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rgod -> RE: Paying for College (5/6/2008 10:14:58 PM)
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I did it when I went to undergrad in the 90s. I wasn't too happy about it at the time, but looking back, it was one of the best things that my parents could have done because I learned a lot about financial responsibility. I avoided a lot of traps with finances that my friends fell into, simply because I understood what it was to have debt (from a previous car loan that I was paying). When I graduated from undergrad, I had $1400 in debt, which I was able to pay off in a year. (I landed a higher paying job and made getting rid of debt my highest priority, the second was getting a new car). Here is how I did it:
1. I went to community college for the first two years. I went in county - then transferred to an out of county school when I found a cheaper rate. I was very careful to take courses that would transfer.
2. I applied for scholarships, grants, etc, where I could and I avoided loans like the plague.
3. I held a job that I hated, but that gave me tremendous advantages. I worked full-time for some of the time and part-time for some of the time (mostly full time). I had a job where they were flexible and where I could actually study if I needed to or take time off of work around finals time. Plus all of my health insurance, etc. was covered.
4. I worked with my parents so that I could declare myself as an independent student. That meant paying them rent, even though I lived at home, and being able to demonstrate to the IRS/FAFSA-folks that I was providing the lionsshare of my own support. (This helped me to get more financial aid which more than covered what I was paying in rent).
5. For my last two years, I went to a public, state university that had a good reputation but was low cost.
It took me 5 years to finish because there were a couple of semesters when I couldn't take classes, but I was able to finish by 23 (I started when I was 18).
Now I am in graduate school, and I'm applying a modified strategy. Here is what I'm doing now:
1. I moved to a state that has low tuition cost for school and started establishing residency before the first day of school for the coming year (that includes all of my paperwork). I didn't move here only for school - I like it here and will probably stay. The school though was a big plus.
2. The first year, I was an out of state student, but I got a teaching/research assistantship that covered a large amount of the tuition.
3. Before I started graduate school, I set aside investment money so that tuition would be covered and I wouldn't have to worry.
4. I am giving up luxuries right now so that I can live simply.
5. I'm doing without a new car (my old car is running fine) and have delayed some cosmetic type repairs so that I can divert my attention and funds towards school.
Prayerfully when I'm done, I'll be able to graduate with no debt (my favorite two words in the english language).
If you are willing to sacrifice a bit, you might be able to do something similar. (Depending on how flexible you are with schools). Fill out your FAFSA, check out schools carefully, be careful with loans and debt, particularly if you aren't going into a lucrative career. Consider community colleges - even if you are enrolled in a university, they might accept transfer credits - so classes like basic math (algebra, calculus, statistics), english, psychology, sociology - might be able to be taken there at a fraction of the cost and transferred in - even as you are attending university. If you can, try to work, but if it interferes with your study, you'll need to go another route. And finally, apply for scholarships, grants, etc. Apply for all that you can, whether it is in school or outside of school. And keep your grades up - you'll have a much greater shot at a scholarship if your grades are high than if they aren't.
When I was at the end of my rope (senior year of college) and I didn't know how I was going to pay for school, I received a full-tuition scholarship. I hadn't even applied for it, but God took care of me. That was also the year that I got saved. Just as He made a way for me, He will make a way for you too. You can make it - just keep the faith. Take care!
rgod
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