Monday, October 11, 2010

Creative Tuition Fundraising Ideas - Part II

How to pay for an astrophysics degree?

Step 1, when child turns 15, go on welfare
Step 2, when child turns 17, apply for federal financial aid
Step 3, when child turns 18, child will receive numerous state and federal grants to pay for college.

But what if you'd rather work for a living?

Well, then it gets tricky.

If you earn enough to buy your own house, you probably earn too much to qualify for state and federal grants.

If you are extremely disciplined, you start a college fund for your child as soon as they are born and contribute $7,777 each year to that account if you'd like them to have the option of attending a private college. If you are content with a government-run school, you can save considerably less.

But what if you get sick and lose your job, but get well again before the child reaches college age? Or if your job sector contracts, you lose your job, you have to retrain in another field, and succeed in bringing your income levels up, but not your savings account balances?

Then it boils down to a line from an old Beatle's song "I get by with a little help from my friends."

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