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January 21, 2009


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In this day of huge debt numbers for school, its always nice to see ways people find to stay out of debt completely. I went to NC State, and many of the locals there had it figured out: Instead of parents saving tons of money or going into debt, their offer to help for college was to let their kid continue living at home through college, eating and sleeping there. Since UNC and NC State still only cost about $5K/year for instate students, the student could earn enough money with just a summer job to pay the tuition and fees and not have to work at all during the school year. Not everyone is lucky enough to live within a short driving distance of a great 4-year school, but using this same set-up with a community college for the first 2 years could get your kids half way there without any savings and/or debt.

I don't understand.

I thought it was mainly the high-brow blue bloods that go to places like Harvard and Princeton. These are the people typically labeled as "the rich".

So how on Earth do the children of these people qualify for financial aid?!

Much less grants and other non-repayables?


They don't just accept rich kids. They accept -smart- kids. There may or may not be a correlation between the two.

First off, GO HEELS! and sorry about dook the other night;)

Second, I would rather my children go to school and stay in the dorms and get the full college experience than commute from home. I went to a community college for the first year (plus summer school) and then went to a four year college. I paid for most of it by working my butt off at a fast food restaurant and getting an internship in my senior year and no help from my parents (I didn't want their help, even though they wanted to). While I graduated with less than $10K in debt, I feel I missed out on the experience of going to school. Plus by the time the kids are ready to go to college I'll have worked my tail off raising them; I want them GONE when they're 18! ;)

Ben - I think we are probably on the same page (with the value of the college experience, the desire to get my kids out of the house, and wanting Duke to lose), which is why I'm saving for my kids. I was talking about, for those that haven't prepared, a ton of debt is not the only way out. The kids I knew doing this only worked summers to pay the cheap tuition, so they had as much waking time on campus as anyone else (they didn't exactly run home after classes, and I remember one guy I was totally jealous of because he was bringing home cooked leftovers for lunch every day), so I don't think they missed out on near as much as you did having to work so much during the year.

Its just that I know quite few people that didn't miss out on any of "the college experience" at all, but are not exactly waxing poetic about it ten years later as they still have huge six-figure debt and small five figure income (though, admittingly, most of these are law school grads who discovered a JD is a ticket to huge income for only the top 10%, and the other 90% don't exactly get their loans forgiven).

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