More on Money

One of the linked articles on that Kiplinger’s site is called “Smart Ways to Pay for College.” In it, editor Janet Bodnar outlines five strategies, and I have to say I was annoyed when I read them. Three of the five are completely unhelpful to us (through no fault of Bodnar or the magazine).

Number five suggests skipping a four-year degree. Sorry, not an option in our family. It's a must-do. Number two suggests starting in community college. Even my husband agrees that’s not what Emily should do. Those of you who know me know this was a hot household argument when Emily was in middle school. Brian and I both went to community college before transferring to a university. He has always been happy with his decision; I wish I’d done it differently. Now the argument is moot because Emily has made it very clear that she’s a great candidate for a university.

Suggestion number one warns against taking on a huge debt for a private education “when you can go to a good public university for less than half the cost.” First of all, this isn’t necessarily true in California. Once upon a time, San Diego students had the option of living at home and going to San Diego State. But that isn’t an option for many anymore. SDSU no longer gives priority to local students. It has become much more competitive. It seems to me they’ve gotten away from their original purpose. There is no local, affordable university for the average San Diego student, except for CSU San Marcos, and budget cuts are taking a toll there.

Bodnar cites the article on the “100 Best Values in Public Colleges.” UC’s are the only California schools on that list, and they are no longer half the cost of private schools. In fact, for middle-income families, you can get a better deal at some private or out-of-state schools (providing you can get in). I hate the idea that a UC might be inaccessible because of cost.

So this leaves two relevant suggestions: AP credits and private scholarships. Yep we’re on it. Some universities are changing their policies about AP credits, but it seems like the schools Emily is looking at mostly offer credit for AP scores of 3, 4, or 5. For scholarships, Emily registered on fastweb.com, which matches students to scholarship opportunities. I hear that thousands of dollars in scholarships go unclaimed every year because eligible students don’t take the time to apply. I can’t believe how much easier it is for students to gain access to these scholarships than it was before the Internet.

Next spring, when we know where Emily has been accepted, and how much assistance we can get, we’ll have to make those serious decisions about cost. I’d love to be able to tell her that she should do what she wants and we’ll make it work. She has worked hard, and deserves that. But I don’t know how realistic that is. Nothing to do now but wait and see.

Financial Aid

It's way too early to worry about FAFSA, but I found a great article in "Kiplinger's" on the pitfalls of the application. I've included the link here on the right under "Financial Aid." One thing I learned is that we need to get our taxes done as soon as possible in February as you need the information for the FAFSA application. Apparently the funds (not that we'll get anything except loans) are distributed first come, first served; and if you wait until April there won't be any left.

In the article are links to other interesting articles about college. One is a list of 100 public universities in the country that provide the best value (based on academic and cost factors). University of Washington is #7. UCSD is #11. Most of the UC's are in the top 70, but no CSU's made the list.

Did you know that UC covers your fees if the household income is under $70,000? I didn't know that. CSU doesn't do that, do they? That really makes the UC's a good value for low income families.