With all the current financial advice about how to save a few dollars on gasoline, trim your grocery bill, and shave your home heating expenses, here's a way to save substantially. $100,000 substantially. Summer is
here, which means many families are touring colleges with their high school student. Junior year is a big year for college planning, and high schools encourage several campus tours. This is wise, because what seems like a good fit in a brochure can look different in person. Tuitions vary, too.
I recently had a conversation with my physician, whose son is a high school sophomore and wants to eventually attend a college away from home, to gain independence, to be on his own. She was curious about the choices my two college-age children made. My response drew a raised eyebrow. Typically, living on-campus at an average college today can run in the neighborhood of $40,000 a year. $160,000 for four years. That's not counting travel expenses, books, etc. If you have two children, you realistically might be facing a $320,000 tab.
But not necessarily. My physician, an educated, savvy woman, seemed surprised when I told her our family's choices. Both my children attend our State university, pursuing their Master's degrees. Both children decided to live at home rather than in the college dormitory. They commute daily, car-pooling when their schedules allow. Tuition for state-resident commuter students at their college is approximately $9,000. A year. Not a semester. We're talking $4,500 a semester.
With a few small scholarships, a student can complete a solid education nearly tuition-free, with no debt. My children will enter the working world, with their Master's degrees, $160,000 to $200,000 ahead of many of their peers. My doctor paused, processing this information. She asked if there was any significant difference in the education between a state university and a private college, and after a second, answered herself. "No, I suppose there wouldn't be." Generally, I don't see one. Not a $30,000-a-year difference. English is English. Chemistry is chemistry. Of course, there are exceptions, but you get the picture. You might counter then that students have an opportunity to grow up living away on campus. I argue that living at home promotes independence as well. Both my children work part-time jobs to support the automobiles necessary for their commute. They pay their own car expenses: gas, oil changes, taxes, registration. They cook. They clean. They effectively manage being on campus daily with the smooth running of a household and the regimen of studying. They're growing up just fine.
So when you plan your college tours in these tough economic times, be realistic. Be wise. Plan an education and teach frugal life lessons. At the very least, don't discount state universities on your college tour itineraries. In four years, your educated, debt-free, financially proficient children, as well as your own bank account, will thank you.
Joanne DeMaio is a Connecticut writer with freelance credits that include The Hartford Courant and local publications. Her memoir essays have appeared in literary journals while her fiction explores the concept of identity woven into family and friendships. Joanne maintains Whole Latte Life, a blog about living a choice life, at www.joannedemaio.blogspot.com.
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