Parade magazine had a big article on the ways to save and pay for college. I even saw someone do a post on it, and basically they quoted all the Parade had to say. I thought it was good information, but it was all about how to save for college. (If you have the means, do one of the four plans they have laid out)
Frugal Dad did a post about the debt ratio each student has per state. Like he said it’s a good wake up call for all of us parents to see that college is not getting cheaper.
Let’s just say you don’t always have the means to save for your child or children. Or better yet you have more than 2 kids and saving for each one of them is financially not an option. What do you do? How do you keep your kids from having major college debt?
We have fallen into this category. We chose to pay for out kids private education all through school instead of putting away for college. Even before that we didn’t have the means to put money aside. What we have for them is not nearly enough to pay for 4 years of college for each of them.
My daughter is starting her junior year of high school. Luckily for us she is very driven. She has already started working on scholarships for her college education.
She was given the site FastWeb as a place to go to look for scholarships. You enter things that you have interest in and they match you with scholarships. Today she had over 300 emails in her inbox. It may have been a while since she checked her email, but she did say about 80% were for scholarship stuff.
We, meaning my in-laws, have checked some books out from the library and have been reading up on writing essays for scholarships. Looking for any tips and tricks we can find to help us.
There are so many resources out there, no one should miss out on college.
I do know a few simple facts about applying for scholarships:
- Many kids like to apply for the ones where you submit a form. The ones that require full essays are less likely to be applied for as many kids don’t want to waste/take the time.
- I also know that as of 2 years ago about 70% of girls golf scholarships went unclaimed.
Even though you might not have the means to save for your child’s education, doesn’t mean they won’t go to college.
As we continue through the process of applying for scholarships I will let you in on any secrets I learn along the way.
I am also taking any suggestions from those that have been there and done that. What are some things we should do to keep our kids from having a ton of college debt?