NO Student Loans for our Teenagers

We feel it’s so important for Logan and Seth to start their lives after college with no Student Loans and No Car loans. No Debt at all. We are helping them out by giving them each a used car and they can live at home rent free until they are done with school. But they will need to pay for their college tuition, books and misc. charges. Having NO Student Loans is one of our Mills Way to Financial Freedom rules that we stress to the boys. We want them to grow into successful Adults and give us grandkids to play with someday. Way down the road. LOL

Seven Top things we are trying to do for Logan and Seth so they don’t have any Student Loans they owe on after they are done with college. They are;

  1. We have the boys save 25% of any money they make or any cash gifts they receive and invest it in a UTMA brokerage account we have set up at Fidelity Investments. We let them pick the stocks they invested in. At age 18 they can transfer the money to their own regular brokerage account or use the money for any college expenses they have. They don’t have a lot of money in it yet but we hope they are learning a little about investing and saving 25% of their earnings. A great thing for them to do for life if they will continue after college.
  2. Both boys worked at the Junior High Cafeteria and High School Cafeteria. They are able to start making money in Junior High School once they turn age 14. It is a good starter job and some extra money towards college. They learn responsibility and get to see taxes taken out and experience filing a tax return at the end of each year.
  3. We have both boys do the High School Volunteer Service Award program. It will help teach them about giving back with their time to the community. Also, it can help them get College Scholarships.
  4.  Both boys will have a part-time job to earn money for college. Also more life lessons and possibly get them to work harder in their studies so they don’t have to do so much physical work in the future and make more money than they could if they didn’t go to college.
  5. Both boys will go to Mesa Community College. They can even possibly go there free if they have a 3.25 grade point average in High School. Logan is close. His 9th and 10th grade years put him behind the eight ball. He is doing pretty good since. While at MCC they can live at home which will save them $4,932 a year or $9,864 for two years not factoring in inflation. This is at 2019 rates. They will have to pay the tuition of $1,862 a year and books and misc. costs of roughly $1464 a year for a total cost to them of $3,526 per year or $7,052 for their AA degree if they complete it in two years. Another benefit of going to MCC is Credits will transfer 100% to State Schools. Also, they will save money towards food and laundry by living at home.
  6. After MCC then to go on to Arizona State University to get their BA or BS degrees and maybe even a Masters or Doctors degree. They can live at home while in college. Room and Board as of 2019 is around $12,209 a year so that would save them $24,418 in two years by living at home besides saving money on food and laundry. So a total over the four years would be $34,283. They would need to save up to pay for Tuition of $10,104 as of 2019 and Books and Supplies of $1,125 plus estimated misc. fees of $688 a year or a total of two years $23,834. Four-year total with MCC and ASU for a total of $30,886. This isn’t taking in Inflation of course so depending on how old your kids are you may want to factor in inflation. I like to use 2.5% inflation but some like to use 5% inflation. Bottom line these are just rough numbers.
  7. College Scholarships. Starting at the end of their Junior year in High School we hope they fill out College Scholarships with a goal of filling out five a week. I know I am dreaming since Logan is already in his third year of his Senior year and has filled out zero. Guess he is going to have to work a lot of hours to pay for his schooling. Have you had any luck having your kids fill out Scholarship applications? If so how did you do it? What’s the secret?

“Most students can expect to receive $5,000 to $10,000 in scholarships, but that varies widely based on the cost of attendance at the college and how hard the student works on the application process”. By  I like the last line what they said by how hard the student works on the application process. The Miracle question is how to motive your teenager to fill out many scholarship applications. We haven’t had any luck yet.

Forbes 2/25/19 had an article saying that the Student Loan Debt as of 2019 is at 1.5 Trillion dollars.

As of 2019, more than 42 million student loan borrowers have student loan debt of $100,000 or less.

More than 2.5 million student loan borrowers have student loan debt greater than $100,000, with 610,000 of that total holding student loan debt greater than $200,000.

The largest concentration of student loan debt is $10,000 – $25,000, which accounts for 12.3 million student loan borrowers.

Arizona has the lowest average student loan debt at $23,967. Highest state is Connecticut at $38,510 and the lowest is Utah at $18,838.

I couldn’t imagine the challenge the boys would have to face if they had even the average Arizona Student debt of $23,967 then having to pay for a car if they needed one. Then having money to put down on a house or deposits on an Apartment and Utilities. Then after the basic bills of Rent or Mortgage Payments to Car payments to Student loan payments will they have any money left over for living expenses such as food, clothes and more? That is why we are stressing to both boys we don’t want them to take out any Student Loans and to be Debt Free when they are done with college.

We also hope they will stay debt free their whole lives. Living Debt Free is such a good feeling. I do always stress that you should consult with a professional to see what they feel you should do with your own situation. This is just what we are doing for our boys.

I know everyone has different opinions on this subject. Some people paid for everything, some paid some, some paid nothing when they where in college. Some feel parents should pay and some feel kids should pay. I don’t know of any magic machine that says what the right thing is to do. It is all up to us parents. Fun times. We all love our kids and want to do everything for them but does that sometimes hurt them?

Here is two positive quotes I like; “There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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Thanks and Have a great day!

Bruce Mills

Sources and Resources from Podcast  (Available in Show Notes)

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