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Do you feel like you Need to pay for the kids' college? - Page 5

Poll Results: Do you feel like paying for college is a requirement for parents?

  • 49% (70)
    Yes, I need to pay for each of my children's college education.
  • 45% (65)
    I will help, but they need to fund the bulk of it.
  • 4% (7)
    No, I expect them to pay for it on their own.
142 Total Votes  
post #81 of 120
I completely dissagree with the state for paying for college. They have messed up early education so much. I think adding another 4 years to state funded schools dangerous. Our PS need such an overhaul with different thinking. Our high schools are so out dated.

I also think businesses should be forking over more money. That is why we have our schools to day, to make good workers. The problem is our HS schools are not designed to meet the needs of kids. Yes, this means businesses should fund education/training for their workers.
post #82 of 120
Kava - But what year was that? Things are a lot different than what they used to be. The tuition at my state university has increased 42% in the past two years alone, and we are slated for another 7% increase. In order to graduate in four years, students have to take 15 credits per term, up from the previous 12. Most students have accepted the fact that it takes more than four years to graduate from a four-year institution.

I have made the honor roll every term; there are no scholarships for that anymore. I did one time receive a bookstore scholarship; $250 worth of free textbooks which helped a lot, but no tuition scholarships. Textbooks cost about $100 now, and those are for used books.
post #83 of 120
Not here! I won't mind *lending* my children a bit of money here or there, but both dh and I fully paid (are paying!) to put ourselves through school, and trust me - it isn't the end of the world.

Dh works part time on the weekends and weeknights, and I'm home with our two year old. We're both in VERY demanding courses (dh - geologist, me - nurse) so I know about stress and making things stretch.

We're carrying a huge debt load, but that's life! When my kids go off to university they'll be adults, and they can look for ways to fund their own education. Dh and I still own a vehicle, live comfortably, are currently qualifying for a mortgage - it can be done!

Besides, like a pp said - I'll be busy saving for retirement, paying down my mortgage, and other big $$$ things in my life (maybe still paying off my loans? :LOL ) I want to go on vacations, and have some down time when I'm done working.

Anyway, the thought of shelling out $20 000 for multiple kids to attend postsecondary makes me itchy. It WON'T be happening in this household.
post #84 of 120
As more and more people get college degrees, the college/university you get your degree from will make ALL the difference. My workingclass dh and his siblings were never expected to attend college (he is the only one who did), but he and all his siblings expect their kids to attend college; this is a huge change in just one generation, and as it happens across the social/cultural spectrum, it means that the finacial worth of a college degree drops while the necessity of one rises. It also means that a BA/S from a third tier state school will be the equivalent of a hs diploma today.
post #85 of 120
post #86 of 120
We intend to fund college. It was HARD to get through college without parental help or assistance. If we couldn't, fine, I don't think it is a must. But we can... if it means less vacations and fun than who cares?

I'd rather pay for college than weddings or silly one time expenses like that...

ETA- I just want to clarify that I understand some families are unable to fund college for each of their children. I get this. My parents couldn't afford it and I dont' resent it at all. I just know that we can- though it will take saving and planning- and it is something I want to provide. But I also think there has to be a sense of responsibility on the child. If we had a child who was just partying and not taking it seriously we'd stop paying for it until they were ready to take it serious. Anyway....
post #87 of 120
Originally Posted by Rainbow
I'd rather pay for college than weddings or silly one time expenses like that...
Yep. In our house, college education is a birthright but fancy bat mitzvahs and expensive weddings are not.
post #88 of 120
GB: Yeah it was almost 10 years ago. But I checked the community college and tuition is now $550/semester and it was $350 when I went there. I never got by with less than $100 per semester on books. It was usually more like $200 and I always bought used or used the library when I couldn't afford it. They still have Dean's List tuition waivers too. And if you are working 25 hrs/week and enrolled full time in school, you can apply for food stamps (if you don't exceed income levels).

I also checked the university I attended. The total cost including room and board in the dorms and health insurance and other fees is now $5000 more per year. I actually was less stressed when I was at a school with an annual price tag of $22k because I lived in the dorms and ate in the dining hall (they had excellent vegetarian food, btw) and it was all included in my tuition/financial aid package.

Dimitrius (my partner) did not finish school. He wants to do it someday but feels it is out of his reach because we couldn't afford it. I keep telling him that with three children, he would qualify for some financial aid and he can attend community college first to get his requirements out of the way and it will be cheaper that way. I hope he goes some day. I would like to further my education in the future, as well.
post #89 of 120
I will NOT be paying for a wedding, that's for sure! I had a beautiful wedding and honeymoon for about $500; if it's good enough for me, my kids can do it too.

I think college costs are the reasons people say it takes about $300K to raise a child. It sure didn't cost that much for me, and it won't cost that much for my kids either.

My dh's mom saved a whole lot so three sons could go to college. And since they were all born a year apart, they would have all been in college at roughly the same time. But they all flaked off and ended up going to college while they were middle-aged, so dh's parents just got to keep the money! So now they are just sitting on a pile of money they have no use for. It worked out great for them!
post #90 of 120
Originally Posted by guerrillamama
If I'm not mistaken Canada contributes substantially to higher education, maybe some Canadians will hop in and explain how it works up there.
Current tuition fees at my university are $143/credit hour (Cdn dollars, obviously), and most students take 12-15 credit hours per semester, so that works out to $1,716 - $2,145 per semester. Most students take two semesters per year, and work in the third semester, which works out to about $3,500 - $4,300 per year for tuition. (Side question: how much is tuition in the US?)

Foreign student fees are the better reflection of how much the education actually costs. They pay $475/credit hour, which works out to $7,125 per semester (at 15 credit hours), or $15,000/year.

The difference ($10,000) between that $4,300 and $15,000 is the amount that the government contributes to each Canadian undergrad student's tuition.

I like the Australian system. Tuition is free, but you pay extra income taxes for the rest of your life, based on the theory that an education sets you up to earn more over your lifetime. I think they're about to phase that out, but it's sure a nice system. Any Aussies reading this discussion who could comment?
post #91 of 120
We're saving a bundle a month and plan to pay for tuition, room, board, and spending money. We both got through with help from parents, grants, and loans and plan to be able to help our son as least as much. It is a huge privilege for a child to be able to get through school and not work. I do expect our son to appreciate that privilege and use it to enrich himself. If he just takes advantage of it and plays around, we'll set some boundaries.
post #92 of 120
By the way, our financial planner did a calculation projecting college costs and returns on investments and estimated that we need to be saving $900/month for a private school education. I believe that if his forecasts are accurate, we would have enough $$ for tuition, room, and board for four years by the time our son is 18. Typically parents save for tuition and help with living costs out of current income, so the $900/month is a bit overstated (not to mention the fact that you typically don't pay four years of tuition up front, your money would be growing each of those years). Anyhoo, thought I'd throw that out there. We asked him to run the most expensive college option as well.
post #93 of 120

We are looking into private elementary schools, and we will be applying for assistance there as well. Many schools offer tuition breaks; parents just don't realize it so they don't ask. My philosophy is never let lack of money get in the way of expecting the absolute best of everything for your children.
post #94 of 120
Neither DH or I got a dime from our parents for college, the money just was not there. Both of us paid our own way with loans and grants.

Like another poster said, at this point, saving for retirement as not to be a burden to our children later is a lot more important to us. If we are contributing to our retirement at a comfortable rate, we will help if we can when the time comes. We will also let them live with us, help with car expenses and the like if they choose to go locally.

My mom, who lives with me and collects disability, has not a dime to her name except her monthly check. She will need to live with my brother or me for the rest of her life. When in 15 years or so, when she needs more care than I can give, I don't know what I will do. I don't want to have my children feel this way :
post #95 of 120
Maybe I should save up for retirement so my uneducated kids don't stick me in a nursing home as punishment for my not paying for college.
post #96 of 120
Tuition at the university where I work looks like this for undergraduate work:
in-state out of state fees room/board
Arts and Sciences $10130 $19500 $700 $7090
Education $10130 $19500 $700 $7090
General Studies $10130 $19500 $700 $7090
Social Work $10130 $19500 $700 $7090
Dental Medicine $10130 $19500 $700 $7090
Business Administration $11314 $21968 $700 $7090
Engineering $10804 $21308 $700 $7090
Health and
Rehab Science $12748 $24784 $700 $7090
Nursing $12748 $24784 $700 $7090
Information Science $10906 $21068 $700 $7090
Pharmacy $15486 $20498 $700 $7090

Carnegie Mellon charges $41,970 (on campus)$35,176 (commuter)$41,160 (off campus)

Chatham (a truely excellent private college) Full time: 12 – 21 credit hours is $11,435 per semester

This is a whole lot of money.
post #97 of 120
Originally Posted by wenat
(Side question: how much is tuition in the US?)

Community college in PA (leading towards an Associate's degree) - $84/credit hour

State-funded colleges (Kutztown, etc.) - $2100 in-state, $6300 out of state for tuition only/semester.

State university (Penn State) - $11,480/year, tution only.

Private colleges/universities - there's a wide range. I looked up my undergrad school, and tuition/fees are $30,720. Plus living on-campus is required for the first 2 years at least, room & board is hovering around $8,000. The benefit to a private school is that most will meet 100% of demonstrated need with loans and grants, whereas many public schools won't do so.
post #98 of 120
My parents did not pay for mine but they helped out a little. The bulk was paid with loans which I am repaying now. I did not expect my parents to pay for college. It is one of those things I feel I would like to provide for my children. I have gotten flamed before for saying this but I do expect my children to go to college. I wish I could afford the prepay system. I just can't fork over the extra money a month. Geesh, I want to go to grad school and I don't know how to finance that! I am trying to save for their college. Hopefully, some day I'll win the lotto. :LOL
post #99 of 120
wenat: tuition in the US varies by state and school. Residents of the state pay less than non residents for state schools.
post #100 of 120
Just some more thoughts:

My husband’s parents saved for his college in his name. His mom worked to pay for living expenses of both children. As it turned out, his tuition costs were less than the savings, so he had money at the end of college and grad school that we used as a down payment on a house. It was such a relief to have that money. It meant that we never paid a PMI and never worried about how we would ever afford a house. It is so hard to save any chunk of change at the beginning of your life and that is when it is most valuable. As my husband and I age and have the luxury of time and compounding interest, I hope that we can help out our child in this same way. I know it's not possible for all parents to do this, but it is partly possible for us to do this because our parents pushed education and shored us up financially. We were also responsible kids and didn't play around too much.
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