Paying the Price to Pay for College

Without proper planning and ingenuity, the price could be higher than you or your child could have imagined.

"What do you want to be when you grow up?"

It used to be so simple. Unfortunately, some parents may be asking, "What do you want to be after you pay for college?" Without proper planning and ingenuity, the price could be higher than you or your child could have imagined.

That's exactly what happened to Stephanie. After graduation, she had a job at a non-profit organization, while she herself had accumulated over $90,000 of debt during college! Between student loans and living expenses, it seemed it was a hole she would not soon dig out of.

With college tuition at an all time high, college funding definitely takes more forethought than it used to. Stephanie chose to attend two out-of-state universities despite her parents’ limited funds. She also didn't apply for any scholarships or grants, but instead, funded both degrees with student loans. She admits:

"You don’t grasp that you’re going to be 23 and earning a modest income— while trying to pay back loans that total twice your salary."

Is all hope lost for Stephanie? Hardly, she came up with a plan to get out of her enormous college induced debt in just 3 years. How is she doing it?

"I couldn’t just cut costs to reach my goal. The next step was to figure out how to bring in extra income, in addition to my nine-to-five earnings."

So with some personal sacrifice and a few tricks, she is on her way. You can see her plan at: http://www.forbes.com/sites/learnvest/2013/01/15/how-i-paid-off-90000-in-debt-in-three-years/2/?ss=personalfinance

For help on avoiding Stephanie’s massive college debt, contact www.completecollegeplanningsolutions.com.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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