I have a cousin who is a junior in high school and looking into higher education. He seeked advice from me and I suggested that he should go to a community college for two years and then transfer to a university. His parents saved up $50,000 for two kids and I honestly don't think it will put two kids through a 4 year university with tuition being so high these days. His parents thought with the money they have and the scholarships (~$10,000/yr) their son could get would cover everything. They are not looking into taking out student loans so I don't think it will cover everything (room and board, health insurance, meals, fees, clothes, etc). My other advice would be to stay away from credit cards. What kind of advice would you give?
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@BunnyDragon: community college is a good way to save money but in my case it wasn't an option because the classes that I needed for my major were not really offered at the community college level even the 1st two years.
If they go to a state school and have scholarships that amount just might get them through debt free.
I would definitely have them thinking about majors before they go. I know a lot of people who couldn't decide and kept switching and it set them back a few years and wasted money.
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@yellowbird: you brought up some good points there. Thank you. He's looking into a state university and the estimated annual cost is ~$25,000 for in-state. I wonder how much it will cost when my LOs are ready for college
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I would definitely recommend state school over transferring from a community college. Especially if he wants the "college experience."
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Not all community classes will even transfer so they could be a waste of time and money. Lots of kids never go to college who are on the transfer plan. I wokld advise he look into a major that has a good return on investment so he can be gainfully employed and independent upon graduation. 50K in student loans isn't so daunting if your starting salary is 60K
I'm a big fan of shadowing to help determine what to major in....gives good insight into the actual career
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@BunnyDragon: ughhhh!!! I went to college 2004-2008 and my state school was not nearly that expensive, but I also didn't factor in living expenses. I think they overestimate those sometimes.
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Oh yikes. I don't know if $25k is enough to cover 4 years of expenses. Is living at home an option? That would save major money on living expenses.
I agree with @blackbird: that student loans are not the end of the world as long as the education provides a good ROI.
The other thing I would recommend that your cousin think hard about whether or not college is the right path or if trades is a better fit for their interests.
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Tuition isn't nearly as expensive in Canada but I graduated debt free by:
-scholarships (even little ones add up!)
-working my butt off in the summers and saving every penny
-living very frugally... I didn't have a car, I didn't go on grad trips, I didn't go out and party every weekend - I had fun and don't feel like I deprived myself but didn't live beyond my means
-I worked as a Resident Assistant for 3 years which paid for my room and board. I also met my best friends that way and had a lot of fun so it was a win win
-My parents helped me out for my degrees with the caveat that they would not be footing the bill for a big wedding when that time came. This was their gift to me and I am eternally grateful.Neither dh nor I have student loans and it has been so beneficial in starting our lives together. I know it's not always possible for everyone and we are fortune to have graduated debt free, but looking back I'm glad I worked hard to avoid them as much as possible.
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@blackbird: I asked him what major he was thinking of and he said something in math or science because his mom is pushing him towards a degree that would help him get a good job. He is very artistic, but his parents see that as a hobby and not something that could be turned into a career. This is where I'm so torn. I want to encourage him to do something he's passionate about, but I also understand where his parents are coming from.
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I would suggest that your cousin think about what he/she wants to do, and to major in something that is likely to land them a job.
Apply for every single darn scholarship around. The applications require work, but if you can get money to attend school, its worth it.
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I appreciate all of your feedback! I need all kinds of advice from you all to help out my cousin. His mom was really surprised he reached out to me because he doesn't talk to his parents about preparing for college (I'm guessing he worries it would be a big burden on his parents).
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@BunnyDragon: he could always double major but there ARE scientific fields that allow some creativity
That being said, a forensic chemist makes 35K a year. A degree in math usually requires higher education. A degree in biology usually does too. I had to follow up a degree in chemistry with one in engineering. His mom may not fully be aware of the options there....
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I would definitely recommend going to a state school instead of a private school. I think most private schools aren't worth the high tuition.
My BIL is attending a private school right now, and majoring in political science. He is probably going to graduate with a ton of student loans. DH tried to dissuade him from going to such an expensive school, but he wouldn't listen. Like most 18 year-olds, he thinks he is going to come out of school making a ton of money, and the student loan payments won't be an issue.
DH and I both went to a state university. We do have student loans, but the payments are very manageable for us. He is an engineer and I am an accountant.
Careers like dental hygiene and nursing are great because you can make good money without a four year degree. My SIL is a dental hygienist and she makes more money than I do. She also finished her dental hygiene degree with no student debt.
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@BunnyDragon: financial aid could be a huge help. Many people rule it out because they/their parents make too much but almost everyone qualifies for some type of aid whether it be need based, merit based etc. Private schools, while typically more expensive, seem to be a bit more helpful (at least than California public universities) but of course this varies from school to school.
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I would compare prices of state schools and see if one campus is less then another, or if he might get better scholarship options from one over the other.
Apply for every scholarship under the sun.
Be wary of scholarship packages from private schools; many of them offer very attractive packages for your incoming year to get you to attend and then, surprise, you won't qualify for nearly as nice a package for your remaining years.
Don't decide on a major before you get there; so many of the first year courses are core courses anyway. You don't need to determine your future career path at 16 or 17. That said, I think it's always best to think about possibly majoring in something you are passionate about, rather than what should pay well. Not only is it a pretty grim thought to imagine preparing for a career where you'll spend the majority of your time doing something you don't really care about or are into, you'll/he'll be competing against people who 1) are naturally talented in math/science, 2) are actually passionate about those subjects.
Having some student loans isn't the end of the world. It's better than credit card debt!
Work during the summer to offset the cost of college, but don't bet on working during the school years. If someone can swing that, then great; but the point of spending so much time and money on education is to end up with a degree and decent enough grades and ranking to get hired afterwards. If working cuts into grades, I would cut the job.
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I agree that you should do something you are passionate about but I think many teenagers don't really know what they are passionate about yet. My parents pushed me toward math/science and I don't regret it for a second. I love what I do now, but I don't know if I would have known that at 16. I'm not sure how that translates into advice for a teenager though.
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A lot can be said on this topic, so I will just say one thing. Don't totally shut the door on private universities. Some private universities have a lot more wiggle room for financial aid and scholarships. I went to a very expensive private university, but got lots of scholarships and aid, much more than if I had gone to a public university. It actually ended up costing me less than the big public university in my home state would have, and I ended up with a reasonable and manageable amount of student loan debt.
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@lamariniere: I went to private school too and it was perfect for what I wanted to major in, do with my life, etc. I had the most fun of my life and met forever friends. I had the largest scholarship they give and I worked, sometimes two jobs at a time. That said, I have an enormous amount of student loan debt. I wouldn't take my experience back for anything but it is a consequence
I did a public school for my masters and paid out of pocket haha.
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When they do make the choice and enroll, encourage them to find out in advance what the available resources there are to help them succeed! Then USE them! There are usually orientations, free tutoring, free counseling, disability services, free career services, workshops on study skills, etc. Encourage them to be proactive and not afraid to ask for help/support!
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Starting at a community college, then transferring, isn't necessarily a bad thing. In my state (pa) the state system schools will take most, if not all, community college credits. Your state might have resources to plan out a cc transfer ahead of time. I know PA does.
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I also agree that community college classes can be a great option depending on major and where you want to transfer to! Our university is closely associated with several local CC's and even recently started a 2+2+1 program that takes a student from CC to an MBA in 5 years!
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@BunnyDragon:
1. Can he live at home and commute to school? This would obviously save a lot of money.
2. Not all community colleges are created equal. Here in CA there are basically feeder community colleges for the UCs and then there are not so great ones. He needs to see if the college he wants to end up at has a reputable community college that reliably feeds into it and work backwards from there.
3. I went to a ludicrously expensive private school because they gave me so much money it was cheaper than a state school. While it's true they can yank the money the next year in my experience my financial aid officer and I worked hard to maintain the same level of work study opportunities and scholarships year to year because they knew I would have financial hardships otherwise. It's something he can talk to the admissions and fin aid people during visits and get a read on.
4. I am not personally a fan of following your passion for college majors if it doesn't have multiple purposes unless you are SUPER gifted and have a discreet plan to monetize that interest into a stable income. Like Russian literature or something so specific you would need to be extraordinary to do something with it. Majoring in whatever you want and then pulling the "I'll just go to law school" thing doesn't work that well in the world of crushing student loans. Figure out what you are good at and major in something related to it and use your major as a stepping stone to winnow down career options.
5. If you have an idea of what you want to do as a career try shadowing or working part time as an assistant or something in that field and see if it's really something you can see yourself doing before picking an education plan around it. Better yet work there for a year before college and save money while living at home.
6. Work during school and work in the summers and save everything you can. And after you graduate if you have student loans live at home and spend a year or two just paying it off before doing anything else. My friend came out of our fancy college and waitered nonstop for a year and paid off his student loans and it gave him so much freedom in his 20s to explore his interests and travel.
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@dagret: @cmomma17: I believe the CC that I recommended to my cousin works closely with the students to pick out transferable classes to the state university. Which is why I think it's a good idea, but to him CC doesn't sound as exciting as a university.
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@blackbird: double major. My mind = blown. I didn't even think about that.
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@BunnyDragon: yeah it's tough because college is so exciting and CC sounds so lame!
another route to go though is to take summer classes at CC to get general education requirements out of the way! Will save money and he might even finish in under 4 years!
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@Charm54: I envy you! My DH and I started off with so much student loan and crdit card debt.
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@cmomma17: @hotchildinthecity: I wouldn't want to rob him of his college experience. I had so much fun my freshman year!
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@sunny: I felt so awful telling my aunt that $25,000 is not enough for 4 years. I think I crushed her pretty bad.
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@Pumpkin Pie: yes and yes! I recently attend Rachel Cruze and Dave Ramsey seminar and Rachel told a story about a mom who made her son apply for three scholarships a day for two weeks. He ended up getting 1/4 of the scholarships he applied to.
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@BunnyDragon: it's such an achievement for your aunt to save up so much! Every bit counts and I'm sure it wasn't easy to get there.
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@NCSUchick27: yes! I'm trying to tell him to see the bigger picture. Life after school with debt is so hard when you don't have a high paying job right away.
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@TravelBee: I remember how terrifying it was to fill out the fafsa. All those grown up questions! My parents didn't speak, read, or write English very well so I had to do everything.
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I would encourage him to get involved in organizations thatcan place him in paid internships. This was one way my husband paid for school on his own. He was a part of http://www.inroads.org/ , but perhaps there is something for science & math students or his real passion with art.
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@yoursilverlining: you brought up many good points! Thank you!
@lamariniere: you brought up something to think about. This is great! -
@gingerbebe: many excellent points! Thank you for taking the time to write it all out!
@Mrs. Lemon-Lime: I've never heard of this. I will check it out. Thanks!Living at home is not an option. To attend a CC or a university, he would have to move.
I really appreciate you taking the time to share your thoughts! I thought the response would be pretty low since it's the weekend. Thank you so much.
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@BunnyDragon: if it's a good CC that feeds into a university some have extracurricular agreements. So the CC students can do things like get football tickets and join fraternities. So you still get the "experience".
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@BunnyDragon: someone else already mentioned it, but your cousin can find a part time job and pay for a lot of living expenses that way. I didn't have my parents financial help to go to college, so I took out student loans for my tuition. But then I worked part time and lived verrrrry frugally for all my living expenses all 4 years. I moved out of the dorms after my first year because it was cheaper to share a crap apartment with some friends and not pay for a meal plan, but just eat sandwiches and cereal and ramen all the time.
It was stressful at times, but I managed to graduate with only 28,000 in loans. My husband also worked his way through college for living expenses (he lived with his dad his first two years) and graduated debt free.
We both worked our way through grad school, too and paid cash for our tuition that time around.
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@BunnyDragon: For a career path, you should have him look into what I do. I am what's called a User Experience Designer and I have a degree in Human-Computer Interaction. Basically I design software so that it's user-friendly. It's a really good way to combine a CS field with creativity/design. If he was interested in that he should take some introductory CS classes, graphic design, and become proficient in HTML, CSS, and at least one scripting language (like Javascript).
Right now most people in my field start their career after getting a master's, but with a good foundation and internship he may be able to skip that. I make a very good salary and can give you more specifics if you want.
But my biggest general advice is that college is an investment choose a career or a field of study that you like, but that also has the possibility for you to support yourself and pay your loans when you're done.
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My advice is to apply widely, to public and private colleges, and to fill out financial aid forms carefully. Many private schools have the ability to give very large need-based scholarships. Also consider what your cousin wants to major in and how well that particular area will pay in the future. It will almost definitely be worth taking on some debt if he goes into a good STEM program. For lower paying areas, it may be worth going to a lower rated program but graduating without debt.
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My advice is to definitely apply widely so you can see what kind of financial packages are available. Some community colleges do have credits that easily transfer to state colleges so that can also be a good option. Apply for local scholarships as you are likely to get those. I personally think that sometimes working part-time during the school year isn't worth it, unless you just want some extra spending cash. I worked part time and my grades sometimes suffered because of it. My last semester I chose not to work, took more classes, and got the best grades out of my 4 years. Also something renting off campus is cheaper than paying room and board costs. My niece also her freshmen year enrolled in an engineering degree, even though in the end she didn't want to do it, but got her first year paid for in scholarships since it's a field that needs more females all she did was take general requirements. Last thought, he should absolutely get a credit card. You can get a really low limit, like $200, so it's manageable. I have friends that once graduates college struggled to get a car or an apartment because they had no credit.
another route to go though is to take summer classes at CC to get general education requirements out of the way! Will save money and he might even finish in under 4 years!
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