college tuitition was Re: Children of the 21st century

Budget101 Discussion List Archives Budget101 Discussion List college tuitition was Re: Children of the 21st century

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      Talk to a financhial advisor at the college. They know all the

      programs available for grants. You sound like you are looking more

      for a grant than a loan. A grant does NOT need to be paid back.

      However, many require that the student get good grades through out

      school in order to remain eligable.

      There are many nation wide grants available, but also many state

      wide one. If your child is a senior this year, she needs to apply

      for these NOW. The deadline is in a few weeks, and these grants are

      snatched up quickly.

      Once grants are established, then look at student loans. Student

      loans are interest free, and do not charge payment until the child

      stops going to school (ie- graduated, quit, gets kicked out, etc).

      These are usually lower interest, and as long as your child only

      takes out what is needed for the class costs, they are usually easy

      to pay back.

      Most students are offered the full amount they can take out each

      semester (which 6 years ago for my husband was $5,500 per semester,

      when only about $1,000 was needed each semester). A lot of kids fall

      into the trap of taking it out and living off the extra, which might

      be helpful in the short term, but long term you are looking at

      MASSIVE bills. Or, rather, the student is.

      There are some loans that you can get with a slightly lower interest

      rate if a parent signs with the student, but then you are

      responsible for life if the student fails to pay it back.

      Additionally, though you are not required to pay until the student

      stops attending school, you -can- pay. It wouldn’t even have to be

      much, but if your child works part time while attending school, and

      sets aside $50 a month to send in, and you match it, that’s $1200 a

      year that is being paid back on an interest bearing loan before it

      collects interest. That would leave a low loan amount when your

      child does have to start paying it back, and you are already used to

      paying on it.

      Many have programs where you can do a graduated paying system,

      meaning while you have a lower paying job, you pay a lower amount.

      As you make more money, your payment amounts go steadily up.

      Additionally, paying on the loan before payments are due make for a

      much lower payment amount when they are required.

      Loans can be daunting, but honestly, not all students get the

      scholorships and the grants to cover everything. Some grants will

      barely even cover the cost of the books per semester. You just have

      to teach your daughter when she goes to make -good- desicions.

      I am seeing now your daughter is younger. You have several years to

      help set aside some money for school, even if it’s only $50 a month

      here or there. It won’t be much, but it does help in the begining.

      Additionally, your daughter is young enough that her grades haven’t

      come into play yet on whether she qualifies for certain colleges.

      Impress upon her that colleges look at their grades from 9th grand

      on up to 12th grade. Scholorships go to the kids who prove

      themsevles, either athletically, educationally, or based on another

      talent. Some towns give out a scholorship based on moral fiber.

      Others give it based on heritage. Some award them based on income.

      Your town might have a scholorship program set up, so look into that

      now.

      It sounds bad, but start grooming your daughter to win what ever

      type it is. If it’s based on volunteer work, start spending 1

      saturday a month volunteering somewhere with your daughter. Next

      year, up it to two saturdays a month, then add a week day afternoon.

      By High School, she’ll be used to volunteering, and will have a

      great record at it. Look into it now, though, and find out if your

      town or anyone in the town sponsers a scholorship, and find out how

      it’s won.

      Our town, for instance, sponsers quiet a few through different

      organizations. One is based on volunteering, one is based on writing

      (you have to write an essay with a platform that you can show why

      you support it), several are athletically based (there are several

      all around sports ones, 1 gymnastics one, and 2 football ones).

      The bottom line is that you need to look into the information now,

      because you need to know what to expect in her senior year. You

      don’t want it to just kind of pop up, and have no clue what to do

      when the time does come.

      Good luck

      — In Budget101_@yahoogroups.com, “DVICTOR1” wrote:

      >

      > We are considered a low income family. My oldest daughter is 10

      and I would

      > like to make sure she can afford to go to college. I think my

      finances

      > would be so much better if I had stayed in college instead of

      marrying Mr.

      > Wrong. Are their programs for low income families to secure

      tuition? Can

      > you give me a link to the plan you are using so I can read about

      it? I have

      > three girls, and the thought of them not being able to afford to

      go to

      > college is something I hope to avoid.

      >

      > I will do a search for college tuition programs, but I thought

      maybe someone

      > could give me additional information.

      >

      >

      >

      >

      >

      > Thanks!

      >

      >

      >

      > Melissa in OK

      >

      >

      >

      >

      >

      > I think if we’d given the kids everything they wanted, like some

      > families do, we wouldn’t have their college savings set aside–

      which

      > we do! We used one of those state programs for buying credits at

      > today’s prices, regardless of what the credits might actually cost

      in

      > the future when the kids use them. Our oldest is a junior in

      college

      > and we have barely had to scratch the surface of that tuition

      savings

      > plan yet. And this on my part-time income and my husband’s civil

      > service income!

      >

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Budget101 Discussion List Archives Budget101 Discussion List college tuitition was Re: Children of the 21st century