The cost of college

My sister’s husband is going to go to school full-time in the fall. This is long overdue, and I’m excited for him. He just got his FAFSA info back, and he qualified for Pell Grants, which will cover about 75% of his costs. They’re hoping to qualify for some scholarships also, becuase he wants to be a teacher, and there are quite a few incentives out there for prospective teachers.

Then, after they’ve tried all the free options, they’re probably going to have to look at federal or private student loans. Hopefully, they can stick with Federal loans because of the lower interest rates and better repayment terms (deferral until out of school, etc.)

I joined the Army Reserve to pay off my loans. They paid $20,000, and I still owe another $5,000. I hope to go to grad school someday soon, but I’ll only do it if I work somewhere with a tuition reimbursement deal.

Before the war, and even during the first year, I would recommend the Army to anyone that would listen. They really have outstanding education benefits. But now, I wouldn’t recommend it to anyone. Maybe after the war is over. Maybe.

So, borrowing it is. But in the world of loans, student loans are the best kind. I recently consolidated mine, locked in a low interest rate, and have a really reasonable payment.

4 Replies to “The cost of college”

  1. Our daughter has one more semester of college and then she graduates — no more college bills! I will be dancing in the street. We did not qualify for any financial aid so the huge burden fell on our shoulders. If my parents had not invested small sums here and there for her college fund when she was a baby we could not have managed. Advice for new parents — save, save, save!

  2. My goal is for my son to not have to enter adult life with $30,000+ of student loan debt, or have to work full time while going to school like I did.

    There’s no replacing the time value of money – we have to start now, when they’re babies! It’s hard to think about college when he can’t even walk, but then I send another payment to Sallie Mae…that’s my motivation.

  3. step on me pancockies says:

    do you have one of those baby funds (like upromise) for william? if so, i’d join to deposit things in his account! let me know!!!

  4. step on me pancockies says:

    do you have a upromise account for william? if so, i’d like to join to deposit for him!

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