How Does One Pay for College if they Never Saved for College?

[Anonymous]

I can't tell from the original post, but are you embarrassed at all that you haven't saved ANY money for your child's college? What does "solid middle-income" mean in this case?

I'd say, from my perspective- we recently paid off my husband's HUGE law school loans- student loans are a big deal and something that I'd go to great pains to avoid. My husband was fortunate that he had a high income- large law firm- but the loans were very hard to pay off, and school has only gotten more expensive in the years since he graduated, and the job market has only gotten tougher.

If you take out any loans- make sure your child knows about the loan amortization schedule. What will the monthly payment be? Does your child know how much of the monthly payments go to interest initially? Does your child know that, for example, for a 30-year mortgage, at the 15-year point, only 10% of the principal will be paid off? Does your child have any idea of the range of entry-level jobs that may be available? Any idea of the impact of the student loan on grad school choices, buying a home, having a baby, unexpected illness or other life event?

My strong advice would be to look into the program at Northern Virginia Community College (NoVa) where if a student attains a certain GPA in the two years at NoVa, they are guaranteed admission to UVA or certain other state schools. This may not be the 4-year social college experience, but it will get your child a good degree with the minimal cost, provided that your child is dedicated to studying.

I'd also make SURE to pick a good major- if your child has talent in engineering or the hard sciences, go that route and get in the short line to a good-paying job. (There are too many liberal arts/fashion/law, etc and not enough jobs in those fields.)

Please support your child as much as you can at this point.

[Anonymous]

The NoVa guaranteed admission program is incredible - "As a NOVA student, you are offered Guaranteed Admissions to a variety of four-year colleges and universities when you meet the requirements of the written Agreement between NOVA and that college. Be sure to read the Agreements carefully. These Agreements guarantee admission to a college or university but most do not guarantee admission to a specific program." Schools include UVa, William & Mary, Georgetown, George Washington, Virginia Tech, and more, both in-state and out-of-state. You have to be a Virginia resident, and attend a Virginia community college, and achieve high grades in the core subjects that most 1st and 2nd year students take anyway. This deal cannot be beat.

[Anonymous]

Anonymous wrote:The NoVa guaranteed admission program is incredible - "As a NOVA student, you are offered Guaranteed Admissions to a variety of four-year colleges and universities when you meet the requirements of the written Agreement between NOVA and that college. Be sure to read the Agreements carefully. These Agreements guarantee admission to a college or university but most do not guarantee admission to a specific program." Schools include UVa, William & Mary, Georgetown, George Washington, Virginia Tech, and more, both in-state and out-of-state. You have to be a Virginia resident, and attend a Virginia community college, and achieve high grades in the core subjects that most 1st and 2nd year students take anyway. This deal cannot be beat.

Similar guaranteed admissions programs are available at most, if not all, community colleges in VA.

I'm a big proponent of community colleges. Between AP credits and taking cc classes in the summer, I was able to graduate college in 3 years.

[Anonymous]

ROTC.

[Anonymous]

Go into debt.

[Anonymous]

Anonymous wrote:The NoVa guaranteed admission program is incredible - "As a NOVA student, you are offered Guaranteed Admissions to a variety of four-year colleges and universities when you meet the requirements of the written Agreement between NOVA and that college. Be sure to read the Agreements carefully. These Agreements guarantee admission to a college or university but most do not guarantee admission to a specific program." Schools include UVa, William & Mary, Georgetown, George Washington, Virginia Tech, and more, both in-state and out-of-state. You have to be a Virginia resident, and attend a Virginia community college, and achieve high grades in the core subjects that most 1st and 2nd year students take anyway. This deal cannot be beat.

Is there a similar "deal" at Montgomery College for MD residents?

[Anonymous]

RE: transferring community college credit - this can be easily done and is easy. However, I always tell people to skip the Associate's degree if going the CC route. Associate's require lots of extra credits that DON'T transfer, and that costs a lot of extra money and time. Unless you plan on not getting a bachelor's, it is a total waste.

Was just about to reply with this also - DON'T get the Associate's degree unless that's where you're stopping. Waste of money! I know way too many people who found out too late.

[Anonymous]

Maryland has a related program with Montgomery College a few other community colleges in the state:

http://www.admissions.umd.edu/admissions/apply/MarylandTransferAdvantage.asp

[Anonymous]

I think PPs are unnecessarily rude to criticize the OP who has not saved for college. Shaming is (in my opinion) pointless and the OP is far from alone.

With that said, my parents fully paid for my expensive college degree and I didn't take the academic "part" of college seriously. I did fine (Bs) but NOT due to hard work.

However, I was financially responsible for grad school and I took it very seriously. Some might say that maturity played a part in the equation and I don't deny being 6 years old and wiser helped focus me...But, I'm also sure that had I been more financially invested in my BA that I would have also been more academically invested.

All this to say that I don't see it as entirely a bad thing to give the financial responsibility for college to the student.

[Anonymous]

One easy solution is learning how to do the FAFSA. Most people do not know how to do them.

[Anonymous]

OP, your child will have to get loans like everyone else. Surprise! The streets are NOT paved with gold!

[Anonymous]

Anonymous wrote:I think PPs are unnecessarily rude to criticize the OP who has not saved for college. Shaming is (in my opinion) pointless and the OP is far from alone.

With that said, my parents fully paid for my expensive college degree and I didn't take the academic "part" of college seriously. I did fine (Bs) but NOT due to hard work.

However, I was financially responsible for grad school and I took it very seriously. Some might say that maturity played a part in the equation and I don't deny being 6 years old and wiser helped focus me...But, I'm also sure that had I been more financially invested in my BA that I would have also been more academically invested.

All this to say that I don't see it as entirely a bad thing to give the financial responsibility for college to the student.

I agree that some of the financial responsibility should be given to the student, but all of it? and all because parents could have contributed, but made bad choices so didn't save? Nope. There is shame in that, sorry.

[Anonymous]

We're paying off student loans now and I do not want that for my child. I'm trying to sock a little away in a 529 for her, but given our debt and income, I'm sure she will have to take some loans out. I wish my parents had been more proactive in teaching me about money and finances, as 11:37 from a year ago outlines.

But for those talking up scholarships, there were some hard facts reported on Tell Me More on NPR last week. A few excerpts from the transcript:

"Mr. KANTROWITZ: Well, the scholarships are a lot rarer than people expect. I mean, families tend to overestimate their eligibility for merit-based awards and underestimate their eligibility for need-based awards. The merit-based scholarships for students who are pursuing a four-year degree, a bachelor's degree, about one in 10 students receives private-sector scholarships to pay for their education.

And the average amount used per year is $2,815. So when students have higher expectations about the availability of scholarships and then don't win the scholarships, they want to blame someone. And there are a few high-profile scholarships for minority students, and that attracts the attention. They then want to blame those awards.
...
MARTIN: People often talk about the idea of a full ride. You know, sometimes people joke about this. They say, well, you know, I'm trying to get my son to play golf, you know, so he can get a full ride. Or I want my daughter to, you know, do x, y and z because she can get a full ride. How often does it actually happen that someone gets a full ride, that someone can actually win enough scholarship funds to cover the full cost of an undergraduate education?

Mr. KANTROWITZ: It's quite rare. Less than 3/10ths of a percent of undergraduate students pursuing bachelor's degrees have won enough money to cover their complete tuition. One in 10 students wins private sector scholarships. So most students are going to have to rely on federal grants, state grants and money from the college itself, as well as, potentially, employer support if their parents work for a company that offers employer tuition assistance in order to pay for school."

[Anonymous]

Anonymous wrote:I worked in a strip club to pay my tuition.

Same here and "dated" a few of the nicer ones

[Anonymous]

I got almost a full ride to a top 25 school - combination need and merit. Paid $4K a semester to attend a $40K yr school. Left school with $12K in loans.