Finance Friday: 5 Ways to Make College Within Reach (2024)

Just in case people thought that education was afforded to all Americans on the same merits, recently we found out through a resounding revelation with actress Felicity Huffman and Lori Loughlin that it is not. After the news broke, I think many people really started to think about the real privilege​​ of education is in the US for some. For me, this College Admission Scandal was not new, nor was it shocking. It was just further confirmation that the Education System in the US is broken and needs to be repaired before the next generation takes charge.

Finance Friday: 5 Ways to Make College Within Reach (1)

The richest kids in America can receive education on the basis of the economics of their parent’s wealth. Not necessarily because they out-performed other students. This is one of the reasons why, African-Americans students are sometimes taught by their parents they have to be “twice as good, and go above and beyond” what their peers of a different hue may be doing. While the cliche “money talks” is known, it is undoubtedly true in all areas of the US: such as healthcare, career placement, housing, and of course, education. Simply put, having money (especially as it relates to the education system in the US) gives people more options that are often out of reach for those who are less fortunate.

The Education System in the US is Broken

After being bombarded with seeing and hearing hundreds of related news stories, I resolved that our educational system is broken. There are black mothers who are going to jail for putting the wrong zip code on their child’s application and placing their children in schools outside of their districts. Just read this news story, “Ohio Mom Kelley Williams-Bolar Jailed for Sending Kids to Better School District.” There are also, people who are struggling to stay afloat and can’t juggle it all like Ms. Parker from the story below.

Ms. Parker’s story moved me to tears. I remember when I was in college and my mother did not have credit so she could not take a loan for me to stay in school. I worked 3 jobs while getting my degrees, so I can relate to Ms. Parker’s struggles. Amazingly, I was able to finish my education and I never had to drop out. The English department at my former university even provided me with an academic scholarship that helped as well. The troubling part is that some families, literally are weighing whether or not they can eat while trying to concentrate on school and learning under those conditions are almost impossible.

5 Ways to Make College Within Reach

Although, Ms. Parker’s experience is extremely upsetting. How can families avoid ending up in that situation? Frankly, moms and dads even those who are living from paycheck to paycheck can start making sacrifices so their children will have more options in the future. Here are a few things families can start doing right now to make a college education within reach for their children?

Save.

Put aside as little as $20 a month beginning with the birth of your child and through compounding interest, your child’s education savings will start to accrue. (Are you are financially strapped? Then consider offering your expertise or unique skill to someone for $20. You could also sell your kids’ gently used clothing on ebay or craigslist and that way you may be able to earn the money to put aside.) See this post: Tips For College-Bound Kids

Work.

Working while also pursuing your education is not unusual and should be encouraged. Often working and putting in the effort increases a student’s focus. However, working more than one reasonable job can become overwhelming so consider your time wisely. Also, some job programs will help you pay for higher education, just do your research and ask questions..

Apply for scholarships.

Finding free money for school through scholarships is a special skill all of its own. I follow a few college-related blogs that share different opportunities. Below are a few that you may find helpful.

Consider Different Programs

Many states offer trade school diplomas while students are still in high school. For those students who need more money, for college, it would be wise to gain a particular trade/skill and work using those special skills to pay for school. Remember community college and trade schools can also give a person more options.

AmeriCorps or PeaceCorps

Two federally funded programs like AmeriCorps and PeaceCorps are real options that can help students pay for school; especially, because it shows your prospective school your public service commitment. They also will help pay for your student loans as part of their work exchange program. Read about my personal AmeriCorps experience here: Tips to Get Rid of Student Loans

Overall, Colleges and universities need more accountability to the public. Especially now that the general public now no longer trusts the Education System in the US. The registration offices should clearly have a department that focuses on helping students who are in need of financial assistance, counseling, and scholarships.

Finance Friday: 5 Ways to Make College Within Reach (2024)

FAQs

What was Dave Ramsey's advice on paying for college? ›

"Don't worry, this isn't selfish—it's smart!" Ramsey urges parents not to save for college until they have all of their debt paid off except for their mortgage loan, and until they have an emergency fund with enough in it to cover three to six months of living expenses.

How can I maximize my college financial aid? ›

How to Get the Most Financial Aid? 7 Tips to Maximize College Funding
  1. File forms as early as possible. ...
  2. Minimize student assets. ...
  3. Understand and utilize FAFSA strategies. ...
  4. Fill out FAFSA regardless of income. ...
  5. Prepare for merit-based aid possibilities. ...
  6. Consider even top-rated schools as options.
Jan 4, 2024

What if parents won't pay for college? ›

Take out federal student loans

Direct Subsidized Loans are available to undergraduate students with financial need. The government pays for the interest on these loans while you're in school. Direct Unsubsidized Loans are available to undergraduate, graduate, and professional students, regardless of financial need.

How many millionaires did Dave Ramsey study? ›

Yes, these are surprising, but very real statistics. My team conducted the largest study of millionaires EVER done. They talked to 10,000 millionaires about who they are and what helped them achieve that goal.

What are three ways to lower the cost of college? ›

1. Improve Your Chances of an Affordable College Cost
  • Apply to generous schools. ...
  • Don't commit early to a college. ...
  • Look for scholarships before and during college. ...
  • Improve your financial aid eligibility. ...
  • Learn how to evaluate aid packages. ...
  • Get college credit on the cheap. ...
  • Get a student job during college.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Why do college students struggle financially? ›

When planning for college, many students focus on the major expenses: tuition and room and board. However, other education-related expenses can add up. If you're not prepared, you could end up struggling financially and have difficulty making ends meet.

What is the best financial advice? ›

  • Choose Carefully.
  • Invest In Yourself.
  • Plan Your Spending.
  • Save, Save More, and. Keep Saving.
  • Put Yourself on a Budget.
  • Learn to Invest.
  • Credit Can Be Your Friend. or Enemy.
  • Nothing is Ever Free.

How do I convince my FAFSA to give me more money? ›

Request a Reevaluation of Your Circ*mstances

Through this process, you can petition for a reevaluation of the information on your FAFSA® form. This process will likely require you to submit additional documentation to your school's financial aid office.

How to beat the FAFSA? ›

Basic Principles
  1. Reducing income during the base years.
  2. Reducing “included” assets. ...
  3. Increasing the number of family members enrolled in college and pursuing a degree or certificate at the same time.

Does FAFSA check bank accounts? ›

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

How do I avoid parents' income on FAFSA? ›

The application explains that if your parents don't support you and refuse to provide their information on the application, you may submit your FAFSA form without their information. However, you won't be able to get any federal student aid other than a Direct Unsubsidized Loan—and even that might not happen.

How do middle class parents pay for college? ›

Financial aid can come from federal and state governments, colleges, and private organizations. Some help comes in the form of loans, which have to be paid back. Grants, scholarships and work-study programs do not have to be repaid. Broadly, there are two types of financial aid: need-based and merit.

Will I get financial aid if my parents make over 200k? ›

Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).

What does Dave Ramsey say about paying for kids college? ›

Paying for a kid's college isn't a moral obligation, Ramsey wrote, but teaching your kids to always be learning (whether they go to college or not) is a parental duty.

What does Dave Ramsey say about college? ›

"I think the lie we've told people in the marketplace is that a degree gets you a job," Ramsey wrote, according to UpJourney. "A degree doesn't get you a job. What gets you a job is the ability to carry yourself into that room and shake a hand and look someone in the eye and have people skills.

How did people pay for college before financial aid? ›

Free or Cheap: The Early Days of the American University

Many early American universities were philanthropically or governmentally funded and thus charged little in the way of tuition. Some fees and the cost of room and board were met by students and their families, but educational costs were nominal in many cases.

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