How to Afford College

I can’t afford college at today’s prices. According to CollegeBoard.com, the average yearly tuition for a four year private college is $26,273. Umm. $105,092? I could buy a house for that much. Seriously. It would be a bit of a fixer upper, but it would be a whole entire house. If I went with a public college, tuition would be $7,020 a year. $28,080 is still pretty much to go into debt with. That’s a fairly nice new little car. Multiply that amount by 2, 3, or even 4 kids and you’ve got a major debt. So, how did I, in a middle class family of five kids, get a college education, avoid running up a major debt for myself or my parents and save my money for a down payment my first house instead?

Well, I was lucky. My father had a job working for the Maryland state college system and one of the perks was free tuition for the employee, the employee’s spouse and the employee’s kids. With tuition costs out of the way and a decision to commute to save costs, all I needed to cover was fees and books. I landed a small scholarship for all four years that covered all but about $650 dollars of my fees and my grandparents had offered to pay for the books of any child that went to college. One year, I paid for a book the professor didn’t have on the syllabus, so I ended up at just under $700.

So, enough about me. The important thing is to find out how to afford college for yourself or your family.

The simplest way, if you don’t have a high paying career in a field you love, is to seek employment with a college or university that offers tuition remission for employees and their dependents. While employees may be able to take advanced courses, dependents usually are limited to taking classes toward a first bachelor’s degree, so a child who plans to be a doctor, lawyer, or another profession with an advanced degree won’t be covered as he or she continues the education process.

Another way to afford college is through scholarships. Everyone tries to get a major sports or academic scholarship, but there are lesser known sports scholarships, as well as arts, beauty queen and other scholarships to apply for. Just be careful not to spend money on scholarship search services. Instead:

• Ask your child’s guidance counselor for help.
• Talk to your Senator or Representative about scholarships. Many times it is simply a matter of writing a letter asking for a scholarship and explaining why you want to go to college.
• Ask at work. Even smallish organizations may have little scholarships available.
• Check with local organizations, like the Lion’s Club.
• Military personnel have a ton of free education opportunities, but their spouses can get scholarships to help with tuition costs through several military organizations.

Financial aid, of course, is an obvious way for people to get help with college costs. While paying back loans is a major burden, you can find financial aid options like work study programs so you can take out a smaller loan.

Finally, check to see if you can get a partial tuition loan forgiveness if you take a job as a teacher in a local at risk school system or take a public service job in medicine or another field for a year or two.

(Looking to get a Master’s for a lot less? Consider a teaching fellowship program with a school district in need of good teachers.)