Comments on: You don’t have to pay for your child’s college education http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/ Finance is not rocket science, unless it is government finance. Sat, 05 Jun 2010 22:48:26 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: 29 Good Reads About Kids And Money | Good Financial Centshttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-21768 29 Good Reads About Kids And Money | Good Financial Cents Fri, 13 Mar 2009 14:34:49 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-21768 [...] You don’t have to pay for your child’s college education [...] [...] You don’t have to pay for your child’s college education [...]

]]> By: rocketchttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-20161 rocketc Thu, 19 Feb 2009 21:48:32 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-20161 Mindy, you need your own blog. Mindy, you need your own blog.

]]> By: Mindyhttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-17608 Mindy Sun, 11 Jan 2009 00:01:07 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-17608 First, I disagree with the getting a meal plan thing. I was forced to take it for my first semester and it costed over a thousand dollars. I once did the math and it came to be over 3 dollars per meal. (That is 14 meals a week, plus munch money (can get snacks to study or go to one ot the on campus restaurants like pizza hut). Ever hear of the freshman 15? I say meals plans are the reason for that. My roomate, who also had to use the meal plan, gained that freshman 15. I went to the campus dining area about 2 times out of the semester and gained nothing (though the meal plan money was wasted, food tasted gross, not healthy and cold and not worthwhile). Ramen noodles are way cheap. You'd be better off with making your own food, plus it won't be cold or undercooked either. 2)I had to pay for college on my own, without parental help. Now? I just took out an 1800 dollar "loan" from my father!! (Not enought financial aid. Note to parents, don't have over three children or the other children, like me, will suffer with lower financial aid. Plus get your taxes in order ASAP so your kids can get the FAFSA in earlier) 3)Not recommended to work over 15 hours a week or grades will suffer, unless you were taking the easy way out and took the well known, slack off easy type classes 4)Don't even bother applying for online scholarships, I spent several hours and days applying for them and didn't get even one. 5)taking a car: parking permit can be expensive plus gas and insurance, etc, not to mention having to move your car for snow plows and what not. However though, on campus jobs pay around 8 dollars and are mainly for work study students. You can get an off campus job or work study job for at least 8.50 an hour, often times more, like 12 dollars an hour. Good luck finding a job on campus that pays well and actually finding a postition to fill!!) 6)Work less and volunteer more. A large amount of scholarships and things like becoming an RA or CA look at the community service aspect a lot more than grades. 7)If possible, avoud the unsubsidiezed loans, that's how you get into debt FAST 8)Work your butt of during the summer. At least that way you have enought to pay for at least half of the first semester 8)In most cases, buy used textbooks and sell the textbooks you don't need anymore. (Do it over the internet to get more) 9)try not to buy anything at an on campus bookstore, very expensive 10)try not to do laundry often, though make sure laundry doesn't smell. At my college it costs a dollar to wash and another dollar to dry, plus if a machine is broken and you used it, then you just lost money 11) If you get a dorm room, take your keys with you at all times, even when roomate is in the room. Key ins add up very fast. Plus you never know when roomate will leave; (in my case, roomy and I had same class we were going too and always walked there together. I went to bathroom, she thought I left to class already and she went without me, locking me out of the room. 12)Yes, becoming a CA or an RA (same thing), will save you money (free room an board, room size same size as the two roomates who share one, and they get a 1,000 dollars for their own use on whatever, spread over the semester; however, they cannot hold a job during the first semester, can't be gone too often, have to be on call, and they have to talk to trouble makers in your dorm and what not) 13) Go to cheaper colleges for your generals, then transfer to a better place after that, even if you rack up a big bill. Getting a degree from a place with a horrible department of what you are majoring will not help you much in the future 14)Don't expect to come out of college debt free. Most people who do only can because of different circumstances, one including parental help (moneywise). I know people also always say that there are thousands of scholarships that get unused out there, but the fact is most of them have a requirements. I know some that were for left handers, for example, or for some that were for obese people, etc. All you will do when applying or trying to find mroe scholarships = complete waste of time and effort. Lastly, shame on you parents who refuse to help your children pay for college (are you not aware that the FAFSA takes your income into account for a reason? That is another reason why my financial aid was so horrible. (My financial aid, FYI, consisted of 3 loans and work study. 1 subsized loan (I took), 1 unsibsidided loan (did not take, interest will kill you and I would have still had to borrow from my "father" in the end), and a SELF loan (would have helped me a lot but you need a cosigner and that no one would do). Then, of course, work study (my: on campus, 8 dollars an hour, can only work up to 13 hours a week and can only earn max of 1500 dollars a semester (then minus the tax amount). Not to mention, work study does not realy mean part work, part study. I think there was only one day for me where I did absolutely nothing. On the other hand, most days I am doing 100% work and no study) Keep these things in mind. First, I disagree with the getting a meal plan thing. I was forced to take it for my first semester and it costed over a thousand dollars. I once did the math and it came to be over 3 dollars per meal. (That is 14 meals a week, plus munch money (can get snacks to study or go to one ot the on campus restaurants like pizza hut). Ever hear of the freshman 15? I say meals plans are the reason for that. My roomate, who also had to use the meal plan, gained that freshman 15. I went to the campus dining area about 2 times out of the semester and gained nothing (though the meal plan money was wasted, food tasted gross, not healthy and cold and not worthwhile). Ramen noodles are way cheap. You’d be better off with making your own food, plus it won’t be cold or undercooked either. 2)I had to pay for college on my own, without parental help. Now? I just took out an 1800 dollar “loan” from my father!! (Not enought financial aid. Note to parents, don’t have over three children or the other children, like me, will suffer with lower financial aid. Plus get your taxes in order ASAP so your kids can get the FAFSA in earlier) 3)Not recommended to work over 15 hours a week or grades will suffer, unless you were taking the easy way out and took the well known, slack off easy type classes 4)Don’t even bother applying for online scholarships, I spent several hours and days applying for them and didn’t get even one. 5)taking a car: parking permit can be expensive plus gas and insurance, etc, not to mention having to move your car for snow plows and what not. However though, on campus jobs pay around 8 dollars and are mainly for work study students. You can get an off campus job or work study job for at least 8.50 an hour, often times more, like 12 dollars an hour. Good luck finding a job on campus that pays well and actually finding a postition to fill!!) 6)Work less and volunteer more. A large amount of scholarships and things like becoming an RA or CA look at the community service aspect a lot more than grades. 7)If possible, avoud the unsubsidiezed loans, that’s how you get into debt FAST 8)Work your butt of during the summer. At least that way you have enought to pay for at least half of the first semester 8)In most cases, buy used textbooks and sell the textbooks you don’t need anymore. (Do it over the internet to get more) 9)try not to buy anything at an on campus bookstore, very expensive 10)try not to do laundry often, though make sure laundry doesn’t smell. At my college it costs a dollar to wash and another dollar to dry, plus if a machine is broken and you used it, then you just lost money 11) If you get a dorm room, take your keys with you at all times, even when roomate is in the room. Key ins add up very fast. Plus you never know when roomate will leave; (in my case, roomy and I had same class we were going too and always walked there together. I went to bathroom, she thought I left to class already and she went without me, locking me out of the room. 12)Yes, becoming a CA or an RA (same thing), will save you money (free room an board, room size same size as the two roomates who share one, and they get a 1,000 dollars for their own use on whatever, spread over the semester; however, they cannot hold a job during the first semester, can’t be gone too often, have to be on call, and they have to talk to trouble makers in your dorm and what not) 13) Go to cheaper colleges for your generals, then transfer to a better place after that, even if you rack up a big bill. Getting a degree from a place with a horrible department of what you are majoring will not help you much in the future 14)Don’t expect to come out of college debt free. Most people who do only can because of different circumstances, one including parental help (moneywise). I know people also always say that there are thousands of scholarships that get unused out there, but the fact is most of them have a requirements. I know some that were for left handers, for example, or for some that were for obese people, etc. All you will do when applying or trying to find mroe scholarships = complete waste of time and effort. Lastly, shame on you parents who refuse to help your children pay for college (are you not aware that the FAFSA takes your income into account for a reason? That is another reason why my financial aid was so horrible. (My financial aid, FYI, consisted of 3 loans and work study. 1 subsized loan (I took), 1 unsibsidided loan (did not take, interest will kill you and I would have still had to borrow from my “father” in the end), and a SELF loan (would have helped me a lot but you need a cosigner and that no one would do). Then, of course, work study (my: on campus, 8 dollars an hour, can only work up to 13 hours a week and can only earn max of 1500 dollars a semester (then minus the tax amount). Not to mention, work study does not realy mean part work, part study. I think there was only one day for me where I did absolutely nothing. On the other hand, most days I am doing 100% work and no study) Keep these things in mind.

]]> By: darlenehttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-14183 darlene Mon, 27 Oct 2008 14:57:17 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-14183 well Im not sure what country most comments are comming from.We are in canada and our son is going to school in the USA...hes received a soccer scholarship which covers 50% ofthe cost.We are middle class,and are very carful with our money we are covering his first year,spendging money comes from him,playing college soccer in USA was his dream,just not the same level in this Country.We are concerned about the US $ VS CAD$ as this will have a huge impact..we already host and intl student for extra income.Because our son ios not going to school in Canada there are lots of grants and such he is not eligable for,and of couse hes not eligable for any in the US,,hes doing really well there and will have 3 more years to go,,,,how else can this happen for him...even with a student loan,,,we also had a parent stay at home for 5 years..so there was no extra money to put away for college well Im not sure what country most comments are comming from.We are in canada and our son is going to school in the USA…hes received a soccer scholarship which covers 50% ofthe cost.We are middle class,and are very carful with our money we are covering his first year,spendging money comes from him,playing college soccer in USA was his dream,just not the same level in this Country.We are concerned about the US $ VS CAD$ as this will have a huge impact..we already host and intl student for extra income.Because our son ios not going to school in Canada there are lots of grants and such he is not eligable for,and of couse hes not eligable for any in the US,,hes doing really well there and will have 3 more years to go,,,,how else can this happen for him…even with a student loan,,,we also had a parent stay at home for 5 years..so there was no extra money to put away for college

]]> By: Wallyhttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-2606 Wally Mon, 26 May 2008 17:31:21 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-2606 If you think sending your kids to college will be an investment for your retirement age, you will be disappointed. That is the thinking of average family in third world countries. Your kids will have their own life to live. Prepare for your own retirement now, so that you will not be disappointed later in your life. If you think sending your kids to college will be an investment for your retirement age, you will be disappointed. That is the thinking of average family in third world countries. Your kids will have their own life to live. Prepare for your own retirement now, so that you will not be disappointed later in your life.

]]> By: The best college decision | rocket financehttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-2234 The best college decision | rocket finance Wed, 23 Apr 2008 04:47:28 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-2234 [...] financial decision that I made in college. The fact is, and I have already shared, that I made relatively good financial decisions in college. However, those good decisions did not continue into my early years of marriage . . . but that is a [...] [...] financial decision that I made in college. The fact is, and I have already shared, that I made relatively good financial decisions in college. However, those good decisions did not continue into my early years of marriage . . . but that is a [...]

]]> By: rocketchttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-954 rocketc Tue, 29 Jan 2008 18:46:17 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-954 I think that is a great idea. I know a family who was able to pay for their daughter's education outright, but still required them to pay 50% herself. The girl sent a check to their parents every month, equivalent to half of their tuition. What she did not know is that her parents were depositing her check into a CD and presented her with the entire amount upon graduation. It was more than enough to purchase a reliable car. I think that is a great idea. I know a family who was able to pay for their daughter’s education outright, but still required them to pay 50% herself. The girl sent a check to their parents every month, equivalent to half of their tuition.

What she did not know is that her parents were depositing her check into a CD and presented her with the entire amount upon graduation. It was more than enough to purchase a reliable car.

]]> By: Carloshttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-953 Carlos Tue, 29 Jan 2008 18:24:16 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-953 Agreed! Not having to work during college is a disservice. A job, a motivation to obtain/keep a scholarship, and judicious use of student loans can get you through. My wife and I don't totally agree on this account, so we've reached a compromise (tenative since oldest is 8 years old). I plan to offer a 50% matching program. They send me their pay stubs, I'll send them cash equal to 50% of their net, with a yet to be determined maximum. Agreed! Not having to work during college is a disservice. A job, a motivation to obtain/keep a scholarship, and judicious use of student loans can get you through.

My wife and I don’t totally agree on this account, so we’ve reached a compromise (tenative since oldest is 8 years old).

I plan to offer a 50% matching program. They send me their pay stubs, I’ll send them cash equal to 50% of their net, with a yet to be determined maximum.

]]> By: Make your savings productive | On Financial Successhttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-671 Make your savings productive | On Financial Success Wed, 16 Jan 2008 21:57:44 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-671 [...] sure you carefully consider your assumptions. You will need to save significantly more if you plan to pay the majority of your children’s [...] [...] sure you carefully consider your assumptions. You will need to save significantly more if you plan to pay the majority of your children’s [...]

]]> By: rocketchttp://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-617 rocketc Sun, 13 Jan 2008 18:58:16 +0000 http://www.rocketfinance.net/2008/01/03/you-dont-have-to-pay-for-your-childs-college-education/#comment-617 Mrs. MicahYes, once again there are other ways to get a college education outside of a college savings plan (not that there is anything wrong with that). deepali, a irony of life. . .but I have seen it proven true over and over. If you want something done - ask a busy person to do it. Mrs. MicahYes, once again there are other ways to get a college education outside of a college savings plan (not that there is anything wrong with that).

deepali, a irony of life. . .but I have seen it proven true over and over. If you want something done – ask a busy person to do it.

]]>