Comments on: College Tuition is Expensive, Planning Ahead Helps Save Money

By: Karen Foster

Karen Foster — Tue, 23 Feb 2010 12:30:48 +0000

As an adjunct professor at a community college in South Jersey I can tell you there is amazing value in the community/junior college experience. Just like a four year university the students socialize and have access to up-to-date technology. Unlike a four year university, students are often taught by real-world members of the community rather than exclusive professors more concerned with publishing articles. In addition, students at a community college often manage a – job – gasp, along with their schoolwork, helping them to learn time management skills and emphasizing “real world” knowledge in conjunction with “book” knowledge.

By: Kristine

Kristine — Mon, 22 Feb 2010 21:05:47 +0000

Starting a 529 plan is well intended, but has many disadvantages. This plan, just like a 401k and other qualified retirement plans, it’s really easy to put money in. However don’t forget the most important thing about these plans, “How can I get the money out?” What if your child does not go to college? That money is earmarked solely for college costs. Factor in taxes, plan provisions, and other penalties. You may soon realize who this plan really benefits.

We just had our first child in October 2009, and have started planning for his college education. We use whole life insurance policies as part of our strategy. Advantages of this strategy include tax deferral, liquidity without penalty, no stock market losses, no income taxes, no lost opportunity costs, and peace of mind.

The cash value and dividends grow in the policies, and we can borrow money against it as collateral. Even better is we can apply for federal loans or a home equity line of credit (as these options are tax deductible), and use our cash value to make the payments.

College funding comes from an integrated plan, not necessarily one product. If there was one product to solve the college funding problem, wouldn’t we all be doing it?

By: CD Phi

CD Phi — Mon, 22 Feb 2010 20:54:06 +0000

You are so right. The costs for college are endless nowadays and only seem to be going up more and more. I’m currently in junior college and I can’t even begin to tell you how much money I am saving. Because I am able to live at home and go to school locally, I get to work as well. And for those who get lazy and slack off which results in not transferring, that’s really on them.

By: basicmoneytips.com

basicmoneytips.com — Mon, 22 Feb 2010 12:17:28 +0000

I have a 15 month old son and I am already worried about college. We started a 529 plan for him right away, but I can easily see that college is going to be an expensive venture.

I did goto a private school, but honestly I wish I had just taken the public school route. I do not think in the long run it made a lot of difference to me. Also, I like the idea of the junior college route, but I do not believe I would risk a lot in that. I would prefer my son going to a 4 year state university and just staying there.

By: Ken

Ken — Mon, 22 Feb 2010 10:43:42 +0000

Great tips. With all that you suggested nobody should have to pay full price for books.

By: Rick Vaughn

Rick Vaughn — Mon, 22 Feb 2010 03:25:49 +0000

College can definitely be a huge expense but better to have it than not to have it. Certainly, junior college may not be ideal for some people but many schools offer the same benefits socially as others.

Does anyone else think that congress should regulate the cost of school books? I’m kidding but seriously has to be on of the biggest rackets going.

By: Aaron

Aaron — Sun, 21 Feb 2010 14:18:12 +0000

Is this directed at parents or their kids? Some of the stuff you say, like choosing a state school or a private school isn’t up to the parents to decide. It’s going to be hard for you to tell your kid he/she can’t go to Harvard and should go to UVA instead because it’s cheaper. Just the same, how are you going to tell your child to go to community college instead of directly to Cal if that’s the school of her choice? It’s good that you mentioned the intangible costs of communal dining, but also consider the intangible costs of those first two years of college. Those are the years you make the closest friends, and trust me, there’s certainly a stigma as a transfer student.

By: Ted

Ted — Sun, 21 Feb 2010 03:53:03 +0000

I think the hardest part about saving for college is all the extra costs. How much will gas cost? What about books? What about food? Housing costs? The tuition is at least somewhat trackable the rest gets funky. When I was a year out of college and newly married is when gas just rose incredibly high. It put us in a huge bind and was a part of the early stages of us falling into debt. The last time I did some math to figure out how much we needed to put away, I was blown away. And I added in extra to cover expenses (not that we can get there but just in case we get a lot larger unexpected income in the next few years). Phew.

By: Ginger

Ginger — Sun, 21 Feb 2010 02:41:51 +0000

I have a bunch of articles on loans and the FAFSA on my blog as well as some tricks to get more money. An issue people need to remember is that the FAFSA counts the income but not the out going, so pay off debts for college.

By: Alcoholic Millionaire

Alcoholic Millionaire — Sat, 20 Feb 2010 19:59:35 +0000

for textbooks, look to craigslist, ebay, half.com, and amazon. By shopping all of the above you will save anywhere from 50-75% off bookstore prices. Then when you are finished with the semester, relist the books and hopefully recoup most if not all of your purchase price. My wife has had a couple of semesters where she actually pocketed a few dollars after all was said and done.