Pay For College by Renting Out Your Kid’s Bedroom?

Your son or daughter will be leaving for college soon, and it’s just hit you how much you’ll be paying out of pocket for tuition, room and board, and other college-related expenses. How can you pay high college bills—without piling debt onto the kid you love?

You could pay college bills by renting out your kid’s bedroom.

Your son won’t be using his room during the school year anyway—right?

Imagine yourself boxing up and storing all the belongings he left behind when he went off to college.

You re-carpet and paint, move in an easy chair purchased on Craigslist and an IKEA loft bed and desk—and then earn thousands of dollars each year renting the room to a student from a nearby college or grad school.

Here are 7 things to think about if you decide to pay college bills by renting out a bedroom:

1. Where will your child sleep on school breaks?

Plan that out ahead of time. At Dad’s house? In a top bunk in a sibling’s room? On a twin bed that you’ve pushed up against the wall in your cinderblock basement?

Your child can easily tolerate a little discomfort and inconvenience if it’ll lead to him having thousands of dollars less in onerous, burdensome debt after college graduation.

2. “Won’t it be weird to have someone we don’t know living in the house?”

Think of it like being a host family for a foreign exchange student through the AFS program.

That’s not weird, is it?

Your student renter starts out a stranger, but soon begins to feel like another family member.

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In College? Do This and Slash Your Student Loan Debt

If you’re currently in college—or if you’re a parent who’s taken out dreaded Parent PLUS loans—you’d love for a hero in a red cape to swoop down and tell you how to slash your student loan debt.

The hero is here.

slash your student loan debt

1. Slash your student loan debt by applying for scholarships while you’re in college.

Oh—you thought that students could only apply for scholarships during high school?

It’s not true. Sorry—you’ve been given bad information that could cost you and whoever you marry massive amounts of unnecessary debt. Bad information that could compound your parents’ grief if you die unexpectedly.

Here’s the truth. Students can apply for scholarships while they’re in college, and while they’re in grad school.

2. Apply for 10 scholarships every single year during college and grad school.

Knocking out 10 scholarship applications each year is actually easy.

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5 Ways to Keep Kids From Living Off You in Their 20s (AUDIO)

Most parents worry at least occasionally: “What if these kids don’t find good jobs and become independent adults? What if they want to lie around on my couch until they’re 30?”

debt-free college podcast

Join me, Jeannie Burlowski, for episode 6 of the Launch Your Teens podcast, and you’ll learn the one sentence that savvy parents cheerfully drop into casual conversation, here and there, during the years their kids are ages 12–26. It’ll make you laugh—and it’ll create a firm boundary that just might save you later.

(14 min.)

Prefer to read the content I talk about in this podcast? There are Jeannie Burlowski articles on this same subject here and here.

The show notes for this episode are below.

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Tee Your Kids Up For Career Success (In Just 2 Min.)

You desperately want your kids to succeed academically in school and in college so they can have a shot at lifetime career success—but cajoling and hovering and pushing them is just so exhausting.

Here’s fantastic help that will take you under two minutes to implement.

career success

According to world-renowned Stanford University psychologist Carol Dweck (who’s done decades of high-level research on achievement and success), the difference between academic and career success and academic and career mediocrity boils down to whether the child has a fixed mindset or a growth mindset.

Carol Dweck describes the difference between these two mindsets this way:

“In a fixed mindset, people believe their basic qualities, like their intelligence or talent, are simply fixed traits. They spend their time documenting their intelligence or talent instead of developing them. They also believe that talent alone creates success—without effort. They’re wrong.

In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment. Virtually all great people have had these qualities.”

—Carol Dweck

This is fantastic in and of itself, but here’s even better news.

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Having Marijuana in this Form is a Felony

With all the national conversation around legalizing marijuana, many teens are jumping to the uninformed conclusion that it’s low-risk for them.

Experts, however, are extremely worried about the impact of marijuana on developing adolescent brains.

Not only that—but there’s one certain kind of marijuana that’s so dangerous that possession of it is a felony. Make sure your kids know this, because if one of their friends pulls it out, they’ll want to run for the hills as fast as they can.

marijuana

My grim conversation with the police officer

When I interviewed a police officer to get information for this article, he told me in grim terms that the form of marijuana called “wax” (also known as “dabs” or “hash oil”) is especially dangerous for teens and adults due to its exorbitantly high THC level.

It’s so dangerous that possession of even a tiny amount of it is a felony.

All teens who use marijuana, or who have friends who use marijuana, need to google the word “felony” to understand the prison term that results from this—even for first offenses, even for juveniles.

This is one of the strongest arguments there is for being extremely careful who you get into a car with.

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12 Ways to Get Grad School Paid For

So, your kid just got into graduate school or medical school. That’s great! Now you’re wondering, “What can students do to get their grad school paid for?” Here are the 12 ways to get grad school paid for that I give to my clients at GetIntoMedSchool.com.

Share this article with a student whose financial future you care about!

get your grad school paid for

1. Try to become an employee of the school you got into.

Call 10 different numbers at the school you got into, and try to become an employee of that institution. Keep trying. Maybe you become a teaching assistant for an undergraduate course, or maybe you serve food, or maybe you work in the university’s daycare center, as my friend Susie did years ago at the University of Minnesota. One of your employee benefits may very likely be reduced tuition. Ask the school you got into if this is ever done. If you want to get your grad school paid for, this should be one of the first strategies you try.

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Make Your Teen Into a Brilliant, Frugal Money Manager (AUDIO)

Your kids won’t think today’s strategy is funny, but you will—when you watch them scrambling to make a dollar stretch until it screams. Ha ha ha ha!

debt-free college podcastJoin me, Jeannie Burlowski, for episode 3 of the Launch Your Teens podcast, where you’ll learn the most loved parenting strategy on my blog. This simple strategy will help you feel far less teen-related stress, it’ll save you time, energy, and money, and it’ll help you equip the kids you love to become brilliant money managers.

(11 min.)

You’d rather read than listen? OK you can do that here!

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STARTING POINT: All the Basics You Need to Know Right Now (AUDIO)

For Parents of Kids Ages 12–26

If you’re a parent and you’ve just found this, you’re probably thinking:

“Oh, wow—seriously? There’s help for getting my kids through college debt-free, and into great jobs after college? I had no idea this kind of help was available! Am I late starting this? Yikes, I don’t have any spare time! If I work on this, how much time is it going to take me?”

Rest easy, Mom and Dad. You’re not late.

And getting your kids through college debt-free takes only minutes per week.

Right now, at this moment, you’re standing at the perfect starting point.

Listen to episode 1 of my podcast, below. It takes only 23 minutes. (Listen while you’re commuting, loading the dishwasher, or getting ready in the morning.) When you finish listening, you’ll feel hope and confidence, and you’ll know exactly what you need to do next to get your kids to the most exciting academic and career destinations—even if they don’t get a single scholarship.

If you’re parenting kids ages 12–26, listen to just the first 8 minutes below, and you’ll be hooked.

debt-free college podcast

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Secret Weapon for Multiple Choice Tests

Which of these multiple choice testing strategies have you never heard of before? That’s your new secret weapon.

Share this article with a student you care about.

multiple choice

1. Before you start, note the structure of the test and plan your timing.

Here’s a nightmare you want to avoid. You turn to the final page of a test with two minutes left on the clock, only to find that the last question is a long-form essay question worth half the test points—and you’ve got zero time to write it.

If you know what’s coming, you can plan your time accordingly.

2. Read the question stem twice, then try to think of the answer yourself—without peeking at the choices.

The “stem” means the question itself, not including the answer choices.

Reading the question stem twice will help ensure that you won’t get answers wrong due to easily avoidable reading errors. And thinking up the correct answer in your head on your own—when possible—will help you instantly recognize the right answer when you see it.

3. Always read all the multiple choice answer choices.

Yes, the correct answer might jump right out at you, but carefully read the other choices as well. Sometimes you’ll realize that your original prediction actually needs to be reconsidered.

4. Don’t assume that the most familiar sounding answer choice is the right one.

Sometimes, the familiar sounding choice was planted there specifically to distract you from the right answer. When you’re choosing a correct answer, quietly ask yourself for some logical reasons why that answer is probably right.

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Top 9 Books I Most Love For Parents and Students

Books make great gifts. Why? Because a carefully chosen book can literally change a life. In this short article I share the top 9 books I most love for parents, 20-somethings, and students ages 12 and up.

(Are you worried that your teen won’t read a non-fiction book? See my helpful article on How to Get a Teen to Read a Non-Fiction Book.)

Books make great gifts. Why? Because a carefully chosen book can actually change a life. In this short article I share the top 9 books I most love for parents, 20somethings, and students ages 12 and up.

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