Kids and College- Who’s Paying the Bill?

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If you are like most people who started saving for their children’s college education, you are now wondering how you will ever pay for college.  As the market collapsed late 2008 so did most college funds parents had set up for their children.  For many students the thoughts of that $50K per year school are now gone.  Rather than just sulk and be angry over what has happened.  I have put together some great resources to help finance your child’s college education.  These are additional ideas and techniques from scholarships or working on campus.

High School- Dual Program

Not frequently advertised, but many community colleges have programs set up with local high schools.  Any student, who takes a college course and passes the class, over the age of 16, can have those course credits count toward their college transcript.  Many high schools and community colleges offer students to take college courses that will both count towards high school requirements and college.  Hence the term dual program.  Why take Calculus twice?  Take at community college and have it count on your high school transcript and toward your college major.  Technically, students can graduate from high school and have a minimum of their first year of college completed.  The other great thing about this option is that because students are still in high school, they get discounted tuition.  Usually it is half. 

Please check with your child’s school as well as your local community college to get all the details.

AP Courses

Most high schools offer AP Courses to their high school students.  After students complete the course they take an AP Exam.  Depending on their score, colleges will give them 3 credits per each test and passed.  A school similar the John’s Hopkins may except a score of “5,” but a state school make except a score of “3.” A friend of ours took and passed enough AP Exams to get college credits for his entire first year of school.

It is not for everyone, but for those that can use this option, it may save $50K.

There are study guides available for all the tests to help students to prepare for the exams.

Community College

How many of you went to community college?  I went for a year.  It was great.  I actually had more professors at community college than I had at the University I went to.  Enrolment is up at Community Colleges across the country.  This option is great to get your first two years of college and all the general education requirements out of the way.

Attending community college is a wonderful option for many.  It is very important that students know where they want to transfer to finish their undergraduate degrees.  This way students and advisors can work very closely to ensure that all coursework will transfer to the four year school.

Another option is an  ROTC scholarship.  A Reserve Office Training Corps (ROTC) is a college program that exists in many countries. The purpose of the ROTC is to train students to become officers in the military force of their country, should they elect to serve after college. There are specifically military colleges, which offer ROTC programs, and also private and public schools, which can allow a student to participate in ROTC. Generally military schools have almost exclusively ROTC programs, where participation in public schools is voluntary.

The colleges offering ROTC programs in the US are of three types: civilian colleges, military colleges and junior colleges. Students complete not only studies but also receive military training. Focus is on promoting leadership, encouraging honorable conduct, and preparing students to take an officer rank should they choose to participate in the military after college.

Training during college in ROTC organizes students into groups. Depending upon which branch of the military one expects to serve in after college these groups have different names. For example, the US Army creates battalions and brigades of trainees.

Students in civilian college who participate in ROTC are generally easy to recognize, since they are dressed in uniform. They have the official designation of cadet while in school. However, students training for the navy may be called midshipmen. Upon leaving college, they can enter the military force as a lieutenant, which means greater authority, and greater pay.

 Those who study at a military college almost always have a guaranteed position in the armed forces after completing college. Those who participate in ROTC programs at civilian colleges may not have this guarantee in place. However, when recruitment numbers are flagging, most who participate in an ROTC program are welcomed in the armed forces upon graduation.

The ROTC model has produced many noteworthy officers such as General Colin Powell and General Hugh Shelton, who have both chaired the Joint Chiefs of Staff. ROTC programs have become increasingly specialized, depending upon which branch of the armed forces one wishes to serve in after college. Some of the most popular colleges are those that offer opportunities to train as a pilot.[1]

There are many options still available to students who are preparing to go to college.

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Tomorrow we will we venture into the world of scholarships and financial aid.   No fun for most of us but a necessity to get our kids through college.

I would love to hear any other ways you have found for students to pay for their education.   These experiences can be a great resource for other students and parents.

I look forward from hearing from all of you.