What creative ways are available to pay for my kids college education, besides scholarships?
Earning too much to qualify for need based aid but not enough to comfortably be full pay is a challenge. It might seem like everyone else is getting merit or need based aid, but it’s not true. Many students start at community college and transfer. If students don’t qualify for merit aid there aren’t very many other options to cover the costs of 4-year schools. US residents can take the federal student loan (~$5500/year). Students can work to help fund the costs, and they can also target less expensive schools. Not exciting options, I know, but they get the job done.
The most creative way to find a great college at an affordable price (that’s also a good fit for your student) is to do your research and encourage them to apply widely. If you have a budget in mind make sure to let them know how much you’re willing/able to spend as early in the process as you can. Apply to a financial safety or two first, and don’t let your children apply to schools you can’t afford. I think in most cases like this it’s the search, not the funding, that has to be creative.
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I bought a bunch of SAT prep books and told my kids to practice, one kid did, the other one didn’t. The one who did got 50% off her college tuition. Creative or not, I don’t really care, but I like the discount though, plus my company gave her $8k for 4 years.
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I worked hard. I got promoted. Got paid more. Kept my old lifestyle. Still worked hard, kept getting recognized with more responsibility and more money while keeping original lifestyle. It’s a gripping story which impresses the neighbors. (Not!)
Why on earth would you discuss your college payment plan with anyone but your spouse and your kid??? And you don’t need creativity here… just boring direct deposit from your paycheck into a college savings plan. And the discipline not to raid it when you want a vacation or a nicer car.
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Win the lottery?
You could go on Jeopardy! and bet it all and win?
Your child could go to the University of Wyoming and take the automatic scholarship (yes, even for B students), play CSU in a few games every year and have bragging rights over Mom/Dad?
You could move to a state where there are merit scholarships for all hs grads with certain grades/scores. Florida, Tenn, Georgia. Yes, even for B students.
Both my kids had scholarships and they weren’t elite students. They chose their colleges with a budget in mind. One had merit, athletic, and some need based aid. The other had a much smaller merit award, a talent award (theater). They each got a small award from their grandfather’s fraternity. One got a study abroad award.
You just have to look for them. Take all the $500 awards offered. They do add up.
A friend of my daughter’s was a scholarship collector. She went to UCF and got Bright Futures (not full tuition at that time), a UCF scholarship. She won an art award ($500) from the school for drawing the mascot, a few little ones from businesses or clubs in the area (American Legion, a photographer, a band scholarship). The hs gave out several for outstanding history student, math student, etc. Only a few hundred, but I don’t think she paid anything for tuition by the time she was done.
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OP, do you even have kids? This is honestly coming off like you don’t but you’re trying to envision what your life will be like in the future. Children are not accessories to make you appear more interesting, or to provide grist for the novel writing mill. They take over large tracts of your life and change your priorities and challenge you in ways that make your questions seem really shallow and disconnected. If you really had kids and were not certain of making enough to provide for them you wouldn’t be thinking about storylines so much as a second job. Do the grown up thing and save some money.
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