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How much money will you give your kids for education (spin off) - Page 3

post #41 of 68
What I will pay will depend. I do think they should go to college, I think most people should. We should be able to swing the costs but it will be dependent on grades, poor grades and I won't be footing the bill anymore. And they need to know what they want to do, have a plan and a goal, not just get some random BS degree. I will only pay for 4 years of college, we have 3 children, it won't be feasible to pay for more then that.
post #42 of 68
Quote:
Originally Posted by Ceinwen View Post
I'm willing to help with books, let them live at home, help w/gas/car costs, etc. if they live at home and go to university here - but I'm definitely saving for retirement over my kid's post-secondary educations.
This.
post #43 of 68
Quote:
Originally Posted by ChetMC View Post
Do you think it was just because it was your money, or do you think it was because you were older, more mature and knew what you really wanted to do?

I mean, if you had scholarships and grants it wasn't really your money the second time around either.
That's what I was thinking. I mean, lets be honest - most 18 year olds don't know what they want to do with their lives, so sticking them in a 4-yr university and expecting them not to want to party and socialize more than they go to class isn't realistic for many teens. Especially if we are talking about a kid who didn't do much of that in high school. I think age/maturity have more to do with it than how the schooling was paid for.
post #44 of 68
Quote:
Originally Posted by Ceinwen View Post
I'm willing to help with books, let them live at home, help w/gas/car costs, etc. if they live at home and go to university here - but I'm definitely saving for retirement over my kid's post-secondary educations.

I paid my way through university to graduate with a 4.0 and a BScN. .
This is us too (and I even got the same degree ).
post #45 of 68
Quote:
Originally Posted by sewaneecook View Post
One thing to consider when pushing public universities is that they often take 5 years to complete a bachelors degree. For both DH and me it was cheaper to attend the private school because of extra financial aid offered (that isn't paid back) and it was rare that a degree took more than 4 years to complete. Definitely something to consider.
Really? I went to public uni, and all the people that I know that graduated in more than 4 years did it by choice (mostly dual degree)/ or a as a result of screwing around. I also know of someone in a private university in the same spot. (graduating in 5 years due to flunking out).
post #46 of 68
Nothing. I don't believe in paying for my children's college. My high school freshman already knows this, has known it forever. She already has $1500 put away for school, NOW, at the begining of her high school freshman year. She also has a job and since she currently has few expenses, she puts almost all that money into her college savings account. And, she started an essay just last night for a contest in which the prize is a $500 scholarship, as a starting point to begin earning enough scholarship money to go to school. She is also enrolled in a state scholarship program that requires certain things out of her throughout high school and that she go to a state school, and then the state will give her money after she graduates high school.

Quote:
mean, if you had scholarships and grants it wasn't really your money the second time around either
Actually, because you earn a lot those scholarships through things like writing essays, getting good grades, etc etc, yes, it IS your money, just as much as if you had worked an hourly job for it.
post #47 of 68
Quote:
Originally Posted by GuildJenn View Post
Just FYI with the fees it's more like $3500. I just mention it 'cause the son of a friend got a bit stuck - even though it's still a great deal compared to most places, it's almost twice "tuition" once you add in the fees!
Gah! I'm not surprised.

My only real point though, is that if we stay in Quebec and our kids
have access to resident tuition, we'll likely have a more inexpensive option to fall back on compared to others.

Our oldest is ten years away from cegep, but Quebec is so socialist I imagine that it will continue to have the most heavily subsidized tuition.

We only moved here, but let me tell you, I'll be taking advantage of low tuition when my two years are up!
post #48 of 68
I don't feel like college is our responsibility. My mom never gave me a dime to help me get through (community) college. And it never occured to me to ask. If we were well off I'd set up something for all of them and let them use it however they needed (college, down payment for a house, car, whatever). But we don't have the money to set aside for college, so we don't. I will certainly be happy to help if I can, particularly by providing a rent free place to live if they choose to go to college, maybe some textbook assistance or whatever, but that's about it.

As my kids get to that age, I'll stress to them that we can't afford to pay their way through college, and strongly encourage them to seek out scholarships if they think they want to go to college.
post #49 of 68
Quote:
Originally Posted by sewaneecook View Post
One thing to consider when pushing public universities is that they often take 5 years to complete a bachelors degree. For both DH and me it was cheaper to attend the private school because of extra financial aid offered (that isn't paid back) and it was rare that a degree took more than 4 years to complete. Definitely something to consider.
This happens often with private colleges as well. I just attended a seminar by one of those guys who has a consulting company helping families find the best fitting college for their kids and maximize their chances of getting a good financial aid package. He said the five year thing was pretty common for both public and private schools.
post #50 of 68
Quote:
Originally Posted by ChetMC View Post
I lived in residence for six years, and I've lectured at three universities. I absolutely agree that there are a lot of students wasting their own time and other people's money in universities across North America. However....

You need to be careful drawing a causal relationship between getting a free ride and increased incidence of crapping out at school though. Many of those parents remortgaging their house and working an extra job to send their kid to school have pushed, or at least enabled, their child to seek a university education when they are just not prepared to work at getting a degree.

The problem isn't generally the free ride, it's usually the lack of motivation and direction. An academically gifted and motivated undergrad will not be ruined by a funded education. An academically weak, unmotivated and immature undergrad however, is in the position to really make a mess when somebody is dumb enough to remortgage their house and send them off to a pricey private school.

The same thing with working part time while you go to school. Part time work may help kids to develop better time management skills to some extent, but most definitely, the relationship between grades and holding a part time job is not purely causal. The kind of kids who are motivated to work part time to make their university education possible are the kinds of kids who want to be there. They are the kind of kids who make things happen. Forcing a particular student to get a job when they are flunking out will not result in that student suddenly finding the drive they need to get off of academic probation.

In Canada, summer jobs are the norm though. I was really surprised when I started meeting American students who were 20, 22, or even 25 and had never held a summer job.

My only point really, is that parents be willing to take their kids on a case by case basis :

1. Parents need to NOT pay for kids to go to university if they really aren't ready to be there. Maybe pay for part time studies at a local college if you have your doubts and your kid really wants to go... but parents need to wake up to the fact that paying for a university degree does not mean that your kid will have the capacity to actually earn one. Just because the university let your kid in, and just because you can pay the fees, does not mean your kid will put in the work. I know after the first six lectures who is going to crap out in my class! I have no idea how it can be a complete surprise to parents when their kid crashes and burns in university.

2. It is very reasonable to expect contributions from your child, but recognize that it is not possible to be top of your class and hold down part time employment in every discipline. I know a lot of overachievers, and many of them were very fortunate to have the opportunity to focus 100% on their studies. It isn't always possible, but be open to the fact that sometimes not having a part time job may mean that a student has the time to put in the extra work necessary to be top of their class in a difficult program, do all the extra reading, or take a research position with lousy pay and that only lasts nine weeks because it will look great on their application to grad school and help them make valuable connections in their field.
Great post! I do wish I'd been able to focus on academics 100% rather than having to work on campus as well. In the end, though, I do believe my mother taught me a valuable lesson about being resourceful and independent that I may not have otherwise learned during those 4 years.

Quote:
Originally Posted by sewaneecook View Post
DH and I are going to do the same thing that both of our parents did for us: If our kids save at least half the money that they make or are given, study and work hard to get scholarships, we will do our best to fund the remainder of the undergraduate education (any graduate degree is on them). We have started a 529 for both our kids and hope to be able to contribute to it regularly until they graduate.
One thing my mom did with me during my high school years was to match all that I earned 50/100 and put it in a money market. I had to save half of my earnings and she would match it 100%. I had to put that towards my first semester of college. I went to an ivy league school so $4000 only went so far.
post #51 of 68
Quote:
Originally Posted by ChetMC View Post
Do you think it was just because it was your money, or do you think it was because you were older, more mature and knew what you really wanted to do?

I mean, if you had scholarships and grants it wasn't really your money the second time around either.
It wasn't ALL my money the second time but I certainly paid for a large chunk too plus I did the finding of scholarships and grants completely on my own based on MY income so it was a bit different then having my parents deal with the financial side of it. However, I do think it was a little of both... I was definitely more mature and was more in tune with what I wanted out of my education this time around. I also felt like since it was our money that we didn't really have, I BETTER do well in school and make it worth it. I still haven't finished but I have a better attitude towards my most current schooling then I did with the first 2 years I went to college... Now granted, that might be more because of HOW my father was paying and using it to control my every action then because the fact that it was his money vs mine. I think, even when I was younger, had it been MY money (even a little bit of it) I would have respected my education a little more and felt more proud of it. I'm probably not explaining it very well but I like the pride I feel for the schooling I paid for and want my children to feel that pride with their education as well.
post #52 of 68
Sticky subject in our marriage. I graduated with a ton of college debt from the college of my choice; my parents weren't willing to help in a substantial way. I paid it off but it took me a long time. Dh's parents paid for everything including the car + trips to Europe.

My goal is to get them *into* a top notch school. We and they will figure out a way to swing it when it comes. College savings is not a priority. Retirement savings are.

DH's parents recently divorced after 40 years off. Sadly, if this hadn't happened, our kids probably would have had accounts that would have paid everything fully. Divorce is a terrible financial burden at any age. But working in high school and SO MUCH in college was a real burden on my grades. Luckily I figured out a better balance in grad school.

I've worked pretty much nonstop since I was 16. The longest break off I've ever had was 3 weeks when DH and I went to Europe a few years ago. Oh, and maternity leave because you know that is a break.
post #53 of 68
We don't have kids at this point, but providing for a state school is a priority for us. Both our parents were able to do this for us, but they were young enough to still be in high earning years when we were in school. If we have children, we'll be a bit older than our parents were - hopefully still in high earning years, but possibly into semi retirement. So right now the plan is to fund 529 accounts for any children. Of course if they choose not to use the money for university that is their choice. Higher education is highly valued in our families, but is not the end all. I mean we would be disappointed, but they could use the money for something else - like starting a business.
post #54 of 68
I have no idea how much it will cost then. We always planned to pay for local public university or college, up to 4 years, all tuition and fees and supplies. They probably need to work a bit, but we'll provide most of the money needed. If they have other plans, like going to private school or get married and have kids first, well we'll give them what we planned to give them and they'll have to figure out the rest.

*It took both me and DH 6 years to finish a bachelor's degree. For him it's because he worked on and off during that time. For me it's because I was a brand new immigrant and my English wasn't very good. I just barely passed the language requirement in the last minute for both the first and second year. Had to take each test 4 times and didn't manage to register in some required courses in the right order. It's not unusual to take longer to finish a degree among the people we knew. Never had a single drink during those 6 years. Couldn't really afford them.
post #55 of 68
well we know we wont be able to put 3 kids through college paying for it i agree with above poster that many that have it paid all by parents party alot and might not really care about education. we will always have 2 of the 3 in college at same time. so i am hoping they will be able to get some type of college schlorship. and then they will need to take student loans. but i liked the idea of a community college for 2 yrs and then go to a 4 yr and live away from home when in 4 yr. we shall see. but i know grandparents arent going to help them either at all even though my parents have the means to do so completely. great thread
post #56 of 68
Quote:
Originally Posted by kayleesmom View Post
but i know grandparents arent going to help them either at all even though my parents have the means to do so completely. great thread
I should've mentioned in my previous posts that we are very lucky in that my dad puts A LOT of money in my kids' 529s. So, we are not solely responsible for funding our kids' college. We are very grateful for this. Not to mention lucky.
post #57 of 68
If dh keeps his current job they can attend a community college for free and/or attend traditional 4-year schools that have partnerships with the community college he works for for roughly 80% off tuition. I'm really hoping they choose one of these options (assuming dh stays at the college, which he plans on). Otherwise we will pay as much as we can but not to the deteriment of our own financial health. We will still be paying our own student loans off anyway
post #58 of 68
I had to find a way to go to college, also coming from a single mother who was very poor. It was such a struggle for me to go to college, I was working 2 jobs and trying to take on a full load at community college. I ended up joining the military to pay for my college. I wanted to go so bad. I tried to get any scholarship I could get. I applied for grants, etc. In the end I could not afford to live on my own. I do not want our daughter to have to struggle as much as I did. Dh is in the military and has given his GI Bill to her, which will pay for about 3 years of in state tuition. She will go to community college first, hopefully accruing some credits under dual enrollment while in high school for free. She will have to work (part time) and will have to contribute but she may live at home and she will not have to struggle as much as I did. I want her to focus on her studies and not worrying about how she is going to buy food for dinner. We are also not having any more children, we can afford to take care of one child and still live debt free. She is not getting a free ride, like I said she will have to work and contribute to the household.
post #59 of 68
Quote:
Originally Posted by ChetMC View Post
I lived in residence for six years, and I've lectured at three universities. I absolutely agree that there are a lot of students wasting their own time and other people's money in universities across North America. However....

You need to be careful drawing a causal relationship between getting a free ride and increased incidence of crapping out at school though. Many of those parents remortgaging their house and working an extra job to send their kid to school have pushed, or at least enabled, their child to seek a university education when they are just not prepared to work at getting a degree.

The problem isn't generally the free ride, it's usually the lack of motivation and direction. An academically gifted and motivated undergrad will not be ruined by a funded education. An academically weak, unmotivated and immature undergrad however, is in the position to really make a mess when somebody is dumb enough to remortgage their house and send them off to a pricey private school.

The same thing with working part time while you go to school. Part time work may help kids to develop better time management skills to some extent, but most definitely, the relationship between grades and holding a part time job is not purely causal. The kind of kids who are motivated to work part time to make their university education possible are the kinds of kids who want to be there. They are the kind of kids who make things happen. Forcing a particular student to get a job when they are flunking out will not result in that student suddenly finding the drive they need to get off of academic probation.

In Canada, summer jobs are the norm though. I was really surprised when I started meeting American students who were 20, 22, or even 25 and had never held a summer job.

My only point really, is that parents be willing to take their kids on a case by case basis :

1. Parents need to NOT pay for kids to go to university if they really aren't ready to be there. Maybe pay for part time studies at a local college if you have your doubts and your kid really wants to go... but parents need to wake up to the fact that paying for a university degree does not mean that your kid will have the capacity to actually earn one. Just because the university let your kid in, and just because you can pay the fees, does not mean your kid will put in the work. I know after the first six lectures who is going to crap out in my class! I have no idea how it can be a complete surprise to parents when their kid crashes and burns in university.

2. It is very reasonable to expect contributions from your child, but recognize that it is not possible to be top of your class and hold down part time employment in every discipline. I know a lot of overachievers, and many of them were very fortunate to have the opportunity to focus 100% on their studies. It isn't always possible, but be open to the fact that sometimes not having a part time job may mean that a student has the time to put in the extra work necessary to be top of their class in a difficult program, do all the extra reading, or take a research position with lousy pay and that only lasts nine weeks because it will look great on their application to grad school and help them make valuable connections in their field.
ITA w/what you said. I see that for most of the posters on this thread their kids are far away from college so its all theoretical at this point. However as someone who has a kid in college and is assisting in paying what you said hit the mark.

My son's first year and a half in high school I let him know that if he was serious about going to college and planned on my paying something towards it, he needed to get serious. He did, by his junior year he was pulling A's/B', he got involved in school and by senior year was heavy into drama and the senior class president. He also in 08 got involved in the Obama campaign which actually did a lot for him personally and motivated him as far as his future goals.

Based off what he did accomplish in high school and what his future plans are (law school, public interest work) it makes sense to help with college costs. While I wish he had a job this year, he is pulling A's so far in his courses, involved in several extracurricular activties and since he has huge scholarships, a part time job is just not feasible. We send him a small monthly allowance (most of which is spent on food since he is a vegetarian and his campus is not veg friendly) but he understands that the moment he decides to slack off, my support is gone.

I have a friend who worked 2 jobs to get her kid through college and he took 6 years to do it. My son knows he has 4 years and that is it. I put myself through college and while its noble, truth is had I been able to go straight out of high school with help from my folks my life would have been a lot easier. Also from a financial standpoint because I had my son at 19, went to college at 28, grad school at 32 and now have a kid in college I frankly don't want my son saddled with the financial stress carry. Thankfully due to generous scholarships and 1 small loan my son took out my out of pocket cost is reasonable all things considered.
post #60 of 68
I plan on doing what my father did for me, offer them a place to live at home, give them food and a once in a while book or test help. I believe I learned ALOT from having to work out my education a lot. I know (from my experience only) the people who didn't have to work hard at paying for it didn't value it. The young adults I went to school with that either got federal aid or parents paid for it was much more likly to skip class, drop classes, barely squeek through on their studies etc. My friends and I who were on all scholarships (thus our ability to go to school depended on our grades/work ethics) were the ones that studied hard, attened all the classes, worked our butts off etc. I know my Dad wished he could have done more for me but honestly I think it taught me a lot, especially as a younger college student, about the value of hard work and determination. I know the drive that I learned in college is what pushed me through doing well in the military and I use the same drive to keep things going in the house. It also taught money management skills which a lot of younger people are sorely lacking in (from what Ive seen counseling younger Marines and their families, helping people learn to budget, helping them set up their first households etc).
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