Free From Broke

A Personal Finance Blog for Regular Folks

College

The Three Best Financial Moves You Can Make for Your Child

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My grandmother was a young bride during the Great Depression, and some of the frugality she practiced during that time never left her. When I was young, I routinely saw her washing aluminum foil and plastic bags for reuse.

She and my grandfather lived in a trailer park during retirement to minimize their monthly expenses, and when my grandpa died at 88 and later my grandma at 90, they still had a enough money left to give a small inheritance to their nine children.

That type of sacrifice and money management is seen less often nowadays.

In fact, we routinely hear about college students who graduate with thousands of dollars in both student loan and credit card debt and struggle to find a job and pay their bills.

Yet, as a parent, there are three important things you can do for your teen to put them on the financial track that will lead to a life of prosperity.

Three Best Financial Moves You Can Make for Your Child

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Save Money: Attend Community College First

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The cost of college is skyrocketing.  According to the National Center for Education Statistics, the average price for public tuition, room and board during the 2009-2010 school year at a four year institution was $12,804.  For private institutions, it averaged a staggering $32,184.  As government funding has changed to loan-based aid, rather than grant-based aid, many students are easily left with tens of thousands of dollars in student loan debt when they graduate.  If they find a job, which can be difficult in the current economy, they may only make $30,000 a year right out of college.

However, some students have made the choice to put off attending a four year institution and instead begin their college careers at a community college. [Read more…] about Save Money: Attend Community College First

How to Survive College Without a Car

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Going to college has its challenges.  You are forced to adapt to a new environment, meet new friends, study countless hours and much more.  These difficulties are only made worse by financial hardship.  If you have already graduated from college, try to think of another time in your life where you have paid tens of thousands of dollars in expenses with little or no income.  I bet you can’t think of another time.  The truth is that getting through college without any debt is a very difficult task.  Trying to keep your student loans to a minimum is made possible by finding ways to reduce spending and cut costs.  One of the best ways to reduce your expenses in college is to get rid of your car.  In fact, some universities (because of limited parking) do not allow underclassmen to bring cars to college.  If you are one of those select few that has a choice whether or not to bring a car, here are some reasons to leave that car at home (or even sell it). [Read more…] about How to Survive College Without a Car

Alternative College Housing Options to Save Money

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If a student decides to go to a college one or more hours away from home, a large part of their living expense is room and board.  Of course, there are the traditional dorm rooms and meal plans or off campus apartments.  But both of these options are rather expensive.  At my Alma mater, the University of Michigan, a dorm room and a meal plan can run a student anywhere from $8,370 for a triple to $12,530 for a single with a private bath.  A studio off campus can run $650 per month and a 3 bedroom apartment $1,500 a month.  Neither of the apartment options includes heat, electricity or food.

However, if a student is willing to take the non-traditional route, there are a few options available that will cost the student less out of pocket and ultimately reduce the amount of student loan debt they may have to acquire. [Read more…] about Alternative College Housing Options to Save Money

The High Price of Professional Degrees on Your Finances

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There was a time not so long ago when many parents wanted their children to become lawyers or doctors because of the prestige and high salaries those positions garnered.  We still often think of lawyers or doctors being wealthy, but behind the scenes, there can be a dramatically different story.  There can be a high price to a professional degree.  Read the following situations to see what I mean.

A Law School Drop Out

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