I had an absolute ball my first year of college. My folks were paying for EVERYTHING, I was finally free and my grades ticked down with every dime that didn't come out of my pocket. The next year was a whole different story...
College is apparently not a pre-paid vacation. That was my first lesson. The second, one I keep dearly in my heart now that I'll be sending three kids through, is that you get what you get what you pay for and sometimes those who get it should be involved in how it's paid.
I'm not saying that you shouldn't do everything you possibly can to help your kids go to college. However, they should be included in understanding the costs and finding ways to save money. Here are a few tips to get the most out of further education expenses.
Picking and visiting potential universities: Taking the time to find the right college can expend a significant part of your budget. This deal may change, but currently, Amtrak offers a 50% off deal for companion tickets on college visits.
Research help and free money: After my first year of full out fun, my folks decided that I needed to start paying for my declining grades. Scholarships seemed to be out of the question. Come to find out, that's not a roadblock. I researched fellowships and grants at NCSU and gratefully won a C.A. Dillon Jr Scholarship. However, you don't have to wait until you're actually there to get aid. High School guidance counselors are invaluable resources. Here's a link from the Department of Education to get you started.
Save on textbooks: Even though I was already a money-saver my first year of college, I walked out of the campus bookstore with a bill well over $200. Here are links from US News and Today that will help with renting books and getting free college textbooks. I had no idea that you could rent a book. Very cool!
Credit card reward programs and college saving accounts: The 'college saving account' that we set up has fixed unexpected car issues, a mold problem and will now be eradicated with braces that all three of my lovely gals need to keep their smiles intact. Hopefully, my poor planning can be a lesson to you. Consider a financial planner and research strategies because the first day of kindergarten transforms into dorm opening in the blink of an eye.
UPromise.com has some ways to earn and save, even with coupons. Love that! I'm only up to $80 but it was free money and they'll have a really nice dinner when we move them into the dorm. If you work the account right, you'll end up with much more than me. Check with your accountant with other ways to set up tax exempt funds.
Good luck and please comment with your tips. We're going to need them!
