In Part 1 of this two part series, answers to the following questions were discussed:Kind man

  1. How can I pay for college?
  2. How to pay for college without loans?

In Part 2 of this series, the following questions will be addressed:


  1.  How to pay for college without going broke?
  2. How to pay for college without financial aid?

How to pay for college without going broke?

One of the best ways to achieve a significant savings is to work with your college bound student and do an accurate assessment of their skills and interests. The reason for this is, the average student takes 5.8 years to graduate. The most probable reason is due to changing majors or changing schools due to the fact that the school didn’t match well with your student’s interests and/or skills. Almost 2 extra years at $20,000 to $60,000 per year doesn’t help anyone’s pocketbook, even the wealthy or high income family.

A second item to consider is the fact that the college or university business is big business. Most colleges and universities are trying to get your student to come to their institution for the least amount of financial aid they can offer. Most parents accept the first financial aid offer they are presented. Knowing how to position your financial situation as well as your student to the college or university is almost an art form and usually takes a professional to assist with securing the greatest amount of financial aid possible, thus reducing the tremendous costs of a college education.

A third item to consider is how to ethically and legally position your financial situation in order to reduce the estimated family contribution. This is not a simple process since there are around 100 factors that go into this calculation. Therefore, seek professional help, someone who has been around the block numerous times.

How to pay for college without financial aid?

Many families do exactly that, pay for it with out of pocket money. Not too many can do that unless you don’t consider student loans as financial aid. As we all know, student loans are a significant burden to hundreds of thousandsiStock_000070828417_Small of current and former college students. This type of financial aid should also be researched completely to understand the payment schedules and the need for co-signers. This is particularly important since wages and salaries are not keeping up with the increasing college education loan payments due during or on the back end of the education. So if you don’t consider loans as part of financial aid then many students pay for college without financial aid.

If you do consider student loans as financial aid, then a very small percentage of college students’ families have the means to pay for college out of their checkbook. We always hear about the full ride scholarships, but that represents a small fraction of the college student population. Looking for available specialty scholarships requires an enormous amount of time and you end up wasting a lot of time needlessly.

As you can tell, there are numerous moving parts to getting your out of pocket college expenses to a minimum. What is really difficult, if not impossible to determine, is if you have over paid for your child’s college education. Expert assistance is available and affordable to reduce your out of pocket expense if you know the tricks of the trade.

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