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spinoff--paying for college for your kids? - Page 2

post #21 of 195
I will do what I can to help my kids through college. My ILs have accounts for them as well.

I didn't get help from my parents (it just wasn't possible). My DH had his college paid by his parents. I would prefer my kids have my DH's experience as opposed to my own.
post #22 of 195
I really want to , this is something DP and I have talked about before. I hope that when my kids are in school and I am working again we can save the money that will be needed. Neither of us had parents that would/could pay for our college, and neither of us felt the kind of support from our families we would have thrived under. Neither of us completed our degrees. So to us, being supportive both emotionally and financially is very important.
post #23 of 195
I'm planning to try my best to convince them to move to my home country where education is free If that doesn't work out, they'll probably have to take out a loan, we'll most likely still be too busy paying off DP's one.
post #24 of 195
We are saving for our daughter's college, with the intention of paying the equivalent tuition for a state/public university. So, if tution is 10,000/yr (I know inflation will increase it, but, just for fun), we'll pay 40,000 toward her education.

Anything beyond that she pays for herself.

If she gets a scholarship, we'll give her the money we planned for her tuition to her upon graduation as a gift.

If she gets free/reduced tuition b/c of my husband's status (he's got a Purple Heart, which, at this point, qualifies her for free/reduced tuition in some states if we're residents), we will again give her the money upon graduation.

If she decides to not go to college. Mom and Dad will be cashing in the 529, taking the penalty, and going on a very nice vacation.

Why pay? I believe deeply in higher education, and I don't think cost should be a barrier, nor do I think she should have to spend 10 years + paying off her loan...life's hard enough, and I don't think she should be penalized for wanting to educate herself. I think you can get a very good education at a public college (I did), and I don't think "private" schools are all they're jacked up to be, so, I'm not willing to spring for 40,000+/yr, but I'm more than willing to provide adequate funds for a state-run institution.
post #25 of 195
Quote:
Originally Posted by oddeebean View Post
Yes. We are paying for their college. I cannot imagine being 18 and having thousands of dollars in debt already, its way too hard. Their end of the bargain is having a part time job to pay for "fun" extra stuff and getting at least a 3.2 GPA.
Pretty much the same here.

My parents agreed to pay for one year of college for me. (They could have afforded to pay for more; I was the only one out of 4 who attended college and my parents had plenty of money.) When my one year was up, I got married and got a full time job. I've worked full time every day of my life since then.

I want my daughter to have better. I want her to have time to think only about herself; time to learn about the world and about herself without any other worries. I wish parents had done as much for me.
post #26 of 195
nope. noone ever handed me anything on a plate like that, i paid my own way as an UG and through grad school. dh paid for his own tuition partly by working through college.

if dd wants to go she's going to have to foot the bill herself. if she asks for financial help we wont flat out refuse, but she's going to have to have a good reason/set of goals, and not just want to go because it's what her peers are doing, and it's 'expected'.
post #27 of 195
My sister is a financial advisor, so she set up an account for our dd's college fund. I'm sure we would not have done it (at least not this early) on our own. That being said, I have no idea how much money we will actually have saved by the time she's 18, especially with the rising cost of university.
Why do we keep it? I never finished college due to working full time and having no parental support. My husband also couldn't afford trade school and so we are both on the lower end of the payscale and too damn smart for that! I want to be able to help dd more.
post #28 of 195
We will pay for four years at one of our state's excellent public institutions. I don't want my kids to start out in debt. It is hard enough starting out.

It would be nice to be able to pay for them to go wherever, but we wouldn't be able to do that and fund our own retirements. I'm limiting it to four years because I want them to focus on a program of study and complete it. I work at a university and see too many kids who don't and end up taking at least a full extra year to finish. If they want to do that, it's on their dime.

Our parents paid for dp and I to go to college. It was the best gift they could have given us. I wouldn't have had children if I though we couldn't afford to do this for them. It is too important to me.
post #29 of 195
If we can afford it, we will absolutely pay for our kids' college (as long as they get decent grades).

My parents paid for mine and I am eternally grateful. DH had scholarships and fellowships. We are so much better off than almost all of our friends who are drowning in student loan debt.

I am hoping that one of us gets a faculty position at a university that offers our children free tuition. That would be wonderful. I really don't want my kids to be drowning in debt. I also want them to pick majors that they love, rather than studying what makes money. Careers are important, but I feel strongly that college is about much more than getting a job.
post #30 of 195
Absolutely! This was one of the factors when planning to have children. I want her to have the best start in life.

If we did not pay for college our income would count against her for financial aid. I had a boyfriend in college whose financial aid got reduced to zero because his mom got married. They counted his stepfather's income against him even though they never gave him a dime. I would not do that to her!
post #31 of 195
Quote:
Originally Posted by gratefulmum View Post
Why do we keep it? I never finished college due to working full time and having no parental support.
Yeah, that.

I'd say that if you're going to set up the expectation that they get good grades for college, in particular, then it's ridiculous to the point of emotionally cruel to tell a 17/18 year old to do it on their own.

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.
post #32 of 195
yes, in fact we won't have more kids than we can provide with the college of their choosing...that's what our parents did for us. i am constantly reassured that dh and i agree on this.
post #33 of 195
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. :

It's sad that education is not the priority it used to be. Everyone that wants to go to college should be able to.

I'm sure my kids will want to go to college, and we will do everything we can to make that happen for them. I'm hoping they get some scholarships, and they'll have to get some loans, I'm sure. We'll help all we can.
post #34 of 195
Yes to a degree. So far we have a few savings bonds for DS and he has won a few on his own for art contests but nothing else. If DH retires from the military(and as of now we expect him to) they can go to dh home of state or the state he retires in tuition free. Which would leave us with room and board. I do expect us to swing that. I fully expect my children to help out to some degree. I received a partial academic scholarship to help pay for mine and I see no reason the kids can't do the same. I don't expect them to pay for it all just to try their best at finding their greatness and helping use that later, lol.
post #35 of 195
Quote:
Originally Posted by glendora View Post
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.
Yeah, pretty much. Virtually all the scholarships I've seen are like, 500 bucks here or 250 there, not much when you consider that tuition alone is ten or twenty times that number.
post #36 of 195
Quote:
Originally Posted by eightyferrettoes View Post
Yeah, pretty much. Virtually all the scholarships I've seen are like, 500 bucks here or 250 there, not much when you consider that tuition alone is ten or twenty times that number.
I don't think that's always the case. My DH was offered those types of scholarships at prestigious private colleges, but received a full ride at a decent public university. I have two cousins who also received full rides at decent public universities. These people are extreme smarty pants (near perfect standardize test scores and 4.0 GPAs), but those sorts of scholarships to exist.
post #37 of 195
We will pay for books, and misc. stuff. We will allow our children to live with us rent free. We will provide clothing, food, pay car insurance, cell phone etc. throughout college. If they go to a community college/state school, we will help what we can with tuition. If they want to dorm or go to a private school, they can pay for all of it. I am not opposed to taking out loans for our kids, but not huge ones. My dh and myself had to pay for our own educations and work through college. We both appreciated our educations and did very well in school, since we worked for them. We had a combined debt of about $65,000. It took 10 years to completely pay off both of our loans. There are ways of going to school if you really want to. I could have gone for 100% free if I would have committed myself to work in a certain place for 2 years post graduation. But I didn't want to do that, so I paid. If someone wants to go bad enough, they can find a program like that. (MANY nursing homes offer programs like that.)
post #38 of 195
Quote:
Originally Posted by swimswamswum View Post
I don't think that's always the case. My DH was offered those types of scholarships at prestigious private colleges, but received a full ride at a decent public university. I have two cousins who also received full rides at decent public universities. These people are extreme smarty pants (near perfect standardize test scores and 4.0 GPAs), but those sorts of scholarships to exist.
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.
post #39 of 195
[QUOTE=jeca;8131888] If DH retires from the military(and as of now we expect him to) they can go to dh home of state or the state he retires in tuition free. QUOTE]

Have not heard of this! Can you provide more info/links on this?
post #40 of 195
Nope...we don't have the money to set back for our crew. We have talked to them from fairly early on about needing to really work hard in school b/c they will need scholarships to help pay for college. They are also looking at the idea of sports scholarships. My daughter is really loving basketball and wants to get a scholarship.

I got a full-ride scholarship for college (though I ended up dropping out after a year) and didn't have a really high GPA. I don't recall it anymore, but I placed 32/122 in my graduating class.
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