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Sep 06, 2016

What's New About Paying For College?

Back to school season so a good time to see what ink is being spilled about new “paying for college” trends:

  • Washington College (Maryland) has a scholarship to reward parents who save (Washington Post):

The program, dubbed the Saver’s Scholarship, will match up to $2,500 a year in funds families contribute from a 529 college savings plan or educational savings account established at least three years before enrollment. Families must submit documentation, such as an account statement, as proof. The scholarship is open to all students who remain enrolled full-time through the 2016-2017 academic year. It will be credited to students’ financial aid awards the following year, to allow the school to verify the use of funds from the account.

  • Most private student loans require a co-signer; parents or guardians should read this before co-signing on the dotted line (US News and World Report):

A parent or a relative co-signing on a loan is assuming an equal responsibility for paying the loan, lending experts say.”That’s the biggest thing. If the borrower can’t make the payments, then the co-signer’s credit score and credit history can have a really negative impact,” says Dash. “They’re on the hook if the borrower defaults and can’t make the payment on the loan.”

  • #1 surprise for parents and students when it comes to college costs…(Money)

“FEES. FEES. FEES. You’re not paying for the education. You’re paying for the ‘student activity fee,’ ‘transportation fee,’ ‘athletic fee’ (which doesn’t allow you to use the gym without additional money), ‘ID card fee,’ ‘student success fee.’ —Student, male

The University of North Carolina—Chapel Hill, similar to other schools in the UNC system, for example, will offer a tuition freeze to its incoming in-state freshmen this year because of a recent move by its state legislature. Incoming in-state students for the class of 2020 in the UNC system will now pay the 2016-2017 year tuition rate for the next four years without a price bump.

  • Why your students need to have the money conversation before they start considering colleges (ThinkAdvisor):

Sixty-two percent of children in the survey agreed with this statement: “I expect my parents to cover the cost of whatever college I want to go to.” In reality, 35% of parents said they would be able to pay for at least most of college costs, and just 12% said they would be able to pay the entire cost.

  • And how about some good news…a stranger is paying for 8 students college tuition (Good News Network):

Since he made his own fortunes through real estate, Dale Stoner has been able to cover every want or need his family has ever had – yet now that he’s in his old age and his kids are all grown up, he’s decided to give back to his community by paying for eight high school students’ college tuition.

Dale sat down with officials at University Prep in Victorville, California and found several names of hardworking teens that deserved the financial leg up.

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Our favorite Paying for College Activity? College Costs: Sticker Price vs. Net Price

 

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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