tag:blogger.com,1999:blog-14194867.post2977030611916297331..comments2024-03-15T23:39:29.134-08:00Comments on Scribbit | Motherhood in Alaska: Planning for Your Child's College EducationScribbithttp://www.blogger.com/profile/03178711182424809035noreply@blogger.comBlogger87125tag:blogger.com,1999:blog-14194867.post-32871455631052651402010-05-04T06:25:54.923-08:002010-05-04T06:25:54.923-08:00Well I'm not exactly a financial advisor (thou...Well I'm not exactly a financial advisor (though I play one on my blog).<br /><br />I can't tell you what the terms and conditions of your student loan will exactly be though they tend to have a low interest rate and can be deferred until six months after you graduate so you don't have to start making payments until then.<br /><br />We took out small loans each year of law school to pay for tuition then consolidated them at the end, which I'd advise if it's still possible.<br /><br />Keeping some as savings is fine if that makes you feel better, though I'd resist the urge to spend it for fun stuff if it really is savings. Then if you haven't used it you can use it to pay off a chunk of your debt after school.<br /><br />Student loans are pretty easy to navigate and they're not hard to get though you might be asked to have a cosigner (such as a parent) on the loan. Just remember they're "non-dischargeable" debt which means that if at any time after school you declare bankruptcy the loans cannot be dissolved and forgiven. THey'll stay with you so take them seriously.<br /><br />One thing to consider is a less-expensive school (if that's possible). $20,000 per year isn't outrageous but it's still on the high side it seems. I've not found that the expensive schools deliver the added value in the job market, they just give you more debt.<br /><br />Good luck!Scribbithttps://www.blogger.com/profile/03178711182424809035noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-51655154318982911552010-05-03T07:02:15.647-08:002010-05-03T07:02:15.647-08:00I am planning to do MBA soon. The tuition fee for ...I am planning to do MBA soon. The tuition fee for the college is around $60K total . If I have around 10K in savings account. what is a better way to pay for fee.<br /><br />1. to take a full loan or<br />2. to pay some with this saving and take rest as loan<br /><br />and in both cases can I get the required amount as loan..??<br /><br />what are the terms and conditions I would be required to fulfill to get the loan.<br /><br />and do I need to show that I have $60k as a backup in bank accounts (mine / any relatives)in case I wouldn't be able to payback.<br /><br />I think that I should keep the 10K safe aside for some other unforeseen purposes. Is it fine..<br />what do you think.<br /><br />Thanx in advance for sharing ur knowledge.Christahttp://www.collegefinancialaidguide.com/noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-46944360092445777572009-08-24T06:26:20.402-08:002009-08-24T06:26:20.402-08:00Glad I found this post today, it really encourages...Glad I found this post today, it really encourages me. My hubby & I are in ministry, and unless God calls us to a much more financially profitable job someday, there's no way we'll be able to pay for our children's college education. This makes me feel better about that. :)Carriehttps://www.blogger.com/profile/10702958291049563341noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-59501744651632472162008-12-26T00:07:00.000-09:002008-12-26T00:07:00.000-09:00Tough luck kids after 18 years old. The way Alaska...Tough luck kids after 18 years old. The way Alaska Child Support has it is to alienate the non custodial parent from their kids and then later in life you think that parent is going to go further broke for your selfish custodial parent in the Alaska system? You kids get a PFD and child support--teach the kids to save their money and they can have a public collegiate experience. Problem is Alaska child support doesn't get it. My ex husband hid all of his Tiger Trust Fund money for IRS and child support purposes. It will catch up. Poor kids.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14194867.post-6547710083433039122008-11-13T17:15:00.000-09:002008-11-13T17:15:00.000-09:00Dear Anonymous, I can appreciate your feelings--ha...Dear Anonymous, I can appreciate your feelings--having been in your spot myself. My parents were successful and could very easily have paid for not only my college but my five brothers and sisters as well but being wise parents they chose not to.<BR/><BR/>Both my husband and I were in your same position without parents who were willing to pay our way yet we both worked and saved our way through. Not only did this teach us the importance of hard work, how to organize and balance our time and the importance of sticking with something but it also taught us that smart parents don't make the way easier for their children, they teach them the tools so that they can be stronger and get through.<BR/><BR/>There are grants, need-based scholarships, grade-based scholarships, student loans and most especially inexpensive community colleges and state schools that someone who is serious about getting an education can take advantage of. You certainly can't afford Harvard on your own dime but you can afford plenty of other schools.<BR/><BR/>Millions of other have done it, maybe their stories will inspire you to figure out you can do it too.<BR/><BR/>Good luck to you!Scribbithttps://www.blogger.com/profile/03178711182424809035noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-21227780706439528772008-11-13T16:30:00.000-09:002008-11-13T16:30:00.000-09:00I totally disagree and i am sorry. I am 18 years o...I totally disagree and i am sorry. I am 18 years old and just about graduated from high school. My parents are married and are both very sucessful. My father is making over six figures and my mother works part time making a lot as well. I have 2 older sisters who have already completed college. They are very much so in debt. My parents refuse to pay for our college but will cosign for a loan (which i am thankful for). But it is a struggle. With our economy going down hill it will soon be hard to get a loan. I would understand if my parents were average citizens and got the average income, but they don't. We are very fortunate and its just frustrating to me that they cant pay or help pay maybe half of my college tuition. I know the last thing anyone wants to do is dish out $100,000 to a college, but i feel like we should be getting help because it is no longer a choice anymore. If you want to be sucessful and if you want to be able to support your family then you must attend college. Its just not fair anymore, and i know "lifes not fair" but parents if you make a high amount of money, please consider helping your kids pay for their college. It is very frustrtating and very much so overwhelming.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14194867.post-10342142276965577152008-04-27T01:49:00.000-08:002008-04-27T01:49:00.000-08:00First time reader and commenter here. I guess I t...First time reader and commenter here. I guess I think differently than most of you. Neither of my parents went to college and were pretty poor growing up. However, my dad worked hard to save money when my siblings and I were growing up. And that included saving money for our college. I disagree that those who pay for their own tuition work harder than those who don't. Other than myself, I don't remember one other person in school who went to EVERY class (unless I was sick). Other students blew off classes left and right - those who had their tuition paid for them and those who didn't. I don't see the relationship there. Work ethic is what makes people take their schooling seriously - not who's paying for it. Work ethic is what I was taught by my parents.<BR/><BR/>Because my tuition was paid for, I've been saving money ever since I started working AFTER college. I had NO debt and therefore I had extra living expenses. I started my retirement fund when I was 21. I have well over $150,000 in it. I am now 40 and I have 3 children (ages 6, 3, and under 1) and they each have a college fund. Each child gets $2000 put away per year for college. I know that won't be enough to pay for it all. But we also have a 15-year mortgage. The mortgage will be paid for before the first goes to college so the money that's going for the mortgage now will go towards college costs. Just for the record, I am a SAHM (I worked until I had children) and my dh makes a modest salary. We live in a very expensive part of the country (Wash, DC).<BR/><BR/>The difference for me was starting out with no debt. I can pass along the blessings to my children that my paretns passed along to me. By having my parents pay for my college and seeing the hard work my dad (and SAHM) did to get me there, I learned to do the same for my family. I never had debt (other than my mortgage) and I've always saved for the future.<BR/><BR/>I agree that no one should starve or forgo retirement to save for college. I think the key is to start saving when you're young when compounding interest can work its magic. Teach your children about finances and how to save. I appreciated every penny my parents saved for me.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14194867.post-57561237044963189262008-04-21T17:02:00.000-08:002008-04-21T17:02:00.000-08:00To the parents who have started accounts in your k...To the parents who have started accounts in your kid's name (to be filled with your child's gifts, paper route money, etc.), you may want to talk with an adviser about how that money will be viewed in terms of aid packages. My understanding is they take all the money that is in the kid's name first--so although it makes parenting sense to do it that way, it may not make financial sense.<BR/><BR/>Also, to the whole conversation, I took out the maximum loans available to me from the government, held part time jobs, and aggressively paid off my loans. Even then, as a middle class student at an Ivy League school, the only way to do it was with substantial contributions from my family.<BR/><BR/>I think there is a middle ground between funding everything and not over-burdening young people just starting out in their adult lives.<BR/><BR/>College was a very important experience for me and I don't think it would have been a benefit to miss out on that with two years at a community college (with credits that may not have even transfered) or with 40 hour work weeks.<BR/><BR/>My parents could help with some of it, I took on the rest, and that worked out well for us. If my parents were unable to help me, then I would have had to go elsewhere or hopefully I would have gotten more aid.<BR/><BR/>I think ideally the financial aid equations would expect less of a parental contribution when assigning aid. The amount they expect from middle class families is insane.Candace Aprilhttps://www.blogger.com/profile/05888447703056321730noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-60508278453049837042008-04-21T04:49:00.000-08:002008-04-21T04:49:00.000-08:00Fantastic post and oh so true! Another great opti...Fantastic post and oh so true! Another great option for college is checking out community colleges. You can spend two years there, way less expensive and get the basic courses out of the way before heading over to a four year college. Also, if the option is available in highschool, do dual enrollment courses (count for high school and college) at the community college. Just puts kids ahead of the game and more cheaply.Melissa Markhamhttps://www.blogger.com/profile/12360547564199558860noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-16244467466361911642008-04-16T18:27:00.000-08:002008-04-16T18:27:00.000-08:00This is an important post, look at all those thoug...This is an important post, look at all those thoughtful comments. I paid for my own education, so did my husband, and we expect our children to do the same. Nice to get some back up here.Barbhttps://www.blogger.com/profile/08241935762929573583noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-91537773407636562542008-04-16T14:00:00.000-08:002008-04-16T14:00:00.000-08:00Excellent ideas. I really like your different angl...Excellent ideas. I really like your different angle on this. I don't think there is anything wrong with helping your kids partially with school costs if you are able, but there are many of us who won't be able to, so it's nice to have other options. :-) Thanks for sharing.Jamie - Family Focused Funhttps://www.blogger.com/profile/12621146993115530609noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-43127943022715852552008-04-16T13:06:00.000-08:002008-04-16T13:06:00.000-08:00Did you know that 50% of students have to drop out...Did you know that 50% of students have to drop out their freshman year because they can't afford to go to college. Did you also know that it can actually be cheaper to go to a private university? If you believe me, and you should, then you need to read the book "Cash For College." It is the most useful tool you can have when preparing your child for college. The link to get this book is www.howtoaffordcollege.com.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14194867.post-38049533439096388442008-04-16T12:47:00.000-08:002008-04-16T12:47:00.000-08:00I LOVE this and it's so wonderful to read. My pare...I LOVE this and it's so wonderful to read. My parents sent all 4 of us kids to private school from K - Seniors in high school, but we knew we were expected to pay for college (I mean, for heaven's sake, that's a lot of money!). They helped out with room and board, but tuition was on us. We all agree that was totally fair and an even welcome nudge into adulthood.Heatherhttps://www.blogger.com/profile/05435034604609009468noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-55218344716540360312008-04-16T10:46:00.000-08:002008-04-16T10:46:00.000-08:00I think this is a wonderful post! We are saving f...I think this is a wonderful post! We are saving for our children's college education, but we are not necessarily planning on funding the entire thing. I want to give them a good start.<BR/><BR/>My parents paid for our education. It is really nice being able to start life without debt. <BR/><BR/>I also read that you need to remember that you can finance your child's education (or THEY can finance it), but you cannot finance your retirement. <BR/><BR/>It does bother me when people claim the reason they are not having more kids is due to the cost of college. That absolutely should not play a part. If a child is intelligent and hard working and RESPONSIBLE, they will be able to attend college. Period.<BR/><BR/>Great post!Irenehttps://www.blogger.com/profile/01270545811471785078noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-30438595149984785512008-04-15T21:53:00.000-08:002008-04-15T21:53:00.000-08:00You go girl! I completely agree. My husband and ...You go girl! I completely agree. My husband and I paid for our undergrad and his medical school on our own. In undergrad he worked two part time jobs, and in med school we lived on loans and scholarships. But we did it. If there is a will there is a way. It was good for us to be independant.page2https://www.blogger.com/profile/11295096403442487787noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-8744732446981410132008-04-15T20:26:00.000-08:002008-04-15T20:26:00.000-08:00Thanks for your great post. I will have three, ye...Thanks for your great post. I will have three, yes, THREE children in college next fall!! My high school senior daughter has spent a lot of time this year researching and applying for scholarships - there is a lot of money out there to be had and a lot of scholarship money that goes unclaimed every year. Our high school has a wonderful career center that helps the kids find and apply for scholarships.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14194867.post-33966580902519501072008-04-15T20:04:00.000-08:002008-04-15T20:04:00.000-08:00I really like the point about teaching them to "th...I really like the point about teaching them to "think cheap." Emphasizing value, of course, needs to start at a young age!Chief Family Officerhttps://www.blogger.com/profile/02320154821990804327noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-69252976620807117502008-04-15T18:23:00.000-08:002008-04-15T18:23:00.000-08:00This post sure made me think. While I do have 529...This post sure made me think. While I do have 529 accounts set up for my children, I don't expect it to fully pay for their college expenses. Hopefully it'll help them w/the extra things that come along w/being away from home. Whether that be food, books, room and board, etc. <BR/><BR/>My parents helped pay for part of my undergrad degree, the rest I had to either get grants or loans for, plus I worked throughout HS and college to have spending money and cover costs that my parents money did not.<BR/><BR/>I did pay for my own graduate degree, at a private school nonetheless, and it sure cost me a bundle!<BR/><BR/>Definitely a lot to think about. <BR/><BR/>Thanks for writing this.Annahttps://www.blogger.com/profile/04200304743859502991noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-31508980606493593982008-04-15T12:12:00.000-08:002008-04-15T12:12:00.000-08:00Bravo! This is an excellent post! Well-written and...Bravo! This is an excellent post! Well-written and insightful! <BR/><BR/>My parents took a very similar position on this topic. I was basically "on my own" at 18. <BR/><BR/>I applied for over 50 scholarships, worked part time on-campus, and ended up debt-free with my bachelors degree two years later (yes, two! That's another way to save money in college! In our state, you can take 14 or 25 credits per semester for the SAME price! When you're paying for your own education, you get *very* creative). <BR/><BR/>I am grateful that I was "forced" to work hard, to budget, and to eat a lot of pasta in the early years. I hope to pass on that same character-building and enriching experience to my own children.Stephaniehttps://www.blogger.com/profile/18022046644708102752noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-88056400102048872442008-04-15T11:39:00.000-08:002008-04-15T11:39:00.000-08:00Student loans can be a burden that dictates what j...Student loans can be a burden that dictates what jobs and careers a person can take. I'd like to keep my daughters options open for her. With 17 years left to save I am putting the money she received as gifts into a 529 plan. I will continue to contribute as I can. When she's ready for college I want to have at least prepared us financially for the option of our paying her way, at least part way. Not investing early, is giving free money away. I can't afford to save $350k, but even $10k in the bank is something. Instilling kids with a respect for education and a good work ethic doesn't have to be linked to whose paying for college. I hope to have accomplished that before the issue of whose paying even comes up.Rachelhttps://www.blogger.com/profile/16526838017081290276noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-48811203521910271262008-04-15T10:43:00.000-08:002008-04-15T10:43:00.000-08:00What a great post! I agree completely and truly do...What a great post! I agree completely and truly don't understand why more parents don't think along these lines!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14194867.post-72451437589558312262008-04-15T08:58:00.000-08:002008-04-15T08:58:00.000-08:00Preach on, sister! I've known people who NEVER ha...Preach on, sister! I've known people who NEVER had a job until after they graduated from College, and I think their work ethic has suffered for it.<BR/><BR/>Our girls will be eligible for scholarships to a state university because they were adopted through the state foster care system, IF the funds are still available 10 years from now. Most other expenses, though, will be their responsibility.<BR/><BR/>I began working at 15, bought my own cars (with guidance from Dad), paid for my own gas and insurance, etc. Our expectation right now is that our girls will work at least in the summer-time as soon as they're old enough. I think it prepares one to be a responsible adult.<BR/><BR/>Great post!Lori - Queen of Dirty Laundryhttps://www.blogger.com/profile/11688908160171158198noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-88474028729745290352008-04-15T06:43:00.000-08:002008-04-15T06:43:00.000-08:00I loved this post - totally our philosophy as well...I loved this post - totally our philosophy as well. We are planning to have a little bit (and I emphasize LITTLE) bit available to each child in case of DIRE emergency, but I learned a ton by supporting myself through school - and didn't even end up with any student loans. :)dieMuttihttps://www.blogger.com/profile/14245417518531262072noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-57529799612912104872008-04-15T06:14:00.000-08:002008-04-15T06:14:00.000-08:00No one paid a cent for my schooling, and my husban...No one paid a cent for my schooling, and my husband got himself a full ride to undergrad. We've always felt like you are suggesting...kids are better off if left to fend for themselves when it comes to college. In law school, the kids (most of them) whose daddy was paying the tuition were sure to be drunk by Thursday...how's that for getting the most for his(the parent's) money?<BR/><BR/>Also a tip I recently read said, encourage your kids to spend one or two years at a Jr. college and then transfer to a 4 year. There are scholarships saved for transfer students and the degree in the end is totally from the 4 year. You save massively during those first 2 years and still get the same degree.<BR/><BR/>I have a friend back East, and his parents MORTGAGED their house so he could attend college debt free! I nearly died. He assured me he would do the same for his kid (note the singular kid). I've got three...only so many times can you mortgage your home?<BR/><BR/>(sorry so long--you really got me going here)Carissa(GoodnCrazy)https://www.blogger.com/profile/06345343198854496110noreply@blogger.comtag:blogger.com,1999:blog-14194867.post-23963485643852377212008-04-15T06:10:00.000-08:002008-04-15T06:10:00.000-08:00Amen to everything you said. I get so disgusted wh...Amen to everything you said. I get so disgusted when I read articles in magazines about how to fund your child's education. What? I paid for mine and that was just a given. <BR/>We are saving a tiny bit for their college, but in order to get it, they will have to match it.Donnahttps://www.blogger.com/profile/09982365560546838146noreply@blogger.com