Word has come back from the two scholarship competitions attended thus far, and neither one came with a win. There was a lot of competition – all worthy, but disappointing results for DD1 none the less.
The FAFSA seems to think we’re rolling in cash and can pay oodles for college with money left over to burn. I don’t know where they’re coming up with that. Maybe if we sell our house and take three or four extra jobs each.
The colleges tell us on their reports (based on the FAFSA) that we can take out loans to pay for college. DD1 is also advised to take out $22,000 in loans for her education.
We’re talking about state university costs, not private schools.
DH and I have worked hard over the years to be financially responsible. Every debt we’ve had has been paid off early. We know the value of avoiding interest and in being debt free. We’re nearly finished with our mortgage. Again – we know the value of what we will have avoided paying.
We do not plan to be irresponsible and take on the equivalent of a brand new, first-time buyer amount mortgage so that our children can attend college. We would be paying it off while in retirement, or very close to it. We do not plan to borrow from our 401K. (Please don’t cripple your retirement savings that way.)
DD1 has worked hard and has a 4.5 GPA, with the International Baccalaureate degree on her horizon. If you have a child considering this route, think about it carefully. I really wish she’d gone the AP route. DH and I both tried to dissuade her in this pursuit. We might actually see her in the evening beyond the space of time needed to eat dinner if she weren’t doing IB. Also, I’m not seeing a whole lot of advantage gained by this route. AP classes will gain respect and college credits too.
What really twists my knickers is when I think about our tax dollars going to give a free ride to children of illegal immigrants. I am not against anyone receiving an education, I just have enough on my plate trying to figure out how we’ll meet the bloated educational costs for our own children. We can’t afford to send our own children, but we’re expected to be happy to supply the funds for someone else.
What we have not told our eldest yet is that if hefty scholarships are not earned, she may have to commute to a local university, to which she has not yet applied.