<p>The Applywise and Next Step Magazine Survey asked families what Plan B was in this new reality. The 2500 respondents broke their plans down as follows:</p>
<p>Apply for need-based scholarships (67 percent).</p>
<p>Require child to work while attending college (62 percent)</p>
<p>Plan to get more student loans, including government loans (53 percent)</p>
<p>Send a stay-at-home parent back to work (30 percent)</p>
<p>Plan to take out a home equity loan (27 percent)</p>
<p>Plan to liquidate a retirement fund (11 percent)</p>
<p>Borrow from a relative (8 percent)</p>
<p>Sell a home or other real estate (7 percent</p>
<p>Wow, 11 percent plan to liquidate a retirement plan?!!!
Number one rule - people will lend your kid money to pay for school, nobody is going to lend an 80 year old money to pay their bills…</p>
<p>This plan wouldn’t work for someone who is already at a university, but we have discussed the “worst case scenario” with our high school senior D. She was worried with all of the talk about the economic meltdown and a bad recession that she wouldn’t be able to attend a 4 year college right out of high school. </p>
<p>We told her that we had the cash on hand to pay for College X, her safety, so she shouldn’t worry–she’ll be off to college next year. But if something bad were to happen, like her dad losing his job–we might need her to go to College X. She was OK with that.</p>
<p>So Plan B for us would be to restrict college choice to one more affordable.</p>
:eek: Can you say “waste of money scam?” Whoever wrote this blog is disseminating poor information. Do you think the author gets a kickback? Pay someone to help you fill out the FAFSA and/or Profile. Puleeeeese!</p>
<p>No one needs to pay someone that much to do FAFSA paperwork. There are several online and book guides that will explain the form details in plain English.</p>
<p>I did not see this option on this list: attend a community college for two years.
This is a great way to save a ton of money. </p>
<p>I don’t know if this is true at all community colleges, but the community college my daughter attends has articulation agreements with a long list of colleges. </p>
<p>Her plan is to get her two year degree and then transfer to a four year school. This four year school has an articulation agreement with the community college and based on that agreement, my daughter is guaranteed a spot at this school when she graduates. Aside from the kids who get free rides, this may be the cheapest way to get a four year degree.</p>
<p>And by going this route, we don’t need to: </p>
<p>Apply for need-based scholarships - which we would not get anyway</p>
<p>Require child to work while attending college - our daughter does just for spending money</p>
<p>Plan to get more student loans, including government loans - Gotta love NO loans</p>
<p>Send a stay-at-home parent back to work - I have younger children at home to still care for.</p>
<p>Plan to take out a home equity loan - NO way</p>
<p>Plan to liquidate a retirement fund - ABSOLuTELY No way</p>