Creative ideas to offset college tuition?

[diznymom]

Have him get a job. I paid my own way through college. I worked as much as I could during the summers and saved every cent for college.

 

[Pea-n-Me]

Others have already mentioned some of the things I was going to say.

So instead, I will pay-forward to you (and others in the same boat) a couple of resources that others had posted here when I was trying to figure this all out myself three years ago.

First is an article that made a big impact on me as far as the realities of today's college debt go:

https://www.huffpost.com/entry/jenna-levine-26-graduate_b_823081

Second is a really excellent book that talks about ways to pay for college without going into debt.

It offers a lot of tips besides just saving money. Like knowing who all the players are and what they're all about. I think it was on your other thread, but you mentioned the college recruiters saying how your son will get a job once he graduates from their school. One thing that Zac explains in Debt Free U is that a college recruiter's job is to recruit. They even get bonuses in some cases like trips and such for their recruiting efforts. Their job is not to figure out how you're going to pay for it, it's actually not a concern of theirs. So you have to keep this in mind when talking to people at the schools you're visiting. That's just one example. It's an excellent read:

https://www.amazon.com/Debt-Free-Outstanding-Education-Scholarships-Mooching/dp/1591842980

I'd be another to favor using the retirement home money before private loans, but then again, I would have a very hard time spending that type of money on a private school when my child has a free ride at another school. That's just me. I agree especially with a pp who said that students often change things up because they don't like the school or the program in their first year and either change schools or majors. We were warned about this by one of our kids' HS senior teachers. Our HS made a big deal about where they sent their kids, but she told us to look and see where the kids were two or three years down the road, because sometimes kids go to schools that aren't, for many reasons, a good fit. She was right from what we saw of the kids we know. So many made changes. It sounds like your son has options, but I've read enough of these threads here to see that sometimes parents don't give their kids these options because of the cost. Others figure out ways to pay for it, like you're trying to do. It's so individual. The one thing you don't want to have is regrets down the road. I've talked to so many young people I work with who do have regrets about their choices, it's amazing, and I'm grateful they shared their stories with me while I was college planning with my own kids. I think, to a degree, you have to take emotion out of it and make sound financial choices for both yourself and your child, especially where you have two more in the pipeline.

Anyway, good luck with your decisions!

 

[Searc]

Have him get a job. I paid my own way through college. I worked as much as I could during the summers and saved every cent for college.

Today, for even a regular state school, it is impossible to pay your own way as a teen out of high school, even if you've been saving every penny since birth. People who say this have no idea what the current cost of higher education is now.

 

[mjkacmom]

Today, for even a regular state school, it is impossible to pay your own way as a teen out of high school, even if you've been saving every penny since birth. People who say this have no idea what the current cost of higher education is now.

So true, ds21’s in state public tuition is $15,500 a year, plus he pays $500 (year round) for a small basement room in a house he shares with 9 other guys. He has 2 jobs while being a full time student, and works summers and every break (worked his entire spring break). He has loans.

 

[Hikergirl]

Today, for even a regular state school, it is impossible to pay your own way as a teen out of high school, even if you've been saving every penny since birth. People who say this have no idea what the current cost of higher education is now.

Well that isn't true for every single person going to a State school, there are many students who do manage to pay their way through school. They work and live at home and commute while in school.
15 hours a week at minimum wage for a year covers state tuition.


OP my dd's boyfriend is going to a private art school and same situation, his scholarships do not cover all his costs. After his first semester he applied to be a RA which came with free room (not sure if it also included board). That has helped but he still has loans.

You said that you had enough to cover 2 years of tuition, but what happens after that? Won't he be in the same position then? Are you willing to risk losing that money if he decides he can't afford to go and quits? That would be something that would always be in the back of my mind.
If my child was set on attending a specific school, and it was more than I had a budget for they would be responsible 100% for anything above what I had saved for school. I would not touch my retirement savings at all. I would cosign loans, and even pay them but my child would be responsible for paying me back.
I have 3 kids, we have given them everything they have needed and provided many things they have wanted up until the age of 18. We have saved for them for school, but our need for saving for our later years comes first so there is a finite amount they will get. They need to make their own decisions based on that amount.

 

[Searc]

Well that isn't true for every single person going to a State school, there are many students who do manage to pay their way through school. They work and live at home and commute while in school.
15 hours a week at minimum wage for a year covers state tuition.

Sure, if you have a state school within commuting distance. Not everyone does.

And LOL at 15 hours a week working minimum wage covering tuition. Bringing home $100 or less a week ain't gonna cut it for tuition.

 

[Hikergirl]

Sure, if you have a state school within commuting distance. Not everyone does.

And LOL at 15 hours a week working minimum wage covering tuition. Bringing home $100 or less a week ain't gonna cut it for tuition.

It does here, my dd's annual tuition is around $7500.
$15 @ $11.10 an hour each week- $166.50
52 weeks- $8,658.
Ok minus all taxes it isn't exactly but it's close, work 20 hours then.

Not to mention that NY now offers free tuition, which leaves room and board to pay for. So yes, a student working can actually pay their own way through school with little to no financial aid in the form of mom and dad or loans.
It's a great big world out there, not every place is the same.
You accused any person who says just work to pay for school as not knowing the current cost of higher education. It seems that point can go both ways.

 

[kymom99]

It does here, my dd's annual tuition is around $7500.
$15 @ $11.10 an hour each week- $166.50
52 weeks- $8,658.
Ok minus all taxes it isn't exactly but it's close, work 20 hours then.

Not to mention that NY now offers free tuition, which leaves room and board to pay for. So yes, a student working can actually pay their own way through school with little to no financial aid in the form of mom and dad or loans.
It's a great big world out there, not every place is the same.
You accused any person who says just work to pay for school as not knowing the current cost of higher education. It seems that point can go both ways.

We don’t all live in NY. Minimum wage here is $7 ish. State tuition is not free. And OPs son is not going to a state school. So none of that applies

 

[lpandorf]

So true, ds21’s in state public tuition is $15,500 a year, plus he pays $500 (year round) for a small basement room in a house he shares with 9 other guys. He has 2 jobs while being a full time student, and works summers and every break (worked his entire spring break). He has loans.

Same for my daughter. She goes to an in-state public school. Tuition is $15,000 a year plus $1,000 engineering student surcharge. On top of that expensive science and math textbooks, engineering tools, and software licenses we are looking at $17,000 per year before any room and board. She works and contributes but not feasible to earn that kind of money working with a very demanding engineering major.

 

[Pea-n-Me]

Many states have different "levels" of state schools. For example here, our state universities are about $9,000/yr, but the flagship universities are around $15-16,000/yr. Community colleges run around $5K/yr. Many states are less expensive than that; a few are more.

https://www.collegetuitioncompare.com/state/

Room and board usually adds around $12-15K/yr. And of course there are always other costs. (For us, times two, that's $100K or more just to live at school.)

I think it's difficult, but not impossible, to work and pay for school today, but it just depends on the student and/or the family and the choices they make.

Besides earning a salary, it often involves sacrifices, such as commuting (not always a possiblity for everyone distance-wise, although plenty commute long distances to make it work - admittedly, perhaps, not ideal, but it depends how motivated you are to get a degree for as little as possible), brown bagging it, giving up other things like vacations and Starbucks, holding off on replacing a vehicle or doing repairs yourself, staying within a budget, etc. And maybe not just for the student, but for the family who's helping out, if there is one.

The book I mentoned above was written by a 21yr old who did just that, and not so long ago. Granted, costs have risen since then. But even if it helps lower costs, and doesn't eliminate loans completely, these are all some things to consider.

 

[Pea-n-Me]

Same for my daughter. She goes to an in-state public school. Tuition is $15,000 a year plus $1,000 engineering student surcharge. On top of that expensive science and math textbooks, engineering tools, and software licenses we are looking at $17,000 per year before any room and board. She works and contributes but not feasible to earn that kind of money working with a very demanding engineering major.

We had this conversation on another board recently. I know engineering majors who commute.
My daughter also has a very demanding major, and she commutes.

Then you get into the conversation about, well, it's not ideal.
Well, no, maybe it's not. But then again, neither is starting life off with a lot of college debt, or using up retirement money in order to pay for college.

It's really all about choices.
To each his own.
But people do it every day.

 

[Pea-n-Me]

And obviously this is mainly for people who aren't independently wealthy or those who've gotten free rides, etc.

This is for the rest of us who have to pay and are trying to figure out how to make it work at a reasonable cost.

 

[Hikergirl]

We don’t all live in NY. Minimum wage here is $7 ish. State tuition is not free. And OPs son is not going to a state school. So none of that applies

I wasn't directing that to the OP, I was directing it the pp who said "anyone who says to just work doesn't know the cost of higher education, which is why I quoted them in my response.
I also said not everywhere is the same. Fact is it is possible for some to be able to work and pay their way through school. I never claimed it was possible for all.
This is a discussion, it all applies.

 

[Pea-n-Me]

I wasn't directing that to the OP, I was directing it the pp who said "anyone who says to just work doesn't know the cost of higher education, which is why I quoted them in my response.
I also said not everywhere is the same. Fact is it is possible for some to be able to work and pay their way through school. I never claimed it was possible for all.
This is a discussion, it all applies.

And the title of the thread is “Creative ideas to offset college tuition”!

 

[Toolulu22]

I don’t know if this will be helpful at all, but my sister was in a similar situation last year when my nephew was looking at schools. The long and short of it is that he ended up going to the school he wanted ($$), with limited scholarships given by the school. But, it has been the best decision from the point of view that he absolutely loves his school, classes, professors, everything and thanks his parents always for allowing him the opportunity to attend. Yes, he could have went elsewhere, but he worked his butt throughout middle and high school. I’m glad he got his first choice.

How is it being paid for? My sister initially wanted him to take out loans. She decided, at least for this Freshman year, to pay the costs on a monthly basis through a payment plan offered through the University her son attends. Not sure if your son’s school offers a payment plan, but if so, that my be an option that you could live with?

 

[Pea-n-Me]

Last I checked working was a way to offset tuition.
I'm so sorry I didn't seek your approval before posting though, I didn't realize you were the Dictator here.
And you should note that I also replied to the OP, but I know I know some just need to pick things to gripe about.

I was agreeing with you/posting in support of your position. Why the snark?

 

[AlohaNow]

I am going to recommend the boring, yet eye-opening, Peterson's Guide to Financial Aid. High school parents - do not wait until senior year to learn about financial aid and the FAFSA! You may need to get moving on some stuff a year or two before you complete the FAFSA.

 

[Searc]

It does here, my dd's annual tuition is around $7500.
$15 @ $11.10 an hour each week- $166.50
52 weeks- $8,658.
Ok minus all taxes it isn't exactly but it's close, work 20 hours then.

Not to mention that NY now offers free tuition, which leaves room and board to pay for. So yes, a student working can actually pay their own way through school with little to no financial aid in the form of mom and dad or loans.
It's a great big world out there, not every place is the same.
You accused any person who says just work to pay for school as not knowing the current cost of higher education. It seems that point can go both ways.

Min wage in my state is $7.25.

 

[MrsPete]

... The plan is to have him borrow as much as he can in his own name, but, while I still don’t understand how much that is, I am certain there will still be a nice chunk of change still owed to fully cover expenses ...
I’m also wondering if I shouldn’t use his brothers’ 529 or stop contributing to theirs

This is a little off-topic and rather dark, but it's also true ... if he's borrowing, you'll likely be co-signing. Take out enough life insurance on him that if -- though the chances are very unlikely -- he were to die, you wouldn't be stuck paying off loans for an education he never got to use. I know, very, very unlikely, but IF it were to happen, it would make a horrible situation worse-worse-worse.

I would not stop contributing to the younger brothers' education funds. They're not "up to bat" yet, and you can't say for certain what they'll want to do when they're ready to solidify their college choices. As a teacher, I've seen parents turn the world upside down to make "the dream school" possible for the oldest child ... but then they find that they're not able to do it for the youngers. How's that fair?

Our back-up-plan was to stop contributing to our 401Ks, a choice that would've been possible because we had saved aggressively for years. We would never have withdrawn money from our retirement ... but stopping additional contributions would not have been the same thing.

what if he went to the full ride school and finished up at the other? credits transfer and he can work a part time job

Exactly what I was going to say! Why not take advantage of the full ride for the first two years, then transfer? My youngest transferred, and it's no picnic ... but this would allow you to cut the child's college costs in half! Is it ideal? No, but I don't see any other way you can save that much.

...and the school has a lifetime policy of working with students to get them placed in jobs.

That's not particularly impressive. Most schools offer this service ... they want their graduates to be employed; it makes them look good.

Art school's a tricky proposition. Jobs are competitive.

Go work for the college/university where your son wants to go. I've heard some give discounted or free tuition to their employees' dependents

If the school's out of state, this isn't 'specially realistic ... but HE could work for the university. If he were to get a job as an RA (Resident Assistant), it could make a big dent in his living expenses.

I was an RA in college, and I didn't receive a penny of cash ... but I got a (private) dorm room, half my tuition, half my meal plan, and a phone in my room. Oh, and lots of social events -- they were always taking us to laser tag or white water rafting, which was great for a poor kid like me. For a kid with no financial help, this job was a lifesaver. When I was dropping my daughter off at her dorm recently, I saw a flyer in the lobby about RA applications. Apparently now they get paid money, but it still seemed to be roughly the same amount of total compensation.

Before I was an RA, I worked at the "after hours housing desk" in my dorm. I think this is a pretty standard thing in dorms. I made minimum wage for sitting at the front desk from something like 6:00-midnight (when the security guard came in). I'd give out change for the laundry, managed loaner stuff like the vacuum cleaner, managed lost keys and various small emergencies. That job helped me get to know people in the housing office and helped me get the RA job later.

Participation in housing activities /dorm government can also help him "get noticed" and can help him set himself up for an RA job. On the other hand, a drinking ticket -- VERY common in freshman dorms -- would shut the door on his chances.

... I know plenty of people that didn't change their major and finished in 4 years. I also know people that changed more than once and took 5 or 6 years. Everyone is different, just as every school is different.

Finishing in four years seems to be a matter of good long-term planning. For example, my oldest was laser-focused on finishing in four years, and she painstakingly read all those tedious details and made a plan ... she altered it a bit, but she knew exactly what she needed to do. In contrast, her roommate didn't want to consider these things, and she just kinda "guessed" as to what she should take. I remember at one point she signed up for a science class without a lab, and my girl TOLD HER it wouldn't count towards whatever gen-ed requirement she needed it to fulfill ... and she was so upset later when she had to take a different class in place of it. Another story: My niece didn't bother to register until late, and she couldn't get into the major classes she needed as a first semester freshman ... so she took a bunch of electives. She had a great semester, but it put her behind.

Seriously, high school seniors don't tend to take this seriously enough. In high school the guidance counselors make this all happen, and they just "assume" it'll work out in college. Long-term planning and jumping on registration make the difference in graduating on time vs. paying another semester or two of tuition.

Today, for even a regular state school, it is impossible to pay your own way as a teen out of high school, even if you've been saving every penny since birth. People who say this have no idea what the current cost of higher education is now.

No. My youngest is just finishing up her junior year in college, so I'm very much aware of what college costs. Paying for college on your own isn't easy ... and you may not be able to attend any school you want, may not graduate in four years, but it IS possible.

Final thoughts about how to manage this:
- Have him take some basic classes at your local community college this summer and transfer them. Even a couple classes will be a couple classes he won't need to take at the out-of-state-school's inflated prices.
- Military service is a great option -- if he's so inclined. It doesn't have to be full-time; consider reserves too.
- Definitely have him work in the summers /breaks. This is an odd thing. When I was in school, almost all my college friends had jobs ... my own daughters tell me that pretty much no one works anymore /they just borrow.
- Don't borrow any more than you need to borrow. I know, that sounds self-explanitory, but the loan people will push-push-push you to take the maximum amount. Well, of course they do: the more you borrow, the more they'll make back.
- Used books /rented books. No, this tip won't help you at all with tuition, but tuition is only a fraction of the total cost of college.
- Final thought is a negative. One of my best friends' daughter went to art school, and the tuition isn't the whole story. Art students end up needing LOTS of supplies. It's an expensive major.

 

[kymom99]

This is a little off-topic and rather dark, but it's also true ... if he's borrowing, you'll likely be co-signing. Take out enough life insurance on him that if -- though the chances are very unlikely -- he were to die, you wouldn't be stuck paying off loans for an education he never got to use. I know, very, very unlikely, but IF it were to happen, it would make a horrible situation worse-worse-worse.

I would not stop contributing to the younger brothers' education funds. They're not "up to bat" yet, and you can't say for certain what they'll want to do when they're ready to solidify their college choices. As a teacher, I've seen parents turn the world upside down to make "the dream school" possible for the oldest child ... but then they find that they're not able to do it for the youngers. How's that fair?

Our back-up-plan was to stop contributing to our 401Ks, a choice that would've been possible because we had saved aggressively for years. We would never have withdrawn money from our retirement ... but stopping additional contributions would not have been the same thing.
Exactly what I was going to say! Why not take advantage of the full ride for the first two years, then transfer? My youngest transferred, and it's no picnic ... but this would allow you to cut the child's college costs in half! Is it ideal? No, but I don't see any other way you can save that much.
That's not particularly impressive. Most schools offer this service ... they want their graduates to be employed; it makes them look good.

Art school's a tricky proposition. Jobs are competitive.
If the school's out of state, this isn't 'specially realistic ... but HE could work for the university. If he were to get a job as an RA (Resident Assistant), it could make a big dent in his living expenses.

I was an RA in college, and I didn't receive a penny of cash ... but I got a (private) dorm room, half my tuition, half my meal plan, and a phone in my room. For a kid with no financial help, it was a lifesaver. When I was dropping my daughter off at her dorm recently, I saw a flyer in the lobby about RA applications. Apparently now they get paid money, but it still seemed to be roughly the same amount of total compensation.
Finishing in four years seems to be a matter of good long-term planning. For example, my oldest was laser-focused on finishing in four years, and she painstakingly read all those tedious details and made a plan ... she altered it a bit, but she knew exactly what she needed to do. In contrast, her roommate didn't want to consider these things, and she just kinda "guessed" as to what she should take. I remember at one point she signed up for a science class without a lab, and my girl TOLD HER it wouldn't count towards whatever gen-ed requirement she needed it to fulfill ... and she was so upset later when she had to take a different class in place of it. Another story: My niece didn't bother to register until late, and she couldn't get into the major classes she needed as a first semester freshman ... so she took a bunch of electives. She had a great semester, but it put her behind.

Seriously, high school seniors don't tend to take this seriously enough. In high school the guidance counselors make this all happen, and they just "assume" it'll work out in college. Long-term planning and jumping on registration make the difference in graduating on time vs. paying another semester or two of tuition.
No. My youngest is just finishing up her junior year in college, so I'm very much aware of what college costs. Paying for college on your own isn't easy ... and you may not be able to attend any school you want, may not graduate in four years, but it IS possible.

Final thoughts about how to manage this:
- Have him take some basic classes at your local community college this summer and transfer them. Even a couple classes will be a couple classes he won't need to take at the out-of-state-school's inflated prices.
- Military service is a great option -- if he's so inclined. It doesn't have to be full-time; consider reserves too.
- Final thought is a negative. One of my best friends' daughter went to art school, and the tuition isn't the whole story. Art students end up needing LOTS of supplies. It's an expensive major.

Lots of good info.

Your daughter’s friend must have not had a good advisor. My son’s advisor has helped him by setting up a plan to get finished in 4 years and goes over what he needs to take each semester. He also convinced him to minor in history because he brought 15 hours with him from high school dual credit courses. I tried telling him that and he blew me off. Haha.

One thing about the campus jobs. My son has applied for several and he has never even gotten an interview. He looks pretty good on paper and he’s carrying straight As. I don’t know what the problem is. He applied to be an RA and wasn’t even contacted. At his school they give a free private room and a stipend to RAs. I was really hoping that would work out, but it hasn’t and we have moved on. He’s going to get a job off campus next fall, even though it’s not what we were hoping for.

We are fortunate that his major does not require expensive textbooks or supplies. His final semester will be spent off campus at an internship. I’m hoping he is able to find a site that provides free housing. That will help a lot. His very basic dorm room costs about $5600 a year.