Comments on: Financial Aid Forms – Best Way to Increase College Aid for Free?

By: The Saved Quarter

The Saved Quarter — Fri, 26 Feb 2010 06:11:53 +0000

I’m a returning student and learning the ins and outs of getting a college education on the cheap! I definitely second the community college recommendation for the motivated student. They can get those first 2 years done for significantly less than even public colleges. I’ll have my first 2 years done by the end of 2010 at community colleges and then will transfer to a local state college, saving thousands of dollars.

Another thing to look into is Individual Development Accounts. I posted about it on my blog back in January:
http://thesavedquarter.wordpress.com/2010/01/08/i-love-ida/

For low-income college students like myself, it’s a wonderful resource! Mine is giving me $2 in matched funds for every $1 I save toward college. When I’ve saved $2,000, they’ll give me an additional $4,000, so that I have $6,000 that I can use for my tuition, books, and a laptop. Between that and the Pell Grant, I will have most of my college expenses covered without needing loans. I’m also seeking out grants for moms returning to school.

I wouldn’t recommend students take the time off like I have, since returning as an adult with kids and family obligations is much harder, but there are financial options available now that I didn’t have when I was under my parents’ income.

By: business mentoring

business mentoring — Sun, 21 Feb 2010 14:44:44 +0000

There is obviously a lot to know about this. I think you made some good points in it.

By: Financial Samurai

Financial Samurai — Wed, 17 Feb 2010 06:18:07 +0000

If Harvard raised their tuition from $42,000/yr to $100,000/yr I bet the demand would decrease only slightly compared to the 120% increase in tuition! .-= Financial Samurai´s last blog ..Charles Farrell of “Your Money Ratios” Speaks! Part I =-.

By: Neal@Wealth Pilgrim

Neal@Wealth Pilgrim — Tue, 16 Feb 2010 16:39:05 +0000

Nice tip Sandy!

By: Sandy L

Sandy L — Tue, 16 Feb 2010 16:17:12 +0000

My #1 biggest college mistake is going to a small highly ranked engineering school. In the end, I realized networking is far more important. People are far more likely to hire a fellow alum than someone from another school. If I were to do it again, I’d go to a big school that had a lot of successful alums that came out of it.

Financial aid is great. Lesson #2 which I learned from an older ex in school. No matter what they give you, go to the financial aid office at school in person and ask for more. I got additional aid 4 years in a row. Every little bit counts.

By: Neal Frankle

Neal Frankle — Tue, 16 Feb 2010 00:20:10 +0000

Right on Erik. There is nothing wrong with the community college track. If a student is motivated, she'll do fine regardless of where she attends undergrad school. .-= Neal Frankle´s last blog ..Financial Aid Forms – Best Way To Increase College Aid for Free? =-.

By: Erik

Erik — Mon, 15 Feb 2010 22:01:28 +0000

Excellent post! College costs are one of the highest inflation items for families. I think last I read it was around 7 – 8% per year. The rule of 72 tells us that means that for a parent whose child is born in 2010, by the year 2028 it will cost almost three times as much to send Jr to get his degree.
In-state schools are good, but where another overlooked bargain exists is in 2-year associates degree programs offered by many community colleges. Combining the two year community college and transferring to an in-state school offers a chance for further cost savings. In my town, you can get a 2-year degree through the community college, and almost all of the credits will transfer to the local university. The community college tuition is about ½ the state university cost, so you pocket even more savings. Also, the atmosphere of the community college is strictly about education: no fraternity or party life to distract. Not downing those social aspects of life, but they do add to the costs! Also, the student body at a community college often draws in older, non-traditional students who bring valuable, real-world experience to the discussions and lectures. Another bonus is the instructors are typically locally employed or own small businesses, which means they spend a lot of time in the job market the students wish to enter. Some of the good students even get hired on by their teacher’s or their teacher’s companies. The “ivory tower of academia” is fine for some majors, but a lot of students get more practical knowledge and experience from these instructors who earn their daily bread doing the career work they are teaching to their students.

By: Neal@WealthPilgrim

Neal@WealthPilgrim — Mon, 15 Feb 2010 19:15:43 +0000

Dana ….you are right. I do remember that even in the ancient times when I was in college, it was tough to get classes and they were cutting the budget. None the less, I got out and did fine.

I do think it’s important to be really mindful of this issue rather than assume that if the kid gets into the school, it is our obligation as parents to finance it.
.-= Neal@WealthPilgrim´s last blog ..Financial Aid Forms – Best Way To Increase College Aid for Free? =-.

By: Dana

Dana — Mon, 15 Feb 2010 18:56:56 +0000

I am not really in favor of private education in general. However, things are always changing. One consideration is that public schools are now enduring huge funding cuts, to the point where students can’t get the classes they need to graduate and take longer than the standard four years to receive their degree. Financial aid for state institutions is also becoming scarcer. Another factor to consider is what the parental and student obligation will be after financial aid is awarded. It might come out about the same in the end. Conclusion: the decision may not be as easy as just “public vs. private.”

By: Evan

Evan — Mon, 15 Feb 2010 17:14:30 +0000

The whole private vs public college seems like an argument that will continue to go on! Almost like college vs no college was 25 years ago.

I went to a private college, but it wasn’t a high ranking one, so I really doubt it was worth the cost (I wasn’t one of those cool guys who made “connections” lol).

But, I did meet The Wife there so it was worth it!
.-= Evan´s last blog ..Good Humanitarian or Personal Finance D-Bag? =-.