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spinoff--paying for college for your kids? - Page 8

post #141 of 195
Quote:
Originally Posted by RedWine View Post
My kids will both have about $100K each by the time they are 18. I hope that inflation will not rise too much and that the money will actually pay for something -- like at least two years of a prestigious private college if they choose to go that route.

If my husband is successful in selling his company, than we will make sure they each have at least $500K for school and what not. Yes, $500K each. I want them to be able to get a Ph.D. if they want one, without incurring any student loans.
Will you adopt me? I'm really cute.
post #142 of 195
Quote:
Originally Posted by zjandosmom View Post
For those we say their kids can live with them I have to say that the college 'experience' includes living away from mom and dad. I would not want my kids to miss out on that.
Sure it's fun, and that's great if you can afford it, but I don't plan on spending tens of thousands of extra dollars per year just so my kids can experience living on their own -- when they want to live on their own, they'll get to experience the responsibility that comes with all that fun and freedom.

I've known students who got their own (parent-funded) apartment even though their college was within reasonable driving distance of home, and I have to say that most of them did not truly appreciate or respect the enormity of what their parents were providing them.

I'm fine with my kids living in dorms or off-campus during college, but I don't believe that it's my responsibility to finance that desire.
post #143 of 195
My dd is in her second/ third year of college and I paid for her to live in a dorm for one year because I wanted her to get truly immersed in campus life. To me, making those friendships and learning to live with a roommate are just as important for her 'education' as attending lectures are. She now lives in her first apartment and I am contributing $300 a month toward her living expenses; but she has to earn the rest ($300 won't even pay the rent much less food, insurance, travel, utilities, cable and cell phone etc. if she chooses to get those.)

I'm not doing it so she can have "fun". I actually think that figuring out a budget, learning to live within it and to pay your own bills on time is a huge responsibility. One that is an essential part of becoming an adult in our society.

I plan to reduce my contributions toward her living expenses next year and then eliminate them completely the year after so that when she graduates college she will be completely on her own financially, but it will occur gradually over her 4 years in school.
post #144 of 195
Absolutely - I feel it is my responsibility to provide, to the best of my ability, the opportunity for my daughter (and any subsequent children) to pursue post-secondary education when she's ready for it.

eta, in response to MissSavannahsMommy's question:
I have a BA earned with financial support from my parents via loans taken on my behalf, significant aid from my alma mater in the form of grants, significant aid from an external scholarship, Stafford loans in my name and work-study. My mom and Bryn Mawr always handled all the paper work -- I was utterly shielded from that aspect of the process. All I did was show up at the financial aid office to sign for my loans. It was a tremendous gift: attending Bryn Mawr was life-changing in many ways (not least of which is that I met my husband while a student there).

Both of my grandmothers earned undergraduate degrees. My mother and father have master's degrees. Education has long been valued in my family, for both girls and boys -- perhaps because the girls have worked outside the home for the past three generations at least (I don't know much beyond my grandparent's generation).
post #145 of 195
Quote:
Originally Posted by RubyWild View Post
Some of you, who will not help your children much for college because you think it's their own responsibility, please keep in mind that even if you don't claim your adult children as dependents, for all the years they're in college, they are ineligible for many grants and lower interest loans because of your income.

It doesn't matter if you're not particularly rich or even comfortable. When they fill out their financial aid forms, they'll be told how much the government expects you, the parents, to contribute. So, your college "child" is going to have to pay back loans at a higher interest rate because of their parents' earnings.
This is so true. It's one of the things that did me in. I worked full time to pay for my education, and all that did was hurt me more, because it was combined with my parents small income. I think this is true through age 23? I don't remember right now, but it's an unfortunate truth, whether or not you live at home.
post #146 of 195
Quote:
Originally Posted by MissSavannahsMommy View Post
What are the educational backgrounds of all the posters? Does your education influence your decision at all?

Where are all these people finding scholarships and justifying that their children will get these glorious scholarships because i've applied for 23984723984739284732984723 bazillion of them and stopped after i realize i spend so much getting official transcripts and denied by all of the scholarship institutions. I finally stopped applying because it was costing me so much money just to apply for them!
Well, I have a bachelor's degree and had approximately 50 percent of it covered by scholarships (mostly teeny private ones).

They're not 'glorious', they tended to be in the $500-1000 range each. Some I needed to reapply for every year. It's a lot of work to write all the crap essays, ect, and you have to spend some time researching every possible angle of ties to scholarship eligibility. But for me, I liked doing that better than working through the year, as personal preference. My college career center had a scholarship database, but in my senior year in high school I was paper-searching at the local library (and made friends with the librarians, who helped me).

It's one thing to say it didn't work out for you, for whatever reason...but it is a strategy that I used successfully, and I have to admit--it probably annoys me just as much to have people say "Oh WHO could do THAT ugh!" as it does you to have people mention that possibility.

I wasn't valedictorian (I had good grades, but not a 4.0), but I received more scholarships than all of our valedictorians combined because I actually applied for them. I even got some that I declined. It's helpful to have a high-er GPA (mine was 3.7 or something like that), and high scores on the stupid standardized tests. You have to be willing to do a lot of busy work and it's very helpful if you have somone who can coach you through what's worth applying for and what's not (I credit my librarians for that).

Edited to add in response to other responses: To be honest, if the financial situation is such that the parents can't contribute very much, then it's really not going to kill someone to work for a few years before going straight from HS to college. While I won't push my kids to do that, I'm definitely going to encourage them to consider AmeriCorps (if it's not been destroyed completely by then) or something like that as a buffer between HS and college, unless they're pretty set on what they want to do, even though we are going to be funding post-secondary education for them. The people I've met who did that seemed a little more grounded and a lot less wasteful than people for whom college was a given next step after HS. It's a different story if one has a high drive towards a specific goal, but I think that's relatively rare. I just want my kids to be clear that I'm not going to freak if they decide to delay school (or go to an alternative).
post #147 of 195
Quote:
Originally Posted by Tigerchild View Post
Well, I have a bachelor's degree and had approximately 50 percent of it covered by scholarships (mostly teeny private ones).

They're not 'glorious', they tended to be in the $500-1000 range each. Some I needed to reapply for every year. It's a lot of work to write all the crap essays, ect, and you have to spend some time researching every possible angle of ties to scholarship eligibility. But for me, I liked doing that better than working through the year, as personal preference. My college career center had a scholarship database, but in my senior year in high school I was paper-searching at the local library (and made friends with the librarians, who helped me).
I had the same experience. My tuition was low anyway (in state tuition in TX at my university was very reasonable when I attended from 1997-1999, before they lifted the tuition cap - it's more expensive now) and I was able to cover at least 25-50% of my tuition and fees every semester with scholarships. Yes, it was a pain. Yes, it was annoying. But for some scholarships ARE a good way to pay for college. I wasn't even that stellar of a student... I just applied for a lot of scholarships.

I'm just not counting on scholarships to pay my DS's way through college.
post #148 of 195
Quote:
Originally Posted by nonconformnmom View Post
My dd is in her second/ third year of college and I paid for her to live in a dorm for one year because I wanted her to get truly immersed in campus life. To me, making those friendships and learning to live with a roommate are just as important for her 'education' as attending lectures are. She now lives in her first apartment and I am contributing $300 a month toward her living expenses; but she has to earn the rest ($300 won't even pay the rent much less food, insurance, travel, utilities, cable and cell phone etc. if she chooses to get those.)

I'm not doing it so she can have "fun". I actually think that figuring out a budget, learning to live within it and to pay your own bills on time is a huge responsibility. One that is an essential part of becoming an adult in our society.

I plan to reduce my contributions toward her living expenses next year and then eliminate them completely the year after so that when she graduates college she will be completely on her own financially, but it will occur gradually over her 4 years in school.
Cool -- like I said, that's great if you can afford it. It sounds like you have a really well thought out plan for helping your daughter learn to live on her own!

I guess we all just have different ideas about what our parental obligations are regarding college (as has been made clear by the variety of answers to this thread). For me, providing a separate place to live is not on my list of "have-to"s. I'm sure this is partly because I lived at home during college, so I don't see the whole dorm thing as being an essential part of the college experience.
post #149 of 195
I fully intend to cover college costs or trade-school costs, depending on what my children choose.

I will pay tuition, boarding (on campus), and will pay book fees. I will not give them money to live on, they will need to work for that.

I was promised by my own parents that they would cover college and when the time came for me to apply, I was told they chose not to. (Not that they didn't have the money. It was just out of spite.) I ended up graduating with a Master's Degree $65,000 in debt from the student loans I had because I didn't qualify but for one $200 scholarship. I refuse to make my kids go through that. It's a personal choice.
post #150 of 195
We'll pay for college, we're saving for it already and she is only two! Also, both of our parents have stared savings accounts for my DD's college. I'm not sure if we would pay for 100% (I'm not sure where she will go and what it will cost) but I do know that I am up for paying for at least 4 years of state school tuition and room and board.

I don't think it's a bad thing for a kid to take out a loan though, to pay for the rest. But I do feel like it's my privilege to be able to give my child every benefit I can. And, if it comes time, and she wants to go on to grad school and I can pay for it, I will.

If I didn't have the resources that would be another story entirely, but as it stands now, we have the ability to shoulder those bills.
post #151 of 195
Quote:
Originally Posted by thismama View Post
Will you adopt me? I'm really cute.
post #152 of 195
Quote:
Originally Posted by ani'smommy View Post
I think most colleges are much more expensive now than they used to be. I went to the same college that my parents went to, and while they could work through the summer to make the money to pay for the next year, there is no way I could have made that kind of money. I couldn't have paid for one year working ALL the summers.
A friend of mine actually was ineligible for financial aid one year because she made $8000 in a summer job. Since she was still a dependent on her mother, and had 0 dependents listed on her tax paperwork, they expected her to be able to use that money entirely for school. But, her mother had retired and SHE was supporting her mother with that $8000.

------------

My parents took out a loan on my behalf against their home, since I was 17 and had no credit history, and since with collateral there was a much better interest rate. They paid the interest, and I paid the principle. I paid it back very fast, even though it was a lot of money, because I didn't want to hurt them for retirement.

My husband and I also took out the government-subsidized loans we were eligible for.

The total we owed when we started off our lives was $87,000. It WAS a big burden, and it prevented us from having a family sooner or doing anything we wanted.

-------------

My parents DID save, even 10 years before I was born. But the cost of college rose so much more than expected, that all their 27 years of saving for me was only able to pay for 1 year.

Quote:
Originally Posted by Yooper
OTOH, dh and I both put ourselves through school with no help, scholarships, grants, or anything. We both did have loans and graduated with a combined $50K in the hole. We resolved to continue to live like college students until the debt was paid off. With both of us working full time and continuing our modest lifestyle, we had all of it paid off within 2.5 years. And that was while living in one of the most expensive areas in the U.S. We literally sent in 2/3 of our income each month forgoing cable, eating out, and new clothing. I do think it is quite possible and not too crippling to learn that lesson early on.
That is how we lived. That is how we STILL live. But, I think it WAS crippling, in that we have been longing for children for a decade and only now can we afford for me to be home with them. Had I skipped college entirely, I could have done this 8 years ago.

Quote:
Originally Posted by jeannie81
Well I guess if you only work for 3 months out of the year during the summer, then yeah, it might be hard to pay for. Everyone I know has paid their own way through college (that went, that is) and my SIL is currently paying her own way through. She goes to a decent college full time and lives at home with MIL. She seems to be doing fine.
College students I know can't find a job that pays more than minimum wage, since they do not yet have a degree. Also, employers are hesitant to hire them because they expect them to quit once the summer is over. In addition, those who want to work during the school year are an annoyance to employers because of issues of scheduling around their classes. The employers have thousands of desperate people knocking at their door for these minimum wage jobs who can work any hours they are scheduled. It is simply much more convenient to hire those instead of college students. So, many of the college students I know spend their free time job-hunting and never find anything.

Quote:
Originally Posted by glendora
Edited to add:

I was third in my class. The "there are scholarships" line is total baloney for most people, and if anyone is telling their kids to depend on scholarships, stop it. It's a pipe dream.

And, the pell grant situation is nearly as bad. I only got through as much as I did, because I got married at 17 and didn't have to count my parent's income. And, that was with a cheap-o state school.
Yeah, I had spectacular grades. I graduated high school with a GPA of 102.55 out of 100 (due to having taken many strenuous college courses and those being weighted into my average) and had a perfect score on the math portion of the SATs. I had a huge amount of extra-curricular activities, including some academic ones and some artistic ones. I had great recommendations from heads of departments who had also been my teachers and knew me personally. I had a Regents Diploma, meaning I got over 90 in every Regents exam I took (and there is a list of the ones you HAVE to take to be eligible...I took many more than were required). I had 5s out of 5 on many Advanced Placement exams, including Calculus BC (the harder one that counts as 2 college courses) and English. I was a well-rounded student with no "bad subject".

As for grants and loans, I was entitled to a little over $1000 loan the first year, a little over $2000 the second and third year, and a little over $3000 the fourth year. Total loans I could get through the student loan programs: less than $9000. I searched very hard for grants and scholarships, and didn't find any that i was eligible for.

Quote:
Originally Posted by sunnysideup
When my parents went to college, back in the '60s, education was a priority for this country. Anyone could go to almost any state university for almost nothing. Our state University was under a $100 per semester for tuition including books for a full-time student (that's be less than $400 in today's dollars). Today it costs around $10,000 a year.
When my father went to college, he worked one weekend a month unloading cargo at the port and was able to pay all his tuition and books at LIU (Long Island University) in NY, and his share of rent and expenses (he rented a brownstone with 2 other guys). He had money left over for dating.

Quote:
Originally Posted by glendora
Okay, but what's that do for your 3.9 kid?

'Cause that was me. 3.98. AP. Extra curriculars. Trailer trash. The whole nine yards.

For bupkiss. I got 180 dollars total in scholarships.

It's better to tell your kid that you just don't care if they go, than it is to tell them to depend on scholarship money.
Sounds like me. My high school gave me about a dozen awards at graduation. One of them included a $100 bond (worth $100 at the end of 10 years). I think I got a scholarship for $75 offered to me if I went to school in NY State, but I ended up going out of state at first.

I interviewed with Harvard and Yale. I know the guy from Harvard really liked me. He told me that he was concerned that I wasn't going to get in because of the financial situation. Harvard doesn't want people who need financial aid, they want people who can donate to the school.

Quote:
Quote:
PSEO offers high school juniors and seniors (whether currently in public, nonpublic, or home schools) the opportunity to take courses at eligible post-secondary institutions. Students must meet the admissions requirements of the post-secondary institution, but do not pay for tuition, fees, or books.
Yeah, I highly recommend taking opportunities like this to get college credits at a discount. I was able to take those Advance Placement courses for only about $75 per class. If I got a high enough grade, it counted for college credit (depends on the course and the college). It saved me half a year.

Quote:
Originally Posted by nonconformnmom
Those of you who say you plan to provide "room and board" for your children while they are in college; don't you think that living away from home is as much a part of their "education" as the book learning is?
I lived the first semester away from home. I thought it would be a good idea for me to get out on my own and be more independent. Quickly I realized that i did not want to live with other 18 year old girls. They were free from their parents for the first time and simply went wild. It was so difficult to get any work done or get any sleep. There was a constant temptation to go out and party with them instead of doing what I should have been doing (i didn't give in to the temptation....i took care of business first). I was already so much more grown up than they were -- my interests and values were so different.

Quote:
Originally Posted by RubyWild
Our culture deals with education very poorly, expecting unestablished teenagers to take on the burden of tens of thousands of government loans with the idea that said government will then provide an excellent economy in which the graduate can then establish themselves and pay off the loans over the nexts 20-30 years when they should be saving for a home and retirement.
It took my husband 3 years to find a job doing what he studied for. In the mean time, he took what he could get -- usually temp work doing data entry. It was decent money (sometimes as high as $24 an hour, and some temp contracts as long as 6 months) but we couldn't count on it. The economy was just in a bad place when he graduated. For me too. I ended up making much less money than I expected after graduation.

Quote:
Originally Posted by 2 in August
I've seen too many parents (both of my friends and in our families) were the parents either resented that they were paying for their kids schooling or that they became obsessed with what classes were being taken, where the kid was living, how many times a major was changed, etc. I've also seen the "if you don't do it our way we'll cut off your $". I don't want that kind of dynamic.
We aren't saving SPECIFICALLY for college, but we are big savers.

We are also not big believers that a 4 year Bachelor's degree is necessarily the best way to go. My father insisted that I MUST have "an education, not a training" so i was forbidden to do anything that involved specific career training. I was supposed to learn skills related to judgment, analytical ability, leadership, etc. Nice to have, but not practical wen searching for an entry-level position. My sister now wants to do a technical program, but my father doesn't want to hear it. We are trying to persuade him that the world is not the same as it was 40 years ago when he was starting out. She wants to be employable, and the idea of what is employable has changed.

I hope to encourage my children to consider a variety of career options and education options. It may or may not involve attending a university. I would like to have an open dialog about what they want to do, and based on their serious interest we could contribute money out of our family savings. Ideally, they would make a proposal to us and we would accept or decline (based on how serious and thought-out it was). I don't want to send them to a 4 year private university when they have no clue what they want to do and will just take random courses for 3 years. That is too much money for something that will not give much future benefit to them.

Quote:
Originally Posted by MissSavannahsMommy
That was going to be my other question as well!!!

What are the educational backgrounds of all the posters? Does your education influence your decision at all?
Absolutely.

The fact that we paid so much in loans for good schools and got spectacular grades and didn't end up doing as well as hoped in the job market DEFINITELY affects the way my DH and I look at college educations.

The last job I had before I quit to become a SAHM started me out at $30,000 in NYC (expensive place) in 2003. I am certain that if, instead of going to college, I had worked in an office environment right out of high school and slowly rose through the ranks due to my competence and communication skills, I could have done better than that by 2003. And just imagine if we had been able to SAVE all that money made during that time, instead of paying OUT for tuition and loans!

Quote:
Originally Posted by momma4fun
IME, student loans are NO BIG DEAL. Together DP-PhD has 80,000 in debt. We pay about 200/month, according to the salary chart. THere is NO MOTIVATION to pay it off any faster. THe interest rate is so freakin low that there is NO interest. We were able to lock in on that right before it got raised 2 years ago.
Since the vast majority of my student loans were taken out by my parents in their name against their house, I had a lot of incentive to pay it off fast. I payed them at least $500 per month, and whenever we had saved up a few thousand we gave it to them. We just finished paying them back.

At the same time as paying them all this money, we were paying government-subsidized student loans back at $200/month. We also have them locked in at a low interest rate, so we are not paying them back any earlier than necessary. We just make sure to have enough savings to cover it in case we want to pay it off sooner. Right now we make more in interest on that money sitting in a bank account than the interest we are paying, so we just make our monthly payments.

We had been paying all this back on my salary of approx $30,000 a year, plus whatever my husband could bring in with his temp jobs.

My parents were VERY concerned about putting financial stress on me. They kept telling me to take my time paying back. They didn't want me to start making payments right away. They didn't want me to pay so much per month. They wanted me to "get on my feet" first. But, I knew they were hurting and needed it. My father retired (his job ceased to exist) a few months after I graduated. I knew that the longer I took, the more interest would accrue and the more stress on my mom who was still working.

Quote:
Originally Posted by Tigerchild
Well, I have a bachelor's degree and had approximately 50 percent of it covered by scholarships (mostly teeny private ones).

They're not 'glorious', they tended to be in the $500-1000 range each. Some I needed to reapply for every year. It's a lot of work to write all the crap essays, ect, and you have to spend some time researching every possible angle of ties to scholarship eligibility. But for me, I liked doing that better than working through the year, as personal preference. My college career center had a scholarship database, but in my senior year in high school I was paper-searching at the local library (and made friends with the librarians, who helped me).

It's one thing to say it didn't work out for you, for whatever reason...but it is a strategy that I used successfully, and I have to admit--it probably annoys me just as much to have people say "Oh WHO could do THAT ugh!" as it does you to have people mention that possibility.
I tried that. I even spent a considerable amount of money to access databases of scholarships that were available. I was paying out more than I was taking in. By far.
post #153 of 195
As soon as I graduate we'll start a fund.

We will help monetarily as much as we can. If we are unable to pay for college we will make sure she knows how to get money in others ways (through loans, grants, scholarships, etc).

Why would we do this? to help her get a foot up in the world with less financial struggles, or so we hope. Also an education is more than just learning math, science, english. It's about experiencing a new world and benefitting from that experience in your adult life. Through college she may have the opportunity to meet people with diverse backgrounds, travel to another country (through clubs) etc.
post #154 of 195
We are sort of saving for higher education. We do have some money set aside, but no where near enough for 2 kids to go through 4 years of university.

Most likely, we will steer the kids towards trades training (should they enjoy such a thing) Why? Not having a degree is not the end of the world. My little brother is a HD mechanic. He loves his job, it's pretty low-stress and he makes more money than my building engineer DH. (now, for those of you who think mechanic's training is slack, it isn't! Don't think your local mechanic is a moron just because he didn't take 4 years of fine arts and poli sci! Ok, end PSA for the day.)

The kids can live here free, and we will probably have money to pay either books or tuition, not both. IME, living in a town with about 6000 university students, the kids that pay their way tend to be a much more motivated group, especially if they have taken a couple years off to work. The kids who are living off their parent's money don't seem to have quite the same appreciation for what it takes to pay their expenses.
post #155 of 195
Because our government decided to give all us Canadians with kids $100 a month per kid, my DP and I decided to put it into RESPs for our 2 boys. Its not going to be much by the time they go to school but at least its something to get them started.
post #156 of 195
I try not to read the responses to the college threads, becuase they really tend to upset me a lot (I'm not really sure why), so I'm gonna say my part without reading the other responses.

I will do the best I can to fund my children's college expenses. This includes tuition, room and board and books. We are saving a bit now, will save more next year when I start working again, and the grandparents regularly make lump-sum contributions and then get small holiday gifts rather than buying material things to excess. I think college degrees are for many jobs the new high school diploma unless it's a specific trade, and it's to me a practical necessity as well as an experience that cannot be replicated.

I will push for them to live in dorms unless there's some reason not to - I think it's probably the most important part of the liberal arts college experience - to be learning from reading and from professors, and tossing those ideas around with other students, having arguments at 2:00 a.m. about philosophy, art, political science - it's just something that can't be replicated at other times of life and is an experience I passionately want for them. I'd like them to spend a summer or semester abroad if they want to for the same reasons. For the same reason if they want to do an unpaid summer internship in their field rather than work at an amusement park or something for the summer I will support that as well.

I would prefer they work as little as possible. If it's necessary for spending money or at a job that will contribute to their educational experience, I'm okay with it. In my college experience the kids that were working more than 10-15 hours a week just didn't have the time to devote to their studies and extracurricular pursuits as other students and did not get as much out of their educations.

ETA: Wanted to add my educational experience. My parents paid for my undergraduate (I took out loans, but they repaid since they felt undergrad was their responsibility). At their encouragement, I went to law school (4 years, got a Master's at the same time) - took out loans for that. Practiced law for 5 years, paid $750/month on loans, HATED being a lawyer. They saw how unhappy I was (as did DH and everyone else who knew me, LOL). They also saw that where I live, my teacher DH was making quite a bit more than I was at an attorney for a small firm, as is the case with all but those attorneys working 100 hrs/week at the largest firms. I was not eligible for loans to go back to school for what I wanted to do, so they paid for my certification program to be a school counselor. Yes, at 31, they paid for some of my education. BTW, my parents are not independently wealthy, mom is a teacher and dad was a mail carrier.
post #157 of 195
Quote:
Originally Posted by Lady Lilya View Post
I tried that. I even spent a considerable amount of money to access databases of scholarships that were available. I was paying out more than I was taking in. By far.
With respect, a lot of the "paid" databases are ripoffs. If you were paying someone to search for you or for special things to access, someone was taking advantage of you.

I have no doubt that for some people it wouldn't work out as well. However, I see no need to cast aspertions on those of us for whom it did work out. I am a real, living person, not a bogeyman or a pipe dream. My kids will have access to specialized scholarships due to their ethnic background, and the careers of their parents and grandparents. If someone doesn't KNOW that their kids can get eligibility for a lot of scholarship, well, I agree that it's dumb to rely on that. However, you do not know, when a parent says that the plan on having their kids apply for a lot of scholarships to help fund their education, whether or not THAT family does.

Someone saying that does NOT make them an ignorant, naive person. They might know their situation better than you. Despite the snark, for some folks it can be done. It's irritating to hear folks for whom it obviously didn't work (for whatever reason) somehow insinuating that it's impossible. For a lot of surprising people, it's not. You don't have to have a 4.0. You do have to know what in your past/history/network to tap though. It's not easy, it's a lot of work especially for a teen, and there's lots of people chomping at the bit to rip you off...but as I said, as a personal choice I found the time to be worth it so I didn't have to work full time during the school year. And it wasn't expensive for me.
post #158 of 195
Quote:
Originally Posted by momma4fun View Post
IME, student loans are NO BIG DEAL. Together DP-PhD has 80,000 in debt. We pay about 200/month, according to the salary chart. THere is NO MOTIVATION to pay it off any faster. THe interest rate is so freakin low that there is NO interest. We were able to lock in on that right before it got raised 2 years ago.

We will not be saving for college tuition for our daughters. They can take care of it if they want to. I'm sure the grandparents might want to help a bit.

If we do manage to save some it will be to fund our daughter's travels and hobbies, which we will encourage them to pursue for a year or2 right out of high school. Or, if they want to go to school right away, we will give them what we saved. But, I really don't think we will save any. We send them to private Waldorf schools, so that's our contribution to their education.

I have a lot of faith that the educational costs levy is going to break by the time they are ready for college (in 16-18 years). I hope that by then, education should be free. There's already such huge signs of inequality -- the poor can't go as easily anymore since Bush lowered the $$ available, bachelor's degrees don't really cut it anymore, and unless you're a nurse, the most widely available jobs these days are hiring for associate's degrees or PhD's. Something's gotta change.
It will never be free. Europe is moving away from free because it is unsustainable. University in the UK now costs £3K a year ($6K, plus living costs).

I went to college; my father was out of the picture at the time, so I got most of it paid for through TAP/Pell/Stafford Loan. One year private, 4 years state, but I think I would have done at elast as well had I stayed private (BTW Harvard is 100% needs blind now and has eliminated student loans for low income students). I owed about $15K following graduation. My mother said I could apply wherever I wanted but that if the money wasn't enough I couldn't go (she was willing to contribute but with 3 kids to put through college, she only had so much). Both of my parents are college graduates (dad also has JD/MBA), as are my sisters (both went private).

DH went to uni here under the old system, before they abolished grants. He didn't pay a penny for fees, the grant covered part of his expenses and he worked for his dad during the summer to cover the rest. He graduated owing about £1500 in interest-fee overdraft. His degree was more useful than mine too! (Math degree) FWIW, both of his parents are graduates as well, and one of his sisters--the other didn't want to go.

We'll pay whatever we can for the kids to go, wherever they want. We certainly would NEVER refuse to pay on principle since their aid will be judged by our income. Again, those of you saying "they can take care of it" are ignoring the fact that colleges regard you as responsible and you'll be leaving your kids in a really awful position if the school thinks you can pay and you refuse. I really have no idea how it will be in 18 years but my kids are entitled to the best education they can have.

ETA: I don't know which country they'll go to uni in, more likely to be the US as the academic system is more flexible. And if we're living in the States they'll have to pay UK overseas fees which are currently about £11K a year, no financial aid available.
post #159 of 195
We have a College fund started and we hope that we will eventually have enough to at least cover the basic cost of college. It will be her responbility to get the grades and such to enter college and to maintain it once shes there. College is expensive and costs are rising. We currently are paying gigantic amounts of student loans from my DH who DID work when in school DID not blow funds and all that but were still faced with whats currently a $45,000 loan and only making $15,000 a year. I still expect she will need to work while in school she might even need to borrow some but I hope not or if she does its very little. This is a very important thing that I want to provide as best I can.

Quote:
Some of you, who will not help your children much for college because you think it's their own responsibility, please keep in mind that even if you don't claim your adult children as dependents, for all the years they're in college, they are ineligible for many grants and lower interest loans because of your income.
yes thats what were going through because DH always had to claim his parents income his loans have a stupid high intrest rate its 8.24% on a remaining $45,000+ loan if we payed $200 a month we would NEVER pay it off. If we pay $350 a month in 35 years well have it payed off. I will do my best not to do this to my child.
post #160 of 195
We will more than likely not be. DH's parents didn't pay for his and he still earned a BA and is planning on going to get his masters soon. He also lost his scholorships (because he went to an out of state school for one semester) and we didn't have student loans. Everything was paid for by us. We were married 2 years before he graduated and our daughter was born 6 months before his graduation. We still survived!

The ONLY way we'll be paying for their tuition is if we have a lot of money and they live at home and have their own job. We haven't talked about it but I'm sure we'd pay as long as they have their own job. And not a part time job, a full time job. Hard work is extreamly valued in our family.
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