The following post is by MPFJ staff writer, Laurie Blank. Laurie is a wife, mother to 4 and homesteader who blogs about personal finance, self-sufficiency and life in general over at The Frugal Farmer. Part witty, part introspective and part silly, her goal in blogging is to help others find their way to financial freedom and to a simpler, more peaceful life.
Does the idea of helping your children with their college expenses bring thoughts of fear and intimidation?
If it does, you’re not alone. According to this Gallup poll, college funding worries were parents’ top money concern in 2015, with a staggering 73% of parents admitting the fact that they are indeed concerned about how they’re going to help their children pay for college.
College funding is a serious issue these days. This Forbes article tells us that the average cost for a 4-year public college is $28,000 a year.
Got your sights set on a private school? If so, you can plan on spending an average of $59,000 per year for your child to attend.
So how can parents help ease the burden of college costs for their children? Here are some ideas that can help parents contribute to their kids’ post-secondary education without compromising their own financial futures.
Enroll Your High-Schooler in a Dual Enrollment Program
Many states offer dual enrollment programs for high school students. Dual enrollment programs allow high school students – generally juniors and seniors – to take college courses as a replacement for similar high school level courses.
These courses help students earn college credits during their high school years. The best part about these programs is that the courses are usually paid for by the state in which the student resides.
Taking advantage of dual enrollment courses can help your child to cut down significantly on college costs and graduate with completed college courses already under their belt.
For more information on dual enrollment courses in your state, check out this website.
Utilize a Community College
Many students these days are completing their first two years of college at a local community college. This allows them to get a couple of years of college completed at a lower cost, while still graduating from the public or private college of their choice.
Here’s a tuition cost comparison in our state (Minnesota) for community, public and private colleges:
- Community College: $179.71 per credit
- Public/State School: $470.77 per credit (for residents)
- Private College: $1,195 per credit
As you can see, the costs to go to a public or private college in comparison to a community college can vary greatly.
Therefore it’s easy to see that thousands of dollar per year can be saved for those who choose to complete their general courses at a community college and then transfer over to a public or private college for the remainder of their college education.
*Note: It’s important to remember that not all community college credits transfer to all public and private colleges. Therefore parents and students should research the transferability of community college credits to the public or private college of their choice before enrolling in a community college for completion of their general courses.
Get Educated on Financial Aid Options
There are thousands of financial aid and scholarship options available for students eager to earn a college degree.
Most colleges have departments specifically devoted to helping students track down financial aid options and scholarship options, however it’s important that parents and students do some research on their own as well.
This U.S. News article shares the 5 best places to find college scholarships and grants.
Let Your Kids Live at Home During the College Years
By offering to let your kids live at home rent-free during the college years, you open up a world of money-saving options for them.
First, they can avoid the heavy cost of dorm fees or housing rental. Second, they’ll have on-site meals available free of charge.
Third, they can take online courses from home that are generally much less expensive than on-site courses.
“But what about the ‘college experience’?” you might ask. Although the college years can be great years for personal growth on-campus, you can also help your child to grow personally when they live at home during the college years.
By making house rules clear (even dorms have house rules) but allowing your child some personal and financial independence and responsibility, you can ensure they experience personal growth even while living at home.
By taking advantage of the four options above, you can work with your children to get creative about reducing the college cost burden yet still give them the benefit that a college degree brings to their working world.
How about you all? What are your tips for reducing college costs?
Share your experiences by commenting below!
***Photo courtesy https://www.flickr.com/photos/76657755@N04/7027599019/
