investing to pay for College?

[Tacosrocket]

Hello, I am almost 22 years old and have not yet gone to college. I feel like it's going to put me in the hole since, with no savings, parental money, or many scholarships, I will have to take out loans.

I was wondering if I could look to investing as a way to help pay off the debt after I graduate.

Thank you!

P.S. My major will be Geology, but as a female I can expect less pay and fewer promotions, so it will be harder.

[KingCoin]

The short answer is no. Unfortuately, when it comes to investing, you need money to make money (as the old saw goes).  After you graduate your best investment will likely be paying down your loans.  It's possible that if they're at a very low interest rate you could look to invest at a higher rate as a more efficient use of funds, but that strategy won't pay for your schooling in a significant way.

Also, you take an incredibly defeatest attitude toward your gender. There are tons of multi-national companies eager to promote women in male dominated fields. While sexism still exists in the workplace, I'd view being a woman as an opportunity rather than a hinderance. Of course, if you're talking about takig time off to dedicate to family, that's another matter entirely.

[kevins]

There is a lot of scholarship money out there.  It will not come to you, you have to go and find it.  My wife had her education paid for and made an extra $20,000 on top of that for living expenses in scholarships, grants, and working at the school.  I was the idiot that borrowed all my money to pay for school.

As a female and geology major you can seriously find scholarships and grants.  Being 22 you will also be considered a non-traditional student.  If your parents are very poor you can qualify for need based scholarships.  If you don't make a lot of money you qualify for state or federal grants that don't have to be paid back.

If I would go to college over again I would avoid loans completely.  I would find scholarships, stop wasting my money on crap I didn't need, start at a community college, and work a little more.  My school had a Starbucks and I bought one or two a day.

Try your schools financial aid department.  Sometimes they help and other times they are just paper pushers.  You can also talk to professors.  They usually know programs or other people that can help find scholarships.  Mostly they are looking for engaging students that want to go far and like it when nontraditional, women/minorities are in STEM programs.

[grantmeaname]

Hello, I am almost 22 years old and have not yet gone to college. I feel like it's going to put me in the hole since, with no savings, parental money, or many scholarships, I will have to take out loans.

You can't start saving up for college or looking for scholarships in between now and the time you enroll?

I was wondering if I could look to investing as a way to help pay off the debt after I graduate.

Investing produces widely variable returns in any given year but is consistent when you average the returns over a really long time period - it's rare for many bad or really good years to occur in the same period. Your time horizon for paying off any student loans should be relatively quick - perhaps even within the first year after graduation - so investing won't be much help. The cash to do so will come from your high-paying geology job - you can't "invest" yourself some money if you don't have any money saved.

[MissPeach]

Do you think you can handle a job while working? Is there a way you might be able to get a job in a related field (even entry level) or at a college? Many companies will pay for degrees (or large portions of the tuition) if it's related to your job. Most colleges will provide free tuition if you work for them - even if it's something unrelated like doing administrative work.

If you are able to save money, I would invest what you can while in school. You can use it to get started or pay loans one you're out. No reason you shouldn't earn some interest for your money.

[rocksinmyhead]

P.S. My major will be Geology, but as a female I can expect less pay and fewer promotions, so it will be harder.

that's a strangely defeatist attitude for someone who (I'm assuming) has no experience in the field.

[Wildflame]

Given you don't expect a high-flying career, then paying for a brand-name degree is not necessary. Were I you, I would focus on finding the lowest-cost way to attain an accredited Geology qualification, rather than on just taking the first pathway on offer and working out how to smash the debt later. I am unfamiliar with US higher education, but "community college" sounds like a good place to start looking.

Remember, a dollar not spent is a dollar saved (more, actually, because it frees you from the extra cost of interest) - it is better to avoid taking on debt in the first place than to have to deal with it after.

Another option is to work part-time and study part-time. There is no shame in doing this - in fact, I think it is a more intelligent way to go. You'll have to make and keep a budget, and MMM's articles should be able to get you started. Once you have one, you can post it for feedback... I'm not sure exactly where. Journals?

[KingCoin]

Broadly speaking, you should view your education as an investment that pays for itself. Incurring $40k in debt is a great move if it boosts your income by $10k+. Just get a very good idea of where students are finding work out of your program of choice and what they're getting paid. Most universities have a career center which should help you get a good idea (just make sure they're giving you facts instead of empty assurances).