Considering Out of State Universities

This may be late for many to consider, but for those that are seniors or have seniors in high school who may be considering attending out of state colleges need to read the following; this should not be avoided. When researching out-of-state colleges, check the residency requirements if you hope to obtain residency. Some states are changing their residency policies to avoid students claiming residency before their senior year of college. The example I will use is that of Florida, even if you obtain state resident status that is not a consideration in residency for colleges and universities. The driving factor is the student’s employment status. A student must have full time employment of thirty (30) hours per week or more. On the surface, this may seem insignificant; but in a college town where there are more students and local residents seeking employment it can become a devastating factor to families. The difference in cost (example) is $125 per credit for in-state students and $525 per credit for out-of-state students. At fifteen (15) hours per semester (average five classes) an in-state student will pay $3750.00 per year plus room and board and additional fees while the out-of-state student pays $15,750.00 per year plus room and board and additional fees. If your child does not attend school on a scholarship and does not qualify for income based grants, the student loan amount is capped at $7,500.00 per year; the remaining $20,000.00 plus becomes the responsibility of the parents. For $80,000.00 plus, you can set your child up in his or her own business and let them pay to attend college at a later date after their income reaches a stage in which it can be afforded effortlessly. Or you can send your child to an in-state school and pay $20,000.00 to 50,000.00 for the four to five years it will take for your child to graduate. If you believe the prices I quote are for one of Florida’s private schools, it is not, the quote is for a Florida public institution.