What card would you arrange financing to buy?

[raulus]

Originally Posted by Wanaselja

How does one pay for college without borrowing?

Four strategies that worked for me, my wife, and for our kids (so far - 2nd one is a freshman now):

1a) Attend a school with relatively affordable tuition. My kids and I both went to a private school, but the tuition was/is not a lot. I paid $1k per semester. My kids are paying $3k per semester. Inflation continues to raise the rates, but compared to places that charge $30k per semester, it's tough to beat the value. That may mean going to a state school or spending a few years at community college first. If all else fails, there's the military and the GI bill, which is how my father did it, after serving in Vietnam for 2 tours as a Marine Scout Sniper.

1b) Study hard and get good grades, and apply for academic scholarships. I got a full-tuition scholarship after my first semester, but had to continue to deliver to keep it. My son just received a full-tuition scholarship as well. My daughter, who just graduated, had a 25% tuition scholarship. Apply yourself, and you will find scholarships are available. At the same time, my wife didn't have one, so this one isn't as important as 1a, but it sure doesn't hurt.

2) Work while in school, including during summer breaks. Especially with current wages, most kids can make good money. My freshman son was making $20 per hour over the summer working in a box factory, 8 hours per day, enough to pay for his freshman year. It was hard work and required him to get up every day at 5am to get to the salt mines and put in his time. I made half that working jobs on campus, but every bit helps.

3) Live frugally. It's called a starving student for a reason. You want to drive a pimped out ride, live in fancy digs, eat at hipster restaurants and travel like a Kardashian on a private jet? When you're making 7 figures, sure. But until then, you're slumming it with a used Corolla, eating ramen and rice, and riding at the back of the plane with inconvenient connections at odd hours.

It can definitely be done. I've done it, and so have many others. But it requires effort, sacrifices and compromises, which seem to be in short supply these days.