How are your kids going to go to college?

[Imakcerka]

Someone just asked me if I was saving for my kids to go to college.  I said no and she looked at me like I was dumb as rocks.  Of course I'll help them while they're in college but I do not plan on paying for college.  I know there are programs out there designed for parents to put money away for college but they come with a few stipulations that I think would take away from my kids choices.  Also I'm a DV, there are quite a few programs out there that offer scholarships for DV children.  The price of a college education keeps rising, even if I started now, how can I be sure I could really pay for it all without having to mortgage my house and take out loans?

I honestly would prefer them to go fully knowing that I will not be paying but will support in any other way I can. 

Thoughts?

[Super~Single~Mama]

Stupid question: Whats a DV?

I'm not saving yet, but I want to start. Sucks not having enough money. My parents put me through college, but then I was on my own for law school. I don't know that it made me appreciate it any more than college, but I'm in lots of debt from law school. Thankfully I was debt free after undergrad though, so my debt load is lighter than most with a grad degree (going to a good but cheap law school helped to).

[Imakcerka]

Disabled Veteran.

[Super~Single~Mama]

Originally Posted by Imakcerka 

Disabled Veteran.

Of course. I always think "Domestic Violence" when I see that. oops.

[Mom31]

Well... seeing that I am still paying for my college- and will probably be paying for it still when they are in school- and no I don't have a degree... ( yuck) I will help them but they will most likely have to get grants scholarships and loans. There dad will be able to help as well.

We talk about college all the time here and they know they are going. DS even knows where I want him to go and DD well- she is up for anything....  I am going to make sure they have the best possible applications- lots of involvement- etc.

[ollyoxenfree]

A combination of financial strategies - educational savings, our own out-of-pocket wages, academic scholarships and contributions from the kids via their own part-time jobs and gift money/presents they've received. 

We set up an educational trust fund when the children were young. We contributed annually and it's healthy enough but wouldn't cover every expense for 2 students. DS worked part-time after school and during his summers and had his own savings. He decided to stay at home for university. He received a scholarship from his university of choice, and it's nice that it meant he could live at home if he wanted. That also meant that incremental costs associated with day-to-day living expenses have been relatively low this year, so he hasn't had to access the educational savings yet. We bought him a laptop for Christmas and that was probably the biggest "extra" cost so far. 

[laohaire]

I am not. I'm sure everyone thinks I am a horrible selfish witch. My reasoning:

* Our income is limited, and so we are prioritizing paying off our own mortgage and saving for retirement. Sounds selfish but honestly, I think it's a great gift to DD to have parents in a stable position. I get nervous about my own parents, actually, and I would be hugely resentful if I had to take care of them financially. And the fact is - and this is another bullet point I guess -

* We might have to give some financial resources to my parents. Oh, hell, I'm not planning on it, and I will not be bailing them out, but if I have to take them in my home or get care for them, then I have to, you know? Thankfully I think it's more likely that they will be ok financially but this possibility does lurk in my mind.

* We are still paying off our own damn student loans. I can't justify to myself saving cash for DD's college when we are paying off our own college loans (and for years to come). DH's mother always promised to pay for college, but it turned out there were MAJOR strings attached. She felt this permitted to have a very bizarre amount of control over DH's life, including whether he could be in a relationship with me, down to even where he could drive his car (seriously... she told him he could only drive his car home to her, but could not use it to go to the mall or whatever). Screw that, so that's half our student loans. The other half are mine. My parents are huge on education and always swore they would pay for my college but they ended up... not. I actually don't resent this, but the fact is, we're paying off our own college before even considering saving for DD's. (We are paying at a somewhat accelerated rate, but not too much - prioritizing the mortgage because of the interest rate).

* DH and I believe a state college education is fine and that prestigious private colleges are generally (not always) overrated. Thankfully we went to the cheapest state college in our state. My parents would have loved for me to have a brand name sheepskin but I chose a different life ultimately.

It's not that I want DD to be in our position and paying a stupid loan for 20 years. But we're in this position and I just can't justify to myself prioritizing saving money for her college when we have other issues going on. If I could go back in time, I could have improved my own situation (worked more, and mailed back the extra money they so "nicely" loaned but I didn't actually need, which I always meant to do but never got around to). Maybe I can help DD with good advice in that direction. If not - well, it's not the end of the world.

Wow, that was long, even for me. Delete... or submit?

[Mulvah]

Edited by Mulvah - 2/22/12 at 9:45am

[Buzzer Beater]

Dd1 has scholarships, Pell Grants, a job as an RA, and help from exh, grandmas, and stepdad. She also works part time, holidays, and summers. It's a stretch for her to get it together every year and I think she values her education more because of it as previous posters have suggested.

Dd2 (21 months) will have things easier as her grandpa has already started her college account. His plan will have her education paid for probably no matter where she wants to go. She's his only grandchild (and no more coming) so he can afford to do that.

[Imakcerka]

That's awesome!  My girls are the only grandkids on both sides... nobody would do that for them.  Not a big deal though, we'll figure it out.
 

Originally Posted by Buzzer Beater 

Dd1 has scholarships, Pell Grants, a job as an RA, and help from exh, grandmas, and stepdad. She also works part time, holidays, and summers. It's a stretch for her to get it together every year and I think she values her education more because of it as previous posters have suggested.

Dd2 (21 months) will have things easier as her grandpa has already started her college account. His plan will have her education paid for probably no matter where she wants to go. She's his only grandchild (and no more coming) so he can afford to do that.

[Peony]

I am not saving currently. I do plan on assisting for undergrad for most if not all. Here is where it gets tricky, I will be amazed and so proud if DD1 goes to college but I also consider a 4 year degree to be the minimum standard these days. DD1 is severely dyslexic and just very basic school work is incredibly difficult for her, we have every single possible accommodation possible, tutoring, therapists... She does numerous sports, several competitive teams, they are not cheap, I almost consider them in place of her college fund. Coaching perhaps someday. 

We don't have current college funds, something else always seems to come up. Maybe I have the wrong priorities, but right now I am at the place where if it is between a 2 week vacation or college fund, I'm going for the trip! I've got 2 kids that get 11-12 hours of private therapy a week, that has been going on for years, hopefully next year they will be done and that money will be funneled into college funds. Our 5 year plan also involves selling a profitable business that DH and I own, we have minimal debt with it so the money will be put away or things like college. 

[grahamsmom98]

Not to put too fine a point on it, we're very well-off, financially.  In addition, we will both inherit large estates when dh's Dad dies and when my Mom dies.  We have zero debts (no mortgage at all, pay our credit cards in full each month, etc).

We started an education fund for any future children when we married.  At this point (15+ years later), ds (age 13 and an only child) will be able to attend whatever college he wishes, in whatever field, with no financial hardship to us (or, him). 

He'll receive an allowance, as well, while at college so he can concentrate on studies and not be worrying or losing sleep because of job concerns. 

This is how things were done for both dh and myself by our parents and we'll do the same for ds.

[Super~Single~Mama]

Originally Posted by laohaire 

* DH and I believe a state college education is fine and that prestigious private colleges are generally (not always) overrated. Thankfully we went to the cheapest state college in our state. My parents would have loved for me to have a brand name sheepskin but I chose a different life ultimately.

Some of the prestigious ones would be worth the $$$ for graduate school, but I think its a waste of money for undergrad. The not so prestigious colleges? You can do just as well and get just as a good an education at the state school.

[mamatoablessing]

Originally Posted by Buzzer Beater 

Dd2 (21 months) will have things easier as her grandpa has already started her college account. His plan will have her education paid for probably no matter where she wants to go. She's his only grandchild (and no more coming) so he can afford to do that.

Same with us. All of the granchildren in our family already have their 4 yrs worth of tuition in a trust account. We are incredibly lucky that we don't have to worry about saving, or not svaing, for their higher education.

[LynnS6]

When grandma died, she left some money to each of the children. That will make a modest fund that will help, but it's not going to be nearly enough for a pricey private college. I expect the rest will come from: their part-time jobs, our contributing some, and depending on how expensive college gets, loans.

If all else fails, they will have the option of attending a state school with majorly reduced tuition as I'm an employee of our state universities. The problem is, I don't know if any of our state universities are going to be a good fit for our kids. 25 years of ever shrinking state funding means that the state now pays less than 20% of the universities' operating budgets, and the quality has suffered. In addition, ds at least, might thrive in a smaller institution. Dd will probably thrive no matter where she goes, and so it's a question of her having a good selection of majors to choose from. She could end up being anything from a social worker to a lawyer to a vet.

[BlueStateMama]

We started 529s for them when they were born.

[One_Girl]

I have a savings account and hope she gets grants and scholarships. If not she may have to go to a university in the state for her undergrad to save money. Depending on her grades I might allow her to have a part time job when she is a teen if she wants to save half her earnings for college. We also have family members who are willing to help so she should be able to focus on school.

[meemee]

no idea.

its just dd and me. i cant imagine her paternal uncles doing anything to help.

however if dd does go to college, i will insist that she goes to community college first before she goes on to other schools. esp. if she decides to go to university rather than a state school. it wont surprise me if she decides to go to college abroad.

[pianojazzgirl]

We have educational savings plans for both kids.  I guess that will cover what it will, and then they will need to supplement by working themselves, by student loans if necessary, possibly extra help from us if we're doing better financially, scholarships hopefully, etc.

My kids are only 4 and 7 so we have a good eleven years before this will be an issue.  I hope our own financial situation will be improved by that time, but if not we/they will find a way (assuming they want to study at university).

[queenjane]

We're on a very limited income and are more worried about keeping the car running and the lights on at this point then some far off college. That being said, because i dont see my income being drastically increased by the time the kids are in college i figure they will qualify for lots of aid. Also, my state has a program where any child who is on Medicaid for at least 18 months from sixth grade on can qualify to have the first two years (and possibly the second two as well) of college instate paid. Hopefully that will still be around in a few years!

Oldest ds is currently trying to get into a high school that confers a college degree upon graduation (early college) so hopefully that will work out for him. Its very very expensive (though he should qualify for financial aid based upon parental income)...but i usually dont worry about his stuff getting paid as his paternal grandparents are well off and he's the first grandchild. They pretty much are willing to help out with whatever. My kids on the other hand dont have that luxury.