Many of us were fortunate to attend a college, university, trade school or something after high school and not incur massive amounts of student loan debt. My husband and I had very small low-interest student loans to cover costs for our last year and we luckily paid them off quickly.
I’m the first grandchild to attend college in my family. As far as I know, I’m the first girl to attend. Only my mom’s brother attended UGA for theatre. It’s not celebrated enough. My grandma was one of twelve and my mom had five siblings. College was never expected nor assumed. My parents didn’t give me an option.
My husband and his parents and sisters and one brother-in-law all have master’s degrees.
Having a student loan is problematic when the job outlook is poor and there is no job security in one of the 28 right-to-work states. Many loans are deferred while we’re still in school, but what happens if we rely on income to pay it off and that income just goes away?
We vowed to help our children with tuition and expenses and not have them saddled with loads of education debt to start their young adult lives.
We are extremely fortunate that our kids receive veteran aid from my husband’s military disability and he offered them each a portion of his GI Bill, but it is not something we could plan for nor expected.
Some History of Education Loans in the USA
Reagan cut higher education funding and student aid, and college costs boomed as a result.
In 1972-1980, the Pell Grant was created and funded for low income students.
A revision to the Higher Education Act in 1992, resulted in a significant expansion of the federal unsubsidized student loan program and the creation of the FAFSA.
A Senate investigation during the Bush administration revealed widespread fraud and abuse in the predatory for-profit college industry.
In 2001, President George W. Bush eliminated the time limit for how long borrowers could deduct student loan interest from taxes. The limit on interest deduction was also raised to $2,500, where it still stands today.
In December 2007, the Great Recession hit. Federal and state governments made deep cuts to higher education funding.
The Public Service Loan Forgiveness Program (PSLFP) was signed into law in 2007, by President G.W. Bush and almost never delivered.
From the start of the Great Recession in 2008, to the relative economic stability of 2018, college costs and debt increased significantly, but state and federal funding for higher education, the biggest source of revenue for most schools, has not returned to pre-2008 levels.
Many nations offer free higher education opportunities to their citizens. A few states in the USA are offering some community college options. Why can’t we do more and be better?
We are saddened by the education failings in the USA and how it has changed for the worse over the past couple decades while being much more expensive.
It seems that the recent student loan forgiveness plans are in tatters and many will suffer to pay back student loans at high interest rates while salaries stagnate and rents are exorbitant. How are our kids expected to purchase homes, have children, travel, save for retirement, or any of the other milestones we and our parents or grandparents enjoyed?
Americans owe more than $1.74 trillion in student loan debt — a number that keeps rising as tuition costs continue to increase. More than 30% of student loan borrowers are in default, late, or have stopped making payments six years after graduation.
I’ve witnessed programs canceled and majors being deleted and professors striking for higher wages and tenure. It’s the bonfire of the humanities.
Many financial aid options require students to attend full time, which limits other options like working or volunteering. For my kids, full-time credits are twelve hours each semester.
How to Afford Higher Education
Pre-College Courses
Many states offer early college courses or admission for students as young as seventh grade. I was a freshman scholar as a high school senior in Georgia. When we moved to Ohio, my kids started at age 15/16 taking direct courses at our local university. The College Credit Plus is a great program and many students graduate high school with the equivalent of associate’s degrees.
Two of my kids took summer programs that earned them college credit. Many specialty schools, private, and state universities offer “camps” or summer sessions as pre-college tastes to recruit students.
Federal Aid
First, we have to fill out the FAFSA. It’s so different after last year. There is a parent section and student section and make sure to send the info to the correct higher institutions!
My husband received a small grant when he attended university. I’m pretty sure we will never qualify for our three younger kids, but if my eldest decides to attend, she might receive some funding as being no longer our dependent.
Scholarships
There are huge lists of scholarships on various websites and offerings for so many different interests and merit. I recently saw one I am keeping bookmarked about asparagus for my son!
As a military family, my kids received some assistance from some organizations on our base.
The university my kids attend have a universal scholarship application to be filled out annually. Within that application are departmental forms and many extracurricular options.
Of course, good grades and test scores are often offered merit scholarships.
There are many opportunities for sports and extracurricular activities if kids choose that route.
Investments
We have invested in 529 plans for each of our four children since they were babies.
We have used the funds for tuition, books, and computer purchases.
If the entirety is unused, it can be rolled over without tax penalties to another younger sibling or for graduate school or other education expenses.
Work Study
Many colleges offer student aid in the form of tuition assistance or stipends in exchange for working on campus. I designed a website for my master’s program for a small stipend back in 1998!
Jobs
My kids are planning ahead and have savings accounts from part-time jobs they worked while high school age. They plan to use these for travel, study abroad opportunities, or graduate school expenses.
ROTC and various military enlistments offer lots of benefits during and after serving.
Some employers offer scholarships or tuition assistance with a contract or promise of working for the company for a time.
While it is stressful to work full-time and attend college full-time, it is possible.
Vocational Schools
Not everyone desires to go to an academic university. There are so many opportunities at vocational institutions and community colleges that offer certificates or associate’s degrees. These are much more affordable options for students who want to enter the workforce more quickly than a traditional university degree.
Commuting
We are in a great geographical position that my kids can commute to a local university and we are also somewhat near some others if they need to transfer. I commuted to Clayton State and Georgia State and while that wasn’t my choice at the time, it did save on housing and food expenses. I am irritated by the poor condition of dorms and food choices that I see my kids’ peers suffering. I have told my kids they can live at home as long as they want or need to.
Other Fees
All the extras sure do add up!
The parking fee is outrageous, so we carpool as much as possible to the commuter college.
My kids applied early to waive the application fees.
We buy books used or even rent for courses that my kids aren’t interested in keeping the books.
We pack lunches, drinks, and snacks. I do buy a $50 commuter meal plan each semester for my kids for coffee or emergencies.
My kids are disappointed that so many of their peers are struggling financially – working and going to school and having no time to be young or carefree or socialize. I even often pack food for their friends during study time or exam weeks. My daughter said her friends act like middle-aged boring people who have no time or money for anything other than survival. This economy is taking its toll.
I understand that many families can’t financially support adult kids to attend a university. I am pleased that we are able to keep our promises to our kids so far.
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