Last week I offered some tips about paying for college. And there were two I totally forgot. It involves students who want to go to college out-of-state and/or study abroad and get their degrees.
I know that there are some high school students who have their hearts set on going to a big-time college, in a warm climate, that has a great sports program, and they are going to have the time of their lives.
The problem is these schools often come with an out-of-state tuition bill that rivals elite private schools. I am talking potentially spending $50k or more at a PUBLIC university for out-of-state tuition, fees, room and board. That is a lot of money.
So what can someone do to mitigate the cost?
Become a resident of that state.
More and more students are taking gap years. They make take a year off after high school because they don’t know what they want to do with their lives. And that is ok. Hell, I am 44 and I don’t know if I want to teach forever (although I do love it). You shouldn’t know what you want to do for the rest of your life at 19. Things change. The key is to get knowledge and skills that can be applicable in a lot of areas.
But if you have your heart on that out-of-state university and don’t want to pay outrageous prices I would recommend that you move to that state and become resident.
Would this be hard for some 18/19 year olds? Sure it would. But so is college. So is living on your own.
If you really want to go to that out-of-state school I would strongly suggest that you move to that state, get a job, a couple of roommates and become a resident for the year or whatever and THEN go to that school. That is a MUCH better plan than spending an extra 20 thousand dollars per year for a student to go to an out-of-state university. And that student can most likely take an online class or two from a local community college or even back home that they could transfer to their new institution.
Going to College Abroad
But what if you are a parent that has a child who is a student of the world. You guys have spent some time abroad. They are comfortable with different cultures, races, religions, etc. Another option is to let your child go to college abroad.
There are a number of college programs that are offered in English in various European countries. And they can provide an education for FREE or at a greatly reduced cost.
Now this isn’t easy. Typically, those universities favor students who are from that country. But if your child has the grades and the maturity to earn a degree in Europe then this can be a great low-cost way to pay for school.
They will probably need money for room and board, spending money, etc, but that might be cheaper than sending them to a school in the United States.
Again, it isn’t for anyone, but it could be an option.