How are your kids going to go to college? - Page 3

[Butterflykate]

This is where being in New Zealand is a God-send... right now we have interest free student loans if you stay in the country after graduating... The current Govt is trying to scrap it and bring interest back, they have tightened the rules some what so repeat students don't just live at university forever, but its nice to know any of my children can train as doctors as long as they don't leave the country they don't have to pay interest, the loan is repayed based on how much income you have, so if you never get a job you don't need to rush to pay it back, if you do then a portion of your income is automatically deducted.

We have set aside 5000 for each child for when they turn 21, The plan is it helps them move out of home and into the world if they are still here.

[cat13]

Well, DS is only 6 months, so I don't know what will happen in the long run. But we did set up a college fund for him that we'll put a little money away for him here and there. Mostly it's for the family who want to give lots of unnecessary presents - so hopefully we can get them to give to this instead. For example, my dad got a VA settlement from his injuries in Vietnam recently and put a good chunk of money in there for DS.

Personally, I had it pretty easy paying for college. Growing up I lived with my mom and we were really poor and I got great grades in high school. So I qualified for a ton of financial assistance and only had a few (very low interest, subsidized) loans. DH on the other hand, grew up in a family that was lower middle class, but just enough to not qualify for the things I received, even though his family couldn't afford to help him out. So now he has a ton of student loans that we'll be paying off for a long long time. My goal is that by the time DS is college aged, that DH and I will have a good income, so I know he won't qualify for lots of aid, but honestly I know we'll never make enough money to pay for all his school bills either.  It's that weird middle-ground that hurts students.

Hopefully, the little money that's saved for him will help with the first couple of years and he can leave college without as much debt hanging over him like DH did.

As for affording this, it's really not much for us to put $20 in the account once every month or two. I know it won't add up to a ton, but it's something, and we don't really feel that "loss" in our daily lives right now.  Plus, it's not necessary for DS to use this for school. If he decides not to go to college he can use this money to help with a car or downpayment on a house (although if he doesn't go to college, DH and I might have a heart attack!)

Originally Posted by Imakcerka 

I wonder how people are prepping their kids for college?  I talk about going to college like it's tying your shoes.  Something you just do. 

Word!

[Storm Bride]

I don't really know if they'll all go to college. DS1 (ten years older than his next sibling) is over halfway through his first year. He's doing a three year acting program (if he qualifies for the second year - they only allow half the cohort to move on - I think he'll get in, though). He's getting a little money from a program my ex and I set up when he was a newborn. It's basically an interest pool, and I was making the minimum contribution, so it's peanuts...each year's payment is too small to even cover his books for that year, if last year was a reliable indiction of costs. It helps, though. Other than that, he's paid one term out of pocket, from his earnings at the movie theatre. His other term was a combo of student loans and a gift from his step-grandparents. He's going to save up enough to pay for one term out of pocket again next year, and then probably do the same thing for third year (ie. save up enough for the first term, then do the second term with loans). Our major contribution is that he still lives at home, so his living expenses are pretty much limited to clothing, gifts and entertainment. He doesn't spend a lot, as a rule.

I don't know how much we'll help with the younger ones. DH makes a decent income, but I'm home with the kids, and COL in Vancouver is really high.

But, I've never been of the mindset that post-secondary education is a parental responsibility. I also don't think there's quite as much emphasis on it in Canada as in the US. (I could be wrong about that, but I've talked to other people about it, and there does seem to be a somewhat different cultural attitude about it.) We'll just have to see what happens.

My mom may or may not help out as the kids get older. But, honestly - she has 12 grandchildren, and all but one of my nieces and nephews are in worse financial situations than we are. if mom does end up helping with college, it probably won't be for my kids.

[Storm Bride]

Originally Posted by Imakcerka 

I wonder how people are prepping their kids for college?  I talk about going to college like it's tying your shoes.  Something you just do. 

I'm not really, at least not now. I'd seem like a total hypocrite talking about it as something you just do, though. I never went (a year of community college, to get some practical skills, as I did a full academic program at high school, and had no real world use for it whatsoever - some of it was fun, though - mostly the math). DH didn't finish his degree. Neither of my siblings graduated from high school. My dad didn't graduate from high school. My mom's the only one in our family with a degree...and she got it a year before I finished high school, so it's not as though she did the approved "graduate, go to university" thing. Going to colllege isn't something you just do in my family.

If dd1 continues with present career aspirations, she'll have to go, though. She wants to be an arachnologist (seriously - where did this child come from?), and I'm sure she'll need university for that!

[Super~Single~Mama]

Originally Posted by Storm Bride 

If dd1 continues with present career aspirations, she'll have to go, though. She wants to be an arachnologist (seriously - where did this child come from?), and I'm sure she'll need university for that!

As in spiders?? I'm sure she's lovely, but I don't want anything to do with spiders.

[AllisonR]

We save, but not for university. University is free here. In fact, you get a small salary while in university, up to age 25, to pay for rent, books... Of course, we pay 25% tax on everything we buy, 180% tax on cars, 7 dollars/gallon for gas, luxury tax on sugar, butter....so it really isn't free, it's just saved up by the govt instead of us. Problem is if they want to go to university in another country. Then I guess we will help out, but they will need scholarships. 

I had a boyfriend in high school, one of nine kids, and the parents could not afford higher education for all the kids. Yet all were expected to go to college, there was not a question of if. And the college should be one of the Ivy League, and the kids should get in on full scholarship, and once in, the kids should pay for all their expenses. So he got himself a scholarship to an Ivy League, but that kind of pressure on an 18 can be immense, and he ended up cutting his wrists. Ivy League with all those strings attached was not worth that, imo. Teaching an 18 yo independence and responsibility is one thing, but this was so over the top it was disgusting. 

[Super~Single~Mama]

Originally Posted by ollyoxenfree 

I was in the middle of a graduate program when DS was born. DD arrived 5 days after the end of my last academic year, and as a breastfeeding infant, attended mandatory professional courses for licensing with me. DS doesn't remember much about it, but he spent a lot of time on campus for the first 3 years of his life. Arguably, DD has met mandatory course attendance requirements for the profession  .  

My DS was the only person at my law school to cross the graduation stage twice. He got to walk with both his dad and me. He was also the youngest person ever to attend Torts with my professor (he was 1mo when I took him to his first law school class).

[AbbyGrant]

Originally Posted by Storm Bride 

She wants to be an arachnologist (seriously - where did this child come from?), and I'm sure she'll need university for that!

I figured spiders from the "arach" part, but I don't think I've ever heard of an arachnologist. That's really cool!   

[Buzzer Beater]

Originally Posted by Imakcerka 

I wonder how people are prepping their kids for college?  I talk about going to college like it's tying your shoes.  Something you just do. 

Or something they may do themselves. I never spent much time talking with dd1 about what she wants to do with her life, as far as "expectations" anyway. I did tell her she could do anything she wanted to if she set her mind to it. She was very self-regulating studying in high school, taking AP courses and making sure she got good grades. She knew from a young age she wanted to go to college and she's doing great there.

[JayGee]

We have 529 educational savings plans for all 3 kids, plus,since DH is retired Air Force, DS is beneficiary for his GI bill benefit. We won't be able to afford a schmancy private school like I went to (Colby College), but there will be enough for in-state tuition.

[Storm Bride]

Originally Posted by Super~Single~Mama 

As in spiders?? I'm sure she's lovely, but I don't want anything to do with spiders.

Yes - spiders. She thinks the Goliath birdeating tarantula is the most beautiful animal in the world. We were recently reading a book about "the tarantula scientist" and there was a passage near the beginning, where the guy was trying to coax a Goliath out of her burrow. DD1's reaction was, "where is that, mama? Can I go there one day? I want to do that". The highlight of her homeschooling year, so far, has been the "critter" guy who came to our homelearning meetup and let her hold a tarantula, and have it crawl on her. I can't even describe the smile.

For contrast....I had a garden spider drop from the ceiling right in front of me one morning (I call them "paratroopers' when they do this), and was on edge for about four hours. If a spider is more than about 1mm across, I can't bring myself to get within five feet of them. I can't even describe how hard it was to get close enough to dd1 to get pictures of her with the big ones. Blech.

We're homeschooling. It's been a pretty major push out of my comfort zone...but dh is still going to have to take her to the big Bug Zoo in May. I can't handle that....

[Storm Bride]

Originally Posted by AbbyGrant 

I figured spiders from the "arach" part, but I don't think I've ever heard of an arachnologist. That's really cool!   

She's a neat kid. Her aspirations, so far, have been ballet dancing, midwifery, farming and arachnology...but the arachnology is the enduring one.

[Mummoth]

Originally Posted by Storm Bride 

She's a neat kid. Her aspirations, so far, have been ballet dancing, midwifery, farming and arachnology...but the arachnology is the enduring one.

My DD1's longtime dream is to be an ice cream truck driver. My mom's comment on it was "Well, that's nice and attainable!" Except she wouldn't be successful because her plan is to wait until the kids get almost to the truck and then take off so they'll all cry and she'll eat all the ice cream. I told her they only have ice cream trucks in the summer, so her backup plan is to have a cupcake bakery... I approve of that!

DS wants to be a video game tester... he already kind of is! Can you get paid for that?

[journeymom]

Originally Posted by Mummoth 

My DD1's longtime dream is to be an ice cream truck driver. My mom's comment on it was "Well, that's nice and attainable!" Except she wouldn't be successful because her plan is to wait until the kids get almost to the truck and then take off so they'll all cry and she'll eat all the ice cream. I told her they only have ice cream trucks in the summer, so her backup plan is to have a cupcake bakery... I approve of that!

DS wants to be a video game tester... he already kind of is! Can you get paid for that?

There are paying video game tester jobs, yes.  My hunch is that there aren't a lot!  More and more colleges are offering video game design and production programs,  AA through Masters degree. 

[nwatt]

We have not started saving for our kids' college yet, but their grandparents have.  We are, however, going to make sure that our kids do not have to take out any loans for their schooling.  We plan on starting to add to the funds their g-parents started very soon. 

College and Grad school will be talked about as something that is simply a natural part of life.  They will go, at least to undergrad, and if they do not want to go to grad school they better have a VERY good plan for what they want to do with their lives.  This is how DH and I were raised, as were our parents.  Even 3 out of my 4 grandparents when to college.  It is just what is done in our families.

[zebra15]

Yes Zuckerburg dropped out of Harvard but DS was so thrilled with the idea of professors, other classmates etc that he is officially sold on the idea of higher learning.  (classmates with the same passion for learning and creating that he has)

[Linda on the move]

For the first 15 years we were parents, we lived on one income, my DH's, and I focused on raising the kids and running our home. I recently returned to work full time mostly to pay for our kids education. Our goal is state university and no debt. For us, this is attainable. Even though we weren't able to save for their college up til now, we never got used to living on 2 incomes.
 

Originally Posted by journeymom 

We don't have much saved for our kids education.  We actually have a couple of educational funds set up, but they were both eviscerated in 2009.  It's a source of heartbreak for us both.  And now we've declared bankruptcy, so at this point we're focusing on not being a burden to our kids.  Seriously, I feel pretty ashamed about this, since my parents managed a fair amount saved for all four of their childrens' college ed.  

.....

And yes, we're really urging our kids to investigate practical Associate degrees.  A person can go to a 4-year and get a BS in biology, for example.  Or a person can get an AS in medical lab technology and get a job pretty quick in a hospital or med center.  The health care field is one of the few that weathered this recession very well.

Our finances are not where we expected them to be at this point because of the events of the last few years either. We took a huge, huge, huge hit on a house and started over financially a couple of years ago. I'm sorry about your bankruptcy.

We are also advocating for marketable skills before a degree -- starting with getting certificated to be a lifeguard when they are 16. It's great to have a lovely plan involving a four year degree (or grad school) and a plan to pay for it all, but sh*t happens. One of my DDs is considering becoming an EMT before she starts her degree.

Even if nothing goes wrong and one skates through their degree with ease and mommy and daddy can keep up with tuition, room and books, most students work while they at university. Might as well be as something skilled. It's so much easier to find a job when you know how to DO something that people actually need done.

Edited by Linda on the move - 2/23/12 at 6:43pm

[philomom]

Originally Posted by Linda on the move 

For the first 15 years we were parents, we lived on one income, my DH's, and I focused on raising the kids and running our home. I recently returned to work full time mostly to pay for our kids education. Our goal is state university and no debt because of it. For us, this is attainable. Even though we weren't able to save for their college up til now, we never got used to living on 2 incomes.

Yep, same here....I'm looking for a job and my college kids will have to work part time.

[Butterflykate]

Originally Posted by AllisonR 

We save, but not for university. University is free here. In fact, you get a small salary while in university, up to age 25, to pay for rent, books... Of course, we pay 25% tax on everything we buy, 180% tax on cars, 7 dollars/gallon for gas, luxury tax on sugar, butter....so it really isn't free, it's just saved up by the govt instead of us. Problem is if they want to go to university in another country. Then I guess we will help out, but they will need scholarships. 

I had a boyfriend in high school, one of nine kids, and the parents could not afford higher education for all the kids. Yet all were expected to go to college, there was not a question of if. And the college should be one of the Ivy League, and the kids should get in on full scholarship, and once in, the kids should pay for all their expenses. So he got himself a scholarship to an Ivy League, but that kind of pressure on an 18 can be immense, and he ended up cutting his wrists. Ivy League with all those strings attached was not worth that, imo. Teaching an 18 yo independence and responsibility is one thing, but this was so over the top it was disgusting. 

Weh ave a student loan thing here to, money borrowed that one day has to be paid back to help with rent and books, but its not really much
 

Originally Posted by Imakcerka 

I wonder how people are prepping their kids for college?  I talk about going to college like it's tying your shoes.  Something you just do. 

I would never tell my children they have to go to university, it is their life to live and I just don't believe that its my job to tell another adult what they should do with their lives. I do help and encourage them with what they are good at and try to guide them. I think the whole "You need to make a decision about your life now" can be probably one of the worst things you can do to a child, as they will make many choices in their life that will define it.

Am I the only one who feels like that? Always wondered if that was a just me thing after seeing some friends of mine deal with their children.

[Storm Bride]

Originally Posted by Butterflykate 

I would never tell my children they have to go to university, it is their life to live and I just don't believe that its my job to tell another adult what they should do with their lives. I do help and encourage them with what they are good at and try to guide them. I think the whole "You need to make a decision about your life now" can be probably one of the worst things you can do to a child, as they will make many choices in their life that will define it.

Am I the only one who feels like that? Always wondered if that was a just me thing after seeing some friends of mine deal with their children.

I'm the same way. I had loosely planned to go back to school in my mid to late 30s, once my youngest child was in school. As it happened, I didn't end up having my last child until I was already in my 40s, and we've decided to homeschool, so my tentative plan has been out of the question for a long time. Life happens...I had unexpected fertility issues, ended up with no assets at the end of my first marriage (had planned to use some of the assets I'd have built up at that point to fund my future education), and never did decide what I wanted to study, anyway. I don't think I'll ever go back to school, but I don't care, either. I do know that if I'd gone right after high school, I'd have dropped out within a year, two at most - and wasted a lot of money and time.

We'll see what happens with my kids. I honestly wasn't expecting ds1 to do the post-secondary route. I thought he'd just head out and try to find an agent and start auditioning. He feels this is a better approach, though. I'm not even remotely qualified to give him advice on the acting industry, so we'll let him figure it out.