Affording college mod 5

Saunders Learning Group, Newton, KS

Affording College Now Module Five: Make College Affordable

From the Author of “College Without Ramen Noodles”


5. MAKING COLLEGE AFFORDABLE

1.  Why College 2.  Cost of College 3.  Saving and Investing for college 4.  Financial Aid


10 Ways to Make College Affordable 1.  Consider Starting at a Community or Junior College 2.  Take Advanced Placement Courses 3.  Take College Courses While Still in High School 4.  Take Exams for College Credit. 5.  Take College Courses Online 6.  Finish Degree in three years 7.  Qualify for an Honors Programs 8.  Live at Home 9.  Get Relatives To Help 10.  Attend a Free College . . . Plus # 11 The G.I. Bill

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Even More Ways to Afford College •  Parents’ Savings From Current Expenses •  Tuition Installment Payments •  Bigger and Better Tax Breaks •  Attend a More Prestigious University •  Take More Credits Per Term •  Attend Both Summer and Winter Terms •  Find an Employer to Subsidize Your Education •  Working and Attending College •  Go for Paid Internships •  Six Reasons to Work Your Way Through College •  Get Your College to Pay for Your Education

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Stretching Your Dollars in College

•  10 Tips for Managing the Money You Have •  Six Ways to Save Money on Books •  10 Ways to Save on Food •  Nine Ways to Save on Computer Hardware and Software •  Seven Ways to Save on Off-Campus Apartment Living •  12 Ways to Save on College Shopping Trips •  Three Ways to Save on Transportation •  Six Ways to Save on Travel •  Seven Ways to Reduce the Cost of Keeping in

Touch •  Eight Ways to Make a Few Bucks

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Topics in the book: “College Without Ramen Noodles”.


Cutting Expenses

•  Changes that WON’T cramp your lifestyle: –  Use a grocery list –  Don’t shop when hungry –  Clip coupons and buy bulk foods –  Combine errands –  Bring lunch to work/school a few times a

week –  Leave credit cards at home

Estimated monthly savings: $75.00


Cutting Expenses

•  Changes that might cramp your lifestyle: –  Shop at thrift stores –  Use public transportation –  Eat out once a week –  Cancel cable/cell service –  Rent videos vs. going to the movies



Cutting Expenses

•  Changes that will cramp your lifestyle: –  Eat out once per month –  Use public transportation often –  Cancel cable TV, cell, Internet –  Visit the library vs. bookstore –  Share living costs with roommate or two –  Read books on ways to be thrifty



Non-Traditional Ways to Earn a Degree

•  Full-time Work and Accelerated Degree Programs •  Returning Degree Programs and Life Experience Credits •  Single Parents and College •  No parents to Help? College Is Still a Possibility •  Attend Online Classes •  Work in Public Service

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Topics in the book: “College Without Ramen Noodles”.


Alternatives to College

•  Go to Trade School •  Avoid Commercial Trade School •  Earn Certifications •  Get Experience as a Volunteer •  Military Service •  Start a Business

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Things to think about…

•  Education costs time and money •  The cost of education is increasing

over time •  Consider your spending habits •  Different methods of financing your

education have different total costs


Less time, less money Ask yourself…How long will it take to complete my degree?

Four (4) Year Plan 120 Units to obtain a degree

120 ÷ 4 yrs = 30 units/yr. 30 units ÷ 2 terms = 15 units/term

Semester Plan, 12 Units Based on 2 semesters per academic year

120 ÷ 12 units = 10 terms or 5 yrs.

$1531 X 8 $12,248

$1531 X 10

$15,310


Why not credit cards?

•  High interest rates •  Annual fees •  Late fees •  Over-credit limit fees •  Penalty rates •  Lost card replacement fees •  Currency conversion fees •  Low credit scores


GAO Report to Congress Table 1: Minimum Repayment Schedule on a $2,000Credit Card Loan at 19 PercentMonthly minimumpayment amount

Number of monthsto repay

Total interestpayment

$40 100 $1,994

$50 64 $1,193

$75 35 $619

$100 25 $424

Source: Credit Card Minimum Payment Interest Calculator, Daniel C. Peterson,www.webwinder.com

Interest savings between lowest/highest payment = $1,570; time saved = 75 months or 6.25 years!


Resources

•  Financial Planning –  www.edwise.org –  www.studentdebthelp.org

•  Credit Report Agencies –  Equifax (800) 685-1111 –  Experian (888) 397-3742 –  Trans Union (800) 888-4213


QUESTIONS?


Summary of Book

Book summary: College Without Ramen Noodles; A Guide to Affording College. This highly readable guide provides college students and their parents with dozens of ways to make college a reality. In fact, use enough of these tips, and you may keep college debt at zero. Author Floyd Saunders has spent the last 20 years helping his five kids get post-secondary education using many of the options highlighted in this book. Mr. Saunders even tells you some good reasons why you might be better off with an alternative to a college degree. Regardless of your circumstances, this book offers valuable information as you consider going to college

College Without Ramen Noodles A simple plan to Affording College By Floyd Saunders Available for all eBook readers

ISBN: 13: 978-0-9824019-2-7


Author Contact email: [email protected]

Blog: www/floydsaunders.com

Twitter @floydsaunders

Sideshare: http://www.slideshare.net/FloydSaunders

About the Author •  Floyd Saunders is a writer with an extensive

background in the financial services industry, having worked across the industry in retail, commercial, investment banking, insurance, tax preparation and financial planning.

•  He has taught personal financial courses for Baker University and has taught extensively for the American Institute of Banking. He has also taught at St. Mary’s College, Lake Tahoe Community College and Mt. Diablo College.

•  He is the author of: Figuring Out Wall Street, College Without Ramen Noodles, Banking on Mutual Funds and Annuities, Introduction to Securities Markets, Investing in Securities and Family Financial Freedom.

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Career

Affording college mod 5