How do you afford college alone at 18?

Hello,

As someone who has put themselves into student loan debt well over six figures the best advice I can give you is to avoid loans at all costs. At age 30, after the birth of my second child, I made a decision to leave my current career and go back to school with aspirations of becoming a CPA with an MBA. I figured that accounting was a recession proof job, which it is. I have accomplished this feat but the cost of it has far outweighed the overall benefit from a financial aspect, at least for now as I'm still relatively new to the profession. On the positive, with anything in education, you will get out what you put in. I studied like crazy, I picked my professors brains before and after class, I networked with students and faculty, etc. At the end of the day, I felt my education to be worthwhile from an aspect of personal growth.

If I could do it again this is what I would do: Find out what your end game is first. For me it was to become a CPA. Once you have it figured out what you want to do then find a local community college that allows you to pay out of pocket and take as many classes as you can afford that are transferable to a 4 year university. Once you have exhausted that option, then move on to a 4 year state university. Avoid Private Universities at all costs as they are profit motivated and highly expensive.

I hope that I was able to help you out. Good luck to you in your future endeavors.

Hi Keara,

I am sorry to hear you are faced with this situation, but I encourage you to not let it discourage you from attending college. I would recommend that you talk to the financial aid office at a local college to understand what options may be available to you. A lot of colleges have public information sessions about financial aid and there is plenty of information on the schools' websites (example: http://financialaid.unt.edu/) related to financial options and their requirements. If your family is unable/unwilling to support you financially and you are an independent student, you may be able to qualify for grants, which are not required to be paid back, based on your finances. I am almost certain that your financial aid options depend on whether you live at home and are still being supported by your parents for basic necessities. The information sessions and websites may provide clarity around that for you.

Additionally, I would consider completing your core classes, typically your first two years of school, at a local community college. The tuition is far less expensive and in most areas, the local, four-year universities work directly with the local community colleges to attract transfer students. It simplifies the admission process and provides a clearer path for furthering your education. One thing I would advise you to be aware of is that although most core classes are transferrable, not all classes are. I would recommend sticking to the core classes at the community college and waiting until you transfer to the four-year college to take major specific courses.

I hope this information is useful! Good luck with your education and all future endeavors!

Hi Keara!

Here are some hints:

Tips on how to control college costs:
http://www.frugalrules.com/5-ways-keep-college-costs-down/
http://www.educationplanner.org/students/paying-for-school/ways-to-pay/reduce-college-costs.shtml

A good source of information about scholarships, etc.:
http://www.fastweb.com/

Talk to you school counselor about scholarships that might be available. Also ask about schools in your area that have intern and coop programs that might allow you to earn and learn as you go along.

What is you career field of interest? If you have a specific field in mind, go to the reference librarian at your local library and have him/her help you find professional organizations that represent people in that field. Many times professional organizations have or know of scholarship or other financial aid programs available that might students such as you.

Best of luck! Please keep me posted. I would like to follow your progress.