Why did you decide to register on the [Parent Answer] site?
We were looking for scholarship money, or financial aid of any kind. We did end up taking out a Sallie Mae Parent PLUS Loan, and actually we borrowed enough probably to cover tuition. And then she had scholarships and she worked, and had her savings to pay for room and board, books and gas.
How has winning the sweepstakes impacted your family in covering the cost of school?
This is a major event in our family. This will cover the cost of probably two thirds of a year for her. She received scholarships last year, but they were not renewable, so this year it was all on us. We’re at an income level where we do not get financial aid, so this was a huge benefit
to us.
Is there anything in particular for your student that you plan to put the money toward?
We just paid tuition for her first semester; we'’ll use the money to pay for that. She’s not planning to study abroad this year, but maybe next year she’ll want to, and any money left over could go to pay for that experience.
What has your paying-for-college plan been prior to winning the scholarship?
We do have educational IRAs for both of our girls — every little bit helps. Their grandparents contribute to those plans for birthdays and holidays. Actually, when Laura was born I started buying savings bonds, because that's what you did back then. We were very surprised at how much [the cost of education] has gone up — it was a shock. When I was going to school $10,000 would have covered all four years. Her cost of books is near what I paid in tuition for myself. Laura sold her books back at the end of her freshman year and put the money into savings. She also works during the school year to help save money for other expenses.
Did your child search for free money or receive any other scholarships?
I did most of the online looking. But the scholarships she earned in high school for her first year, she did all that. Anything else, I did online searches for. This is a small town, and they have a good number of local scholarships. Most of the service organizations in town give out scholarships. She also earned a National Honor Society scholarship, but all these were nonrenewable so this was really helpful.
How difficult has it been to save and/or pay for college?
It’s pretty hard. When you fill out that FAFSA form and it comes back and says you’re not eligible, it’s like, "Okay, is it going to be enough?" It’s more than what we thought it was going to be, but we’re doing okay. We know the importance of getting that higher education, so it’s just something that you have to work through.
How has Sallie Mae helped guide you through the paying for college process?
The process of getting a loan online with Sallie Mae was very easy, and went very well. I get an email with the statement every month. It’s very easy to use. I believe I did call, and ask questions at first when we were doing all the paperwork, and they were very helpful. It’s been a good resource.
What might you do differently next time you plan for college?
I will start looking for scholarships earlier and be more persistent in our searches. Laura was into so many things, she got almost $4,000 in local scholarships, but because of her involvement in those activities, she just didn’t have the time to search for scholarships — maybe I should have had her search over the summer. With [Laura’s younger sister], I’ll have her do more of that.
What three tips would you pass on to parents with college-bound students?
- Start early with savings, like a 529 plan.
- Don’t be afraid to take out a loan.
- Be persistent in your search for scholarships.