Four years to prepare for paying for college

[leonie]

My oldest son is 14. The next oldest is 13. Then I have an 11, 8, 6 and 3 year olds.

We don't anticipate being able to contribute much to our children's college education, but we'll do the best we can.

But.......what can we be doing for our son to help him prepare for paying for college?

Is there better teen jobs than others--that perhaps offer scholarships?

We homeschool--are dual credit classes a good idea or will they prevent him from qualifying for scholarships?

Is it a good idea for him to work for several years between high school and college?

What about steering him to a technical associate degree first, then having him work towards his bachelor's from there? Is that just a diversion?

Any other advice?

[stringbeanduck]

Where does he want to go?

[lotusblossom]

I'm not sure how it works with being eligible for scholarships, but I would have him get some core credits out of the way while in high school. I took college calculus and AP English (I was in public school), so I had 13 math credits and 6 English credits. That really helped when I decided to completely change my major halfway through. If he can get the basic math, English, history, and possibly science courses out of the way, it shouldn't hinder his ability to get scholarships (as long as he was coming in as a freshman - although they do offer scholarships for transfer students at most places too) and would give him a step ahead so that he could possibly graduate in 3 yrs instead of 4 .

[rpp]

If you own your home, consider making extra principal payments. This both helps pay the mortgage off early (saving interest) and more quickly increases the equity in your home.

Later, you may be in a position to get a equity line of credit to help out with some of the college-related expenses.

I went the route of paying for my son's culinary arts degree, a 2 year program. However, he has fallen in love with accounting of all things. (If you knew him, you would never guess that he is really an inner .)

So after he is finished with school here next month, he is moving back to St. Louis where his mother lives and will go for a degree in accounting. I am extremely pleased at this turn of events, but am now completely tapped out. His mother will help pay but he will have to get some kind of financial aid.

[jc-servant]

Remember that a kid can borrow money for college, but his parents cannot borrow money for retirement! I would never suggest that anyone put their home or retirement into jeopardy to pay for college.

I think that it is great if someone can afford to pay for a child to go to any school that they desire, but it is not a realistic plan for most of us. My parents told us early on that we needed to be serious about getting good grades and taking any advanced classes or placement tests that would give a leg up for college and possibly save money. I had friends who came into college with nearly the 1st year finished due to classes with dual credit from high school and advanced placement testing. The commercial AP tests do cost money, so check into that early also.

Going to the local community college for the first 2 years while living at home is a great economical option so long as the student checks with whatever 4-year school he wishes to eventually attend about what courses will transfer, what grades are required, transfer admissions, etc. I would concentrate on taking all of the basics or even major courses that will transfer while at the local CC.

I would also suggest checking around for a good public school rather than trying to go to a private school and getting saddled with huge debt. There are many great reasons to attend a private school, but being burdened with huge student debt really places limits on one's career choices and life choices after graduation. It can mean the difference between being able to take a fulfilling job and one that will be miserable. It can delay or prevent home ownership also.

I got a really good student job in my sophomore year working for the campus police department. They paid students better than anywhere else on campus. They had security guard type positions were people sat at a check-in desk at a dorm. There were also positions in fire safety refilling and checking fire extinguishers (really flexible hours). They had many different types of student positions that were good for gaining life experience and a great recommendation for later jobs or grad schools. I was selected for my law school in part because of my interesting background and work history that made me stand out from the other "A" students who are a dime a dozen at law school.

I was lucky enough to be trained in police communications as a relief dispatcher which has a real-world job attached to it. I did go into the full-time position while still in college so I had full health/dental and a tuition break as a university staff member.

My final suggestion is that a student consider the USAF Reserves to help pay for college. I know that many people are afraid of a child being deployed during a war, but the AF really has not been sending lots of reserves into hazardous areas. Two of my 1st cousins are paying for college this way and the farthest they have been from home is San Antonio for training.

[jrabs]

Originally Posted by rpp

If you own your home, consider making extra principal payments. This both helps pay the mortgage off early (saving interest) and more quickly increases the equity in your home.

Later, you may be in a position to get a equity line of credit to help out with some of the college-related expenses.

Financial experts would advise against parents using equity to pay for college expenses.

As jc- servant's post above says:
"Remember that a kid can borrow money for college, but his parents cannot borrow money for retirement! I would never suggest that anyone put their home or retirement into jeopardy to pay for college."

Have the children obtain a loan if necessary. Most times these loans are readily available at really good rates. A parent then can contribute to paying off that loan if they desire - but to tap out equity that may be needed by the parent at a later date is not advised by most that I have read.

[rpp]

Originally Posted by jrabs

Financial experts would advise against parents using equity to pay for college expenses.

As jc- servant's post above says:
"Remember that a kid can borrow money for college, but his parents cannot borrow money for retirement! I would never suggest that anyone put their home or retirement into jeopardy to pay for college."

Have the children obtain a loan if necessary. Most times these loans are readily available at really good rates. A parent then can contribute to paying off that loan if they desire - but to tap out equity that may be needed by the parent at a later date is not advised by most that I have read.

Yes, I see the point. I had not looked at it that way.

[AlaAnnie]

When my daughter was 14, we started reading scholarship applications to see what types of activities and such they were asking for. She was a freshman and had time to get herself involved in those activities for pay-off later. She's now a junior and we're about to start the actual application process. She hasn't been involved in as many activities as I had hoped. But, she's maintained a 4.0, while taking advanced classes, worked, and done some service activities. Hopefully, that will be enough to earn her a little $ for school.

[mercygate]

If there is a respectable community college in the area, plan for 2 years there. Nobody ever asks where you STARTED your college education, only where you took your degree.

You can save $65,000 just by doing that.

Definitely look into scholarships and work-study programs.

It's too late for you now, but when our first was born, we put all the baptism $, First Communion $, Confirmation $ into a tax free bond fund. Whenever I could, I also ploughed into that account any reimbursements our medical insurance paid. I had savings bonds taken out of my paycheck. When it came time for college, we had 50% of the total cost available in that account. In her senior year, we took out a line of credit for $12K and paid that back in 18 months.

We gave our kid the best college graduation present ever: no debt.

Itty-bitty bits of money add up big time over the long haul.

[dixieagle]

Originally Posted by mercygate

If there is a respectable community college in the area, plan for 2 years there. Nobody ever asks where you STARTED your college education, only where you took your degree.

You can save $65,000 just by doing that.

Definitely look into scholarships and work-study programs.

It's too late for you now, but when our first was born, we put all the baptism $, First Communion $, Confirmation $ into a tax free bond fund. Whenever I could, I also ploughed into that account any reimbursements our medical insurance paid. I had savings bonds taken out of my paycheck. When it came time for college, we had 50% of the total cost available in that account. In her senior year, we took out a line of credit for $12K and paid that back in 18 months.

We gave our kid the best college graduation present ever: no debt.

Itty-bitty bits of money add up big time over the long haul.

Absolutely wonderful advice, as from several of the other posters. I cannot stress enough how foolhardy it is for parents to - literally - mortgage their own futures for a child's college education. The community college idea is a good one, and students should be expected to contribute by working at least summers and part time. Plus, college loans, if needed, are extremely low interest. We paid as much as we could for our older daughter's out of state tuition at a large public university that suited her perfectly, she received some good scholarships, and we are helping with the small student loan, but it is not a burden, and she could take it over if necessary. Younger daughter will graduate this summer with no debt and no loans, as hers was an in-state university in our hometown, and she lived at home, which suited her well.

Do only what you can and steer your son towards sensible, low-cost options. It can be done!

Now, if he is a particularly brilliant student who does extremely well on his SATs or ACTs, top-tier schools may have lots of $$$ for him!

Best wishes; big decisions for you!

[rpp]

Originally Posted by dixieagle

I cannot stress enough how foolhardy it is for parents to - literally - mortgage their own futures for a child's college education.

Yes, okay. I am sorry, I should not have suggested it.

But I did do this for my son. On the other hand, I have a fairly high income.

[mercygate]

Originally Posted by dixieagle

Absolutely wonderful advice, as from several of the other posters. I cannot stress enough how foolhardy it is for parents to - literally - mortgage their own futures for a child's college education. The community college idea is a good one, and students should be expected to contribute by working at least summers and part time. Plus, college loans, if needed, are extremely low interest. We paid as much as we could for our older daughter's out of state tuition at a large public university that suited her perfectly, she received some good scholarships, and we are helping with the small student loan, but it is not a burden, and she could take it over if necessary. Younger daughter will graduate this summer with no debt and no loans, as hers was an in-state university in our hometown, and she lived at home, which suited her well.

Do only what you can and steer your son towards sensible, low-cost options. It can be done!

Now, if he is a particularly brilliant student who does extremely well on his SATs or ACTs, top-tier schools may have lots of $$$ for him!

Best wishes; big decisions for you!

The big, well-endowed Ivies are moving towards not charging tuition at all. Kind of hard to imagine but it seems to be happening. If you're from an under-represented minority group, play that card for all it's worth.

[1ke]

AP and dual credit are definitely worth considering. You can knock a whole semester, or maybe a year off school with dual credit and AP for the basics! That's a ton of money!

[newf]

Another thing to remember is that the universities are trying to lure the students to stay an extra year. There are many kids who stay in undergrad for the 5th year because they change their minds about what to major in....It's a good idea to figure out what degree your student wants before he begins.

It's also a good idea to get a degree in a field where your student can get a job. Check the job market for positions and pay beforehand.

[stayathomemommy]

At 14 you can get your workers permit. Since he is a homeschooler he could probably get a great part time job since he can work morning or midday hours and do school in the evening. work experience in a field he is interested will benifit him more then any schooling and sometimes they end up with a great job without college. Or at least they know what they want to do when they enter college.