Young people want to go to college for the big social, coming of age experience but if you don’t come from a wealthy family, I say skip your fantasies of the college fun experience that you got from movies, get a job while you go to either a community college or take online courses for the first two years then attend a local college live in the flesh.
When I was young, college was cheap and fun. I think the atmosphere has changed. It’s more expensive now. Pick a practical major then focus on getting that degree as quickly as possible to start making money. You can focus on your artsy explorations anytime. It’s all about making money. Make a plan and stick to it.
Paying for College One-Liners
Take as many lower division credits as possible from a community college or online where it's cheaper. All that employers will consider is the degree itself and the name of the institution that eventually grants the degree. Take your first two years at cheap schools then transfer to a more prestigious school.
If you are still in high school, take advanced placement courses for college credit.
Pick a college major that will allow you to work for yourself as well as get a job.
Consider a double major to give you more options later.
Some high schools have working relationships with community colleges where a high school student can take college courses while still in high school thus saving lots of money while living at home.
Don't stop looking for more financial aid just because you've started college. Start with your student adviser. If he or she is useless and some are, ask to switch advisers to a professor with whom you've made an in-class connection. Most schools have a scholarship and grant office dedicated to helping students. If you're an open-option student with an undeclared major, there should be a central student advisory office on campus. They'll help you get money.
Parents Saving For Kids' College
Even though it sounds like an over-reaction, get your children thinking about a career and the educational requirements at a young age.
Encourage a love of learning while they're young in order that they be motivated to be good students and maybe get a scholarship or take a few distance learning college courses while still in high school which is a cheaper way to go than the fulltime on-campus route often leaving your parent's home to live there.
In these modern times, it makes sense to work part-time or even fulltime and go to school part-time from home as a distance learner at least for the first few years of the college experience, taking a few distance summer courses too.
Look for roundabout ways to pay for college education like join the military to get money for it via the Montgomery Bill after your stint, get accepted into the military academies, join the Coast Guard, find a co-op education program, save a lot of money upfront, go through the government Americorps program, get a good job first and save some money, bypass college to educate yourself in some area then either get a job there and work your way up through experience or do what the richest computer geek in the world did, quit college to start Microsoft.
Buy your children a computer so they can educate themselves about life.
Start saving money for your children's education immediately.
Canadian and American federal governments have tax programs where you can put some money away for your children's education every year without paying income tax on it.
College will be expensive, even moreso than you think because beyond tuition, there's food, lodging, transportation, etc. Pick a practical major that can earn you money then indulge your artsy passions while you're working a good job bringing home the bacon.
Look at any schooling as a means to get a good job, not as a place for intellectual enrichment and don't assume that just because they offer the major or program, there are jobs in that field.
That's the big lie of post-secondary education. Their business is education. Whether there are jobs afterwards is irrelevant to them. Check it out on your own before you waste time and money on useless majors that will not net you a job in the real world.
If you set up a trust for your kids, it's expensive to set up, costing at least a thousand bucks for a lawyer to do it.
Roth IRAs are good vehicles to save for a child's college fees.
There are Education IRAs out there and college state plans where you can pay for tuition locked in at current rates now but the drawback is if your kid doesn't want to go to college or to that college, you lose the money.
If one of your parents is dead or disabled and they contributed to Social Security, you may be entitled to money for college.
Look to the federal government for both loan and scholarship leads.
gerbercollegeplan.com
gerbercollege.com, save for your child's college education
College Cost Calculators/ Education Costs Calculators/ College Cost Calculator Websites
tuitioncoach.com money.cnn.com/too1s/collegecost/collegecost.jsp
collegeboard.com/student/pay
apps.collegeboard.com/fincalc/college_cost.jsp, The Real Cost of College, College Cost Calculator
globalemc.com
act.org, financial aid need estimator.
collegeboard.org, financial aid easy planner.
finaid.org, college cost projector.
financenter.com, make a financial plan, financial calculators, etc.
Saving for College Websites
savingforcollege.com
gerbercollegeplan.com, gerbercollege.com, save for your child's college education
moneycentral.msn.com/content/collegeandfamily
24hourscholar.com
529s.com
adp.com/mypaycheck/features/college.html
americancentury.com/workshop/education.jsp
articles.moneycentral.msn.com/collegeandfamily/savingforcollege/ savingforcollege.aspx
atozinvestments.com/savingforcollege.html
aul.com/famcollegesaving.jsp
awardsformortgageandrealestate.com
babycenter.com/refcap/baby/babyfinance/348.html
back2college.com/connection.htm, save time and money on your college degree, distance learning.
bestofcampus.com
buckinvestor.com/basics/college.shtml
clubmom.com/go/money/college
collegeboard.com
collegeboard.com/student/pay/add-it-up/
collegeboard.org
college-degree.ffind.eu.com
college-finances.com/avoiding-phone-problems.html
collegeispossible.org
college-loans.com
collegeneed-money.atspace.org/saving_money_for_college.html
colleges.litmoth.com, college grants listings.
collegesavings.com
collegesavings.com
collegesavings.org
college-savings-plans-help.com
collegescholarships.org/student-living/save-money.htm
collegesure cd, low rate of interest.
community.elearners.com/blogs/affordable_online_education
coursesuseek.com/money-college/
coursesuseek.com/money-college/college_books_t_tips_to_save_money.html
creditcardcompare.com.au/blog/the-students-financial-toolbox-70-ways-to-save-money-at-college.php
directdegree.com/distance_learning_resource/going_back_to_school/ways_of_saving_money.html
dolans.com, save for college using a trust.
earlyearners.com
ed.gov/pubs/gettingreadycollegeearly/
ehow.com/how_2205605_save-money-college.html
everytihng.com/for-auto-loans/college-loans-for-students.html
fastweb.com
fastweb.monster.com
finaid.org
finaid.org/savings/
financialplan.about.com/od/moneyandcollegestudents/a/collegemistakes.htm
freemoneyfinance.com
futuretrust.com
gacollegesavings.com, georgia.
gocollege.com
gocollege.com/survival/money-saving-tips.html
greatcollegeadvice.com
healthcareers.about.com/od/financinghealthcareers/qt/saveontuition.htm
home.mortgage.loanoffer.com
independent529plan.org
infobeagle.com
kiplinger.com/kids
lifeway.com
loanoffer.com
mefa.org/planningessentials/taxadvantagewhensavingforcollege.aspx
meijer.com/upromise, while shopping at meijer. you can get up to 5% of select purchases deposited into a college savings account.
money.aol.com
money.aol.com/loans/college
money.cnn.com/pf/101/lessons/11/
money.cnn.com/pf/college/
money.cnn.com/tools/collegeplanner/collegeplanner.jsp
money.teenfx.com/college_savings_plans.html
moneycentral.msn.com/articles/family/college/contents.asp
moneycentral.msn.com/content/collegeandfamily/savingforcollege/p33739.asp
montana.collegesavings.com
nasdaq.com/services/saving_for_college.stm
nextstudent.com/private_loans/private_loans.asp
nysaves.uii.upromise.com, new york's 529 college savings program direct plan.
onecer.net/howtogetmoney/money-for-college.html
online-finances.com/savingforcollege.html
oregoncollegesavings.com
pfp.aicpa.org/resources/life+events/saving+for+college/
plansforme.com
realsimple.com
ripway.com/det091/c-s-m-in.php
savemoney.com/?category=1054
scholarshare.com, 877-728-4338, california program.
schwab.com, schwab's online tool to learn how much to save for college.
sensible-investor.com/savcollege.html
sharebuilder.com, sharebuilder education savings account.
studentaid.ed.gov/portalswebapp/students/english/savingmoney.jsp
taxnewsletters.com/tips/taxation/taxation20020526.html
theieducation.com/tag/save-money/
thinkglink.com/ personal-finance.asp?subcategory=saving-for-college
tiaa-cref.org/tuition
troweprice.com, 800-638-5660, college planning kit.
udel.edu/csc/mrk.html, college major resource kit.
upromise.com, savings network for parents to save money for their children's college education.
usaaedfoundation.org
usnews.com, paying for college tools.
uwhelp.wisconsin.edu/gearingup/saving/index.asp
yourstudentloanfunding.com/college-prepare/saving_college.html
College Savings Bank
5 Vaughn Dr.
Princeton, Nj 08540
800-888-2723
collegesavings.com
Best-Paying College Degrees
payscale.com/best-colleges/degrees.asp, List of best-paying college degrees
pewresearch.org/assets/social/pdf/AreWeHappyYet.pdf, Study showing that college grads are happier.
Basic Money Information
First off, books about saving for college are at #332.024, #378.3097 or HG179 or LB2342.2 at the library. Search at your local library at the #378.3 section or LB2342-343 for the Library of Congress system that's often used at college libraries. That's where books about money for college are. You should find a few at the very leaSt.
Try typing College Costs and Student Aid into your library's computer and into search engines.
Don't be blinded by the so-called prestige of a college with astronomical tuition fees and high living expenses. Stick with a school in the immediate area.
A degree is simply a foot in the door to prove yourself where it really counts on the job so don't worry too much about which college you go to as long as it's accredited by the United States Board of Education.
Every July, August or September, United States News World Report and other financial magazines like Kiplinger's, Money, etc. publish issues and articles dedicated to college education, often ranking the best and worst colleges around.
There are ads in these issues by companies that lend money to students, new money assistance websites, etc.
If you want more than what's in this book, go to the magazine stacks at the library and look through the issues of money and general news type magazines (U.S. News, Time, Newsweek) for the above mentioned months. If you see a cover with a headline about college education, that's probably their annual homage to it.
Apply for all aid very, very, very early. Your best bet to go to school is usually the state sponsored public college closest to where you live. Start figuring out your money sources for college while still in high school.
If you're a jock or have a cultural skill, hone it then try for a scholarship. Part of getting help is to make yourself look great and find the colleges that offer lots of aid to your type of demographic (#378.15 at the library).
Your best bet is to make yourself look as poor and noble as possible like you're a poor Christian who works a part-time job but still finds time to volunteer at the homeless shelter.
Every state offers some kind of financial assistance. Contact the relevant state office for more information.
Beyond that, most colleges offer loans and grants to their students so ask them for help.
If writing, preface all your addresses with Financial Aid Office and ask for information about not only the Government Student Loan Program but about any other programs they might have.
Ask about scholarship opportunities through private grants from corporations and foundations.
Applying for financial aid directly with the people at your college and anywhere else is a matter of emotional appeal. You must come off as a soft spoken, unassuming, humble, poor, nice person seeking to go to school to learn something that will enable you to help others later. Have your story ready before you go. Wear poor clothes. Look poor but nice.
There are two major types of colleges; public and private, the fees of which are very different. A public college is subsidized by the government, usually the state government but sometimes municipal governments and much cheaper than the many private ones out there who have to meet payroll by themselves.
Choose a public college over a private one. If it has the word State in it, it's usually public though not in all cases. Most universities of (states) like University of Florida are public.
Simply look through the big directories (#378.15 at the library) which specify public or private and list the tuition fees.
The next major distinction is in-state vs. out of state. If you stay in the state where you live, tuition will be much cheaper than if you go out of state where you will be classified as an out of state student and charged the higher, unsubsidized fee.
Private schools don't care where you're from. They charge everyone the same fee. If you want to go to an out of state public college, your best bet would be to establish residency in the state first by moving there and getting your driver's license, bank account, telephone bill all set up. After about 12 months, you qualify as a resident for most universities.
Many areas have small community colleges where you can attend cheaply and either get an Associates Degree (two years) or credits then transfer to the more expensive university where you will get your degree from.
After completing an associate's degree or certificate in a two-year college, students often can transfer to a four-year college and work toward a bachelor's degree.
Certain community college courses may not be transferable to a four-year institution. Community college admissions officers can explain transfer terms and opportunities.
Starting in grade 10, try for high marks, do volunteer work in your chosen field to put on application forms to make you look good, start looking for scholarships and the college you want to go to, get a job to save some money, check out co-op education, the military, summer jobs, part-time jobs, jobs on campus and see everything the government offers in terms of financial aid.
Try to get high marks and score high on the standardized tests so that you get scholarships. Study for the SATs, get high marks then shop around for scholarships.
Different colleges will offer different amounts of financial aid. If you apply to several, you can pick the one that gives you the most money.
As far as taxes go, contact the IRS to get booklet #508, Educational Expenses, 800-tax-form, irs.gov.
If you work for someone while going to school, you can include educational expenses as deductions by itemizing them on Schedule A. There are a lot of conditions you have to meet. You have to be currently employed and the education has to be relevant to your current field. Taking classes to change your career doesn't apply.
If you're self-employed, your education could be deductible as a business expense. The deduction is normally taken on income tax Schedule C: Profit or Loss From Business.
Generally, you can only deduct educational expenses related to your career not education relating to other things, even a career change. It has to be relevant to your current career.
Everybody lies when applying for financial aid. Act as poor as possible.
Parents are allowed to give $10,000 per year to each of their children without incurring a gift tax. Your child will have to pay taxes on this gift as part of their income but it will be at a much lower level than the parent's tax level.
If your child is smart and studious, some high schools offer courses to advanced students which can be used as college credit in the local colleges. For example, if your child takes advanced math which covers calculus, this will often be credited as beginning calculus on the college level.
You take these special college level courses then you have to take what are called Advanced Placement Exams and earn college credit.
There are tests you can take called the College Level Examination Program where you can earn up to two years credit towards college if you've acquired previous knowledge through life experience. Contact:
College Board Publication Orders
Educational Testing Service
Princeton, Nj 08540
ets.org
Make a deal with your kid and offer him $5000 cash if he graduates on time in four years.
If your parent belongs to a union, check to see if they have a scholarship program.
Find a college that offers distance learning degrees. Do it at home in your own time while you work a regular job.
If you work for a large company, they may have a deal with distance education university whereby they pay an upfront fee and any of their employees can study there for free without any out of pocket expenses except for books.
Try for a degree in three years instead of four.
Take a job in the department of your major as an assistant. Be assertive. Ask about them.
Find the list of the 400 richest people in America published annually by Forbes Magazine and send them nice letters about yourself, about how you're a good person who just needs a chance and you will be indebted forever if they help you with college tuition.
You got nothing to lose but time and postage. Do the same with corporations. Send letters asking if they've got scholarship programs. Go to their websites to see what they got.
Many churches and religions particularly the Presbyterian Church offer grants and scholarships. Others help out if you go to a Christian College.
Be smart. Start an intelligent summer business or a business during the school year to make some good money.
My father sent me to college by putting a down payment on a duplex and cosigning for the mortgage. I rented the back unit out plus two rooms in my unit. I always had money and sold the house at a profit later.
Meeting College Costs, an annual publication of the College Board, explains how student financial aid works and how to apply for it. The current edition is available to high school students through guidance counselors.
College Fair Desk
Nacac
1631 Prince St.
Alexandria, Va 22314
Ask about college fairs in your area.
College Savings Bank
5 Vaughn Dr.
Princeton, Nj 08540
800-888-2723
collegesavings.com
They offer FDIC insured CDs with no sales fees.
Corporation for National Service
1201 New York Avenue, NW
Washington, DC 20525
202-606-5000
nationalservice.org
Information on AmeriCorps, a federal program where you volunteer for one year and receive an
education award to help pay for college.
Free Information For College Money
800-2college
Met Life Life Advice Pamphlets
800-Met-Life
metlife.com/lifeadvice
lifeadvice.com
Free Booklet Planning For College.
Nellie Mae
50 Braintree Hill Office
#300
Braintree, Ma 02184
800-For-Tuition
Fax: 800-931-2200
nelliemae.com
Booklets on financial aid.
Reference Service Press
5000 Windplay Dr.
#4
El Dorado Hills, Ca 95762
916-939-9620
Fax: 916-939-9626
findaid@aol.com
rspfunding.com
Books about funding college for specific fields.
Savings Bond Office
Bureau of The Public Debt
Parkersbburg, Wv 26106-1328
800-4usbond
800-943-6864
304-480-7955
304-480-6112
savingsbonds.gov
publicdebt.treas.gov
treasurydirect.gov/sec/sectdes.htm
Information About United States Savings Bonds.
Financial Aid Advisor at College
There are free financial aid advisors in the college administration building where you pay your fees.
You make an appointment then go see this guy, tell him you're trying real hard, your parents don't give you much money, you're looking for a job, can he help fund your college education.
These guys' job is to be sly. They try to get rid of most students by telling them their parents make good money or they can get a part-time job somewhere but the college itself has money that they give to what they perceive to be hard-luck cases. You have to go in there and act as poor as possible.
The guy might help set you up with a list of grants and scholarships out there in the world not affiliated with the college.
Most of these guys are nerds. My impression is that they're administrators. They don't really want to help students. In my opinion, their job is to get rid of you so you don't bug them anymore for financial aid from the college.
If you find a good one, go back to that person every year as long as you're at the college.
Have your student loan paperwork ready to show the guy.
Act tired and depressed when you go in.
Wear shabby clothes.
You got nothing to lose. Make an appointment. Say you need money to make it through.
When I went in, the guy said your parents make good money, ask them. I said I haven't been living with my parents in the past four years then he offered me a loan through a bank which I would have to pay back the next year. My friend went in and got money. His father was dead. Maybe that was why. You need a sob story.
Student Loan Basics
The college education loan is borrowed money to cover students' expenses. It is paid back with interest.
Students Loan are loans with low interest rates. The federal government usually offers such loans. It doesn't require any checks, credit cards and collaterals.
Parents Loan are loans to parents with dependent children to supplement their needs in the form of financial aid packages. It is a parent's responsibility loan. You can choose among private lenders.
A Private Education Loan aids in acquiring alternative education loans. The amount borrowed from the government is relative to the actual cost of tuition fee. No federal forms need to be completed. Private lenders usually offer this kind of loan.
Consolidation Loans put all the different student loans into one bigger loan from a sole lender. It is a financing program used to pay off balances on the other loans.
There are several types of student loans:
Stafford Loans, federal government.
Perkins Loans, federal government for financially needy students.
The loans made through the school you're attending.
Private Lenders are also called Federal Family Education Loan Program (FFELP). These are:
banks
credit unions
loan associations
savings associations
Direct lending Schools is also known as the Federal Direct Student Loan Program (FDSLP). These are the loans with direct administration to students and parents of the US government.
Peer to Peer Lending is social lending, person to person lending and micro loans.
The Federal Student Aid Ombudsmen
fsahelp.ed.gov
National Student Loan Data Center
nslds.ed.gov
Sallie Mae Info
Sallie Mae/ Student Loan Marketing Assn. is an organization which provides private loans to students from several sources including banks, guarantee agencies and education loan programs.
Sallie Mae partners with a nationwide network of lenders to offer the Signature Education Loan Program. Sallie Mae has a Great Rewards Program which makes their loans cheaper than other loans if paid back on time.
Get the free booklet Borrowing For College: A Guide For Students Their Families which offers information and a list of Sallie Mae approved lenders state by state nationwide.
The federally chartered Student Loan Marketing Assn. (Sallie Mae) can save you money on your Stafford Loan by buying it from the lender after you make four years of regular payments on it and they will save you a lot of money on the interest for the rest of the loan. Call 800-891-4599 and ask about the Great Rewards Program.
Sallie Mae
Student Loan Marketing Assn.
11600 Sallie Mae Dr.
Reston, Va 20193
800-222-7182
888-888-3461
800-831-5626
800-643-0040
800-891-4599
salliemae.com
Sallie Mae College Answer Service
Box 1304
Merrifield, Va 22116
800-222-7183
800-524-9100
salliemae.com
They will help you fill out your loan application and answer loan questions, free booklet.
College Access for Poor People
knowhow2go.org
pathwaystocollege.net
collegegoalsundayusa.org
nchelp.org
collegeaccess.org/publications.aspx
pathwaystocollege.net/pcnlibrary/listtopics.aspx
collegeaccess.org/events.aspx
collegeaccess.org/accessprogramdirectory/
collegeaccess.org/accessprogramdirectory/search.aspx
Chapter 2. Money For College 2
College Planning Financial Advisors
Get college planning help for a fee.
niccp.com, national institute of certified college planning, has list of financial advisors.
savingforcollege.com, has a list of financial advisors for the 529 plan.
Education Savings Account (ESA)/ Coverdell Account
The Education Savings Account (ESA)/ Coverdell Account is a tax-free savings, stock, mutual funds or money market account in the United States for parents who want to save money for their children's future college education expenses.
If your income as a single parent is less than $95,000 a year or $190,000 for a couple filing jointly, you can contribute up to $2000 per year per child. This money is tax-free and the gains are tax-free.
If you make more than $95,000 as a single but less than $110,000 or make more than $190,000 but less than $220,000 as a couple, you can still get modified benefits.
You can fund the account until the child is 18. The child has until he or 30 to use it otherwise it's taxed at the normal rate.
fafsa.ed.gov, the child must go to an approved school.
en.wikipedia.org/wiki/coverdell_education_savings_account
en.wikipedia.org/wiki/education_savings_account
en.wikipedia.org/wiki/education_savings_account
ifap.ed.gov/dpcletters/gen0402.html
irs.gov/newsroom/article/0,id=107636,00.html, coverdell education savings accounts.
savingforcollege.com/coverdell_esas/
en.wikipedia.org/wiki/coverdell_education_savings_account
finaid.org/savings/coverdell.phtml
irs.gov/newsroom/article/0,,id=107636,00.html, coverdell education savings accounts.
americanfunds.com/college/compare/coverdell.htm
babycenter.com/0_saving-for-college-coverdell-education-savings-accounts-cesa_127879 9.bc
bankrate.com/brm/itax/tips/20010404a.asp
cambridgesavings.com
dcu.org/personal_banking/edu_menu.html
ehow.com/how_2075691_contribute-coverdell-education-savings-account.html
fairmark.com/college/saving/coverdell/
fool.com/college/college02.htm
fxwords.com/c/coverdell-education-savings-account.html
getreadyforcollege.org/gpg.cfm?pageid=108
investopedia.com/terms/c/coverdellesa.asp
janus.com
navyfcu.org/savings_checking/esa.html, navy federal: education savings accounts certificates.
oppenheimerfunds.com/investors/education/college4.jhtml
statefarm.com/learning/life_stages/college_fund/coverdel.asp
tiaa-cref.org/products/education/coverdell/
529 College Saving Plan/ State-Run
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