College Fund Losses But College Planning Continues
BabyGirl’s college fund has a net loss of over ($450) since inception. This may not be a huge amount to some of you, but considering she’s a year and half away from entering college, we can’t afford to LOSE anything. So I stopped contributing to her MD 529. This week, I plan to open a VA 529 and select the College Wealth option that ONLY invests in safe instruments and is insured up to the FDIC limit. Same annual fees, less risk. Then I’ll rollover the MD 529 balance and reinstate my contributions.
She is taking the SAT in May. And we plan to take it again in the fall for the best score. The cost of the test is $45. The cost of test prep is more than 2x as much. But that’s ok. I do what I have to do so she can have the best opportunities.
She’s also in the process of narrowing down her college choices and creating a top 5 list. Surprisingly, Spelman has lost the #1 spot. *secretly thanking the powers that be* So far, she’s adamant about attending an HBCU and she’s fairly confident about what she wants to study, but she’s flexible on location. Whatever school she chooses for the top 5, we’ll arrange a visit to school #1 and #2 during spring break. Our plan is to meet the early application deadlines in November so we can receive the decision letters by December. Then next year (2010), she can focus on enjoying the final months of her senior year while I focus on how NOT to go broke.
I’m so excited! But not for reasons you may think. I’m ready to get this &*%($# teenager out of my house! Ha! I’m just playing, I didn’t really mean that.
Ok, maybe I did…just a little. :-)
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LOL@ your silent prayer about Spelman. That was one of my top choices until I realized how much it cost…even though my out of state tuition was not much better. I would definitely take advantage of Early Decision. I was accepted to my school in November of my senior year so for the rest of the year I just coasted. Everyone else was stressing, writing essays, and waiting for weeks to get transcripts. Some waited so long they were waitlisted or admitted in the Spring and not Fall. I attended an HBCU and it was one of the best experiences of my life.
I don’t know if Hampton is on the list, but I took lots of classes there in the mid-90s and it is such a great community! Good luck with the visits – just know that BG is looking for different things from SM when you go!!
Yes, Hampton is on the list. I finally encouraged her to add a VA school b/c out of state/private tuition is a beast. As for what college she chooses, the decision is 100% hers to make. What she gets out of those 4 years is entirely up to her as well. I’m not looking for anything – except a safe environment. [-SM]
I am really excited to see you are more “open” to helping with your child’s education. I remember a post where you had a different opinion (Jan 2008)
My kids are smart, received scholarships and financial aid, but there was still a gap. They stayed in state, one of them even stayed in town. My daughter works and goes to school fulll-time, but she can still use our help. My husband and I didn’t go to college, so I want to do anything I can to make sure my kids do, the fewer the obstacles the better. I have good kids and I don’t think they would be one of those students who “didn’t fully appreciate” our sacrifice. I know that your daughter will not be one of those students either.
I remember when I first read your post regarding paying for you child’s education (way back when), I just couldn’t believe it. But I knew your opinion would change. Thanks for letting me post. P.S. Now that i am re-reading what I said, this is something I should have posted back in Jan 2008! LOL!
I will not rehash the same debate, but perhaps you should re-read the post from January 2008. I have not changed my mind about anything nor have I ever said I would not “help” her – help being the operative word here. Actually, I’ve always said I would HELP her. I will HELP her with many things throughout her entire life. However, what I did say and what I stand firm in saying today that caused the debate is that I do NOT intend to pay for her college expenses because she will NOT have a free ride for 4+ years. She will work, she will get loans, she will earn scholarships, and she will pay the bulk of her own educational expenses. I’ve invested in her 529 account for years and will continue to invest in it, but it isn’t enough to cover college expense for 4+ years because I never planned to foot the bill. [-SM]
It is great the baby girl is preparing early. Senior year will be easier for her to enjoy before she makes her big transition to college.
Have you completely wrapped your mind around her going off to college?
I commend you on not paying her way. I have to admit that was the best thing my mother did for me. I graduated in 08, and worked at least two jobs the entire time, My mother told me early on she will help me as best she can but my educations is MY investment not hers. I didn’t no go to an HBCU, though on some levels if I could do it again I would have highly considered one. I went to a private NorthEast institution. By my last year school rose from 40,000 to 50,000. The best part is that THEY PAID for most of it. I had loans of course but not much more than my friends who went to state schools or HBCU’s. My school gave me a partial scholarship my loans were only about 20% of my education.
One thing I recommend you do with babygirl is go over how to manage her expenses while in college. It is soooooooo easy to get caught up with friends and trying to do everything and EVERYTHING COST MONEY. I learned by my junior year that I did not have to do everything and my friends understood. Though too late it has stayed with me forever. The fact that I paid for my own books, clothes if I wanted them, going out if I wanted to made me ver concious of what I spent. I have to say that I have turned out more fiscally prepared because of this then my peers who’s parents paid for everything.
Wow, she sounds like a very focused junior. Just a warning, the college visits will re-order that list she has, I’m sure of it. I visited about 6 or 7 colleges before I was sure of even where I wanted to apply–those application fees can be costly! Why apply somewhere if you don’t like the environment it’s in? Also tell her not to make her decision based solely on the hotness of the guys she sees at each college, though…it is tempting. :)
I was going to suggest considering a VA school due to the high quality of the schools there, and in-state tuition! (i’m from VA, if you can’t tell…). It’s a great bargain for the education you get.
Good luck to her on those crazy SAT’s, i heard they’ve gotten alot tougher since I had to take them. I just bought a prep book and did pretty well–but i’m sure the Kaplan courses will bring her scores to the top percentile, that extra ‘edge.’ (and if she does REALLY well, she can teach sat-prep courses while in college to make extra $$–i had lots of friends who did that.)
As for you wish to get the teenager out of the house!
Warning: They come back during break and eat like locust and try to put their newfound freedom of indepence to the test. That is when you have to knock them back into reality. ;)
Oh lawd, nooooo! Hey, can I call you for some tips? An orange or striped jumpsuit won’t flatter my figure. LOL [-SM]
She sounds like a smart girl, so she should go to FAMU!
She mentioned it briefly during the inauguration when she saw their band! LOL [-SM]
My daughter’s 529 plan has lost a lot of money as well, and the only reason I haven’t moved it is because she’s only five and we have a lot of time. But if it continues, I will look elsewhere. No matter how old she is, I’m not thrilled about losing any money unnecessarily.
I’m always curious why people chose or prefer HBCUs. I’m aware of the sense of pride and accomplishment that I imagine they instill in people of color; I just wonder how the preparation is for the real world, especially corporate America, where if you’re not working for an all black or minority owned business, you have to work with all kinds of people. I’ve seen people in the workplace who were isolated and have a hard time understanding and dealing with people of other nationalities and cultures. I’d be really interested in hearing opinions on this.
Three things I’d add to Tazzee’s comment: 1) College is not the only place a young adult learns to interact with people of other nationalities and cultures. From where we live to the places we visit, the school she attends, our interests, activities and the friends we both have — I have raised my child in a very diverse environment and I am confident that her perspective is more diverse than the average teenager. Where she chooses to attend college for 4 years will not take away her LIFE experience or stifle her development. 2) Many HBCUs are very elite, have very high standards, and expose their students to more opportunities than they would have otherwise at a predominately white school. Therefore, I support her decision to attend an HBCU because I think she will have opportunities that are not based on affirmative action or a numbers game, but true competition, that will make her MORE prepared for the real world, corporate america, and life in general. 3) The only people I’ve ever met that have had a hard time understanding and dealing with people of other nationalities and cultures were rich white kids who lived sheltered lives. My daughter has a friend who had never seen a black person until 10th grade. Now imagine that poor child’s life.
What makes you think an HBCU graduate who completes 4 years of rigorous study will only be prepared to work for an all black or minority owned business? That was a very narrow minded comment. I hope our responses will help to change your views of an HBCU because “pride” is a secondary benefit – a solid education and accomplishments are first. [-SM]
If the money is there and her major is one of our top programs I would be honored if BabyGirl were to attend my alma mater – North Carolina A&T State University! Had to get that plug in, LOL.
We may need to call you b/c the Aggies AND the Eagles are definitely on the list. LOL! [-SM]
Without blogging in your comments section – I would like to answer Legal Editor Mom’s question. I started college at a Big 10 University and graduated from an HBCU. The personal attention and prep for the Corporate World I received at the HBCU was phenomenal! My ability to deal with other people was nurtured before I got to college, so that was not an issue. I’m sure you’ve gleened from reading this blog that BabyGirl has already gotten her feet wet in the workplace, and you know SingleMa has prepped her for dealing with different types of people.
Most of the Fortune 100 recruited at my alma mater and I was able to get 3 internships in a 2.5 year period (one was a co-op during spring semester) so I was fully prepared to enter the workforce. While at the Big 10 school, I didn’t get nearly as much exposure to internships. Furthermore – throughout our everyday lives we must learn how to deal with people of other cultures. From shopping, to banking to going to the doctor – so the place of education is a small factor. Finally, the family environment that is offered at some HBCU’s is the perfect transition for a lot of students from home. Someone was always looking out for me.
Those people that you mentioned (isolated and have a hard time dealing) are products of more than the institution of higher education they chose. I’m sure you’ve also encountered people of the majority that aren’t prepared to deal with minorities. I see it everyday.
Ultimately, it’s what the student makes of the experience.
I like your answer. Very good points and very articulate. I couldn’t have said it better. [-SM]
am really excited to see you are more “open” to helping with your child’s education. I remember a post where you had a different opinion (Jan 2008)
My kids are smart, received scholarships and financial aid, but there was still a gap. They stayed in state, one of them even stayed in town. My daughter works and goes to school fulll-time, but she can still use our help. My husband and I didn’t go to college, so I want to do anything I can to make sure my kids do, the fewer the obstacles the better. I have good kids and I don’t think they would be one of those students who “didn’t fully appreciate” our sacrifice. I know that your daughter will not be one of those students either.
I remember when I first read your post regarding paying for you child’s education (way back when), I just couldn’t believe it. But I knew your opinion would change. Thanks for letting me post. P.S. Now that i am re-reading what I said, this is something I should have posted back in Jan 2008! LOL!
I will not rehash the same debate, but perhaps you should re-read the post from January 2008. I have not changed my mind about anything nor have I ever said I would not “help” her – help being the operative word here. Actually, I’ve always said I would HELP her. I will HELP her with many things throughout her entire life. However, what I did say and what I stand firm in saying today that caused the debate is that I do NOT intend to pay for her college expenses because she will NOT have a free ride for 4+ years. She will work, she will get loans, she will earn scholarships, and she will pay the bulk of her own educational expenses. I’ve invested in her 529 account for years and will continue to invest in it, but it isn’t enough to cover college expense for 4+ years because I never planned to foot the bill. [-SM]
You are planning to do what I am doing now, with two kids (why didn’t I wait four years in between children!). It is just that the tone from the Jan post seems very different from this post. Just my opinion. Thanks.
Hampton is a private school, just fyi. I’m a Hampton grad and 8 years later I think I got a good education. The campus is beautiful, not that that’s important. There are other great public institutions in VA, though.
Oh shoot, you’re right. Getting her to add that one was like pulling teeth. Hmm…let me see if I can convince her to add a VA “public” school. [-SM]
I’ve seen people in the workplace who were isolated and have a hard time understanding and dealing with people of other nationalities and cultures. -did they attend HBCUs Or were they just narrow-minded because of other aspects of their backgrounds?
@Legal Editor, there are more than black people at HBCUs. There are students & professors of other nationalities. Furthermore, all HBCUs are not the same, nor are all black people the same. I had an Indian professors, an African professors, and a WHITE (gasp) professors. One of my favorite professors was actually an older Jewish man. I also had white classmates. (We even had a white drum major when I was Hampton) and black classmates from the Dominican republic, Jamaica, Japan, and Africa. My point is that the diversity is still there. Diversity is more than just Black and White. Attending a white college doesn’t mean that all of a sudden you are going to intermingle with people of different ethnicities.
College is what you make it. I think students should trust their intuition and attend a school where they feel comfortable, where they feel they can flourish, and where their needs can be met. That can be any type of school, just depends on the student.
An HBCU is just one choice out of a plethora of types of institutions (large, small, public, private, women’s, etc.) a student can choose to attend. I’m wondering if people would question a choice to attend a women’s college or a Christian college they question a preference for HBCUs.
Single Ma, I’m interested in your opinion about college tours. Do you think they are worth it financially? I went on one in high school 15 years ago, but today, they can be pretty expensive.
Other than travel expenses, what other expense do you incur on a college tour? If you’re referring only to travel expenses, I plan to kill 2 birds with 1 stone and make a vacation out of it. [-SM]
I hope she does well on her SAT. College scholarships are much more available to those who do well on the SAT. So give her a kick in the butt and make sure she does well. :)
Great post.
I hope so too. Next month, it’s all about SAT prep, prep, prep! [-SM]
you might want to visit some of the colleges (non-HBCU, but whatevs) that are within daytrip distance even before you go visit #1 and #2 during spring break. you could go on a weekend or a school day off to George Mason, Virginia Tech, UMD, UVA and just help her get a feel for what it is she might want to look for in the ones actually on her list.
She’s attended enough summer camps on college campuses – 5 to be exact – to get a feel for she’s looking for. There’s one local school on the list, but we don’t need a tour b/c we’ve been there many times. [-SM]
it’s a little early for FAFSA forms for you, but there are lots of groups offering free workshops right now on how to fill out the forms. you might want to check with your employer/bank/etc for one so you can start figuring out the forms and how you might need to move around some of your assets so that she gets the most benefit at the least cost to you when you do go to apply. that $35K in your efund for example? fair game for tuition according to FAFSA.
Good point, thanks. [-SM]
Tazzee,
Thank you for the response. My question was just that; a question, and you’ve helped to enlighten me on the subject. And you’re absolutely right; I’ve encountered a number of people in the majority as you put it who are out of their element and even downright uncomfortable when dealing with people from other cultures.
And Y,
I’m aware that there are other cultures at HBCUs. I never specifically referred to those students as black. I was simply curious why some people choose or prefer them.
You did not have to refer to the students as black. It was implied in your comment: “I just wonder how the preparation is for the real world, especially corporate America, where if you’re not working for an all black or minority owned business…” And for the record, white people attend HBCUs too. [-SM]
A suggestion I’d make is to consider location. Not only due to the tuition differences that you’ve discussed, but due to the cost of coming home, whether it be only vacations, weekends, whatever. That can be an important consideration that’s sometimes not thought of in the selection process. Since you and your daughter are close, you may (or may not!) want her to be able to get home when she wants to…;-)
As stated in the post, location is the least important criteria. [-SM]
I was referring to the cost of paying someone or an organization to see a few schools vs. the parent taking a child themselves. Something like this: Not endorsing these, they are just examples of some out there. http://www.steppingintherightdirection.com/tour_packages.html
http://www.nationalblackcollegetour.com/
Oh, I hadn’t considered those. I guess they serve a purpose, but I wouldn’t use them. $850+ is a steep price for a college tour. And who needs to see 40 different schools!?!?!!? But aside from the expense, I don’t want to send my child off with someone else to tour a campus. I want to see for myself the ins/outs of where my child will potentially live for 4+ years. [-SM]
I must agree with my fellow Rattler Ms. Jackson, Babygirl should go to FAMU!!! :D
On another note, I struggle with the decision to pay for all college expenses for my daughter (I’m 8 years away from that decision). I think when it comes down to it, I will pay for education and living expenses, but she’ll have to work for extras. She’ll know that she has123 hours ( room for 1 oops) or 4 years, whichever comes first.
Good luck to babygirl!!!
I understand the move to a more conservative investment. My friend has investments earmarked for her daughter’s college education that are down $40K. Her daughter is 4 years out from college and she has already told her that some schools are probably off the list because the investments are unilkey to recover in time.
Single Ma,
My experience was exactly the opposite of yours. I went to undergrad with white people who had never seen a black person in person before going away to college, but they were not rich (white people). Many were dirt poor! Conversely, I went through elementary, middle and high school with mostly rich white kids who may have been sheltered, yet DID have a great appreciation and relations with the kids of other cultures. Their money didn’t dictate how they felt about others or how they treated them.
As far as my “narrow minded” comment, I was thinking of the few minority students I know who attended HBCUs, went to work after college for all black or minority owned businesses, then later left for corporate America and not only weren’t as comfortable, but had a harder time dealing. Sure some of it may have been the way they were treated and the assumptions and stereotypes some white people make and pass on blacks, but when I asked the individuals I’m speaking of about their experiences, they told me that their education in HBCUs prepared them better to work for minority owned businesses than others. It sounds like our experiences have been different, but I was genuinely curious and thus posed my initial question, since I didn’t want to base my opinions of HBCUs on only conversations with a few students. And as far as my views, I really didn’t have any, one way or the other. I mentioned pride (and I mentioned accomplishment) because those were two attributes that I KNOW have been associated with HBCUs. The rest, I was asking your readership about, since they seemed to be well-versed on the subject.
I went to A&T also (AGGIE PRIDE!! c/o 2005) and there were plenty of non-black students there. A&T is the top producer of African American engineers in the world and the engineering program is top notch. Many people of different cultures go there just for that. As well as the fact that A&T offers great scholarships. I received an engineering scholarship for half of my out of state tuition. As far as experience dealing with people of other cultures in the business world, many if not most students are awarded internships with Fortune 500 companies throughout their college career. I don’t want to make this like an A&T infommercial but I just want to point out that one thing that HBCU’s offer that many bigger schools don’t is support and individual attention. I don’t think going to a HBCU or any college for that matter actually affects how you deal with other people. People are people.
When babygirl is ready to apply she might want to consider the CommonAP, many schools accept that application instead of having to fill out 10 different aps she can fill out one and send it to all her schools.
As far as HBCU vs. PWI, I have to say college is what you make of it. I know friends who went to HBCU’s and did not like it while others went to PWI and liked it. A school is just that a school. If she does not reap all the benefits that the school is offering her she will not make the best of her time there.
Frankly I went to PWI as previously stated Boston U! stand up! lol. I LOVED my school. Granted of the 23000 undergrad there were about 600 or students of color not including indians and asian students. I have to say that I took advantage of that fact. You couldn’t miss myself or anyone of my black friends. Granted my school takes Pride in the fact that we had the first black dean for a pwi, MLK did his doctorate at BU AND the dean of students is a black man. BU has more than a history to offer. I had a noble peace prize individual as a professor, my politics of education professor was one of the individuals who instituted magnet schools throughout the country. This would all be meaningless if I did not appreciate the advantage that I had. My school sent me to South Africa for FREE. I went to China FOR FREE. The opportunities are at every school but you have to utilize the resources that are presented to you.
As far as the race issue, no matter where you go there will be white people its a fact of life. People of african descent only make up 10% of the US population you do the math. Babygirl will not lack by going to an HBCU.
I would tell her not rule out PWI’s there may be something at one of those schools that she wouldn’t have considered. My mama made me apply to 12 schools (i paid the application fee with vouchers- ask her guidance counselor they have them, if they tell you they dont go to the board of ed every state has vouchers for college apps) Each one was in a different location, and each one had one thing in common, they had the program that I wanted to get into. I went to visit 6 out of 12 I got into 11 out of 12. At the end of the day, the one school I did early decision to was the school I didn’t get into.
I would not trade my experience at BU for anyone. It taught me about what I was capable of, dynamic with people and just life in general.
I’m so glad that your daughter decided to go to an HBCU. I went to One (Oakwood College in AL) and it was definitely an expereince that changed my life forever. Though, it is a religous school, so environment is top notch :) It’s good that your daughter is so focused at such a young age. I don’t know her and I’m proud.
Good luck with the trips. I hope she chooses an awesome location.
UVA isn’t a HBCU–not by a long shot, in fact, its lack of diversity was one of its weak spots when I attended–but the school has an excellent rep and is located near some amazing historical attractions. this article–http://www.virginia.edu/uvatoday/newsRelease.php?id=7920
is encouraging, as well. it’s worth a stop if you guys head past C-ville on your college tour–the Grounds are beautiful. Not to plug my school, but there ya go. It’s opened alot of doors for me…and was a total bargain, to boot!
Good luck to BG!
How exciting. I’m sure she’s ready to too. What you gonna do with ALL that free time and xtra cash? *chuckle*