Griffin
I would truly like to have answer as to how the average person is supposed to pay for a basic college education without being in debt for the rest of their lives.
The cost of colleges these days is astronomical and frightens me. I watch my mom stressing over this ever since my dad died a year and a half ago. I know she doesn’t want to let me down. So I fill out every scholarship I can, I’ll work this summer when I get out of high school and work during college just so I can help relieve some of that pressure for her. #costofcollege
2 answers
Kim Igleheart
Kim’s Answer
Hi Griffin,
Quite honestly, when I went to school, almost 40 years ago, it was quite the norm for middle class parents to pay for their children's education. This is no longer the case. Between a stagnant economy with low wages, and the soaring costs of education, it has become almost impossible for middle and working class parents to cover the cost of their children's education. Options?
I think one needs to consider that there is no requirement to complete their education in 4 years! If you are not interested in joining the military to get your education, I would look towards finding employers who have good tuition assistance programs. (Hospitals, banks, retail. . . do whatever job you can get, if it will help pay for your schooling! And even if the pay is "low," consider how much they are paying in tuition as being part of that salary!) Work full time and go to school part-time. If you take 6 hours per semester, three semesters a year, it will take 20 semesters to complete 120 hrs. That's only 6 and 2/3 years if you include summer school. That really is not all that long.
Every single way you can find to cut expenses, other than just tuition, will free up more money for school.
Live at home while in school, if at all possible. Don't be in a hurry to move out! (Adulthood lasts a very long time. You will have plenty of time to be independent and pay all your own bills!)
If there is reliable public transportation that can meet your needs, forego getting a car - they are also too expensive! Or take some on-line classes to cut down on transportation costs. If you must buy a car, get a modest, reliable, used one, rather than a new one.
Pack a lunch - buy your munchies at grocery stores, not convenience or fast-food places. Drink water. It's good for you, and all other drinks are way too expensive!
Also evaluate various textbook options: buy, rent, on-line. Books are also very expensive.
In the extreme, there are stories out there on the internet about people who lived in their cars while attending college. Showered at the gym, etc. Spent most of their time out of their cars, with extended hours at libraries, etc.
Best of luck to you!
Kim
Joshua Miller
Joshua’s Answer
Generally this is a typical experience: Most graduates sign up for a 10 year repayment plan, which will determine the amount you owe monthly. There are variations of these payments such as a single amount across 120 months (12 months x 10 years), an income-based model or an escalating payments model (where the amount starts off low and increases every 2 years, which assumes your annual income will increase as you progress through your career).
If you want to be better prepared, you are thinking correctly about the problem. Understand how to earn money now and keep the amount of loans low. If you can afford to pay for books or room and board without loans, then that will help your future self. Furthermore, there are a few websites I highly recommend for further information on this topic.
https://thecollegeinvestor.com/
https://www.studentloanplanner.com/
I wish you well on your journey. Don't stress about this. Make a plan, re-visit it periodically and make sure you keep taking action. Lastly, enjoy the ride!
-Josh