How did you or will you pay for college?

[mommyoffive]

I know there are so many ideas on how to do this.   What is yours? 

[mommyoffive]

1 minute ago, happysmileylady said:

I suppose that depends on who it is you are asking about.

When I went to college, I was paid for with a combination of a merit based scholarship, Pell grant, and some state grants.

DH spent 9 yrs going to school after we got married.  When he started, we were paying straight cash, then I got lazy and we started taking out student loans, and we ended up in a big hole.  Then the last two years, he and I talked and I basically told him we just can't keep going this way.  So the last two years, he went full time instead of the part time that he had been doing and we started paying cash.  And it turned out that going full time got school paid for, because he got a state grant that we didn't realize was only available to full time students, and then his work also changed their tuition reimbursement program so that he was getting more money from that, so that last two years we actually ended up not having to pay for.

But I suspect that you are referring to our kids....

DD23 paid for her own school using a state scholarship that was both needs and merit based.  She paid for her apartment (that she did have roommates in though thankfully everyone was on their own lease), car and other bills by working part time.

We don't intend to pay for college for our other kids either.  Shoot we are sill paying off the disaster we created for ourselves and we are super way behind on retirement.  Even if we wanted to pay, there's just not enough money there.  I will absolutely however give them all the help and do all that things to hunt down scholarships, research all their options, etc.  And they will always be welcome to live at home rent free while they are in school.  (DD23 could have but chose not to)

 

I think hearing about how you and dh did too was great.  

 

[SeaConquest]

I financed undergrad and law school myself. I joined the Army, got some grants, worked, and borrowed 185k in student loans. I would not recommend that my kids start their lives in that kind of debt.

For my kids, we will pay what we can, they will get scholarships, or they will go to school in Canada (they are dual citizens, so even McGill is cheaper than Cal States).

Edited February 21, 2019 by SeaConquest

[Pawz4me]

My parents paid for my college (and my brother’s). DH had to work while he went to college part time. His parents couldn’t afford to help much at all. It was very important to him (and me) that our boys not be in that situation, so we started saving for their college long before oldest was conceived. Also, both of my parents are deceased. A lot of Grandma and Grandpa’s money went toward their grandsons’ education. They would be very happy about that. 

[SKL]

For myself (1983-1992 including grad school), the vast majority was student loans.  First GSL, then SLS, then LAL.  (Not sure which of those still exist.)  I received a very small pell grant ($1,000 total?) and a $500 loan from somewhere ... and I got a partial scholarship to law school ... but my total student debt upon graduation (including original principal and capitalized interest) was $85,000.   

For undergrad, I commuted and lived in my parents' house & shared their car with my other 7 family members.  I paid my parents the balance of my student loans after tuition and books.  So it was probably a reasonable deal, but it wasn't free.

I had jobs during college.  I paid most of my take-home pay to my parents.  I also did housework and child care for my parents (they had two much younger kids).  The summer before law school, my mom stopped charging me R&B so I could build up a small bank balance.  The second year of law school, my dad gave me his old car when he bought a newer one.  That's about it for my folks' contribution.  They could not afford more.

I also had jobs during grad school.  Since my student loans were more or less equal to tuition +  rent, I needed the cash to survive.

For my kids, they are unlikely to qualify for subsidized loans or scholarships.  I am hoping they can commute to college from home.  I have some retirement savings that will likely all be used for my kids' education.  Hopefully I continue to build some savings for my own retirement.  🙂

[catz]

My husband worked and paid for his own college while living at home in the days that was possible.  He got his MS as an employed adult in a working adult program mostly paid by his employer.  My parents helped a lot with my college education but I worked part time throughout and during summers.  I launched right from college to self supporting.  In fact I had a great paid internship my last 18 months of college.   

We both graduated college debt free which has given us much more financial freedom.  

I have a senior applying to/waiting to hear from colleges right now.   We do have some college savings.  One thing is we just paid our mortgage off and that was by design.  We are in a position to help.  But FAFSA also says we can be full pay everywhere which is not true at all.  My husband is in his late 50's.  We live in a HCOL area and no it's not a choice to just pick up and move given his profession.  We have another teen coming up to college age.  So anyway, we have done merit hunting.  Our state flagship university has rolled out the red carpet and is a school we never really thought he'd end up at, but right now there's a great chance he will end up there.   He does have 4 other acceptances right now, 2 look pretty good financially.  He's also auditioning for music programs and auditioning right now so we're waiting for word on that and any merit that might come with it.   This kid is also considering grad school so it'd be nice to keep undergrad to a reasonable level.  

I feel like we have privilege in this process.  It's really hard these days.   But we can't cut loose and just say any school is great by us either because we'd be full pay at privates.  My kid is very high stat and has a great extracurricular resume, etc.  So that was humbling at the beginning of the process.  It's easy to get sucked into the marketing materials and allure.  I'm glad my senior is pretty pragmatic and understands what a privilege it is even to be able to apply to and attend college full time and probably graduate with no debt.  We do expect him to be working and earning some and covering what he can.  

We do have a nice nest egg for retirement and I think people in the midst of college admissions quickly forget that it's also a huge gift to you kids not to be struggling financially in your elder years and be set up to deal with that.  I'd rather my kids make a fiscally conservative college choice and/or carry a little debt than cut into retirement, especially since we're "older" parents. 

Edited February 21, 2019 by FuzzyCatz

[Alicia64]

Here's what we're doing.

I have twin boys and they'll both live at home and do dual enrollment in high school and at the local junior college. When they're ready for the local four year school, they'll live at home at go there.

We have a large house and there's plenty of space to get privacy.

I did two years at the junior college before finishing my degree at a four year and it was an awesome experience.

Alley

 

[PeterPan]

You mean for our kids? We saved up money every year for dd's college fund in a state IRA that would roll over at a certain age if she didn't need it. At that point it could be used for a house down payment, etc. so it was still a good thing. We did DE (dual enrollment) to try to bank credits and decrease time needed in programs, and she got a scholarship. Between all that, she should graduate debt-free. 

We have state schools near us that are low enough tuition that a dc living at home can get a fine education and a job without going into any debt at all. It's more if you want a private school or other choices that it gets more complicated. Ds is unlikely to live independently far from us and will probably attend one of those affordable local options if he gets post-secondary training at all. 

As for me, I worked my butt off all through college and my dh paid off my remaining debt when we married. I don't think a *small* amount of college debt is a problem, but anything significant hinders their options and should be avoided.

Edited February 21, 2019 by PeterPan

[ktgrok]

My oldest has a state scholarship for students with special needs (he has ASD) and also earned the lower level of the state scholarship that is based on SAT scores and requires community service hours. Those will cover him, for the most part. We also have a bit in a college savings plan for him. 

The younger ones, we have a bit in college savings plan for them (when we got a lump sum at one point...can't remember if it was a work bonus or what). And I'm hoping for the state scholarship based on SAT scores for them. The higher level pays 100 percent tuition. And, i don't know. 

[unsinkable]

For my kids: scholarships, cash, loans

For me: well, I'd share but I was told years ago on this board that it didn't matter how I put myself through college. LOL

[Arcadia]

My parents paid for mine all the way to postgraduate but public university was much cheaper in the early 90s and my only sibling is nine years younger. My husband had scholarships for undergrad and full time postgraduate also in the 90s. My in-laws paid undergrad for his two older siblings who didn’t qualify for scholarships. His siblings worked and did postgraduate part time on their own dime.

We have enough now to full pay for oldest for state universities at this year’s cost of attendance multiply by four years. We are still saving and would be able to pay for two in state universities (ours is a year apart) as long as my husband stayed employed. For private universities we would have to consider as our EFC is very high. DS14 is very asynchronous so we might be willing to pay a little more for private as he has been making do with the cheapest option for all the years homeschooling so far to have more money to spend on DS13 which needs more handholding.

[livetoread]

We saved starting when our kids were born, and added generous gifts to us from grandparents into the pot. An unexpected inheritance also went in. We tell our kids to thank their grandparents for the money and thank us for not spending it, lol.

We both graduated with advanced degrees debt free thanks to our parents, and will be able to at least finance state college for our two kids. They are attending state schools, though one got enough scholarships from private to be comparable and could have chosen that. 

I will add that while my dh earns a decent but not extravagant salary, we both come from financially set families who launched us without debt and have helped us strategically at various times. They have been generous, and we have been careful with their generosity. If we hadn’t had that help, we would be in a different situation. FWIW, we plan to pass that generosity on and will help our young adults out strategically as well.

[Chris in VA]

For my son, we told him he had to figure out how to pay axquarter of his college expenses, about 5K a year. We told him only go to instate because of  tuition. But if out of state then we'd give him an equivalent amount. We used a HELOC. He ended up unable to keep up his end of the bargain, but we gave him grace. 

For dd, we thought she'd get a music or academic scholarship.  The high school gave her some $ as did 2 churches, but not as much as we hoped. So, same deal for her. I will eventually go to work for a couple years to help pay it all off, but we are making good progress. I didn't want my kids to have loans. We saved about 3 or 4 K for them, but we had other expenses.  

[rdj2027]

When my husband and I went to college ('91-'97) we had his GI Bill of $350 a month for 9 or 10 months out of the year, we each worked 40 hours a week, I once had a Pell Grant and we had some student loans.   In grad school, he was a TA and I an RA and worked 20 hours each in addition to that.  We did not want that for our kids so started saving early and will pay their tuition and expenses as they go.  They live at home so no extra boarding cost and their school is great about using free or low cost books and other materials.  

Edit: #2 son also has a scholarship and hubby's MIT degrees later on were paid for by the Navy.

 

Edited February 21, 2019 by rdj2027

[Momto6inIN]

We saved some money but it wasn't a lot, nowhere near our EFC for even one kid, let alone 6. First year for oldest DS we were able to pay half tuition at a relatively low priced state U that we live close to (thank you Mitch Daniels/Purdue and your tuition freeze!) DS worked throughout high school and saved for the rest and lives at home this first year.  Next year it looks like we will have just enough in our savings to be able to pay half tuition again and he is working 16 hours/week to pay the rest and to pay for a cheap close to campus apt with 3 roommates.

As for the rest of his college years and for the rest of our kids, we paid extra on our mortgage (and it was only a 15 year to start with) so the plan is that once 2nd DS graduates and needs tuition money in mid 2020, the mortgage will be paid off and we can use those funds to help the rest of them with half tuition at Purdue as well. But even then, we won't have enough for a more expensive school or for room and board anywhere but home. They are on their own for that.

We've been very up front with them about how we decided early on that me being home with them all day throughout their growing up years was worth the sacrifice of the extra income and we hope they all enjoy their time with me LOL

[wathe]

Canadian.  Both hubby and I were  fortunate enough to be able to do a "co-operative" degrees- 4 year degree took 5 years, with four month terms alternating academic terms at uni, and work terms spent working full-time in industry.  The pay during work terms was enough to fully fund my bachelors degree, with enough left over to pay for most of a second professional degree. And the work experience and industry connections were also super valuable.   It was pretty sweet.

For our kids:  1)we will try to steer them toward a co-op program if appropriate. 2)We've been saving using a registered education savings plan, (RESP) to which the government adds $0.20 for every dollar we contribute to a max of I think $500 government grant money per beneficiary per year.  We require that half of all birthday money or any other monetary gift that our children receive gets deposited into this account.  We opened this account when the eldest was a baby.  It likely won't be enough, but it's done decently well. 3)be smart about scholarships and grants 4)Be realistic about choosing schools; no Harvard or other expensive private universities unless full ride scholarship.  4)Kids will likely also have to work and take out some loans.  I hope we can find a good balance.

[historically accurate]

Me: My parents helped a lot, but I graduated undergrad with about $30K debt. I had a scholarship that paid half tuition and I worked for 3 out of the 4 years. My loans are paid. I used tuition reimbursement for about 1/2 an MBA degree (I switched jobs midway through the program and couldn't afford to continue - so no master's degree).

DH: went to community college for about 8! years off and on. Graduated the semester after we got married - he only had about $5K in loans from that. We took out $25K in debt to finish up his bachelors. We are still paying on his loans. He's back in school at the cc for an internet security program, for which we are using tuition reimbursement from his job. 

Our kids: My mother won a lawsuit from my father's death and set aside a generous amount in 529s for my kids. We do not have a local 4 year school within commuting distance. My kids are eligible for PELL money based on current income levels. I expect it will be a combination of 529 $, kid's earnings (work study?), need based $, possibly some merit $ for at least 1 kid, and current earnings from DH and I. 

Oldest: Currently dual enrolled at our local comm college. My mother pays tuition; we cover books and those damn-expensive online access codes. She is 2e, so not likely to receive scholarships - teachers love her once they have her in class, but her stats aren't great. Middle: high stats kid, wants to go to med school, so hopefully, we can get her through undergrad somewhat cheaply in order to save $ for med school. Youngest: no idea yet.

[Lori D.]

When I got my degree, it was paid for through scholarships and me working 15-20 hours/week. But that was in the 1980s when tuition was low enough that working to put yourself through school was still a possibility.

For DSs, we saved from the time they were born (educational bonds and educational saving accounts (ESA)). We thought it would be just enough to get them through 4 years at the local university, with them living at home. Alas... About the time they hit high school, the economy tanked and college costs were skyrocketing, so that when DS#1 graduated, the amount saved was not quite enough to cover just 3 semesters (1.5 years).

So we went the "2+2" route -- 2 years at the much cheaper Community College (CC) -- 1/4 the cost of the local university -- to knock out the gen. ed. credits, and then transfer.

DS#1 landed scholarships at the CC, and then a half-tuition transfer scholarship to go to the in-state but out-of-town private college. While the merit aid helped a lot, we still burned through all of his educational savings, plus a little over half as much again out of pocket. DS#1 is in the midst of a second Bachelor degree -- again, doing it the 2+2 way. So far, he is paying out of pocket while working 20-25 hours/week during school and closer to 35 hours/week during the summer, and living at home, but he just transferred to the university this semester, and starting with the coming 2019-2020 school year, he will have to take on a subsidized loan to cover what his paycheck and savings can't manage.

DS#2 attended the CC towards an AAS degree (Interpretation for the Deaf), changed his mind, and has switched to a seasonal career (wildland firefighting) that, at this stage, requires no 4-year degree. I could easily see him learning some sort of trade (welding perhaps) to do in the off-season, which can be learned at the CC in 2 years for a much lower tuition cost than a university degree -- and some of the trades are in *high* demand right now and are paying good wages!

Edited February 21, 2019 by Lori D.

[RootAnn]

DH went ROTC & served five years in the service to 'pay them back.'

Through test scores, I qualified for a full tuition scholarship at the state flagship, but was also a National Merit Finalist. These combined to cover full tuition and fees. I also got a separate scholarship from the my academic major department that covered most of my room and board. That left me covering books & incidentals. I worked Friday & Saturday nights, too.

My oldest is a senior and has two full tuition, fee, and room & board offers through test scores/GPA & her NMF status. She is competing for another full tuition/room & board/stipend offer at a third school, but it remains to be seen if she'll get it. (All applicants have top scores, so the interviews they all did are the deciding factor.)

My second kid is likely to go attend a local state university and live at home. Hopefully, she'll have the test scores to qualify for their full tuition scholarship. But, that's still a couple years away.

[freesia]

For ds:

We had some saved.  He got a job summer before senior year and worked and saved. He works at school.

Chiefly, he is a high stat kid and we chose an honors program at a school where he was easily in the top quaterile. He got a really good scholarship. Plus it has a church match program.

He got a scholarship from our church and one outside organization.

Our state gave some aid.

He took out a loan.

Someone gifted us with a small amount to help.

We pieced it together.  The top schools he got into gave so little aid (well, tons compared to their real cost, but still way, way out of our reach financially) it made us all laugh when we got the letters.  We were pretty sure that would happen, so we encouraged a love of a school that was "likely" to come through financially.  We also had the local state college as a financial back-up bc he could have lived at home and commuted (and in fact qualified for a full tuition "scholarship" there). 

Realistic expectations help the most.  We wanted him to go away, so were fine with spending more money that staying local (I don't quite mean that the way it could sound lol--he's a great kid, but needed to move away to really soar.)  We all knew that might not happen.  We all knew we needed to put aside pride of what school he went to (my family is heavy Ivy League/Seven Sisters grads).

We are thrilled with his choice and he is absolutely thriving.

[May]

DH worked and his parents helped him in exchange for working on the farm during his breaks. He graduated seminary with no loans and even had money in the bank. I financed my education thru financial aid and what that didn’t cover, my grandma generously paid. My workplace funded about half of my masters and after I quit to go full time, I took out a loan. I finished that program with about $2500 in debt. I graduated in 84. Our oldest daughter did 2 years of community college while working 20-30 hours per week. She finished her degree at a university where we paid one year and she was able to use her dad’s GI bill for the second year. For grad school, she lived at home and was able to land a job that paid her tuition and give her a stipend🎉🎉. She then applied for a second masters, at a different university, and was able to pay for the first year from her savings and help from us. The second year, she took out a loan and again, we helped her with living expenses. So two masters later, her school debt is about $15,000. Our youngest lived at home after the first year. She used her dad’s gi bill for one year and we paid for the rest. She has no debt🎉 She just started an online MBA, and we are paying her tuition. Both our daughters realize how fortunate they are and have repeatedly thanked us for our generosity. DH and I are thankful that we were able to give them that gift.

[frogger]

For DS 1 we saved but really we do not have enough to cover the EFC for 1 year.  He alsohas saved from his own work too. When he was young we actually lived below the poverty line. Now we have good income but it's not like we've had it for years to save up plus we live in a HCOL area. He was able to pull off a good enough testing score for an automatic merit scholarship and we will try to help with half his room and board.

 

Last child has a 529 but since we are also paying for child 1 to go to school we can only contribute so much with 3 other children.

 

Children 2 and 3 may not attend university. They don't really want to and at if the Governor has his way the university system will lose 41% of its state funding. There aren't many other options as far as college goes where I live.  Tech school or apprenticeships may work out or they will just have to get a job or I might advise them to choose a different state to live in that has more options and just work for awhile to establish residency. I would help them as much as I can but it really doesn't look promising. My husband and I have even discussed moving before they graduate so there will be more options.

Edited February 21, 2019 by frogger
Grammar

[Lori D.]

2 hours ago, mommyoffive said:

I know there are so many ideas on how to do this.   What is yours? 

And, we'd love to hear how you did it for you / are doing it (or plan to) for DC!

Also, people may also find these past threads on the similar topic interesting. They are linked on PAGE 3 (under the heading "Money Matters", and the subheading of "Alternatives to Fund College/Reduce Costs") in the big thread "College Motherlode", pinned at the the College board:

How are YOU managing to pay for college? (lots of real-life creative ideas)
s/o Cautionary Tale/high college costs — a brainstorm $$ ideas thread! (ideas for alternative ways to fund college)
College as cheap as possible: need advice 
College breaking the piggy bank? (how are homeschoolers affording college?)

Edited February 21, 2019 by Lori D.

[Wheres Toto]

For me:   small scholarship and loans for the first 3 semesters at a private school away from home, then worked full time and went to school paying cash, with various tuition reimbursement programs at different times.   After the first 3 semesters it was all local state schools.  I received my degrees when I was 29, 32 and 34 years old.    The total of my loans was under $5,000.

For oldest dd, she went to a local state school but lived on campus.  She had some grants, government loans, we took out a parent loan, her father had to pay 1/2 and we had to pay 1/2.   She paid for her own room and board.   She's cash paying for her masters degree now (mostly).   

Younger two I'm pretty sure will go to local state schools, probably starting at CC and transferring.  Possibly on-line schools. 

[theelfqueen]

Well DH went the United States Air Force Academy ... so that was "free" aside from his commitment afterward to the Air Force (I think his initial commitment was 4 or 5 years?) 

I went to college as a married, working, mother so I got a lot of grants and some loans. 

My Oldest went to college on a full ride ROTC scholarship, and worked part time... he came out with a few thousand in loans that he immediately paid with his graduation gifts. Now he is doing his commitment to the Air Force (he has a 10 year commitment because he is in pilot training). 

My Middle Son is working on a certification (possibly an AS) at the local Community College (he is technically a high school junior this year but we jumped through some bureaucratic hoops to get him classified as a junior instead of a senior -as he expected to be - this year so the dual enrollment program should pay for all of it.)

(Margaret's blank check = my usual comment about indentured servitude) 

Edited February 21, 2019 by theelfqueen
Typo

[SereneHome]

1 hour ago, FuzzyCatz said:

My husband worked and paid for his own college while living at home in the days that was possible.  He got his MS as an employed adult in a working adult program mostly paid by his employer.  My parents helped a lot with my college education but I worked part time throughout and during summers.  I launched right from college to self supporting.  In fact I had a great paid internship my last 18 months of college.   

We both graduated college debt free which has given us much more financial freedom.  

I have a senior applying to/waiting to hear from colleges right now.   We do have some college savings.  One thing is we just paid our mortgage off and that was by design.  We are in a position to help.  But FAFSA also says we can be full pay everywhere which is not true at all.  My husband is in his late 50's.  We live in a HCOL area and no it's not a choice to just pick up and move given his profession.  We have another teen coming up to college age.  So anyway, we have done merit hunting.  Our state flagship university has rolled out the red carpet and is a school we never really thought he'd end up at, but right now there's a great chance he will end up there.   He does have 4 other acceptances right now, 2 look pretty good financially.  He's also auditioning for music programs and auditioning right now so we're waiting for word on that and any merit that might come with it.   This kid is also considering grad school so it'd be nice to keep undergrad to a reasonable level.  

I feel like we have privilege in this process.  It's really hard these days.   But we can't cut loose and just say any school is great by us either because we'd be full pay at privates.  My kid is very high stat and has a great extracurricular resume, etc.  So that was humbling at the beginning of the process.  It's easy to get sucked into the marketing materials and allure.  I'm glad my senior is pretty pragmatic and understands what a privilege it is even to be able to apply to and attend college full time and probably graduate with no debt.  We do expect him to be working and earning some and covering what he can.  

We do have a nice nest egg for retirement and I think people in the midst of college admissions quickly forget that it's also a huge gift to you kids not to be struggling financially in your elder years and be set up to deal with that.  I'd rather my kids make a fiscally conservative college choice and/or carry a little debt than cut into retirement, especially since we're "older" parents. 

 

Yes!!!!

I think this should be printed on every T-shirt, bill board and everywhere else!

[teachermom2834]

I have two in college so far. The first is at a private school and the second at an out of state public. They both have paid for school with a combination of merit scholarships, institutional financial aid grants, federal loans, their own earnings from working, and parental help. 

My boys have worked hard ( lots of hours, warehouse work, waiting tables, etc) and made big contributions. They also live very frugally. It is a total team effort. They take on the heaviest load financially but they do not have to stress because they know we will step in to cover any shortfalls. I also spent a ton of time researching affordable schools and as a family we discussed finances, implications of loans, etc throughout the teen years. They also both completed about a year of dual enrollment while in high school which minimizes the time it takes to finish and the loans they take out. Neither of them will have the max federal loans.

For us it really takes piecing together multiple ways of paying for it. It has worked so far. The boys have really bought into their educations having so much of their own skin in the game but they feel supported by us and know we will make sure they can get through. They both take alot of pride in their academics and jobs and they have both now moved away from their grunt jobs and into jobs more related to their career goals. 

They couldn’t earn full rides, we wouldn’t have co-signed private loans, we don’t qualify for large financial aid grants and neither they nor dh and I could have footed the entire bill so there was no one way to pay for it. But altogether we are making it work and they are having great experiences and we all feel good about it.

 

Edited February 21, 2019 by teachermom2834

[alisoncooks]

Me: my 4-year degree was forgiven with 4 years of work in the field after graduation. So me = free. 

DH: 4 years at a private college (seminary type). He maxed out loans for 4 years undergrad and 1 year post grad. We are still paying it off (almost 20 years later).

Our kids: I have no clue. Highly unlikely to qualify for academic scholarships. Very little savings. We'll probably do 2 years living at home and going to CC. 

[Hilltopmom]

Ds started at the CC in high school for about a years worth of credits that we paid out of pocket for.

He decided on a state school (not our local one where he could’ve lived at home- they did not have his major with a decent dept). So while a scholarship is paying his tuition, he took out the federal loans he could for room & board and I’m paying the difference from my paycheck. ( I went back to work specifically to pay for college)

He was offered lots of merit aid at a few private schools but the state school was still cheaper with no steep gpa requirement.

He is expected to work during the summers for spending money, book money, & a small chunk of tuition per year. He just decided this week to NOT be an RA next year which would’ve given free room & board. But he had solid reasons for not doing it, so ok.

He actually has money in a 529 from a grandparent who is refusing to give it to him. Maybe one day...

We did not save for college for the kids, we’ve been homeschooling, fostering infants, & living off one income for many years. Now that I’m working again we are saving for the younger ones.

[theelfqueen]

31 minutes ago, Margaret in CO said:

Your AFA guy owed 5+2. 5 active, 2 reserve. unless pilot. ROTC owes 4+2, unless they do further training. If my ds wants to stay and go into NSA (the hope now) he'll owe an added 4. Pilot/aviator is tricky, because in the Navy anyway, payback time doesn't start until they Wing. Dd managed to Wing a year early. They know what they're signing up for, but it can be a loooong time. 

I think the commitment was different when DH was in ... he did IRR but no reserve time, but he did 10.... so what do I know. LOL maybe it was 5 but I want to say he told me 4. 

My AF Pilot was 5 initial  +5 pilot (I think) I'm pretty sure his commitment is 10 unless he does a few specific projects ... some training counts and some doesn't. 

But under any circumstances - they have little to no college financial debt but are committed to their Service career. 

[moonflower]

Me: I went to an out of state flagship, but not a fancy one, on their NMF full ride.  It doesn't exist today.  My parents had zero intention of helping and I did the entire college application process, financial aid, all of it on my own.  I didn't know fancy private schools often gave aid based on need or I would maybe have applied to some as we were poor(ish).

Our kids: I'm sure they'll figure out something that works for them.  They're bright.  I don't plan to be very involved in the process.

[RootAnn]

27 minutes ago, Hilltopmom said:

He actually has money in a 529 from a grandparent who is refusing to give it to him. Maybe one day...

I know you know this, bit am stating it for others who might not - the owner of the 529 (in this case, presumably the grandparent) can decide to change the beneficiary at any time or even decide to not allow the beneficiary to withdraw any money. The owner decides everything and can change their mind no matter who contributed to the 529. The only exception is if the 529 was set up with UTMA or UGMA funds where the minor is both the beneficiary and the owner (and has a named custodian for the account). The money, if any is left, and the account goes to the minor when they reach the age of majority (18 or 21, usually, depending on the state where the UTMA/UGMA was originally established).

We set up several of these for nieces/nephews, but could theoretically use them for our own kids completely legally by changing the beneficiary. The owner "owns" them.

[BarbecueMom]

I had scholarships and grants due to high stats and a whopping $18 EFC, and DH did ROTC, which paid for ~90% of our education at a university that is known for and prides itself on affordability.  I hope to have undergraduate tuition saved by the time they start college (using our state flagship's price tag as a benchmark).   Anything else will depend on a lot of factors: the kid, their goals, our own finances, the future of higher education, etc.  I don't expect they'll be eligible for any need-based aid like I was, but other than that it's really too soon to nail down a plan.

[edelweiss]

I paid for college and grad school myself. I worked, got some grants, and took out a small amount of loan money. I paid off my student loans the year after I graduated from grad school.

DH worked and paid for college himself.  He did his first two years at a CC and then finished up his four-year degree at a university.

We will pay for our two children's education.  They are very average students and will not likely qualify for any scholarship money. Fortunately, we are prepared to pay the full cost.

 

[Lori D.]

52 minutes ago, moonflower said:

Me: I went to an out of state flagship, but not a fancy one, on their NMF full ride.  It doesn't exist today.  My parents had zero intention of helping and I did the entire college application process, financial aid, all of it on my own.  I didn't know fancy private schools often gave aid based on need or I would maybe have applied to some as we were poor(ish).

Our kids: I'm sure they'll figure out something that works for them.  They're bright.  I don't plan to be very involved in the process.

Just an FYI: the college search and application process, college costs, and financial aid process and the award amounts, have all changed so drastically over the past 15 years, that it is much more more difficult for high school students to navigate it all successfully completely on their own.

Lots of places where there can be missed opportunities these days without a little guidance, so you may wish to at least look for a local group that helps mentors students through some of these processes, or makes them aware of all of the options and suggest your students give that a try to get them started.

Or direct your students to the big pinned thread "College Motherlode" at the top of the WTM College Board, and have them read through some of the very helpful past threads on:
- how to choose a good college match (page 1)
- apply to college (page 2)
- and all of the financial/money matters (page 3)

Just a thought! All the best, warmly, Lori D.

Edited February 21, 2019 by Lori D.

[RootAnn]

1 hour ago, moonflower said:

Me: I went to an out of state flagship, but not a fancy one, on their NMF full ride.  It doesn't exist today.

The NMF full tuition scholarship I went to school on does exist today which is surprising. However,  from what I hear, it is hard to keep because of increased GPA requirements & a change in grading scale from 25+ years ago.

My parents refused to fill out any financial aid forms, so I was on my own for paying for college. My oldest & youngest brothers paid for half their schooling & my parents paid the other half. They both went in state. Another sibling went to school through the military  (academy) and another went on a combo of merit scholarship and working while living at home. Four of the five of us went to in state public schools.

[Shellydon]

For myself and my husband, we took out student loans and worked either part-time or full-time throughout undergraduate and graduate school. I have a master's degree in my husband has a Ph.D. between the two of us we had about $40,000 in loans when we. We live below the poverty level while we were in college, and continue to live on almost nothing until our loans were paid off. I worked holidays and weekends for two years to make extra money. We paid off all of our loans in 4 years and were able to purchase a home the last year. We've always made sure that we could completely live off one income, so we were able to pay off our house in full ten years after purchasing. For our children we have pre-purchased two full years of college for each of them at state schools.  Right now it looks like the eldest will be able to receive significant academic merit scholarships at several universities. The other still have a few years so we'll see what happens with them. By the time the last one enters college I would be able to go back to work and pay for it in full if we determined that that was a good idea for that particular child. 

I didn't particularly like college because we had absolutely no money the entire time. going to school full time and working 30 or more hours a week was hard. I do appreciate though that we got out with out too much in loans and were able to pay it off quickly.

[moonflower]

I definitely plan to tell them about this forum when they start researching future plans, Lori   It's a great resource! 

[Guest]

DH and I both undermatched and went to schools where we got substantial merit aid. We are encouraging DD to look at similar schools-the ones where she has the test scores to qualify for their top competitive scholarships. Hopefully, she'll get at least a couple of offers to choose from that are affordable to us at schools that she likes. Fortunately, she has had a chance to meet enough people at such schools to realize that there is interesting research and some amazing folks there

 

. She's also taking full advantage of concurrent enrollment, and is both completing general ed requirements and taking other classes in areas that may prove interesting while she can do so at a relatively low cost when she has time to explore, so that hopefully, by the time she enters a more expensive school, she'll have a better idea of what she wants.

[marbel]

Me:  went to state U in my town for the first two years with parents paying (it was so cheap, this was 1974).  Dropped out, went back as a working adult paying for it via employer tuition reimbursement and my own $$.  

Husband:  Mostly scholarships, as far as I know. Nat'l Merit Scholar, some others.

Kids:  both kids did 2 years at CC, partly because of finances, partly because neither had a clear picture of what to do.  They have applied to both public and private transfers schools and are awaiting financial aid packages.  Payment will be a mix of 529 funds, their own savings (both have worked since they were 16 and saved most of it), scholarships, grants, and minimal (we hope) loans.  

It is a very different world than it was when I was going to school. There's so much strategy involved/needed. I'm sure we have missed opportunities but my husband and I can't keep up with it all.  Sometimes it makes me angry that it's so complicated.  I wonder how it can ever work for people who are even less able than my husband and me to figure out the strategies. 

[TechWife]

More than half a lifetime ago, my college was paid for by a combination of Pell Grants and money from my parents. I took care of personal expenses through money I earned on breaks.

We started saving for our son's college when he was six months old (yes, really). He did two years of undergrad at a state uni and we paid for it. He did not qualify for any financial aid or scholarships. He is thinking about working on some technical certificates and we will pay for those out of the money we saved for his college.

Edited February 21, 2019 by TechWife

[DawnM]

Our original plan was 2 years of dual enrollment ($700 per year) and then local 4 year college while living at home (less than $10K per year), making college around $20K total per child.

Then, once oldest was doing great and I could stop being at home, I went to work to pay for college.   So, here I am, working full time, paying for two in college.

[hshibley]

3 hours ago, moonflower said:

Me: I went to an out of state flagship, but not a fancy one, on their NMF full ride.  It doesn't exist today.  My parents had zero intention of helping and I did the entire college application process, financial aid, all of it on my own.  I didn't know fancy private schools often gave aid based on need or I would maybe have applied to some as we were poor(ish).

Our kids: I'm sure they'll figure out something that works for them.  They're bright.  I don't plan to be very involved in the process.

If you’re homeschooling through high school don’t you have a responsibility to fill the guidance counselor/teacher mentor role? All of my college students went to ps high school. In addition to our help visiting colleges for special major days, student shadowing days etc they had involved teachers who mentored them, had college admissions people come talk to the class, took special interest groups to college events etc. 

[moonflower]

I'm not homeschooling through high school.  If I were I'd be more involved in their scholastic lives.

We'd be full pay anywhere; I've made them aware of this, and of the very basics of college admissions (they're young yet).  We had no assistance from high school mentors or counselors when I was in HS; it was a very good suburban public school that had the IB Diploma program and that was a number of years ago (I graduated HS in '02). 

applying for college wasn't rocket science and I still think that for the majority of students it's not rocket science.  My options were limited by money and location; I sorted through them for the one that had the best deal for NM finalists, applied online, and went off to school.  It would have been nice to have known that I could have gotten need-based aid somewhere else, but unless it was 100% it wouldn't have mattered anyway as my parents weren't paying.  I needed/wanted to stay in the area as I was engaged.

My kids are pretty self-directed, though, even now at 13 and under.  I expect them to do as much research as they feel is necessary, study and register for the tests they want to take, choose their courses in high school according to their long term plans, etc.  I did all of this alone and I have significant EF issues.  It was not hard.

I expect most of them, if they choose to go to college, will go either in-state and live with a relative or at home, financing with a combination of merit aid and loans and summer work, or will be NM and find an elusive full ride (or close enough to finish out with work and loans, so full tuition plus a bit, maybe) somewhere. Google and these forums and college confidential will be their friends.

[dirty ethel rackham]

When I was going to college, I was able to work during the summers to earn enough money to pay tuition at our state flagship as well as spending money.  I also took out student loans to put toward room and board and my parents paid the rest.  All other expenses were on me.  I had some jobs during college (at school), but mostly, my job was to do school.  Dh went to school out of state.  He took out maximum student loans and his dad paid for the rest.  They weren't wealthy, but he had put $$ aside for this (plus, he only had 3 kids, whereas my parents had 6.)  When he graduated, his dad gave him a lump sum to pay off his student loans (which he put into savings and lived very frugally to pay off his loans.)  I lived at home rent free for a year, during which I paid off my student loans. 

For our kids, we had tried to put money away, starting when they were babies.  But I decided to stay home after my second child (who had some special needs.)  Since we weren't putting money away, our plan was merit aid ... high stats aiming to be the top quartile of accepted students at schools that offered lots of aid (plus some loans.)  When my mom passed away, she left us some $$ from her IRA.  That would be enough for one of the lower rated state schools - in state tuition.  It ended up being enough to have our kids go away to private schools who offered merit aid that amounted to about half the cost of attendance.  Dh's father passed away and left us a little $$ as well.  If these hadn't happened, our kids would likely have either gone to community college on a 3+1 plan or gone to a state university that was commuting distance.  Ds25 graduated with about $8,000 in loans, lived at home while working and paid them off.  Dd is taking out minimal loans as well.  

Since K had to leave her highly rated private LAC due to mental health reasons (and some disciplinary action due to her breakdown), our plan for her (if she ever agrees to it) is to eventually get back to taking classes at the local community colleges and either getting an associates in something health care related that doesn't require a ton of patient contact or working toward getting her BS in something at the commutable state school.  But, she has to prove to us that she can handle it without falling apart.  

[moonflower]

I think part of this is maybe class or cultural; "choosing a good college match" wasn't really on my radar.  It may be for my kids, and they may work to achieve that, I'm not sure.  For me, and for most of the kids I knew, the "good college match" was either you wanted to go to the state flagship 2 hours away or you wanted to stay at home and go to the local commuter school or you wanted/needed to spend 2 years at the local CC first.  Maybe 1/4 people went out of state, some of them really to meet a good match (a religious college, one went to Wellesly but dropped out after a semester, a few got Academy appointments, etc.), but most to either enter a particular program (esp true for higher achieving stem kids, ime) or because there was a better scholarship offer over the border in KS, whose flagship was also an hour closer to home.

It wasn't really a matter of getting the perfect college experience tailored to your personality and skill set; it was choosing between a few viable options for the one that worked best for your situation.

I'm not sure if applying to college is much more difficult these days as I haven't looked into it; we filled out some forms and wrote some essays online, submitted a transcript, got some letters of rec., compiled all of our awards, registered for the SAT or ACT and had the scores sent to the colleges we were interested in.  If I'd been trying to get a competitive scholarship at a great school or just to get in to somewhere like Harvard (which would have been pointless because $), probably it would have been more involved?  But for most of my applications I was just checking the boxes, largely.  The hard work was done in getting good grades in a hard program in HS.

Cost is difficult as many of the automatic merit scholarships are less than they once were.  If they continue on the same track (and I have 4 kids under age 6, so obviously it's not all clear this early!) there should be merit aid sufficient to cover tuition at instate schools where they could live at home or with relatives, at a minimum, while carrying $5k or so in loans per year and working summers.  Some are stellar students and will have different options.

[moonflower]

I will note for the record that I realize I'm not an average parent; we're very free range.  I let them forage for lunch and often make dinner.  We don't have cell phones or a TV or personal electronics.  I let them bike or walk at age 8+ several blocks away to a local park.  When they have a problem they need to solve, like "why isn't the vacuum cleaner sucking up these tortilla chips," I say, "Not sure, what do you think?" or "here's the manual" or "here's google, I'd probably search something like "why isn't my vacuum cleaner sucking up things very well," etc.

I don't wake them up for school, I don't make their lunches, I don't help them get dressed (the 7 year old and up, that is to say).  I am loving and supportive and friendly and helpful but I don't direct that much of their lives, if that makes sense.  I did buy them an alarm clock, show them how to make PB/honey sandwiches, and stock the pantry with apples.

[katilac]

Our college costs are fairly reasonable because both of mine have good scholarships at not-so-expensive schools. For the youngest, half of her scholarship money is a state fund that is year-to-year and may go away, but we will still be able to manage. 

We paid for the first three years for oldest and first year for youngest out of savings. I increased my work hours a good bit this year so we'll be able to pay as we go from now on. 

Oldest started working regularly at the beginning of sophomore year, I think, and youngest spring of freshman year. That goes for any extra things they want to do or buy, we still buy their necessities. 

One of them looked at a few fairly expensive schools, and the deal would have been that we were willing to pay a certain amount more but she would also have to take student loans. Really expensive schools (taking aid into account) were not happening. 

Edited February 22, 2019 by katilac

[frogger]

31 minutes ago, moonflower said:

 

It wasn't really a matter of getting the perfect college experience tailored to your personality and skill set; it was choosing between a few viable options for the one that worked best for your situation.

 

 

For us, the best fit was quite simply the one he could afford. Period. 

[BakersDozen]

Merit aid/scholarships galore plus I worked 2 part-time jobs. Came out with my degrees after 6 years and 8K in debt (my choice to stay over a summer...). Paid off loans in about 3 years by babysitting a little guy 5 times/week during the school year.

My kids: Community College first, preferably with the Honors program which pays for books, tuition, and a trip each year (every other year overseas). We will pay for a CLEP test if they choose to use that as their final exam (not as a substitute for doing a class), otherwise they are on their own. Their goal is debt-free and so far that's what they are doing.

Edited February 22, 2019 by BakersDozen