Victor Taylor
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Posted on March 28th, 2015.

The realities of the day suggest that a college degree – ain’t what it used to be.

This writer was fortunate to achieve a graduate degree without pausing for time off for work except, summer time.

Additionally, nearly 100% of my graduate business school costs were borrowed.

However, in my first year of working – I earned approximately 70% more than my entire college and graduate school borrowings.

Today, that same private college degree and MBA would likely end with the graduate owing a mountain of debt of perhaps three times the amount earned in the first year of work.

Well, if you’re not going to pay for college essentially from your earnings – how do you do it?

The best answer, of course, is to plan for it.

Some of the best options are scholarships, grants, savings (including, tax-exempt 529 plans), work-study, employers, and the US military.

Scholarships and grants are what they are (finite yet, plentiful). These monies have the opportunity to directly mitigate your costs. Obviously, an employer (including military) benefactor has its limitations. However, all may pursue personal savings for institutions of higher education.

‘529’ plans are a fantastic tool that allows you save a regularized sum of money (perhaps, $250 a month) by investing in something like stocks and bonds. Eighteen such years of savings will greatly assist your student’s education. All monies, when withdrawn for higher education may be drafted with the earnings being tax-free.

Within the savings categories do not fail to have your student participate in paying for their education. I worked on a study grant during the course of all my college and graduate school years.

All of those earnings were directly tendered to my college and university. I didn’t receive a dime. However, when I graduated there was about $15,000 that I didn’t owe.

Additionally, all the money I earned in the summer time (during that era about $2,000) was used for books, travel, etc. It’s crucial that your student make a substantial investment alongside your contributions.

Even now we have stashed away every dollar our granddaughter ever received (from godparents, tooth fairies, Santa – from everyone and everywhere).

Youth is often overrated so be careful not to waste time. Begin these plans, at latest, at birth.

College and even graduate school are great as long as one may attend without the burden of overwhelming debt after graduation.


Posted on June 11th, 2014.