Dear Roadie,
I am flabbergasted at the cost of college today. My daughter is a stellar student, and the last thing I want to do is hold her back from attending a great school simply because we can’t afford it. She’s not looking for Ivies, but even our highly ranked state flagship college is pricey at almost $30,000 per year. We’ve been saving since she was born, but we have only about half of what we estimate she’ll need to graduate debt-free. I already work 40 hours per week, but should I take a second job for the next four years so she can focus on school and not have to take on debt?
— Willing to Work For it
Dear Willing to Work For It,
It sounds like you’ve been working for it for years, so the first thing you need to do is pat yourself on the back. Millions of parents have not saved enough for college to allow their children to attend debt-free, so please don’t feel like you are alone in this.
You mention that your child is a great student, so I’m assuming you’ve done the math and have reached the conclusion that even if she earns merit scholarships or other forms of financial aid, you will still be on the hook for half the cost. Running the net price calculator for the schools she’s hoping to attend can help you get a general idea of your Student Aid Index, which may be off by a little bit but still provide a fair overview so you can tame expectations.
Let’s assume you’ve checked all those boxes and still feel confident you’ll be off by half. That’s a considerable amount, even at a four-year, in-state college in the U.S. where the average cost is almost $30,000. A side gig may help fill the gap, but you may not cover the full amount unless you’re working a significant number of hours on evenings and weekends and you’re getting paid well to do it.
For example, let’s say you do 10 extra hours per week for four years straight (not an easy thing to do). To cover the $60,000 gap, you’d need to earn about $30 per hour. I’m not sure of your situation, but make sure you do the math to see where you stand.
It’s OK To Ask Students To Help Pay For School
Perhaps a better route might be to ask your student to have some skin in the game and work part-time while going to school. Given that you’ve already saved enough for half of her education, this would be a way for her to meet you in the middle. I understand you’d like her to stay focused on school, but many students successfully balance school and a part-time job.
You may still have to get a second job, but together you may be able to cover the full amount and the pressure won’t fall entirely on you. It would also teach your daughter a slew of life lessons that will serve her well into adulthood.
Keep in mind that if you already work full-time in a high-stress or demanding field, or if you work in customer service or the medical field where shifts are longer than the standard eight hours, you may exhaust yourself by adding a second job. This will not only impact you and your health but also your family, especially if you have younger children still living at home. You’ll have to weigh the price of that against the cost of helping your daughter graduate debt-free.
The good news is that remote side gigs are more popular than ever, so you may not have any trouble finding a second job that doesn’t even require you to leave home. From virtual customer service agents to virtual assistants, more opportunities exist today than ever before.
Give Scholarships A Chance
Have your daughter search for scholarships and other financial opportunities, as her degree depends on them. Sometimes, you have to light a fire for young adults to realize their potential. If she has great grades and unique attributes, there are scholarships out there that she may likely qualify for, but she has to search for them and apply. Every dollar she receives is one less dollar you—and her—have to work for.
Finally, remember that millions of students graduate from college with some debt. The key is to do the math so she has a realistic picture of what her expected loan payments will be relative to her earnings and expenses — and for how long. In the end, a mix of scholarships, part-time gigs, and loans may be the winning combination.
Just make sure she’s with you every step of the way on this financial part of the journey to college. It’s our job to provide for them and guide them to adulthood, but no one ever said parents must pay for college degrees, too.
Have a perplexing college question? Email Dear Roadie for advice at dearroadie@road2college.com
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