Money for College

[cosine]

(No, not spam)

College is rapidly approaching for this high school senior, and I am now exploring my options for paying for it. Does anybody here have any recommendations, reviews, experience, or other wisdom or ideas of college financial planning they would like to share?

I'm looking at scholarships, grants, Federal financial aid, and loans. Does it look like I missed any options to obtain money for college? Any specific recommendations are appreciated too.

Anything you'd like to share about this subject would be greatly appreciated by me. Thanks.

 

[TexasNativeDRJH]

Try doing a google search on college grants first since you don't have to pay those back. Financial aid should be available, so I would recommend talking to the counselors at the school you plan to attend if it is nearby. Dont do what I did and wait five years before starting college after high school-bad move for sure, get it over with asap! Do all of your partying after you get your good paying job that college got you,it will be easier to fund. Good Luck!

 

[kozak6]

You need to get your FAFSA form and have your parents fill it out. Your counselor should have some if you ask.

You might also consider attending a community college and then transferring to a more serious institution to get your degree. The community college should be 3x-4x cheaper to attend, or at least in my state. Make sure that your credits will transfer first, though.

 

[orthogonal1]

FAFSA first, which can be done online, and you need for everything financial.

Look for grants (parents belong to anything - clubs, big corporations, etc.). By any stretch of the imagination could you be a member of some under-represented group? Single parent?

Community college a great idea. And verify, verify course transfer.

Internships once in college. Experience and money.

Could always go the military route. I always suggest it to people I don't like (at least on the enlisted side - go officer only - all else is BS IMHO).

Most colleges you apply to will offer an aid package. And remember, the more you bring to the table, the less they will give, as far as money goes - unless your really a catch for them. Look at programs of study that have few takers and remember that the first two years of college are pretty broad in application - they are wash out courses to get rid of those not serious.

 

[Roadrunner]

Could always go the military route. I always suggest it to people I don't like (at least on the enlisted side - go officer only - all else is BS IMHO).

Care to elaborate on this part, especially the bold? I did four years enlisted active duty Army and while there was a lot of BS involved, the experience as a whole was extremely positive (not to mention lucrative). I would recommend it to anyone who has an interest in military service, provided they make an informed decision and know how to play hardball with the recruiters.

 

[ErikD]

I think you have the basics. Government aid, loans, scholarships if you can get them, and most important would be the choice of school. Don't choose to go to some school that will get you in debt unreasonably.

Also check don't even consider internships as a possible source of income to help pay for school. I just graduated in May, and at least in my situation they were of no help at all. In my school internships were hard to get as there were more interested students than positions, and to be allowed by the school you couldn't get paid. Other schools might have different policies, but it is just something to keep in mind. I suppose it is always possible to find an internship without the school, but that would be even harder IMHO.

 

[Geraldo]

My advice is to be sure that you want to go to college. If you want to have fun or do something else right now, do it. I completed my first career without college, and I'm taking classes now for my second career in life. I've met many people who weren't that interested in college early in life, and their grades reflected that lack of enthusiasm. Your GPA follows you forever (generally), so keep that in mind.

I've transferred hours from another state, and from a community college to my current university without any problem.

One thing that has not been mentioned is tuition reimbursement by employers. Public and private employers may offer to pay all or part of your tuition, but they may limit what majors they will pay for.

 

[Bob W]

My primary source of financing was the Illinois State Scholarship Comission and government student loans. The Pell Grant amounts were miniscule, so don't count on them too much.

One huge tip, if you have any cash (savings, checking) of your own, get rid of it. I don't mean spend it, but put it in a sibling's name or otherwise hide it for the next four years. The financial aid folks will expect you to use any $$ you have first, then arrange for the remainder. My grandparents gave me some money for college; I put it in my brother's name until after graduation and then used it to pay off a chunk of the student loans.

Something else I'd like to emphasize. Loans aren't the end of the world. Low interest after graduation, no interest as long as you're enrolled as a full-time student, and some loans can be forgiven in exchange for working in certain regions or fields.

Community college a great idea. And verify, verify course transfer.

IMO, community college is a good idea if you only want/need an Associates Degree. If you do attend junior college with the intent of later attending a real university, plan ahead. Coordinate all of your junior college credits in advance with a guidance councelor at the university you'll be tranfering to, especially if you plan on attending a university that's not in the same system as your junior college.

I'd also discourage you from working full time to pay for school and attending classes only part time. First off, as a part-time student you won't be eligible for many financial aid programs. Second, you'll spend years extra in college. That's years of your life you're not working in your desired field, not earning professional wages, and racking up tuition and room/board expenses.

Hope I've written at least one thing you hadn't considered already.

Best Wishes,
Bob

 

[MikeH]

I'm looking at scholarships, grants, Federal financial aid, and loans. Does it look like I missed any options to obtain money for college? Any specific recommendations are appreciated too.

You left out work.

 

[Dijos]

You left out work.

HAHAHA! no kidding.


But seriously, look at Community college if that school is a feeder for a better 4 year university. AA/AS is much cheaper, then transfer into better university, get your BA/BS. It's not the most glamorous way, but it works.

 

[Bob W]

But seriously, look at Community college if that school is a feeder for a better 4 year university. AA/AS is much cheaper, then transfer into better university, get your BA/BS. It's not the most glamorous way, but it works.

My brother is a good example of this. He wanted to attend an out-of-state university (University of Tennessee) that had a superior program in his field of interest. But paying out-of-state tuition for four years would have been a significant hardship. So he went to some junior college in Northern Illinois for the first two years. And knowing that he would transfer there at a later date, the University of Tennessee asigned him a guidance councelor who approved all of his Illinois classes. The plan worked very well, brother didn't lose a single credit and saved two years of out-of-state tuition and room/board.

But if he had transfered to a different university other than Tennessee, or not gotten the courses approved for transfer ahead of time...

If considering junior college due to finance limitations, don't forget to factor in the associated costs of jr college vs. a real university. Junoir colleges rarely have dormitories, so budget for rent and groceries (unless you want to live with your Mommy and Daddy). And unless there's a jr college within walking distance, transportation costs can be a deal-breaker too - cost of buying a reliable car, gasoline, and insurance.

And of course there's always the stigma of attending a jr college, which is "not college at all, just more High School."

Best Wishes,
Bob

 

[Roadrunner]

You left out work.

And what job would you suggest that a college student is qualified to perform, won't take time away from studies, and that will pay enough to cover tuition? If you have an inside connection feel free to clue the rest of us in.

 

[Bob W]

And what job would you suggest that a college student is qualified to perform, won't take time away from studies, and that will pay enough to cover tuition? If you have an inside connection feel free to clue the rest of us in.

I was wondering the same thing. Notice this portion of my previous post:

I'd also discourage you from working full time to pay for school and attending classes only part time. First off, as a part-time student you won't be eligible for many financial aid programs. Second, you'll spend years extra in college. That's years of your life you're not working in your desired field, not earning professional wages, and racking up tuition and room/board expenses.

Nothing wrong, IMO, with working part time while in school to earn spending money. But school must take priority.

-Bob

 

[orthogonal1]

Roadrunner: I did time as well. The advantages to going officer are many. You get education from the get go, either via ROTC or one of the other programs. Officers make greater pay; have more “privileges,” get experience in supervision and management, etc. Not to mention access to a network of former officers who are generally in better paying positions, to boost the future career.

Enlisted may get training in a vocation that is employable, the GI Bill, and opportunity to do a job you can’t find anywhere else (and probably isn’t in demand anywhere else). It can be a positive or negative experience, but it’s an experience.

“always suggest it to people I don't like” came from my experience talking with enlisted people going officer. They got the point. Smart guys and gals.

 

[Horned Toad]

And what job would you suggest that a college student is qualified to perform, won't take time away from studies, and that will pay enough to cover tuition? If you have an inside connection feel free to clue the rest of us in.

He could join the military for 4 years, get some valuable experience and then go to college. Or check in to what you have to do to be an officer, could be the military would put him through college.

 

[Centaur]

And what job would you suggest that a college student is qualified to perform, won't take time away from studies, and that will pay enough to cover tuition? If you have an inside connection feel free to clue the rest of us in.

Woah! Easy there, fella.

There's been alot of good advice in this thread. Probably the best is the community college route. Alot cheaper than the university. As long as the credits transfer, you've saved a wad of dough.

It would be nice to attend a universtity for free. Not everyone can afford to attend a university full time without a means to pay for it. If you can't get grants or scolarships, that means debt.

Do you want to start out your professional life saddled with a mountain of debt? If you want to cut that debt in half, consider the community college route.

Myself, I put myself through college by working part time during the school year, and full time during summers. It was no piece of cake, but it worked.

Once you have a semester or two of your core classes under you belt, you may be able to get into a company as an intern in your field.

 

[Bob W]

He could join the military for 4 years, get some valuable experience and then go to college.

If a person's joining the military for the purpose of experiencing the military or for patriotic reasons, then go for it. But doing a four year stint for the sole purpose of paying for college later is a losing proposition, IMO.

Military would be a good career though. Decent pay after a few promotions, good benefits, and retire early enough for a second carreer. But I'd suggest going to college first and entering the military as an officer.

-Bob

 

[Bob W]

Myself, I put myself through college by working part time during the school year, and full time during summers. It was no piece of cake, but it worked.

Were you able to graduate on schedule with that method? I know people who worked through college and it cost them extra semesters or even years. What's a little low-interest debt compared to the loss of a year's post-graduation pay?

Just wondering.
-Bob

 

[shaldag]

There has been a lot of excellent advice in this thread.

As far as working you way though school, there is a practical way to do so, depending on what you are interested in: in many fields, work study programs will not only give you some extra $$, but may also at least partially cover tuition. These programs are most common in the sciences and at state Universities.

 

[Dijos]

I worked and took out loans to put myself through school. All in all, I have about 20k in debt, and I feel that it is worth every penny. BTW, I dropped out at 21, and went back at 26 or so, and graduated at 31, with a full time job, and a toddler. I walked away from a job that I was making 15 bucks an hour with plenty ot to do this. I am not going to say it was easy; it was freaking hard, and there were many hungry, sleepless nights. However, I wouldn't trade it for anything in the world. BTW, I graduated with a 3.55.