuts housing costs)? Or other on-campus work? I remember working at the info desk in the library. Quiet, time to read my assignments, etc. 

[FaithManor]

I would suggest a campus job with the paycheck going directly to her account. Once an upper classman, she may be eligible to become an R.A. so her room and board would be a part of her compensation package.

[Frances]

I would suggest a campus job with the paycheck going directly to her account. Once an upper classman, she may be eligible to become an R.A. so her room and board would be a part of her compensation package.

While on-campus work is certainly a good idea, not all RA jobs cover room and board. At my college, being an RA paid only one-half of the maximum work study allotment. I still had another work study job and even combined, the two jobs would have not covered room and board.

 

When my husband was in grad school, we were RAs for a family housing complex. Our rent was free, but only the head RAs who were studying for advanced degrees in student affairs received room, board, and a stipend.

 

Is your daughter working this summer and does she plan to work during the school year? If all of those earnings are factored in and you are still $3,000 shirt per semester, either you or your husband will likely need to pick up a part-time job, unless you can get the $ from trimming extras in your regular budget. Around here, they are always advertising for early morning newspaper delivery. I've also known people who cleaned offices in the evenings for extra money, even taking the whole family along. Growing up, our family worked together on large lawn care projects for churches and cemetaries.

[bettyandbob]

When I was in college getting an RA position was pretty competitive. I wouldn't count on that. Certainly apply, but don't count on it.

[Pegasus]

Is commuting an option?  I'd love for DD to have the same on campus housing experience that I had but the expense is currently out of reach.  DD will be commuting until she can get a job and save up enough to cover dorm or off campus housing costs.

[J-rap]

Does she have a summer job?  I don't know where you live, but we live in a state that has a big state fair at the end of the summer.  They depend on thousands of two-week temporary employees -- many of them college students.  My kids have done that every year and usually earn  up to $2,000 depending on how many hours they work.

 

Other thoughts:  on-campus job, or off-campus job if it's practical.  One daughter was a nanny two nights a week for a family that lived one block away from campus.  The kids were young and they went to bed around 7pm, leaving the rest of the night free for my daughter to study.

 

Be sure and opt out of the school's health insurance plan if you have your own.  That can save you around $1,000.

 

One of my daughters did housecleaning one day/week during college.  She earned $20/hour doing that, and usually worked 4 hours at a time. 

[EmilyGF]

During college, my parents let me choose whatever housing/food option I wanted BUT required me to pay for it. I ended up living on campus for two years (freshman and senior years) and off campus for two years (sophomore and junior). 

 

I completely understand wanted to live on campus, but if the student wants an "experience", the student should count the cost and shoulder at least part of the burden. While I could pay for an off-campus house and food for about $5000/year ($1000/mo divided by three-four people, sublet in summer, plus very basic food), on-campus cost about $12000/year. I think my parents helped pay for on-campus housing my first year because it was required by the university.

For me, I worked every summer ($5000), sometimes during spring break ($500), and about 6-12 hours per week at school. When I lived off campus, I waited tables every day at lunch for 2 hours/day at the faculty club. This provided both a paycheck ($10/hour?) and a free lunch. Then I never really wanted to eat out and I could eat skimpy breakfasts and dinners. When I lived on campus, I worked as an usher at the theater. Library jobs can also be good, and one of my roommates took a year off during college and worked full time at the library.

 

Emily

[G5052]

When I was in college getting an RA position was pretty competitive. I wouldn't count on that. Certainly apply, but don't count on it.

 

Same here. You had to have at least junior hours, two years in the dorm at that school, and a 3.0. Most were on the 5-year plan (a small STEM school), and most of the RA's did it for several years, so they only hired a few each year.

 

That's what I did in addition to grading and tutoring.  I became the head RA after one year, so I had a 2-bedroom apartment and better pay.

[NicksMama-Zack's Mama Too]

Does that number include a student health insurance plan that you will be waiving?

Check your student's account. The public college my son is attending this fall automatically adds the health insurance fees to his bill. He has to waive it by Sept 15. It's $2600/year!

[Seasider]

I would suggest a campus job with the paycheck going directly to her account. Once an upper classman, she may be eligible to become an R.A. so her room and board would be a part of her compensation package.

 

Agreeing here with most suggestions, but note that even if you are work-study, it takes initiative to get busy and secure that job. Best chance of landing one - even if not the preferred area for your student - is in dining services. 

 

We are doing the same dance here. I have decided to let my dh work it out with the kids and keep my mouth shut. If you have a lot of equity in your home, a line of credit or home equity loan may be an option. I know folks who do this and then, when the kids graduate and secure steady employment, work out a repayment plan. It's still college debt from student's point of view, albeit with a much more benevolent lender (well, one would hope so!).