How Prepared Are You To Pay For College?
Reference & Education → College & University
- Author Mark Maiewski
- Published October 25, 2010
- Word count 597
Over the last nineteen months, we have seen the steady deterioration of our
country's economy. This has affected our clients through loss of income AND
significantly decreased value of savings. But with a little preparation, this
storm doesn't have to freeze your college plans.
Here's the dilemma. Colleges and universities endowments have decreased at
the same rate as personal savings and investments. State funding for public
colleges has been cut significantly.
Families that saved for children have seen their savings plummet by half
leading many families to "down-size" their college expectations. These
students are now applying to the state (or public) colleges increasing
competition for admissions and yes, competition for financial aid.
Credit worthiness will no longer just be based on a credit score but on
verifiable and secure income as well. We predict that credit worthy based
loans will be difficult to find.
This combination of downward financial pressures is leading us into a
"deadly storm" for financing college. Families need more help, but the
colleges will need to reduce help and increase costs to meet their changing
financial positions. So, in this new era of booming college applications and
dwindling financial aid, what can you do for your student?
First, families need to take stock of their resources and consider not
allowing their student to attend a college they can't afford and not take
on unreasonable college debt. Despite the marketing campaigns of the colleges
and universities to the contrary, employers don't place much emphasis on
where you graduated, just that you graduated with a degree. (Note: the
business leaders that put us in this mess overwhelmingly graduated from
Harvard; draw your own conclusions.)
An education beyond high school is necessary to get a well-paying job. But,
when you choose that institution of higher learning you need to determine how
you will pay for all four years. A combination of free money, savings, and
loans is acceptable as long as the loans can be paid back with the expected
salary.
Second, consider alternate plans to get the same degree. Consider commuting
to a local college or university for a savings of about $7000-$8500 per year.
In addition, investigate spending your first two years at a community
college. For example, Virginia's Community College system has negotiated
guaranteed transfer programs with the four year schools like Virginia Tech,
UVA, JMU, VCU, George Mason, CNU, and others.
This allows you to finish the first two years and have all your credits
transfer. It also means if you meet the GPA and other requirements, you are
accepted by these schools as long as they have space. And the tuition and
fees costs are half or less of the four year universities.
But remember with the booming applications at the four year public schools
the applications to community colleges are expected to increase. This means
that your local community college may not be able to accept all applicants
due to space restrictions.
Third, students will have to work more through school. Paying for their own
pizza and laundry money gives the student a greater stake in their education.
Research has also shown that students who work during college organize
themselves better leading to better grades.
Fourth, really examine your spending habits. Where can you cut to help pay
for college? Can you reduce your insurance costs? Can you eliminate
Starbucks, eat out less, or reduce shopping trips? What can you buy used and
apply the difference to college costs?
The preparation families put in now will make the difference between freezing
in the upcoming storm instead of graduating from college.
Mark Maiewski has spent the last 10 years showing students how to
successfully get admitted to college and keeping parents out of deep debt by developing a workable plan to get it paid. For three amazing free gifts on how to get started successfully in the college planning process, go to Mark's website at http://www.collegeplanningvirginia.com.
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