Postponing! What, I thought you said I can go to college right now! You’re right I did say that, but I also said that some of my pathways are controversial. This post is really two different pathways with a common theme. The common theme is putting off attending a four year college or university until you are financially ready.
Pathway A:
Utilize your local community college. Many community colleges are accustomed to their students completing two years worth of coursework and then transferring to a four year institution. The advisors at these community colleges are great and important resources for learning about which classes are most likely to transfer to the institution you wish to attend. A plus side to attending a community college first is that if you complete the full two years you will earn an Associate’s degree before completing your Bachelor’s degree. This can be advantageous if you need to work while you attend school (more on that in a future post).
Most of the classes you will take at a community college are very similar to four year institution classes. You won’t be missing out on any knowledge and you will be finishing required courses that you had to take anyway.
Attending community colleges can also be useful if you didn’t get into your dream college. If you attend a community college which is local to your dream college or university, you can more easily position yourself for a transfer to your dream four year institution.
Community colleges are often far less expensive when it comes to tuition and fees compared to four year colleges and universities. For example the local community college where I live is approximately 25% of the tuition cost of the four year state university for the same number of credits. Over two years that is a tuition savings of about $12,000.00. Many community colleges have expanded their campus life so you won’t be wishing you went to the four year institution because of a lack of clubs, Greek fraternities and sororities, or sports.
Pathway B:
If you must have the traditional college experience the Postpone and Pause pathway can be used in a different way. Once you graduate high school put off college all together and work, work, work. You will need to have open minded parents who let you live at home and work as much as you possibly can (having more than one job may be a good idea) while not charging any rent (or a very low rent). It is also important that you save as much as you can. Working one full-time job and a part-time job at $7.25 an hour with no vacations can get you a gross income (what you make before taxes and cost of benefits like health insurance) of $22,620.00. If you put the vast majority of this money in savings after just a few years you will have enough money to pay for tuition for a four year institution.
There are several disadvantages to this plan. One is you will have a time gap in your education which makes adjusting to school more difficult. You have to be determined to go to college and finish. This plan also requires large amounts of discipline because you can’t go and spend the money you make…it must go to savings for your schooling (don’t waste the money and then be trapped in a limbo of working and never actually going to school). Some people also become tempted to never go to college because they become accustomed to making their own money…this mentality is a trap which will cost you many opportunities in life. Another disadvantage is that other people in your life may not be understanding or supportive of this decision. This is because they don’t want you to fall into the pitfalls previously mentioned.
If you want to postpone school and work for a couple years it is a good idea to come up with a contract with your parents. In it you should specify exactly how long you will be living at home rent free (start and end dates), how much money you get to keep for personal expenses (like going out with friends and clothing), your roles and responsibilities around the house, and how much, if any, rent you are required to pay your parents. A formal contract kept in a conspicuous place will help motivate you to achieve your goals and will assure your parents that you do not intend to live at home forever and never go to college.
Some people use a slight variation of Postponement which I call Pausing. This is where they work for a year and then attend school for a year, while others will go to school as long as possible and then leave for a few years only to return again once they have saved up more money. I did this at one point because my finances got out of control and I had to get things together again. Let me tell you it is not ideal to use postponement in this way, but if you are disciplined enough, it is a useful pathway to fall back on.
I recommend Pathway A all the time to people looking to save money on their higher education. Pathway B is not my overall favorite but it can be useful for students who don’t know what they want to go to school for or who get a raw deal on financial aid (this will be explained in greater detail later).
Tomorrow I will discuss your generous Uncle Sam. There is more than one path, even with the military.
