College Costs
As I have said many times before, Hubby and I are debt free except for our mortgage. Youngest daughter is graduating high school this year and will be starting college in the fall. We are doing everything in our power to make sure she doesn't have student loans when she graduates.
We did not set up an 529 account when she was born. Wish we had but I can't go back in time. She did receive a small inheritance from my grandparents when they died so she does have that. When we were paying all of our debts off, we were focused on that and not saving for college. Then we built up our emergency fund. Our son started college around that time so we cashed flowed that. Our emergency fund is now fully funded. Next was our retirement. We started putting 15% of our income into retirement. It made the cash flow tighter but seeing our numbers go up is wonderful. I don't want to be a burden on my kids when I am old.
Our son took a semester off from school to figure out what he wants to do. He decided that the major he had picked isn't for him. He isn't sure what he wants to do and is looking at several options. We told him to take the semester off. We are only helping him with 4 years of college. No reason taking classes that you aren't going to need. He is working full time at his job and saving as much as he can. So our focus has been building up the college account for YD.
Youngest daughter is in the top of her class. She works very hard to get amazing grades. She got 1510 on her SATs first time. She volunteers and is in several after school activities. She also works part time. All of this made her college applications look very impressive. She applied to 4 colleges. We were not letting her apply to 12 schools like so many of her friends. You have to pay for every school you apply to. We visited all the schools and narrowed it down. We did not apply to any Ivy league schools because we are not taking out student loans. No matter how smart you are, the schools look at your FAFSA. My husband makes good money. He works very hard to support us. YD will receive no financial assistance. She is only eligible for merit based scholarships. She received the Presidential Scholarship from all 4 schools that she applied to. That is about half of the tuition for the school. Room and board are extra.
Youngest daughter's first choice was a school in Maryland. She fell in love with it the first time we visited it. It is near OD. That also was a big bonus for her. After all of the scholarships came in we broke everything down to compare. Her first choice won. It was the second least expensive one.It is a mid size school and has an amazing chemistry department. Staying home was the cheapest. So we accepted. We put a deposit for the room and her spot at the school. I have crunched lots of numbers to make sure that she will graduate with no loans. I also have been looking at lots of ways to bring the costs down.
There are thousands of scholarships out there. I have made it my part time job finding them. YD is applying constantly. They range from $250- $15,000. We will take whatever she can get. She will be applying for scholarships for the next 4 years. Schools give them out the whole time you are attending. They are not for just Seniors entering college.
The school has several meal plans available. As a Freshmen living in a dorm she has to buy a food plan. Since we won't find out her living arrangements until the summer, it is hard to choose. Some dorms have shared kitchens, others don't. She will have a microwave and mini fridge. She also has GF issues and severe reflux. All of this had to be taken into the equation. We went for the middle package. We can change it after the first semester if it is too much or little. I remember when I went to school that I would eat in my room breakfast some days. I am assuming YD will do the same. By going without the unlimited food plan, we are saving $300 a semester. I can buy her a ton of food for $300.
Getting books in college has changed a lot since Hubby and I went. The internet has opened up so many possibilities.With my 2 older kids, we bought used books for their majors. We rented most others. Several were digital downloads so they don't even have to lug a book around. She will use school supplies that I get from sales and clearance.
Freshman aren't allowed cars on campus if they are dorming. That will save a lot of money. There are free buses on campus and into Baltimore. She will walk otherwise. We will see how it goes as a Freshman and decided if she needs a car later. If she lives all 4 years on campus she will not need one. OD moved off campus her last 2 years so she needed it.
When OD moved out of the dorms, I took her bed sheets and put them away. They are waiting for YD. I know some people going to college feel like it is an excuse to go shopping. We do not. YD has almost everything she needs already. The dorms come with a microwave and mini fridge so she doesn't need them. I already have an extra comforter, towels and garbage can. YD will go shopping in the house first. She is welcome to anything in my pantry. We have been making a list of what she still needs and it is very short. I will be going to thrift stores and yard sales to find the few items. She will take posters and artwork that she already has to decorate her room.
Hubby and I don't want YD working her first semester as a Freshman. There will be lots of changes already and she has to maintain a high GPA for her scholarships. That is her main focus. She will eventually have to get a job. There are so many jobs available on campus that we know it won't be a problem. YD is interested in being an RA. A friend of mine was an RA for 3 years. She got free room. We would love if YD is able to become an RA That would save us the cost of her room. YD currently is working part time. Over the summer, her hours will increase. He job will allow her to go back to work on holidays and summer breaks. She likes where she works so that is what she will probably do.
YD is currently taking several AP and college classes. She has taken several the past 2 years. We looked into making sure that they will count towards her degree. They do(another reason she is going to this school). This will save money in the long run. She will not have to take basic classes and can focus on her major and minor. We only help with the first 4 years.
All of her extras will be on her, that is why she is working and saving now. She pays for her phone now, so she will still pay for it in school. We have Netflix now and she can still use it at school. The school has an amazing gym and lots of fitness classes included. She is looking forward to them. All sporting events are free for students. She goes to lots of games at HS so I'm sure she will keep going. If she wants to eat out where her meal plan doesn't work, she will pay for it. We will cover the bus tickets for her to come home for visits. We are actually hoping to coordinate them with OD and hopefully she can hitch a ride. YD does her own laundry now. She will do it at school. The machines are fairly cheap. I am happy to let her take laundry detergent but I'm not shipping it. She will have to take enough to get her through until she comes home again. She is taking my small drying rack with her.
It is a very exciting time in YD's life. She is looking forward to so many new adventures. With all of our planning, YD should have no problems making it through 4 years of college debt free.
Do you have any secrets to saving money at college? Did you get through school without student loans? Are you still paying off your student loans?
We did not set up an 529 account when she was born. Wish we had but I can't go back in time. She did receive a small inheritance from my grandparents when they died so she does have that. When we were paying all of our debts off, we were focused on that and not saving for college. Then we built up our emergency fund. Our son started college around that time so we cashed flowed that. Our emergency fund is now fully funded. Next was our retirement. We started putting 15% of our income into retirement. It made the cash flow tighter but seeing our numbers go up is wonderful. I don't want to be a burden on my kids when I am old.
Our son took a semester off from school to figure out what he wants to do. He decided that the major he had picked isn't for him. He isn't sure what he wants to do and is looking at several options. We told him to take the semester off. We are only helping him with 4 years of college. No reason taking classes that you aren't going to need. He is working full time at his job and saving as much as he can. So our focus has been building up the college account for YD.
Youngest daughter is in the top of her class. She works very hard to get amazing grades. She got 1510 on her SATs first time. She volunteers and is in several after school activities. She also works part time. All of this made her college applications look very impressive. She applied to 4 colleges. We were not letting her apply to 12 schools like so many of her friends. You have to pay for every school you apply to. We visited all the schools and narrowed it down. We did not apply to any Ivy league schools because we are not taking out student loans. No matter how smart you are, the schools look at your FAFSA. My husband makes good money. He works very hard to support us. YD will receive no financial assistance. She is only eligible for merit based scholarships. She received the Presidential Scholarship from all 4 schools that she applied to. That is about half of the tuition for the school. Room and board are extra.
Youngest daughter's first choice was a school in Maryland. She fell in love with it the first time we visited it. It is near OD. That also was a big bonus for her. After all of the scholarships came in we broke everything down to compare. Her first choice won. It was the second least expensive one.It is a mid size school and has an amazing chemistry department. Staying home was the cheapest. So we accepted. We put a deposit for the room and her spot at the school. I have crunched lots of numbers to make sure that she will graduate with no loans. I also have been looking at lots of ways to bring the costs down.
There are thousands of scholarships out there. I have made it my part time job finding them. YD is applying constantly. They range from $250- $15,000. We will take whatever she can get. She will be applying for scholarships for the next 4 years. Schools give them out the whole time you are attending. They are not for just Seniors entering college.
The school has several meal plans available. As a Freshmen living in a dorm she has to buy a food plan. Since we won't find out her living arrangements until the summer, it is hard to choose. Some dorms have shared kitchens, others don't. She will have a microwave and mini fridge. She also has GF issues and severe reflux. All of this had to be taken into the equation. We went for the middle package. We can change it after the first semester if it is too much or little. I remember when I went to school that I would eat in my room breakfast some days. I am assuming YD will do the same. By going without the unlimited food plan, we are saving $300 a semester. I can buy her a ton of food for $300.
Getting books in college has changed a lot since Hubby and I went. The internet has opened up so many possibilities.With my 2 older kids, we bought used books for their majors. We rented most others. Several were digital downloads so they don't even have to lug a book around. She will use school supplies that I get from sales and clearance.
Freshman aren't allowed cars on campus if they are dorming. That will save a lot of money. There are free buses on campus and into Baltimore. She will walk otherwise. We will see how it goes as a Freshman and decided if she needs a car later. If she lives all 4 years on campus she will not need one. OD moved off campus her last 2 years so she needed it.
When OD moved out of the dorms, I took her bed sheets and put them away. They are waiting for YD. I know some people going to college feel like it is an excuse to go shopping. We do not. YD has almost everything she needs already. The dorms come with a microwave and mini fridge so she doesn't need them. I already have an extra comforter, towels and garbage can. YD will go shopping in the house first. She is welcome to anything in my pantry. We have been making a list of what she still needs and it is very short. I will be going to thrift stores and yard sales to find the few items. She will take posters and artwork that she already has to decorate her room.
Hubby and I don't want YD working her first semester as a Freshman. There will be lots of changes already and she has to maintain a high GPA for her scholarships. That is her main focus. She will eventually have to get a job. There are so many jobs available on campus that we know it won't be a problem. YD is interested in being an RA. A friend of mine was an RA for 3 years. She got free room. We would love if YD is able to become an RA That would save us the cost of her room. YD currently is working part time. Over the summer, her hours will increase. He job will allow her to go back to work on holidays and summer breaks. She likes where she works so that is what she will probably do.
All of her extras will be on her, that is why she is working and saving now. She pays for her phone now, so she will still pay for it in school. We have Netflix now and she can still use it at school. The school has an amazing gym and lots of fitness classes included. She is looking forward to them. All sporting events are free for students. She goes to lots of games at HS so I'm sure she will keep going. If she wants to eat out where her meal plan doesn't work, she will pay for it. We will cover the bus tickets for her to come home for visits. We are actually hoping to coordinate them with OD and hopefully she can hitch a ride. YD does her own laundry now. She will do it at school. The machines are fairly cheap. I am happy to let her take laundry detergent but I'm not shipping it. She will have to take enough to get her through until she comes home again. She is taking my small drying rack with her.
It is a very exciting time in YD's life. She is looking forward to so many new adventures. With all of our planning, YD should have no problems making it through 4 years of college debt free.
Do you have any secrets to saving money at college? Did you get through school without student loans? Are you still paying off your student loans?
All three of my girls went to college and all had some loans. The eldest had a full ride for undergraduate but loans for Law school. The second had tuition and books, but no living expenses paid , we got her through undergraduate with the dance studio as a job and then she had to pay for her dental program, which was more expensive that Law school. However she paid off her loans in 4 years. The youngest only had tuition paid and we did the rest however she has a good chunk of loans to pay off.
ReplyDeleteThat is great that you were able to help them all. Good for your daughter paying her loans off fast. That is what OD did. She finished her loans this year and will be out of school 4 years in May. I need to write about that. We started Dave Ramsey's plan while she was already in school so we were able to limit the loans thankfully.
DeleteSchooling can be such an expensive endeavor. It sounds like you all have a plan and have done ample research and planning. Good for you for being prepared.
ReplyDeleteYou kids all sound very level headed - it shows you have done a good job.
Good work on everyone's part.
Thank you. She is the 3rd child so it does have its benefits. We have learned a lot with the older 2.
DeleteAfter I earned my BA back in the day, I had just under $10,000 in loans, NDSL and GSL combined. Between those loans and the grants, that my school gave me, my total contribution for my education was about $200/month...which is what my parents said they could afford. I went to a small, private liberal arts college out of state. As my father was a department chair at a state college in my home state, I could have attended any state college or university tuition free. If I had chosen to live at home and go to the college where he taught, my education would have been all but free. BUT, had I chosen to LIVE at a state college, paying room and board would have cost my parents as much as sending me to my chosen school.
ReplyDeleteMy kids are participating in our state's dual enrollment program. They can take courses tuition free at the local community college, and are awarded both college and h.s. credit. I do have to pay fees and books. We also have college in the high school, which provides college credit courses in the high school at no cost whatsoever. My kids, however, really prefer being on the college campus versus the high school. In any case, a kid in our state's dual enrollment program could, conceivably, graduate from high school with an Associate's, and transfer in as a junior to a four-year institution.
That is wonderful. Can I ask what state do you live in?
DeleteI would suggest a hot water kettle to add to her "kitchen". I know that there are recipes for homemade "instant" soups that could be made gluten free. Sometimes when studying a cup of soup helps with a bit of hunger and also warmth. We made mixes of hot chocolate, instant spiced tea, etc. So much cheaper than buying premade and can be made for specific food issues. Taking the fresh fruit can help as a snack. Premaking gluten free snack bars is great - instead of the high prices of GF. Taking an extra mug or two can be a way of making friends - making tea or a hot beverage when studying at night was a way for us to gather without incurring a lot of expenses. You are right to apply for all scholarships - I used to sit on a board of an organization that offered scholarships for non-traditional women students. Always amazed us how few women applied - and we were located within 30 miles of many universities and colleges. It wasn't much - about $300 per person - awarded about 4 per semester. But that money would make the difference with books for example. My youngest brother became an expert in making his way with no debt. He graduated with a Ph.D and no debt! Ended up with a tenured teaching position at a world class University. He did that through teaching assignments, finding scholarships and grants, going to very credible schools but not the big money ones, working in off times (summers, etc.). It can be done but one has to treat it almost like a job - focused at all times! Mary
ReplyDeleteIf YD gets a dorm with a community kitchen then she can bring a kettle. Otherwise she will have to use the microwave in her room. She isn't allowed a crock pot in her room either. We have to wait for the room assignments in July. Extra mugs are a great idea. So is a medical kit. I always had people coming to my room asking me for a band aid or aspirin
DeleteYour brother did great. A PhD with no loans is wonderful. I have been treating the scholarships as a part time job. Good thing I quit mine in December. OD received several scholarships so YD knows they are the way to go.
It really is not that hard to be frugal in college and I am sure with all of the training you have given your child over the years, she will transition wonderfully. Here are some ideas from my experience: My dorm had a basement kitchen, but I mainly fed myself using just a microwave and a mini fridge. I did not buy the meal plan. Breakfast was super easy. There are plastic microwave omelet makers you can buy, cereal, muffins, fruit etc. For lunch or dinner, I had sandwiches, tuna fish and crackers, soup, veggie burgers, salads, etc. I would grab breakfast 1-2 times a month in the dining hall just because it was cheap and delicious. Another great idea is to visit all of the college student events hosted by the town’s churches. I know many churches have dinners multiple times a week for their students and it’s a great way to make friends also.
ReplyDeleteI remember the student events always had food. Always great for as free meal.
DeleteI live in Washington, and the program is called Running Start. Different community colleges have different requirements for admission to the program. For instance, within 25 miles either direction, one community college has a minimum G.P.A. requirement, the other doesn't, and seems to offer more in the way of administrative support--yet the course offerings are near identical. A placement test is required by all the schools to determine which courses you are qualified to register for. (They will also accept a certain level of achievement on the state administered high school exams to determine placement, in order to cater to the homeschool crowd.) If you don't place in a college level course (level 100 or higher) the course will not count towards that subject's requirement for graduation--so say you only test into English 98, not English 101--the high school will only accept it as an elective course, not an English requirement. I am not sure if tuition is covered in such a case either.
ReplyDeleteThanks for the info.
DeleteUntil a few years ago, I was working for a state university. It was surprising to me how few students were seeking outside scholarships and/or grants...you are correct in that there are still lots to be had! I wish your daughter the best of luck in finding what she needs. ldc
ReplyDeleteThank you so much. Scholarship money is worth the work.
DeleteHi MCOIA, this is Chris who comments on Sluggy's blog sometimes. I was excited that I could comment on your blog. This is some good info about college. One thing I wanted to mention was that our son was able to get a fellowship for a PhD through his college in a special program that is sponsored by the USDA for agriculture fields that don't have many folks with advanced degrees. His field was food science. The program is to try to educate our country's next generation of research scientists and college professors. The fellowship paid for his schooling, a small grant for his research, and a living stipend. It was a great thing and hope the info might help others who are looking for funding for advanced degrees. Our son came out of school debt free.
ReplyDeleteThat is wonderful. Thanks for sharing the information. There is so much out there that people don't even know about.
DeleteOD did was an intern 2 summers with the DOE in Washington State. She got paid a stipend and had free room and board. Her mentor even let her drive his extra truck. She learned so much doing it and made some great connections. Plus she got to go to places that she had never been. They camped out on an Indian reservation one night because they were collecting samples. She loved it. She also did several unpaid intern jobs through out college.