Mom Pays for College

As a single parent or even if you live in a two parent household, paying for your kid’s college education is a difficult thing to do. There are several ways in which not only you but your student can pay for college cheaper and faster. Your kid’s college education is important and you need to be on top of what will get him or her through the four years, or maybe even twelve years, the cheapest or fastest way possible. Knowing a few easy steps will be beneficial for both your financial obligations and their career after college.

One thing you can encourage your student to do is to take courses from the local community college. They complete their first two years at a community college and save thousands of dollars then move on to a traditional college. Make sure that all the credits they take transfer to a four year college or university and then they can finish out their last two years as a junior and senior at a college of their choice. By going to community college the classes are smaller and your child will have more help than in a traditional four-year college where the classes can be upwards of 400 students large. They will have a chance to work on their GPA and other academic endeavors so that they may earn more scholarships and grants for completing the last two years of college.

Another way to save money is find the right courses for your student. Help them fill out their applications and put in as many applications as possible. Sometimes when a recruiter at a college cannot fill the quota they will reduce the tuition price or offer a grant to get your son or daughter into the college. Your kid’s college education will depend on them as far as their work ethic and their ability to achieve. But if they have a good work ethic in high school and have the qualifications a college wants, the college will give them incentives for entering their ranks of academia.

Have your child look into work programs. Some corporations will pay for your student’s tuition given a promise to work for them for a couple years after they get out of college. These types of grants are usually for high school students that have a high ability and work ethic. You as a parent can help and instill a work ethic and develop academic ability in your child, while they are still in high school. This will give them a better chance to obtain these types of grants and be able to go to the college they want and have a future employer pay for it.

There are many ways to pay for your kid’s college education but look for the ways that are free first. Use only financial aid and student loans as a last resort. You don’t want your son or daughter’s day of graduation to include a field of worries about how they or you are going to pay back the student loans.

For six more ideas on how to get money for college without taking loans sign up for the audio and report How Moms Pay for College here. If you are truly motivated, nearly anything is possible.

When you are single mom it is sometimes hard to juggle work, your child, and even having some or any kind of a social life.  If you’re going to college it’s even harder to time manage and money manage your life and your lifestyle.  Financial aid is a good way for the single mom to pay for college and at the same time, give her the flexibility to have a little money extra to pay off some living expenses that are procured of being a college student as well as a single mom.  With financial aid, you will have to pay the money back, but you can be assured that your tuition and books will be paid for.  It is always prudent to look for scholarships and grants before financial aid, because with those programs you do not have to repay the money.

The first thing you have to do to apply for financial aid for college is to fill out a FAFSA application. FAFSA stands for “Free Application for Student Aid”.  With this application you will be asked personal information like the location, what kind of money your parents made, whether you support another person (as a single mother you do), and what kind of money that you made the previous year.  If you are financially secure and make too much money financial aid may not be granted to you.  This is also true if your parents are able to help you pay for college and they make a lot of money.  In these situations, your application may be denied.  You have to prove to the financial aid office that you are indeed a single mother, and you need the money no matter how much your parents make.  You can appeal the rejection of the application by visiting the financial aid office and completing an application of repeal form to begin the appeal process.

Once the application is accepted, you will be notified through the mail and you will be issued a pin number.  A pin number is a 4-digit number that will identify you as the owner of your student financial aid account.  Once your application is secure, you must then choose a lending institution.  This is usually a financial aid lending institution that is nationwide, or you can use a local bank that is in your own town.  When you sign for of the financial aid at the lending institution, you will be asked to sign paperwork that you will be responsible paying back the loan.  Paying back your loan is one of the most important things about getting a student loan.  If you don’t pay back the loan, you can have your paycheck garnished, you can lower your credit score, and any tax refund that you might have coming back to you from either the state or federal government will be held back as payment on behalf of your student loan.

Remember, if you do not need the money, do not accept it.  You have to pay these loans back.  Even though they have little or no interest attached to them, you are still responsible for paying them off once you graduate.  Paying back the loans as soon as possible means as a single mom with your child and your family, you no longer have to worry about a large amount of student loans that are out.

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If you’re like me, a single mom with kids approaching college or possibly in college, you know the pain and frustration of trying to figure out how to send your kids to the best possible college they can get into and then paying for it. My oldest has big ideas, probably got it from her mom, about going to Harvard. She can probably get accepted, she’s a smart kid. But do you know what it costs to send your kid to Harvard?

Well I didn’t know exactly so I googled it. For an undergrad degree it costs about $45,000 a year. And for four years of medical school it is around $450,000. They say to think of college as an investment. If you invested that amount of money for four years at 7.5% you’d yield about $209,000. Sink that into an investment that earns 7.5% and after 40 years you’d have close to $3,700,000 dollars. That’s right. Now that’s an investment.

How much money is your kid going to make in a lifetime after you or your kid invests $200k over four years? Hopefully it’s more than $4M. Plus also remember that if you borrow that kind of money you are going to have added interest expenses to go along with that.

OK. OK. Not that many people go to Harvard or expensive schools like that. But even a public college costs somewhere around $23,000 per year for a resident, and $44,000 per year for out of state or non-resident. These numbers are from the University of Michigan undergrad program and include tuition, room and board, books and other expenses. Holy Cow!

No matter who pays for this, you or your kid, it’s a huge chunk of money by most people’s standards. If you pay for it and you don’t have the money already saved, it means working more hours, leveraging your home or borrowing the money and paying it back. This could put a serious crimp in your lifestyle or plans to retire.

Well I’m faced with this reality. I want my kids to go to college. I think that education is valuable regardless of what you earn because of it. I also want to avoid loading up myself or my kids with a huge debt if I don’t need to. Yes we will research scholarships. I’m pretty sure their dad will contribute, but some single moms aren’t in that situation. They are totally on their own.

It seems a shame to work so hard to get your kids ready for college only to find out that the costs are prohibitive. Well I never take no for an answer when it’s really important. I’ve been looking all over the place for ways to fund my kid’s college and earn some serious chunks of cash. I figure I’ll need roughly $4,000 per month for every year one kid is an undergrad. The way my kids are spaced out, that will amount to eight years of $4,000 per month, close to $400,000.

Well there is a way to fund your child’s education, if you start now, and I found it. You’re not going to make that kind of money instantly but after a while that extra $5,000 a month will go on autopilot. How sweet will that be! No more worrying about tuition.

If you are and avid reader, and you should be, read The Next Millionaires by Paul Zane Pilzer. He talks about how more and more people will be stepping into the millionaire category and how many of them will get there. I’m going to be one of them.

If you want to take control of your tuition situation and your financial future listen to this FREE audio recording to learn about many ways to earn money from home. See you there! HowSingleMomsCanPayForCollege.