Affording a Catholic college for multiple children

[Paul71]

I am a father of four boys, ranging from 2nd grade to 9th grade. My wife and I feel strongly about sending our boys to one of the Catholic colleges recommended by the Newman Guide, if we can afford to do so. But as with most colleges these days, most of these Newman-recommended Catholic colleges are very expensive, especially when all costs are factored in (tuition, room & board, books, and any other miscellaneous expenses).

We have contributed to college savings accounts for our boys since they were born, though we have stopped in recent years because of increased expenses for housing and Catholic school tuition. Nevertheless, we have saved a substantial amount. My mother-in-law has also saved a substantial amount for our kids in college savings accounts. When I look at the total amount that we have saved, it is quite a lot. But when I compare it to the yearly cost of many of these colleges, I can imagine that savings disappearing very quickly.

We hope that we will get some financial help in the form of scholarships or other financial aid, but we don’t know how much, if any, we can realistically expect. Our income is high enough that I don’t think we can count on need-based tuition assistance, but not high enough that we can afford to pay the full tuition and other expenses on our own, without substantial help from our college savings or other sources.

Of course, it’s possible that our boys can work part-time (and full-time during the summer) during their college years, to help pay for their expenses, but there is a limit to how much they can realistically earn. There is also the option of student loans, but I don’t want to saddle our kids with debt as they begin their adult lives.

Basically, I am feeling frustrated, because sending our kids to a solid Catholic college is important to us, but I’m not sure that we will be able to afford to do it, at least not for all four of our boys, or not for four years for each of them.

I would like to hear from other parents who have faced the task of paying for college for multiple kids. If your kids are already in college, or have already finished college, how difficult was it to afford college? Did you find any creative ideas for financing tuition and other expenses? And did you find that the published rates for tuition and other expenses were an accurate reflection what you actually had to pay, or was the actual cost less (or more)? And if you have any tips to share about specific colleges on the Newman Guide college list, that would be much appreciated too.

 

[1ke]

Basically, I am feeling frustrated, because sending our kids to a solid Catholic college is important to us, but I’m not sure that we will be able to afford to do it, at least not for all four of our boys, or not for four years for each of them.

I think you’ve built up a lot of scenarios in your head, but are short on facts.

It is very common for students to get generous scholarship support at private universities. Our nephew is attending an expensive private, out of state school and his sister is at a state school. Yet their costs are not substantially different. He has a very generous scholarship bringing the cost down. There are 4 kids in their family, the younger two still at home. My brother and sister in law make good incomes but they are certainly not “wealthy”.

You don’t necessarily have to be low income to get good support at private universities, especially if you can merit an academic or some other scholarship. My nephew is minoring in music and it’s the music department that gave him the generous scholarship.

Next step: talk to the financial aid and admissions offices at the schools you’ve got on your short list and find out their cost of attendance, their financial aid and scholarships available and what students end up paying.

Especially since your oldest is only in 9th grade, find out what each university’s most well endowed scholarships are for and see if it’s a match for your child’s interests and abilities.

 

[DisorientingSneeze]

Did you find any creative ideas for financing tuition and other expenses?

Do you live somewhere with a significant livestock show and rodeo? The high school kids who raise animals in FFA of 4H programs often earn huge amounts towards college.

 

[Paul71]

I think you’ve built up a lot of scenarios in your head, but are short on facts.

You’re probably right. That’s why I’ve come here, to try to get some more facts from those who have actually gone through this process. Thank you for your reassuring and helpful post.

 

[Paul71]

Do you live somewhere with a significant livestock show and rodeo? The high school kids who raise animals in FFA of 4H programs often earn huge amounts towards college.

Where I went to high school, several of my classmates were very much involved with FFA and 4H, so I am a little bit familiar with those organizations. I don’t see my kids getting into raising livestock. (And it’s not something that I have any expertise in, so I wouldn’t be much help to them.) But I think that there is a local 4H chapter where we live, and I think they do more than just farm-related activities, so maybe that is something we should look into.

 

[DisorientingSneeze]

I don’t see my kids getting into raising livestock.

It sounds intimidating because we often think of cattle, but some people manage with a rabbit or two.

 

[Tis_Bearself]

In addition to the likelihood of significant financial aid (which would be necessary for virtually any college unless you have some very good in-state option close to your home), families used to handle this by getting the first child through college, then he was expected to go to work and help pay for the next child to go, and so on until all the children were through college, and of course each college-bound person would work part time as well.

 

[TheLittleLady]

Of course, it’s possible that our boys can work part-time (and full-time during the summer) during their college years, to help pay for their expenses

Your kids can also begin to work paying jobs in their teens, perhaps do odd jobs earlier (mow lawns, rake leaves, shovel show, walk dogs, etc in the neigborhood) and save that money. As teens they can work aftershool and on weekends/breaks toward their college fund.

Researching scholarships needs to be a major part of their lives from about 8th grade.

When the kids graduate, they can join the Military and earn money for college.

They can earn AP credits in high school, then use those at a local Community College for the first two years (while staying home, saving money with a job and earning more scholarships) then go to the fancy school for the last 2 years.

 

[Tis_Bearself]

I would add that loans are not always the worst thing in the world either, if the kid is studying something that is likely to result in a good-paying career and having the grades and motivation to obtain a good job upon graduation, and also having a backup plan for a second career path if the first one does not work out for some reason like an economic downturn.

The whole issue with student loans is that today’s students are racking up loans for undergraduate and graduate degrees from schools, and in majors, that are highly unlikely to result in a job paying well enough to cover the loan.

 

[signit]

And just a thought, since you’re looking for “creative ideas”:

I attended my master’s degree program on the “mother method”; that is, I lived “at home” with my mother who didn’t charge me for room and board. A little unusual perhaps, and the others probably laughed a little about me being a “mama’s boy,” but it saved an awful lot of money.

Don’t know if that’s feasible, since it seems that you want to “send” your boys away to a Catholic college, but it’s a thought.

 

[signit]

When the kids graduate, they can join the Military and earn money for college.

Oh, please, please, consider the military. It’s not for everyone, but please, at least consider it.

And not just for help paying for college, but for the advantages it provides in the civilian world.

 

[Zzyzx_Road]

Some private colleges may give a tuition discount to families that have more than one child enrolled at the same time. It’s worth asking about among other financial options.

Another option when supporting multiple children at a single college might be to get them their own apartment in lieu of on-campus housing. Run the numbers, maybe there are cost savings to be had there. For instance, a coworker bought a condominium in the city where her kids attended college. The condo could have sold at a profit, but she and her husband ultimately decided to keep it after the last child graduated and they are now renting it out for extra income. That does assume a fair amount of up front capital though.

One final bit of advice the schools won’t tell anyone: parents should not cosign their children’s student loans. If the student can’t pay it back, they’ll come after the cosigning parents as these loans cannot be discharged in bankruptcy on the part of any cosigner. This can make a real difference with respect to older parents having their own medical expenses that come in conflict with student loan repayments.

 

[TheLittleLady]

Also, do not rule out trade schools.

In the current economy, a skilled tradesperson has a better chance at a secure future income than a college grad.

 

[Cruciferi]

But as with most colleges these days, most of these Newman-recommended Catholic colleges are very expensive, especially when all costs are factored in (tuition, room & board, books, and any other miscellaneous expenses).

Yes, this is a big issue. I would’ve liked to attend Franciscan University of Steubenville but it was just too expensive. A friend of mine was able to attend Steubenville for 2 semesters before he had to transfer due to high tuition costs.

it’s possible that our boys can work part-time (and full-time during the summer) during their college years, to help pay for their expenses, but there is a limit to how much they can realistically earn.

I worked Part-Time during my entire College Education.

There is also the option of student loans, but I don’t want to saddle our kids with debt as they begin their adult lives.

It’s not ideal although it’s sometimes necessary. Three of my siblings have college debt. Thankfully, I was able to avoid that.

Basically, I am feeling frustrated, because sending our kids to a solid Catholic college is important to us,

Catholic Colleges are nice but a good State University will work too. I graduated from a well known Research University and the education was great. Most Universities also have Newman Centers.

I would like to hear from other parents who have faced the task of paying for college for multiple kids

I guess this is the big difference. My folks never paid for any of us kids to attend college. All 5 of us were allowed to decide where we wanted to attend college but we had to foot the bill.

 

[TC3033]

Also, do not rule out trade schools.

In the current economy, a skilled tradesperson has a better chance at a secure future income than a college grad.

Agreed, and if you go to 4-year a degree in engineering is worth every penny

Catholic Colleges are nice but a good State University will work too.

Full agreement.

I guess this is the big difference. My folks never paid for any of us kids to attend college. All 5 of us were allowed to decide where we wanted to attend college but we had to foot the bill.

Ditto. The GI Bill was also helpful.

 

[Paul71]

Catholic Colleges are nice but a good State University will work too. I graduated from a well known Research University and the education was great. Most Universities also have Newman Centers.

Simply in terms of educational value, I agree that in many subject areas a state university is probably going to be as good as, or even better than, a Catholic university. And of course I’m concerned about my kids getting a solid education. But I’m just as much concerned about other factors, like putting them in a good environment to discern their vocation during college, and minimizing their exposure to negative peer pressure. (My own experience attending a state school is that very bad behavior in the areas of alcohol, sex, profanity, and so on is the norm, not the exception. I’m sure that these problems exist at the Newman Guide colleges too, but I suspect and hope that they exist to a lesser extent.)

 

[Irishmom2]

I know you would like your children to attend Catholic colleges, but let me be the one to throw this out there. Your children may grow up and have other plans. Not all majors can be found at every college. They may want to apply somewhere not on the Newman list. Your child might decide at 18 that they have had enough Catholic school and want to go somewhere else. They may go in the military. (One of mine did.) They may decide they don’t want to go to college at all. Just some things to think about., but it is great that you are thinking ahead.

 

[TC3033]

My own experience attending a state school is that very bad behavior in the areas of alcohol, sex, profanity, and so on is the norm, not the exception. I’m sure that these problems exist at the Newman Guide colleges too, but I suspect and hope that they exist to a lesser extent.

As someone who went to a state school in a town that had a Catholic college as well I’m going to say that’s probably a no. They spent just as much time down at the bars as we did…when they could get there. Our advantage was we could walk downtown, they needed to take the shuttle. They actually were a “wet” campus so those that didn’t shuttle down just partied up there in the housing.

 

[Joe_5859]

In general, I think the cost of college is a lot like medical bills or buying clothes at Kohls—very few people actually pay the sticker price.

I agree that there are lots of scholarships out there, even for those who aren’t below the poverty line. You just have to do a little research.

I know Franciscan University has a commuter grant program. Students who graduate from one of the local high schools (or homeschool) and commute from home get 50% off tuition. I have known families that have relocated to Steubenville in order to take advantage of that. Obviously, that’s not something that most people can do, but it is an option. I just bring it up as an example of thinking outside the box.

 

[Paul71]

As someone who went to a state school in a town that had a Catholic college as well I’m going to say that’s probably a no. They spent just as much time down at the bars as we did…when they could get there. Our advantage was we could walk downtown, they needed to take the shuttle. They actually were a “wet” campus so those that didn’t shuttle down just partied up there in the housing.

May I ask which Catholic college it was, or would you rather not say?

Edit: If you’re willing to reply, it might be better if you reply to me by private message. And even if you prefer not to name the college, maybe you could at least tell me if the college was on the Newman Guide list or not?