In Depth with Dan: Examining the cost of college
LISTENING TO MUSIC?
>> YOU HAVE NO IDEA HOW MUCH
COLLEGE IS GOING TO COST FOR
YOUR KIDS. YOU DON'T. YOU JUST
DON'T KNOW. I MEAN, TUITION
AND FEES. THEY CAN CHANGE IN GO
UP AT ANY TIME. I MEAN, JUST
LAST MONTH, UNC BOARD OF
GOVERNORS MET TO CONSIDER
RAISING TUITION FOR THE FIRST
TIME IN NEARLY A DECADE.
SPENT YEARS SAVING FOR ONE
PRICE. AND THEN WITH ONE QUICK
ANNOUNCEMENT, YOU'RE SHORT.
WHAT'S GOING TO BE IN 5 YEARS.
10 YEARS, 18 YEARS. WE'RE CAN
QUALIFY FOR FINANCIAL WEIGHT.
IF SO, HOW MUCH ABOUT
SCHOLARSHIPS WHO KNOWS MOST
OF THE TIME, YOU CAN'T EVEN
GUESS THOSE NUMBERS INTO YOUR
KID IS LIKE A JUNIOR OR SENIOR
IN HIGH SCHOOL ANYWAY. MOST OF
THOSE BENEFITS CAN'T REALLY
BE ASSESSED INTO YOUR KID
APPLIES AND GETS ACCEPTED INTO
THE SCHOOLS. IT IS THE FIRST
BIG, MAJOR PURCHASE OF YOUR
KID'S LIFE. AND YOU HAVE NO
IDEA HOW MUCH IT WILL COST.
I CAN TELL YOU THIS IN NORTH
CAROLINA COLLEGE IS SUPPOSED TO
BE AFFORDABLE FOR ITS
RESIDENTS. I MEAN, THIS
LITERALLY IN OUR CONSTITUTION,
IT SAYS FREE OF EXPENSE AS FAR
AS PRACTICABLE.
IS AFFORDABLE FOR YOU AND FOR
YOUR KIDS. AND WE JUST DID A
WHOLE SEGMENT ON THIS SORT OF
THING. WE WANT OVER CHAPEL
HILL. WE TALKED TO YOU IN SEES
PEOPLE THERE ABOUT THE NEW
DORMS THEY'RE BUILDING AND HOW
THAT FITS IN TO THE COST OF
COLLEGE. YOU CAN FIND THAT
SEGMENT ON THE WRAL YOU TO PAGE
IF YOU WANT TO CHECK IT OUT.
BUT LONG STORY SHORT TUITION
FEES, HOUSING FOOD BOOKS.
ALL OF IT COMBINED IS ABOUT
27,000 TO $29,000. A YEAR AT
PLACES LIKE UNC AND NC STATE.
NOW, KEEP IN MIND, MOST
FAMILIES MAKING OVER 110 GRAND
A YEAR. THEY START TO HAVE
REALLY LIMITED OPTIONS FOR
FINANCIAL AID. SO WITHOUT
SCHOLARSHIPS, THESE ARE KIND OF
THE CURRENT BALLPARKS FOR
FOLKS.
YOU'RE LOOKING AT SOMEWHERE
BETWEEN 90 IN $110,000 FOR A
FOUR-YEAR IN STATE DEGREE.
CAN YOU SAY THAT MUCH IN 18
YEARS? IF THE ANSWER IS NO?
WELL, CAN YOU GET SOME
SCHOLARSHIPS? I KNOW THIS.
IF YOU PAID STUDENT LOANS
YOURSELF, YOU CERTAINLY DON'T
WANT THOSE FOR YOUR KIDS.
SO HOW DO YOU PREPARE? LET'S
GO IN DEPTH.
WHAT START THIS WITH THE THINGS
THAT ARE LARGELY OUT OF YOUR
CONTROL, THE SCHOLARSHIPS AND
THE STUDENT 8. NOW EVERYONE
SHOULD FILE A FASFA WHEN YOU'RE
APPLYING TO COLLEGE. AND THAT'S
REGARDLESS OF HOW MUCH YOU MAKE
MOST OF THE ASSISTANCE I WILL
SAY IS GOING TO GO TO THE
LOW-INCOME FAMILIES, BUT IT CAN
HELP MIDDLE INCOME FAMILIES
TO, THOUGH I WOULDN'T COUNT ON
IT BEING SIGNIFICANT FOR
FAMILIES MAKING OVER $100,000 A
YEAR THAT SAID. YOU NEVER KNOW
WHAT MIGHT BE AVAILABLE, WHICH
IS KIND OF THE POINT OF THIS
STORY. YOU KNOW, BY THE TIME
YOU FIND OUT YOUR KID IS ALMOST
OUT THE DOOR, SAME GOES WITH
MOST OF THE SCHOLARSHIPS.
I TALK TO BRITTANY PREVENT.
SHE'S WITH THE ORGANIZATION
COLLEGE FOR NORTH CAROLINA AND
THEY HELP PEOPLE PLAN AND PAY
FOR SCHOOL. SHE SAYS THERE ARE
SO MANY SCHOLARSHIPS OUT THERE
WHICH IS A GOOD THING, BUT MANY
OF THEM ARE NEVER
EVEN USED.
>> MILLIONS OF DOLLARS GO
UNCLAIMED EVERY YEAR FROM LOCAL
ORGANIZATIONS BECAUSE STUDENTS
DON'T APPLY.
>> SO HOW DO YOU APPLY? HOW DO
YOU FIND ALL OF THESE? WELL,
WHEN YOUR KID IS A JUNIOR,
MAYBE EVEN A LITTLE YOUNGER
THAN THAT, YOU SHOULD START
LOOKING HIT IT HARD AND LOOK
LOCAL.
>> IT'S ALSO IMPORTANT TO LOOK
INTO YOUR LOCAL COMMUNITIES.
SO THE ROTARY CLUB, THE KIWANIS
CLUB, YOUR CHURCH.
THOSE ORGANIZATIONS TYPICALLY
OFFER LOCAL STUDENT
SCHOLARSHIPS.
AND SOME STUDENTS MAY SEE THOSE
SCHOLARSHIPS AND CO. IT'S ONLY
$500, BUT THOSE SCHOLARSHIPS TO
STACK UP.
>> ALL RIGHT. YOU CAN GET MORE
THAN ONE SCHOLARSHIP, RIGHT?
YOU CAN STACK THOSE
SCHOLARSHIPS AND THAT'S KEY.
SO GET AS MANY AS YOU CAN.
500 BUCKS HERE TO 50 THERE.
IT CAN ADD UP AND YOU WOULDN'T
BELIEVE HOW MANY SHOULD SOME
OF THESE SCHOLARSHIPS CAN BE?
>> THEY'RE SCHOLARSHIPS OUT
THERE FOR LEFT-HANDED STUDENTS.
THEIR SCHOLARSHIPS OUT THERE OF
CHILDREN OF FIRST RESPONDERS.
WE ARE AT MILITARY HEAVY.
STAY HERE IN NORTH CAROLINA'S
THEIR SCHOLARSHIPS OUT THERE
FOR MILITARY DEPENDENTS AS
WELL.
>> I FOUND SOME INSANELY UNIQUE
SCHOLARSHIPS, $15,000 FOR
SOMEONE WHO MAKES THE BEST DUCT
TAPE OUTFIT FOR THEIR PROM,
1500 BUCKS FROM BEN AND JERRY
FOR THE BEST ESSAY DESCRIBING
YOUR PERSONALITY IS A FLAVOR
OF THE MONTH. 1000 BUCKS FOR
TALL PEOPLE. WOMEN OVER 5.10,
MEN OVER 6 TO 2000 BUCKS FOR AN
ESSAY EXPLAINING HOW YOU
SURVIVE THE ZOMBIE APOCALYPSE.
YOU CAN GET MONEY FOR BEING
A VEGETARIAN, CREATING A
GREETING CARD. WE'RE DESIGNING
ONE OF THOSE DOODLES ON THE
GOOGLE HOMEPAGE. THERE ARE TONS
OF OPTIONS, BUT NONE OF THEM
ARE REALLY A GUARANTEE. YOU
ALSO YOU CAN'T CONTROL HOW MUCH
STUDENT AID YOU GET ANY CAN'T
CONTROL WHICH SCHOLARSHIPS YOUR
KIDS WILL ACTUALLY QUALIFY FOR.
SO LET'S TALK ABOUT A LITTLE
BIT OF WHAT YOU CAN CONTROL.
AND THAT'S SAVING MONEY FOR
COLLEGE. NOW, IF U DON'T KNOW
WHAT COLLEGE WILL COST YOU
SHOULD SAVE. I THINK LIKE IT'S
GOING TO BE THE FULL PRICE.
SO HOW CAN YOU SAVE $100,000
BEFORE YOU PACK UP THAT CAR?
TAKE YOUR KID TO FRESHMAN
ORIENTATION FOR THE BEST ROUTE
IS THE 5. 29 RIGHT AT 5.29.
IS SIMPLY AN INVESTMENT
ACCOUNT. THIS ACCOUNT WILL
TYPICALLY GIVE YOU A RETURN
BETWEEN 5 AND 7% OVER 18 YEARS.
THAT MEANS IF YOU OPEN A 5.29,
WHEN YOUR KID IS BORN WITH A
MINIMUM, $25 TO GET TO 100
GRAND. YOU HAVE TO INVEST $250
PER MONTH FOR 18 YEARS. THE
MATH IS THERE ON YOUR SCREEN.
AND EVEN THEN YOU STILL MIGHT
BE A LITTLE SHORT OF THAT 100
K. NOW, IF YOU HAVE 2 KIDS LIKE
TWINS, THAT'S $500 A MONTH.
YOU HAVE 3 KIDS AT $750 A
MONTH. DOES THAT SOUND AS
AFFORDABLE AS POSSIBLE TO YOU?
I TALKED TO A FRIEND WHO KNEW I
WAS DOING THIS STORY. SO HE
TOLD ME HIS STORY. HE HAS 4
KIDS. HE OPENED 5.29 ACCOUNT
FOR EACH OF THE MANY STARTED
EACH ONE WITH $200. NOW EVERY
MONTH HE PUTS 50 BUCKS IN THE
EACH ACCOUNT. DO THE MATH
THERE. THAT'S 200 BUCKS TOTAL
EVERY MONTH FOR THE NEXT 18
YEARS.
THAT MEANS WITH A 7% RETURN,
WHICH AGAIN IS ON THE HIGH END.
MY FRIEND WILL HAVE ABOUT
$21,700 FOR EACH KID WHEN THEY
TURN 18. AND THAT'S NOT EVEN
ENOUGH TO AFFORD ONE YEAR OF
TUITION AND FEES AND THE REST
OF IT. UNC OR NC STATE. THIS
DID NOT MAKE HIM FEEL GOOD.
MAYBE SOME OF YOU ARE HAVING
THAT SAME FEELING RIGHT NOW.
SO LETS KEEP SHARING STORIES
ABOUT THIS. LET'S KEEP TALKING
ABOUT THIS AFFORDABILITY ISSUE
THAT A LOT OF PEOPLE HAVE WHEN
IT COMES TO PAYING FOR COLLEGE.
WE DIDN'T EVEN MENTION SOME OF
THE OTHER OPTIONS. THERE'S
COMMUNITY COLLEGES HERE.
LOTS OF THINGS THERE. STUDENTS
CAN EARN COLLEGE CREDITS WHILE
IN HIGH SCHOOL WITH THOSE
COMMUNITY COLLEGES POTENTIALLY
CUTTING THE COST OF COLLEGE
IN HALF. DO YOU WANT TO KNOW
MORE ABOUT THAT? IS IT
IMPORTANT TO YOU? ONE OTHER
QUESTION SHE WOULD BE ASKING,
SEND ME YOUR THOUGHTS IN AN
E-MAIL, DAN AT WRAL DOT COM.
ALSO, I'M JUST CURIOUS, IS
THERE A PART OF THIS THAT MAKES
YOU FEEL LIKE IT'S ALL JUST TOO
COMPLICATED? PUTS TOO MUCH OF
THE BURDEN ON FAMILIES TO BE
THE ONES WHO MEET THIS
AFFORDABLE COLLEGE STANDARD SET
BY OUR STATE'S CONSTITUTION.