Hello all! I am 16 years old and a junior in high school with a part time job (working 15-20 hours a week) and plan on going to college. I’m not sure what I want to do yet, but most importantly I need to figure out how to pay for it.
My parents did not save any money for my college, but my grandparents put 1,000 dollars in a 529 when I was just a couple months old back in good ol 2010. That money has grown to around $3,650. This is the only money I currently have saved for college.
I have $1500 dollars in my general savings account, and I’m not really saving up for anything in specific it’s just been accumulating for a couple of years.
My school district offers free college classes though high school, and I’m planning on graduating with 19 credits and going to community college for 3 semesters after and than transferring to an in state college for the rest of my degree. Like I said though, not sure what I want to do.
My parents said they might be able to pay for my 3 semesters of community college for me, which is absolutely amazing and I’m so thankful for that.
I also pay $200 towards a car payment each month (minimum payment) and some extra to get it paid off faster.
Anyway, that’s the relevant info I can think of off the top of my head. What should I do to save for college? Any ideas? Thank you!
16 years old with minimal saved for college – what should I do?
byu/jackcopen inpersonalfinance
Posted by jackcopen
26 Comments
Start applying for scholarships. There are so many out there!
It’s good that you are thinking about this now. Make sure to do your FAFSA and get as much aid as you can. However, anything else you’ll have to take out student loans.
I think you are doing the right thing by starting with CC and then transferring to state college. Shouldn’t be too expensive.
Likely are going to need to take out loans. Its not the worst thing if you keep it manageable (like it should be under your plan). Avoid other debt and after college, pay it off as quickly as you can (key is a cheap living situation, either at your parents house or with roommates)
How are your grades? If they’re solid many colleges will give a Dean’s scholarship for above a 3.5 GPA. It won’t be a full ride but a decent chunk.
Look into to scholarships offered at your school/through your community. Apply to all of them. Your guidance counselor can help you with this.
Apply for federal financial aid (FASFA).
You’re on the right track. And you have a good head on your shoulders. You will be just fine… I can tell.
Apply for all scholarships you can, even if you don’t think you qualify. Check with your guidance office to see what is available. Many civic organizations (elks, masons, etc) have them available. And I can say very few, if any, students apply to some of them.
Scholarships and work study. ….. if work study is still a thing.
Keep working while you go to school. Your future self will thank you immensely. Keep living at home as long as you can to pay down your loans once you’re graduated.
Just reiterating the points here. I had no money from my family when I hit college age. I went to community college, and they had something called presidential scholarship. Which helped pay for classes. So if you have a CC in mind check the scholarships of that specific school. If you end up getting good scholarships to cover tuition, apply for more anyways – the extra money for books, or savings is hugely beneficial. Don’t feel pressured to sign up for a full roster if you don’t have the money for it. I also enrolled into Fafsa, although that is dependent on your parents income and I know many people do not end up qualifying for it if their parents are above margin. Still, it’s so worth it if you do qualify. Continue keeping your good grades in HS of course 🙂 and also if college gets too expensive or creates too much financial constraint it is totally okay to take a semester off , focus on working / saving . You are already ahead of the curve if you graduate with 19 college credits. If you can stay living at home that is HUGELY beneficial but I genuinely think you will be fine and can do it :). I went to CC, and make quite a lot of money now , so it is possible to grow your education and career, but your path may just look different. I wish you the best of luck !!
There’s all kinds of scholarships out there, from the traditional ones offered by the schools themselves to places like my local small town phone coop which has one for children of members.
Some jobs have tuition reimbursement programs.
Pell Grants are distributed like a government student loan, but you don’t have to pay it back.
I’d also look into employment opportunities at the college itself – sometimes they have benefits like being the RA in a dorm means you don’t have to pay for the dorm room.
IMO all of these avenues should be explored before you get loans, paying them back can be brutal
I did college on my own.
I applied for fasfa and the work program.
I applied to scholarships – get creative and do them early.
Talk to a counselor/scheduler/admissions at the college you want to go to and they may be able to discuss payment options/scholarships available to you.
I worked part-time while in college and only took classes as I could afford them. It will take longer going at your own pace (I recommend this for several reasons) but scholarships and loans have requirements you have to meet and maintain to keep them.
Read the fine print. Ask the questions and don’t sign anything you don’t 1000% understand. It’s okay to change your mind.
Best of luck to you!
Check with the community college you plan to attend. Some offer tuition discounts. My oldest teen is graduating high school soon and we just discovered the CC he wants to go to provides FREE tuition for 2 years.
Community College , scholarships, work study maybe ROTC depending on what you want to do .
At 16, it sounds like you have a very good plan. Many people have nothing saved and no family support, so, you’re already ahead in the game.
Take as many classes through your school and take AP courses too.
Sometimes community college classes don’t always transfer to other schools. Depending on your parent’s income, your grades, and the state you live in, you might get scholarships/grants or significant discounts going directly to a state college or university in your home state (it might also allow community college credits transfer more easily). Taking on a little debt isn’t the end of the world and your financial aid is based on your family’s income.
If you’re close to Boston, look at Harvard Extension School. They have associates and bachelors degrees, and after the first 3 classes at a grade B or better average, you can get largely free financial aid if you’re an admitted student. Most people just take classes there without applying for a degree. Those people over the years have funded their degree program students. If your grades are good, you will have access to internships on campus at Harvard and can gain special student status to take classes with the Harvard College undergrads.
https://extension.harvard.edu/registration-admissions/get-started/?hsa_acc=5825371568&hsa_cam=22644533734&hsa_grp=180616376876&hsa_ad=756399317983&hsa_src=g&hsa_tgt=kwd-398810138284&hsa_kw=harvard+extension+admission&hsa_mt=e&hsa_net=adwords&hsa_ver=3&gad_source=1&gad_campaignid=22644533734&gbraid=0AAAAADwdhRac1kP2kFA-0k3_n6Py9tLXS&gclid=CjwKCAjwqazPBhALEiwAOuXqdLGppclDUlpBasQC1hB5lOwhveXvEcp3cBYIJatITz7fb4ystvL_shoCougQAvD_BwE&utm_term=harvard%20extension%20admission&utm_campaign=%5BEXT%5D%5BSEARCH%5D%5BBRAND%5D%5BCORE%5D%5BUSA%5D%5BADMISSIONS+%26+REGISTRATION%5D&utm_source=adwords&utm_medium=ppc
This mentality is going to serve you incredibly well in the future. Nice work!
try dual credit courses while still in high school or clep test to try and earn credit. the more you get done before actually starting can save you a lot of money.
Work through college. My kids worked through college at jobs earnings well above minimum wage.
Work multiple jobs during the summer.
My kids borrowed very little by working so much.
Get good grades and scholarships!
Depends on your state.
Many states have inexpensive community colleges and you can live at home and commute. After two years with decent grades you can transfer credits to you state university,
In New York tuition is free at their SUNY system if household income is less than $125,000 – your state might have equivalent programs
In California you are guaranteed admission to of the UC universities after two years of credits with decent grades at one of the community colleges. It is the best way to go through college with minimal expenses.
This is not what you asked, but I’ll offer the advice: Just because a school will accept in state class credits doesn’t mean you’ll be able to actually use all of your credits. It depends on what major field of study you engage in. You’ll likely be able to use *most* of your credits, but different colleges within a university can have higher standards and might not accept certain credits. Not a huge deal, but something to be aware of.
My only other advice is to pursue a degree in a field of study that has a good value in the marketplace. In other words, get a degree that will help you earn good money. Get a degree that will pay for itself. However you also have to pursue something that you think will provide work that you can tolerate or even enjoy. However I will also add that many people start on one career path and end up doing something totally different at some point.
if your parents are low income you might get financial aid. Also going to a state school and living at home while working part time could help.
You sound like an incredibly mature and smart 16yo! Every school has a different formula for how they award aid to students. There is *financial* aid, which is based on family income and assets and then there is *merit* aid, which is awarded based on achievement. Some schools only offer financial aid (and each school has a different formula for how they calculate your family’s need) and some schools focus more on giving out merit aid. Every school has something called a “net price calculator” on their website where you can get an idea of what it might cost to go there. You will need some financial info from your parents to fill these out, so if they aren’t comfortable giving you that info, you should see if they’ll complete the anonymous form out on your behalf. Community college may absolutely be the way to go! Another great resource is the “paying for college 101” group on Facebook.
Believe it or not, and I won’t fault you if it’s no small comfort, but your situation is better than most. The best option is to first find the cheapest overall route, then accept it’s best to try to work your way through while part time, and also put a lot of effort into applying for scholarships. Community college and live at home for a couple years is 100% worth it
Scholarships, apply for all of them even of you think you don’t qualify. Just apply. FAFSA. There’s always loans for state
I have a 15 year old Jr. I want you to start applying for every scholarship you can. I also want to fully understand student loans, I want you to understand interest rates, how much you are allowed to take out ETC.
The other things you can do is work to get a high score on the ACT and SAT
Is your savings in a regular savings account? Look into CD’s and/or a youth money market account, you could increase interest earned (not a lot, but something!).
Make sure to apply for FAFSA the fall of senior year (usually opens in Oct). Apply to all schools you are interested in (can list up to 20 on FAFSA). Private schools can sometimes give more aid but varies. So make sure to see aid packages before deciding. We have a month where most application fees are waived (Oct), so it is free to apply for admission.
Living at home and community college is a good option but check out all options. Near me, this works well but often adds completion time (so 4.5-5 years of school instead of 4).
College courses while in high school can really help lower costs (as long as they transfer).
Also look into apprenticeships – not all are in the trades! We have one near us that you can earn an associates in robotics and and they pay for schooling and hourly wage (for working and while in school).
Spend time applying for scholarships. Check if they are newable.
Look for an AmeriCorps program, you get paid and an education stipend.
Avoid private loans if possible. Government loans are ok and likely needed.