Wednesday Wisdom – Paying for College

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Are you ready for this week’s “Wednesday Wisdom”, that little kernel of advice that comes from, often times, doing things the hard way?   The previous posts, I have shared things I have learned through my husband’s recent heart surgery (Things to Do/Get Before Heart Surgery and How to Make Good Heart Surgery Decisions).  Well, today, I want to focus on something every parent things about at some time:  Paying for College.
I don’t know about your family, but one thing that seems to always be a topic for discussion in our home is, “so how are we going to pay for that?”  This is especially true of those large financial decisions like purchasing a car, a child’s orthodontia needs, or the dreaded cost of going to college. 
Now, before I continue, I just want to say that I am not a financial aid advisor.  No, I’m just a parent of a recent college graduate, current college student, and current high school student.  So, I’ve had to face this challenge head on.  Are you ready to see how my children are paying for college?
My husband is a small business owner (self employed) which has meant that our income has always been very cyclical.  So this has meant that there are times where there was only enough cash to pay employees but not enough for us.  Also, his company required a lot of equipment purchases so when we had additional funds, they were put toward the business.  So, we didn’t have the “luxury” of putting together college funds for each of our children.  However, my parents did set up a small college fund for my kids when they were born.   So, what I am about to share with you is based on a “happy accident”.
Who Pays For College?  The Parents?  The Child?  Both?
In our situation, the concept of us “paying our kids’ way though college” just isn’t an option.  So what to do?  Well, Andy and I sat down, during our daughter’s senior year of high school, and figured out how much we could afford, each month, to pay toward college.  So, what we do with our children is this.  My husband and I give them “x” dollars each year, my parents give them “y” dollars per year and the remaining amount, the kids are responsible to pay for.  So, everyone has a little skin in the game and college is taken seriously.  A few additional points on this.
  • My daughter said that many of her friends who have parents that are paying their way through school don’t take their college classes very seriously.  They aren’t as focused and don’t work quite as hard as those students who are taking out loans, working jobs, etc to pay for school.
  • My older son said that if we paid his way through school, he wouldn’t take the time to find scholarships.
  • Also, my kids are not punished for finding/earning money.  We give them our payment each month and if they have extra, it’s their money to put toward a car one day.
Local Scholarships
Scholarships are fairly plentiful, but you have to look.  First off, get to know your child’s high school guidance counselor and make friends with parents of students at least 2 years older than your child.  There are a host of local scholarship that students can apply for.  For example, my daughter earned a degree in music education.  Well, in high school, there was a local scholarship, one for each of the high schools in the county, that would give $500 to a student that would pursue a degree in music education.  My daughter’s guidance counselor hunted her down and handed her the application because Sammy was the only graduating senior pursuing this degree….if she completed the application, she would get $500, which she did!  There was an additional local scholarship that she applied to after her freshman & sophomore years in which she received $2000 and $3000 respectively
University Scholarships

One of the tricks here is to make sure your child has applied to the university in time.  For example, a lot of schools will have an application deadline of say January 1 but to be considered for scholarships, you have to apply by November 1 or December 1.  So, you need to check out the financial aid department’s page in the school’s website for all the details.  Then, help your child choose the school that will give him the best education along with the most financial success.

For example, my older son is pursuing a double major in mechanical engineering & mathematics.  His dream school was Purdue but he didn’t start applying until November 15  and Purdue’s deadline for applying and being eligible for scholarships was November 1 so that dream was killed.  He applied to the University of Cincinnati (which offered him no scholarship money), Ohio State University (which offered him $2900/year for 4 years) and Ohio University (which offered him full in state tuition for 4 years).  Well, since engineering programs are ABET accredited, he followed the money.  This has turned out to be such a good choice for him….both academically and financially.  He loves OU and his education has been amazing.

Earning Money For School
There are always the high school after-school/weekend jobs along with the summer jobs, internships, and co-ops.  However, the best jobs, while in college, are those that are working for the university in some manner.  My older son has had a job, working for a professor, and it has worked out beautifully.  He has a limit as to how many hours he can work each week and the pay is just a bit above minimum wage.  However, these types of jobs work around your college schedule…they understand that you are a student first and student worker second.

Another great job to have, while a college student, is a Resident Assistant (RA).  My daughter held this position for 2.5 yeas and it was great.  What is an RA?  It’s a college student who lives in a dorm and is assigned a group of students (dorm rooms). It is the RA’s responsibility to ensure that their students have a good dormitory experience and assist with problems like “what to do when a student loses their ID”.  They also put on programs for their residents for socialization and academic success.  The pay?  Well, at OU, my daughter received a stipend that was enough to cover her meal plan along with a single room for only $100/semester (the rest of the room cost was waived).  So, being an RA basically covered her room & board costs!

If your child wants to attend college, there is a way to get him/her there.  Don’t sweat it….just ask lots of questions and look for money because it is there!

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