230 | College Hacks from the ChooseFI Community

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Business, Careers, Investing

4.8 • 5.2K Ratings

🗓️ 8 July 2020

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Trading four years of student loan debt for a decade of repayment might be the worst financial decision many Americans make—yet most accept it as inevitable. Listener-submitted strategies reveal dozens of ways to sidestep this trap entirely, from little-known employer programs to military academy opportunities that cost nothing. 00:00:00 - Introduction Rising college costs demand smarter financing approaches. The episode compiles community-driven solutions beyond what's been previously covered. 00:03:03 - Austin's College Hack Austin completes his degree free using employer tuition reimbursement combined with a low-cost accredited college. 00:05:12 - Military Academies Naval Academy and Air Force Academy provide tuition-free education plus valuable training, though few students know these options exist. 00:12:20 - Community College Professor Tips Joe earned multiple degrees without debt through scholarships and teaching assistantships. 00:21:01 - Negotiating College Prices Rob explains how to negotiate financial aid packages by communicating competing offers and financial constraints. 00:40:11 - Dual Enrollment Benefits High school students can earn college credits early at reduced cost, potentially saving an entire year of tuition. 00:52:33 - Conclusion Listeners encouraged to implement these strategies and share with others facing college decisions. Key Quotes: "College should showcase your competency in a profession or skill." [00:04:03] "Many aren't aware of the opportunities offered by military academies." [00:08:04] "Plan ahead to avoid student loan debt between 20 and 30." [00:43:38] "Joining the military comes with significant commitments." [00:08:12] "Communicate financial needs to negotiate better college offers." [00:21:45] Resources: OpenStax: openstax.org — Free open-source college textbooks [00:41:53] Union Plus Education Benefits: unionplus.org — College degree programs for union members [00:32:09] Terminology: CLEP: College Level Examination Program, allowing students to earn college credit by exam [00:04:49] ROTC: Reserve Officers' Training Corps, a college program training students to become officers in the military [00:09:27] For more details, visit: choosefi.com/230 ▶ Listen Next: Ep. 231 — Budget Meal Planning and Creative Cooking Tips | Essential Listening

Transcript

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0:00.0	Hello everyone, if you've listened to this show for any period of time, you have heard us mention in passing multiple ways to tackle the college problem, the college solution.
0:09.3	That's what we were trying to provide in a world where college increasingly looks like it's going to cost, I don't know, 200,000 for an undergraduate degree.
0:16.8	That's the market price.
0:18.3	That doesn't seem doable or reasonable.
0:20.6	It doesn't seem like we should just accept that there has to be a way to do it smarter.
0:23.9	And so over the last three plus years, as individuals have brought something to us, it's come on our plate.
0:29.6	We have just shared it with you.
0:31.4	And many of you have said this is probably some of the more valuable content you've heard on this platform, just because it's where you are.
0:37.4	You're dealing with this with your kids.
0:38.7	So anything that you can get, they can help decrease or lower the burden of that expected college tuition is incredibly valuable.
0:45.6	But you see the the flaw in the strategy.
0:48.4	We're just waiting.
0:49.5	You know, we had there's a community of maybe approaching a million people that checking with this show and listening to this show periodically.
0:56.0	And there's those of you that listen to every single episode that's produced and you keep waiting for something that you already know about to be mentioned on this show.
1:03.6	And that just seems like random chance if we happen to do it.
1:06.1	And so when we realize that that was the flaw, we are like, what would it look like to solve that?
1:10.0	So we put the request out to the community.
1:12.6	What are your college hacks?
1:15.0	What are your solutions for college?
1:17.1	What have you not heard us mention on the show?
1:20.4	And our audience would be served by them knowing about it.
1:24.3	That's the entire premise for the show.
	...

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