The leaves have fallen and the weather is colder; the excitement of holidays, family, and friends fills the air but this year the excitement is overshadowed by the grim economic news. In the local paper I even read an article containing hints to live frugally.
Frugal living isn’t cheap living. Frugal means to get the most out of your money, considering both price and quality. Cheap means to buy the cheapest no matter the quality. Ultimately, you need to decide the job that must be accomplished and the most cost effective way to achieve that goal.
Frugal also applies to college, not only choosing living accommodations wisely, using discount textbooks when possible, and comparative shopping for technology, but also picking the college itself. Overall cost is just a starting point. What you really want to consider is how much you will have to pay per year and how much debt both you and your student will have as a result of this decision.
What you really have to pay per year is the amount remaining on the bill after all the free money has been deducted. Free money is offered for merit (grades and test scores), talent (sports and arts), and need (grants). We have tried to help you determine if you may be eligible for free money.
What is left can be paid out of pocket or through loans. The following list of Virginia schools may help determine which schools leave the family covering the bulk of the cost through loans.
School Average Debt % with Debt
University of Mary Washington $12,665 60
College of William and Mary $15,602 32
Hampden-Sydney College $16,472 64
James Madison University $16,546 48
Washington and Lee University $16,784 31
University of Virginia $16,847 33
Virginia Union University $17,415 98
University of Richmond $19,214 41
Virginia Military Institute $19,981 50
Virginia Tech $20,209 53
Virginia Commonwealth University $20,468 64
Randolph-Macon College $22,725 66
Virginia State University $28,250 90
Do remember this data reflects tuition rates from 7 years ago and forward, these statistics were for college seniors graduating in 2007. Your loan amount will be different. Additionally, the cost of college has become so large, the Stafford Loan program has increased its loan limits as well. Loan limits for first year students are $5500, second year students are $6500, third year students and beyond $7500 per year if you qualify. If a four year degree is completed in four years with maximum Stafford loans, the student debt total would be $27,000.
As you choose your schools and fill out your applications, try to remember to be frugal in your choices. A Varina High School graduate came up with her own debt reduction strategy: loans for freshman and sophomore; year raise grades to earn scholarships to cover junior and senior year. And save the summer earnings.
