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to work their way through college. Many
still do, at least in part. Almost all colleges
maintain lists of part-time job openings for
students. An especially good deal is for a
student to work directly for the college in
exchange for full or partial tuition relief.
In addition, most colleges sponsor
cooperative education programs in which
a student works part-time in a field related
to his education.
Not surprisingly, the U.S. government of-
fers the largest selection of cooperative
work/study programs. Depending on the
program, a student can work and study
simultaneously, work and study during
alternate semesters, or work only during
the summer months.
Finally, every student, regardless of his
or her age or income, can take a full-time
job directly after high school and attend
school at night. Most large corporations,
and surprising numbers of smaller firms as
well, offer full or partial tuition reimburse-
ment as an employment benefit. It is possi-
ble, for instance, to take a job as a typist
or receptionist at IBM and allow the cor-
poration to pay for one's bachelor's degree.
So far, so good. But what if a family
simply cannot qualify for any of the
scholarship, grant, or loan programs?
There are still ways to save money on col-
lege; and as with most other endeavors, the
more money you have to start with, the
more you can save.
Most colleges, for example, offer benefits
to parents willing or able to prepay all four
years' tuition at the beginning of the fresh-
man year. Johns Hopkins University gua-
rantees such parents that tuition will not
increase during their child's undergraduate
program. If tuition costs continue to rise
as fast as they have over the past 15 years,
this can result in a savings of several thou-
sand dollars to parents able to make the
Wayne State University has a program
for prepayment but cannot guarantee tui-
tion won't increase. Also, the state last year
initiated the Michigan Educational Trust
(MET), which permits 100 percent prepay-
ment of tuition at either two- or four-year
schools, or a combination of both.
Some resourceful parents have opted out
of university-sponsored housing and meals
and instead bought a condominium or
townhouse for the student. The child then
shares the house with several roommates,
whose rent helps to cover the mortgage
payments. Then, when the student grad-
uates, the parents sell the house and realize
a profit sufficient to recoup part of the
preceding four years' tuition expenses.
For children attending public univer-
sities as out-of-state students, there is
another benefit: in many cases, property
ownership will qualify the student's
parents for in-state status and a substan-
tially lower tuition.
Several authorities recommend "bun-
ching" children whenever possible. Essen-
tially, this involves sending as many of
one's children as possible to college at the
same time. That's not as illogical as it
sounds, since the financial aid guidelines
look only at income and expenses, not at
the number of children in college.
Suppose, for example, a family with an
income of $45,000 has one child about to
enter college and another child two years
younger. If the older child goes to college
two years before his younger sibling, the
parents could face an obligation of $5,000
a year for the first child and $5,000 a year
for the second one as well. If both children
attend college simultaneously, the required
family contribution remains at $5,000 a
year, or $2,500 per child. Each child then
becomes eligible for more financial aid, and
the parents have to pay that cash out for
a shorter period of time.
Still, for middle-class families, it's not as
easy as it sounds, and anyone in that cate-
gory who thinks he can send his child to
college without making substantial sacri-
fices is kidding himself. A good college
education can easily cost more than a
house, and it can't be paid off over 30 years.
Families with more than one child to
educate may find their assets substantial-
ly depleted and they and their children
heavily in debt by the time the latter
emerge from college, graduate, or pro-
fessional school. The time to start plann-
ing a child's education is when the baby
leaves the delivery room, and even then,
nothing is guaranteed. ❑
'CONGRATULATIONS ON YOUR GRADUATIONS
DR. SCOTT ERIC RAUB
FROM SOUTHEASTERN UNIVERSITY OF THE
HEALTH SCIENCES COLLEGE OF OSTEO-
PATHIC MEDICINE — NORTH MIAMI, FL
LEZLEE MICHELE RAUB
FROM MICHIGAN STATE UNIVERSITY —
SCHOOL OF HUMAN ECOLOGY WITH A B.A.
DEGREE IN INTERIOR DESIGN
YOU HAVE REWARDED US WITH OVER-
WHELMING PRIDE ON YOUR AC-
COMPLISHMENTS. WE LOVE YOU BOTH.
SANDY, RODNEY, DARRYL, KERRI
SYLVETTE, BLANCHE & HONEYp
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