Before I even thought about having kids I started planning their college fund. Then I got divorced and my ex took the college funds and cashed them out to by a belt and a new wardrobe. For the next seven or eight years, I sat dazed and confused without saving or doing much else but surviving. Then, just the other day, I woke up and realized that my oldest is going into fourth grade! I best get on that college-fund thing.
I researched a bit and as I looked at the numbers I had a mini panic attack. One site told me that I would need to start saving $1,000 a month just to be able to send my eldest to college. I used the online calculator but fudged the numbers: I couldn't bear to admit that I would have two kids in college at the same time!
Dr. Pamela T. Rambo, of Rambo Research and Consulting, is a retired college financial aid and scholarship director. As someone who has more than 30 years of experience helping families pay for higher education, she understands the issues. "In this economy, where parent investments and home equity have declined, paying for college is tougher than ever. Even those with 529's and other college savings plans are having a tough time."
If your kids are going to attend college, but you haven't save enough money, they may need to take an alternative route to get there.
Send them to community college. Consider the idea of going to college nearby and avoiding room and board and other related costs, notes Rambo. She also suggests going to a community college to save big on the first two years.?
Look into a year of public service. Colleen Flynn, manager of LiftCommunities.org, a nonprofit agency in Washington, D.C., notes that "AmeriCorps offers education awards of approximately $5,000 for each year of service (up to two years), and several schools offer matching awards. With a year of work-service experience, public service alums are often considered more desirable by colleges because they add a level of diversity and increased world experience that the typical high school grad doesn't possess." This increases their chances of receiving additional funding or scholarships from the school, she says, "and often they are more prepared to attend college because of their service experience."??
Get hired by the college of your choice. Erika Huebschman, a third-year law student at Whittier Law School, suggests taking a job with the college you're interested in attending. Many of them offer their employees benefits, and usually, they offer educational benefits. If you work at the school, you could possibly attend classes for free. Huebschman's sister "paid for a lot of her law school working as an assistant in an administrative office."
Acquire class credits. "One way for families to decrease the price of college is to utilize alternative credit," explained Caitlin Muir from CollegePlus.org. "Some options include AP exams, CLEP tests, and dual credit. Students and their parents can save thousands of dollars. For instance, if a student grew up bilingual, he or she could take the Spanish CLEP test and earn 12 college credits in one afternoon. The CLEP test costs $77. Can you imagine paying $77 for a full semester of college?" ?
Serve in the armed forces. Lisa Hill, a mother of a college student at Rensselaer Polytechnic Institute in Troy, NY, says that her daughter has a four-year Navy ROTC scholarship there. "She gets a monthly stipend, attends a private engineering school, and will only have to serve her country four years to repay for college.?Not only will she get great engineering experience and travel the world, but?she'll come out of college debt-free."
Enroll in a tuition-free school. You may not be aware of it, but tuition-free schools do exist. The Cooper Union, in New York City, is a highly selective institution with an impeccable reputation. Berea College in Berea, Ky., also offers free tuition. All you need to do is fulfill the school's requirements, which are usually working a dozen or so hours a week on campus in a job that is related to your major.
Paying for college has never been more difficult, but there are some good opportunities available, it's just a matter of sitting down and hammering out your priorities and options.
[Source]
0 comments:
Post a Comment