Paying For College: How do folks do it these days?

[ColonelPops]

Do kids save up money before college to pay for it anymore?

 

Are there many kids that can save $15k to $20k for one year and then do it again the next summer?

[Bengal Maniac]

Do kids save up money before college to pay for it anymore?

 

 

Pretty difficult to save that kind of $$ as a high school student. Heck, that is difficult for many adults.

 

I understand there are different acceptable ways for kids to college/post secondary. For example, our rules were simple. Your first job is school academics and behavior. Our second rule when getting to high school was you had to be involved in at least to school sponsored organizations every year. If you had time for a job great, but not a priority.

 

I realize that is not what other parents would do or even agree with, but it worked for us.

[rjs4470]

Do kids save up money before college to pay for it anymore?

 

Mine saved what they could. All played multiple sports which cuts into available work time. So working 10-15 hours a week during seasons, and 30 or so during summer, your looking at maybe $7-$10k a year gross. Take out day to day expenses (gas, insurance, etc) I’d say most kids are looking at being able to bank $2-$4k a year. If you don’t play sports or get involved in other activities (which colleges and scholarship awards don’t like), maybe you could double that. Still leaves you way short. I basically make my kids responsible for their spending money, and car expenses. Unless a kid takes it slow limiting the number of credits, it’s tough to pay your way through school without any help.

 

My two oldest have held jobs throughought college. My youngest won’t be able too because he’ll be playing a sport. All three ended up with nearly full rides due to academics (and sports for my youngest). Otherwise, college would have been a tough nut even though my wife and I both make pretty good money.

[Lil Sebastian]

I never batted an eye at taking out loans (and still don't). With the exception of my parents covering housing in undergrad, I will be paying for the entirety of my education myself over the course of the next 20 years or so. At about $100,000 in undergrad loans, $40,000 masters degree loans, and $350,000 in medical school loans I'll by coming in just shy of a cool half million give or take when it's all said and done. I view it all as an investment in myself that hopefully will pay off in a long, happy and successful career that will be worth every penny.

[littleluck55]

Transy cost about $48K per year including books, room and board...$16K is great, but still leaves a lot to make up.

 

True, but Kentucky is about $28k a year. So if you’re only getting $1500 for a 33 ACT at Kentucky and a minimum of $16k at Transy for a 26, the difference between the two isn’t that significant. Each school is different.

[littleluck55]

I have a friend who just bought a house in Lexington so His son, and two friends can live there while going to school. He is charging rent to the friends. It is cheaper than the dorms for them. Maybe something to think about.

[ColonelPops]

I never batted an eye at taking out loans (and still don't). With the exception of my parents covering housing in undergrad, I will be paying for the entirety of my education myself over the course of the next 20 years or so. At about $100,000 in undergrad loans, $40,000 masters degree loans, and $350,000 in medical school loans I'll by coming in just shy of a cool half million give or take when it's all said and done. I view it all as an investment in myself that hopefully will pay off in a long, happy and successful career that will be worth every penny.

 

Good lord.

[Bengal Maniac]

I never batted an eye at taking out loans (and still don't). With the exception of my parents covering housing in undergrad, I will be paying for the entirety of my education myself over the course of the next 20 years or so. At about $100,000 in undergrad loans, $40,000 masters degree loans, and $350,000 in medical school loans I'll by coming in just shy of a cool half million give or take when it's all said and done. I view it all as an investment in myself that hopefully will pay off in a long, happy and successful career that will be worth every penny.

 

We have an extended family member who completed vet school a couple of years ago and she married a classmate who finished his at the same time. Her mother told us, the night of their wedding, they had about 200K each in student loans. We discussed it driving home and just couldn't get our arms around it. We are not even sure that was possible or what did they do to get that far in debt?

 

I guess it is not as unusual as we thought.

[Jumper_Dad]

Do kids save up money before college to pay for it anymore?

 

Hard to come up with $100K mowing yards and putting up hay in the summer.

[Wireman]

I'm not sure how kids do it, but myself as an over 40 man sends in a payment every month for college. I graduated in 2002.

[Lil Sebastian]

We have an extended family member who completed vet school a couple of years ago and she married a classmate who finished his at the same time. Her mother told us, the night of their wedding, they had about 200K each in student loans. We discussed it driving home and just couldn't get our arms around it. We are not even sure that was possible or what did they do to get that far in debt?

 

I guess it is not as unusual as we thought.

 

Haha nope unfortunately not unusual at all. I had more undergrad debt than some people and combined with the master's my debt total is higher than most, but the average medical school debt is right around $200,000 though. I would assume veterinary school is right there in the same ball park.

[ColonelPops]

I was just researching this week. The provost scholarship is just based off of grades and it isn’t a selective or competitive scholarship, and it starts at $2500 with a 26 ACT and 3.3 GPA.

 

T.

 

If you read their site the wording is "will be considered." Doesn't sound like an automatic.

[Bobby Axelrod]

Parents paid for some, took out some student loans, and got some scholarships. I went to Centre where all in cost was roughly $50k a year. My cost going there wasn’t that much different than going to UK. Centre gave a lot of financial aid based on my parents income. With UK not being as expensive they gave much less aid.

[GrantNKY]

Friend daughter 4.3 GPA / 33 ACT

$1500 from UK

That’s absurd. With that ACT and GPA UK should be full ride IMO.

[GrantNKY]

I was just researching this week. The provost scholarship is just based off of grades and it isn’t a selective or competitive scholarship, and it starts at $2500 with a 26 ACT and 3.3 GPA.

 

They also have a presidential scholarship for full tuition with a 31 ACT and another one that offers full tuition plus $10k for housing for a 33 ACT. Those are competitive though.

The last one is the Singletary Scholarship. I made friends with a couple while I was at UK and they were living large. The requirements have gone up though. It used to be 31 ACT. But it’s ridiculously competitive.