Quote:
Originally Posted by IslandScout
Public colleges and universities are still affordable and even though the interest rate on college loans just went up a little, it's still about half the interest most loans incur.
I work in a college where over half the students attend tuition-free because they income qualify. Most of the rest benefit from some kind of scholarship fund and even those who pay full tuition pay only about $4,000 a year.
Start at a community college and save money on your transferable, intro- level classes. Transfer to a public university and meanwhile, research what kind of merit fellowships are out there as you gain credibility with a high GPA and the other stuff you accrue—a record of public service, etc.
Anyway that's what I recommend for people entering college. Unless of course they get some kind of incredible deal at a private college right at the start, based on their remarkable high school record and often, ethnic identity.
My point is, families don't have to lose their savings to put their kids through college. I never knew that till I fell ass backwards into fellowships and later, worked in a public university system.
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IslandScout, do you work at a community college or a college/university?
I agree about going to community college first. Our son (TF's son), was successful in getting a deal with our local university. Although his classes were held at the local community college, he was a university student. After two years he would receive a liberal arts associates degree from the university. As long as he kept his grades to a C, he would transfer to the "main campus" and finish out his Bachelor's degree. To boot, the associates degree is paid for by the State, as long as you keep your grades at a high C. If not, you are only looking at $4,000/year.
The State will also pick up the tab for the community college students (for a two year degree in whatever they choose, I think). For both programs, the requirment is that you must go right out of high school. It is pretty freaking amazing.
And yes, when I made the statement about college funding/retirement funding, I was speaking about parents with children who went straight to 4 year schools, not those who started at community colleges.