My son Jared will graduate in May from the University of Arkansas.
And he is going to graduate debt-free.
I am almost as proud of how he has handled his finances as I am that he is going to have his degree. Quite frankly, it is rare today that a student can finish college without any student loans, but Jared did. And he didn't have a full ride.
Here's how it happened:
First, while Jared wasn't at the top of his high school class, he did do well enough to at least get some help with scholarships.
Second, he applied for grants, and got some.
He completed some work in high school for college credit. Students can do this by taking dual credit classes or advanced placement (AP) classes. The opportunities may vary from one high school to the next, but the costs are reasonable.
He didn't care where the college credit came from. Jared was eligible to get his first two years of college credit tuition-free through a program in Arkansas. The A-Plus program in Missouri provides similar funds to Missouri high school graduates who meet certain requirements and it's definitely worth looking in to. (You can go to the JCPS web page or contact Karen Brickey to find out more details. Email her at [email protected]). In Jared's case, in the end, he got two years of college credit at a branch of Arkansas State University; then all of that credit transferred to the University of Arkansas.
Next, Jared handled his money judiciously. Remember the scholarship money he received? Well, he didn't need any of it during his first two years, so he banked it. And then, in his third year of college, he started using those funds, along with additional scholarships for which he was eligible.
In addition, Jared worked part time throughout his college experience and used it to help with expenses.
Jared also was fortunate in that he got some of the help from family. I had saved some for his higher education (but nothing close to the entire cost of college) and so did my parents. Jared didn't need that money until his final year.
So, do you have a child or a grandchild that you would like to finish college debt-free? It's a fairly simple recipe. The student must do his or her best with high school studies, work, save, apply for scholarships and grants, be frugal, and not be particular about where the college credit is earned.
Some students graduate from college owing $50,000, $60,000, $80,000, or more. I highly advise against amassing that kind of debt.
And I am so glad, that even though Jared isn't certain of his next move in the months ahead, that at least he won't have the burden of a student debt.
David Wilson, EdD, is the associate principal at Jefferson City High School. You may e-mail him at [email protected].