Comments on: College and Money

By: Lisa

Lisa — Fri, 22 May 2009 14:47:03 +0000

I was very fortunate through my college years. I earned a few scholarships that covered the majority of the tuition and my parents were able to make up the difference for me and pick up the cost of books, rent, etc. I still worked part-time jobs and internships so I could pay for food and a little bit of fun money. I wish I would have saved a bit more when I was in college, but what’s done is done. I graduated with no debt and I owe that to my parents. I still have a little bit of money left in my college fund to pay for part of grad school!

When I have children I would like to set up a College Savings 529 so that they may be as fortunate as I was to graduate without debt. I’m trying to convince my sister to set one up for my 6 month old nephew so that all family members who want to can go ahead and start contributing to his education.

My best advice on saving for college is to have roommates to cut living costs and to not buy your books at bookstores. Check out half.com and Amazon or buy your books from friends who have already taken the class. I can’t use the books in the library because I’m the kind of person who needs to have their own book and write notes in the margins.

By: mimi

mimi — Wed, 20 May 2009 16:09:17 +0000

I put myself through college and graduate school — a fact that I am very proud of! I believe my educational debt helped me make wise decisions, both while in school and now. I always had a part time job to pay for my rent, groceries, car, books, etc. and while I was in school I was making small payments ($60 a month) on the interest on my student loans. These responsibilities made me responsible.

I’m not going to be able to put my kids through school and honestly, I don’t think it’s my responsibility. I’m not going to let them STARVE but I think educational debt and part time work builds character and time management skills. And parents that give their children use of their credit cards in college FREAK ME OUT! I don’t care how much money you make — this is not helping your child make wise decisions. They’re taking their friends all out to dinner at your expense…believe me!

Sometimes I do get jealous when I see my friends who don’t have educational debt and the things they are able to do and afford because of this. But I don’t dwell on it. I have a supportive family and a job I love. I’ve been able to live in Boston, New York, Baltimore, and Portland, Maine and I wouldn’t change my path at all.

There are limitations in life that kids need to learn early on. I think putting myself through college is one of the hardest and most rewarding things I have ever done.

mimi´s last blog post..The Renegade Writer…

By: Julie

Julie — Sat, 16 May 2009 04:44:21 +0000

So this is funny. I am so afraid of the next two years of school. My husband finished is BA last summer without any debt but with some grants given to us. Now it is time for his MBA which, over the next 2 years will cost about $50,000 and that does include living expenses-but not very much… we will still be eating beans and rice A LOT.

We have saved up a good portion of money so we know we can make it atleast 1 full semester of school even if he had no work at all. We are debt free(Thanks Dave Ramsey for your advice) so that is a major blessing but now we are looking at $20,000+ of student loans that we may have to use to make it through school. We don’t get any grants for the MBA so our plan is to be as frugal as possible… yes I use suave hair proucts, bars of soap instead of body wash. I have also learned to cook a bit, not great, but much cheaper than buying even the processed food at the grocery store. Still haven’t mastered bread making though.

Anyway, we have been sticking to a budget and continually trying to cut back in areas where we feel we are spending too much. I also use cash for groceries, gas, diapers and such. We have two kids in diapers so that is a big cost. I definantly cut coupons and really you can get awesome deals with coupons and grocery sales. Did you know that? It is great.

OK, too long now… best of luck to everyone. If you want to try the “cash envelope system” of budgeting check these budget clutches out:)

http://www.mylilbudgetbook.etsy.com
http://www.mylilbudgetbook.blogspot.com

Julie´s last blog post..My Lil Budget Book 9 pocket file Park Slope by Erin McMorris for Free Spirit

By: Lindsie

Lindsie — Fri, 15 May 2009 19:08:55 +0000

I don't want what happened to me to happen to my daughter. When I went to college my parents didn't offer any help at all. I lived with my father but everything else I had to pay for: car, insurance, food, gas, ect. I had a full time j0b and a full course load and ended up getting burnt out and dropping out. So I plan on helping my daughter as much as I possibly can. She will be 4 years old this year. We have started a College Savings 529 that we put a little in every year. My husbands parents have also started a 529 and they put about $2000 in a year. She has been getting savings bonds and money for birthdays and Christmas since she was born as well. I will also help her search for scholarships that she can apply for, which I'm helping my younger sister do right now.

By: Carol

Carol — Fri, 15 May 2009 01:35:24 +0000

It's young almost-aunt, weighing in here. When I went to college 40+ years ago, my parents helped a LOT. On the other hand, many things were a great deal cheaper then. I went to a cheap (but good) state school–UCLA. In my freshman year, student "fees" were $80.50 per quarter. I lived in an apartment in Westwood–a fairly expensive part of town–but L.A. real estate was cheap in those days. Four of us girls rented a two-bedroom apartment for $240 a month. Split four ways, that wasn't much. I had part-time jobs, but the major costs of education were affordable for my parents, and they expected to pay them.

On the other hand, we didn't expect many of the things that students do these days. I never expected to have a car or travel internationally until I had a good enough job to pay for those things–and pay for my own living expenses, at the same time. I am delighted that students have the opportunities to see the world these days. It's a legitimate part of education, and it certainly opens minds. But these things come at a price.

The big thing, though, was that states had a different attitude toward education than they do now. It was accepted that educating young people benefited society. These days, the prevailing attitude seems to be that it only benefits the student, and, thank you very much, we don't want to pay for it. In a state like California, a school like UCLA only gets 13-17% of its budget from the state. The costs I see quoted to attend the University of California and the California State College system completely boggle my mind. (The costs of some of the private schools are totally unfathomable!) I for one would be happy to pay more taxes if it would reduce the burden on college students, but mine is a minority opinion.

By: SavingDiva

SavingDiva — Thu, 14 May 2009 22:49:15 +0000

My tuition, room and board were paid through scholarships. I worked over the summer for any spending money that I would need. I took a few years off after undergrad and worked. I'm in my first year of graduate school, but I'm in a PhD program and I have my tuition covered and have a stipend for living expenses. I realize that I'm lucky, but I appreciate not being straddled with student loans. If I have children, I would like them to have the same freedom. I would try to save for their entire college tuition (graduate school would be up to them). Since I'm not even engaged, children are a long way off! SavingDiva´s last blog post..DONE!

By: Connie

Connie — Thu, 14 May 2009 19:35:17 +0000

I was lucky enough that my parents paid my tuition, room and board for all four years. The deal was that I had to choose a state university. They also gave me a little spending money each week. I supplemented that with money I saved from a high school part time job. After the first year, I got another part time job to pay for the extras I wanted. I'm so thankful that I graduated with no debt. Despite not having to pay my own way, I did learn a lot about saving money from my parents (they are very frugal). If I have children someday, I intend to do like my parents and pay for their college so they can start their adult lives debt free.

By: Hilde

Hilde — Thu, 14 May 2009 09:59:22 +0000

When I went to university about 30 years ago, tuition fees were about 250 Mark (200 $) here in Germany. As my parents´ income was beneath a certain level, I got money from the government – partly as a grant, partly as a loan. Having no car, tv, phone etc. (neither did most of the students at this time), I even managed to save up for some nice trips.

For our children we paid them as much as the government would have paid them. One of them got along very well with this, the other one didn´t. As it is even now not usual here to take a loan for your education, he had to work in the summer.

Btw, the tuition fees here are now between 200 and 500 $ per semester.

By: Craig

Craig — Wed, 13 May 2009 21:22:56 +0000

I was fortunate that my college education was taken care of by my parents who financially supported me. I am very grateful for it and graduating without debt which has helped build a stepping stone into my financial future and savings. Craig´s last blog post..Looking for Beta Testers for our Brand New Site

By: Miko's Girl

Miko's Girl — Wed, 13 May 2009 20:29:51 +0000

Hi! I paid for most of my college education – the remainder was paid for by the company I worked for as a benefit. I paid for college with pell grants, loans, a small scholarship, working 2 jobs in the summer, working during the school year (library, dining hall). I completed my education working 40-50 hours per week at McDonnell Douglas who in turn paid for my last two years of college (I took an 18 – 21 hour course load).