Can You Really Save $10,000 AND Pay Cash for College?

Mom, Dad, it’s coming…

Your tween is becoming a teen or your teen is about to graduate. Where did that time go? All those hours at dance class, t-ball games, watching them play with their little friends from school feel like it was only yesterday. Now they are driving and spending more time away from home.

At the same time, you spent so many hours with them when they were young, but as they grew older and financial pressures mounted, you have had to spend more time at work or at home working on things what won’t get done by themselves.

Now you realize that college is around the corner, you have a few savings bonds from grandma, and you are still recovering from the “sticker shock” that hit you at you daughter’s last college visit. You keep hearing about all this “money for college” out there, but your kid doesn’t fit the criteria for the scholarships sent home from the guidance office. You want to pay for your kid’s schooling, but with the car loan and mortgage, your budget is tapped. You have feelings of helplessness since you have provided for you precious little one to this point, and you see this insurmountable number being handed-down from these colleges that you just cannot afford.

wooster_senior_photographer_ohio

College is coming...

are you ready?

#nocollegedebt #nosalliemae #paycashforcollege

www.sarahgesselphotography.com

Your tween is becoming a teen or your teen is about to graduate. Where did that time go? All those hours at dance class, t-ball games, watching them play with their little friends from school feel like it was only yesterday. Now they are driving and spending more time away from home.

At the same time, you spent so many hours with them when they were young, but as they grew older and financial pressures mounted, you have had to spend more time at work or at home working on things what won’t get done by themselves.

Now you realize that college is around the corner, you have a few savings bonds from grandma, and you are still recovering from the “sticker shock” that hit you at you daughter’s last college visit. You keep hearing about all this “money for college” out there, but your kid doesn’t fit the criteria for the scholarships sent home from the guidance office. You want to pay for your kid’s schooling, but with the car loan and mortgage, your budget is tapped. You have feelings of helplessness since you have provided for you precious little one to this point, and you see this insurmountable number being handed-down from these colleges that you just cannot afford.

Now, you could take-on another job or two? Those extra dollars would help, but how sustainable would it be? You aren’t as young as you use to be, and we aren’t looking at just four years of this. Don’t forget the other two who are creeping down the road to college as well. Besides, if you spend all your extra hours slaving away at work, you are going to miss out on some special moments during her last year of high school.

Well, there are always student loans, but what is that going to do for her future financial situation? Students who graduate with student loans is saddled, on average, with over $30,000 of debt right out of school! Add the pressure of trying to find a good-paying job to cover living expenses on top of the new monthly payment, and she is likely going to have to

  • 1) turn-down jobs that she would absolutely love to do because they don’t pay enough or
  • 2) come back home to live while paying off her loan for the next 10 years.

The Parent Plus Loans are even less attractive with the debt you already have, and if she doesn’t make the payment (like she promises), your credit is dinged, raising your interest and insurance rates.

If there was only more time to go back and put money away like you kept hearing everybody telling you. If you just listened and saved $50/month like you knew you should have, you wouldn’t be here right now.

So now what?!

What if I told you that it isn’t too late? Your baby girl can still receive a quality college education with minimal to no debt!

One of my former students, Tanya, had everything stacked against her emotionally and financially senior year. She moved out of her home, had little to no parental support, no car to get around, and a minimum wage job at McDonald's. From the outside, going to college was a far-off dream. However, she made a choice that would redirect her life forever.

She knew what she wanted to do with her life, she knew how much it cost to attend one of the top schools in that field, and she knew that she was going to graduate from that school debt-free. With a stubbornness that I rarely see in kids her age, she worked and saved and worked some more. She switched jobs a few times, got some well-deserved pay raises with the work ethic she demonstrated, and made some good friends in the process.

Then, one January, I received an email from a school that sounded familiar but couldn’t place it. When I opened it, it was a recommendation request for Tanya...from THE SCHOOL. I messaged Tanya to see what happened. It turns out, between what she had saved and scholarships, she could cash-flow all of her schooling!!! Upon graduation, she would have no debt and could take a position that she really wanted rather than be forced to take the first one she could get her hands on to start paying-back loans.

So, how exactly did she do it when over 60% of college students in Ohio have to take-out loans to finish school?

The posts to follow in this series will give you a simple blueprint to have this same success whether your child is in Kindergarten or just graduated. In them, you will read learn how to take concise, actionable steps now to save yourself and your child from headaches a few years down the road. By the end of this blog series, you will be able to...

  • Calculate the full cost of potential schools
  • Add-up the financial aid available/earned for each school
  • Discover the total amount needed to pay the rest of tuition
  • Set-up a plan to earn the money needed

All you need to do is to subscribe to this blog and have these solutions delivered right to your inbox as they are posted each Monday over the next few weeks. That’s right. You are being charged $0 for step-by-step information that will be able to help you and your child save thousands of dollars for school and save over $10,000 in student loan interest over the next 15 years. She will be able follow her passions and take the job that feels right for her without worrying about making that next student loan payment.

I get that you may be skeptical that I'm just another person like all the others with information that is full of generalities and no real solutions. I get it. I’ve taught finance to seniors for 11 years, and I have sifted through so many vague solutions like “go out and get a ton of scholarships to pay for school”  and “save a little bit each year while your kids are in school and college will be paid for” that I got tired of it. There are so many well-meaning people, but they don’t have the answer to “HOW?!” I will warn you, it may be a little nerdy (hey, I’m a numbers guy), but each post will have a step for you to take that will move you closer to your goal: NO STUDENT LOANS.

 I feel like Morpheus here asking you this, but here it goes: You can choose to continue down the same path as everyone else that leads to piling $30k worth of debt on your little girl as she is trying to emerge into the real world, or you can set her up for success financially.

The decision is up to you.

3 Simple Steps to the Best Mother's Day Gift

3 Simple Steps to the Best Mother's Day Gift
What if you could get mom the perfect present...?

Mother's’ Day is right around the corner, and you’re caught off guard again not knowing what special gift to get for mom(what? Mother's’ Day is in May this year?!) . As a mom yourself, you’re probably ready for another year of cute attempts from your kids with their cards or coffee mugs that proclaim “World’s Greatest Mom!” and a lackluster attempt by your guy to take you out for brunch at a mediocre restaurant with a super long wait. Yes, there are always flowers, but how long do they last? Then there’s that new piece of jewelry for mom being pushed by the chain jewelry stores, but after all the years of being a mom, how much jewelry can she wear at once?

Read More