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spinoff--paying for college for your kids? - Page 4

post #61 of 195
Originally Posted by sunnysideup View Post
If your kids are Harvard material it's free if the students parents make under $60,000:

A record applicant pool of 22,955 applied to Harvard College this year, resulting in a number of new milestones. Traditional admission letters (and e-mails) were sent today (March 29) to 9 percent (2,058) of the pool, the lowest admit rate in Harvard's history. In addition, the Class of 2011 entering this coming September will be the most economically diverse to date, with an estimated 26 percent eligible for Harvard's new Financial Aid Initiative (HFAI) for low- and middle-income families, which requires no contributions from those with annual incomes under $60,000 and a reduced contribution for those from $60,000 to $80,000.
My brother is going to Harvard Business School this fall, and my understanding is that "no contribution" means "no contribution in addition to subsidized loans," not "no loans." My brother had a low "expected contribution" because his financial aid included $40K in subsidized loans.
post #62 of 195
We anticipated investing in a child's education and earmarked some of our assets for that purpose before I became pregnant. The moment we had dd's SSN, we invested a large lump sum in a 529 and we are now just watching it grow in leaps and bounds. We are hoping that giving it 18 years to grow in a hopefully upwardly mobile market will allow dd to go to any school in the country or outside the country. If we need to supplement the 529, we're prepared to do that, but dd will not graduate from college owing a dime. Why? Because we can and because I think that anything you can do to help the next generation have a better life than you have is worth it.
post #63 of 195
We plan to pay for all of it for all 3 kids and are saving and saving to achieve that goal. The In-laws paid for all of DH's undergrad and then gave some $ to help pay off the grad school loans (we kept the loans - they are a low %age and used the $ as a down payment on a house) so I would like to be able to do like they did for him.

My family had no $ so I had some financial aid and then I worked 40 hours a week all through undergrad and on vacations and everything. Summers I worked a FT job and then housesat/pet sat as well to earn extra $ and I still had a hard time paying what I had to. Luckily for grad school I qualified for a disadvantaged student scholarship and had 3 years of dental school FREE!!! Without that I would have been swallowed in debt.

I don't want my kids doing the stuff I had to do for money in college (medical experiments for cash anyone?) so yeah, I'll foot the bill for them...
post #64 of 195
Originally Posted by dentmom3 View Post

I don't want my kids doing the stuff I had to do for money in college (medical experiments for cash anyone?) so yeah, I'll foot the bill for them...

In order to make money for school, my DH used to sell his plasma to a medical research company. He donated twice a month. I had forgotten about it until you mentioned medical experiments. He didn't receive a lot of money. I think he made $45-75 each time.
post #65 of 195
Originally Posted by Jennisee View Post
My brother is going to Harvard Business School this fall, and my understanding is that "no contribution" means "no contribution in addition to subsidized loans," not "no loans." My brother had a low "expected contribution" because his financial aid included $40K in subsidized loans.
I think the "no contribution" policy is just for undergrads. It is very very rare to get any kind of support for tuition for a professional degree like business school or law school.
post #66 of 195
We have a modest fund started that we hope will grow some before they come of age. Our biggest contribution is going to be letting them have free room and board and use of a car as long as they are studying full time. I don't think we will be able to cover all their expenses. We will encourage them to go to community college for the first two years to save money, too.
post #67 of 195
Thread Starter 
holy cow! four pages! *catching up*
post #68 of 195
Originally Posted by Thalia View Post
I think the "no contribution" policy is just for undergrads. It is very very rare to get any kind of support for tuition for a professional degree like business school or law school.
But does "no contribution" mean "no loans" or "no contribution in addition to loans?" Is the language different for undergrads and grad students? (Not being snarky--genuinely curious.)

When I was in college, if the semester cost was $5,000, our financial aid offer would say something like, "$1000 grant, $2000 work study, $2000 loan, and $0 student contribution." So, even though we had "$0 contribution," we still had loans. I know my brother submitted financial aid paperwork to the business school, received a half fellowship and loans for the other half, and was told his "expected contribution" was very little, like less than $1000 a year.
post #69 of 195
We have a specific amount already set aside in savings bonds for DS. We've been lucky enough with DH's job to be able to save. We've stopped the bonds, since the last one will mature when he's 18 or 19, and now we've got a mutual fund set up for him.

Going to college wasn't an option for DH or I unless we did it ourselves, so we want to give DS that option. If he's not interested in school, DH swears we'll use it for an awesome over the top vacation, but I'm pretty sure he can't deny the kid anything and will probably end up giving it to him anyways
post #70 of 195
Thread Starter 
we're saving for peanut, but i have to be honest when i say it's not really for college. i'm not going to make college a big thing, but we hope to have a good amt set aside for her to start her life out of our home. i was just surprised that so many of y'all mentioned paying for college specifically on that other thread.

i like the idea of free room and board as a way to help out. sensible.
post #71 of 195
My parents paid for my college education. Although, they basically used it to manipulate me. If I didn't do something they wanted me to do, like choose a certain major, or if they were just upset at me for whatever reason, they would threaten to stop paying. I was constantly stressed out that they would just stop paying, it was not a good situation, esp since they always found reasons to be unhappy with me. Now that I look back on it, I actually wish I would have just taken out loans on my own, so I wouldn't have had to deal with my parents manipulation and so I could have chosen a major that would have been a better fit for me. My DH had about half of his tution paid for by his parents.

As for our kids, we are trying to save for them, within the first yr of their lives, we started saving accts for them. Unfortunately, chances are that they will not qualify for any financial aid. I am hoping that we will save enough to pay for the majority of their education. When they are older, I plan to return to work maybe 1-2 times a wk, and all of my earnings will go directly into their college fund. I am currnently a SAHM, but if I want to pay for my kids' college, I will need to return to work. It's something I am not thrilled about, esp since we are planning to HS our children, I would prefer to be able to just concentrate on HSing and our family instead of having to work too.

We are not telling our kids that we are saving for their college fund. We want them to work PT jobs when they are teenagers to save up for school on their own, so they can assume some of the responsibility and understand what it is like to have a job... usually jobs that teenagers have are not-so-great and low paying. It's a humbling experience. I worked at arby's as a teenager and it really helped me to understand how hard you have to work to make a living. I also worked PT jobs during college to pay for books and spending $ and I was a residence hall advisor for three yrs, so that was three yrs of free room and board. The kids can take out a loan, and when they graduate, we will pay off as much of the loan as possible with the $ we have saved as their graduation present. If they don't graduate from college (ie: they partied and flunked), we are not paying for any of it, they are responsible for paying off that loan.

Some ppl may not agree with our decision to do this. However, based on DH's and my experience in college, we saw many kids whose parents footed the bill, only for the kids to squander their college education by partying it up and then never graduating at all. Most of these kids were not paying for their education, and I believe that played a role. Hopefully, my kids will take their education seriously (we will be HSing our kids), lol. I am also not against the idea of them starting out in community college close to home first and then transferring to a 4 yr university (most students that I know who did this, actually did very well in college and saved $ by being commuter students), or taking a yr or two off before starting college, so they have a better idea of what they want to do. I remember one of my DH's co-workers said that the main motivating factor for him to go to and complete college was that he used to work at a steel mill in the summer when he was a teenager and he knew he did not want to do a job like that for the rest of his life, and realized that having a college education would help him get a better job. I'm not saying I want my kids to work in a steel mill and do back breaking work, but I think it can be an eye opening experience to work a low skill, low paying job and realizing that by furthering your education, you can improve your job and financial situation.

As for grad/prof school, the kids are on their own. DH and I were already past 30 by the time we started our family... I don't think we could afford to save enough for retirement and pay for more than 4 yrs of college for two kids. Unforutnately, the costs of college is why my DH does not want to have another baby. It makes me sad, but I can understand where he is coming from. Getting a college education is a very high priority in our family, basically, it is expected that our children will go to and graduate from college. We will try our best to make it financially possible for our kids to get an undergraduate degree. If we can afford to help pay for grad/prof degrees, then that's great, we will do what we can. My DH keeps hoping he'll win the lotto, lol. He wants to win big, but I keep telling him if we could just win enough to pay for the kids' college education, I would be a very happy woman.
post #72 of 195
We'll do what we can. We're fortunate enough to live in a state that provides free public tuition for those who qualify, although who knows if that will still be the case when my kidlets start. I firmly believe that no one should have to work while in school, but unfortunately we may not be able to live up to that.
post #73 of 195
I'll come back and read the entire thread later, but as of right now I am not planning on paying for my children's higher education. I never had to pay for tuition and occasionally had to pay for books, with a combination of scholarships and grants. I did move out right after high school so I had to take care of my own living expenses, but my parents helped out a little here and there (groceries, a Christmas tree ).

I honestly am really surprised at how people feel it is necessary and/or expected to pay for college. I just really don't feel that way. I don't know that I would pay for college even if we were wealthy. If we were wealthy and our income kept them from being able to get financial aid then I would definitely help cover it. I agree with the PP that would help out by giving them free rent and covering living expenses.

We do have a savings account for the kids, but it's not necessarily earmarked for college. I don't think it's going to amount to a ton of money, but maybe it can go towards their weddings or something. We'll see.

My IL's paid, and are paying, a lot toward my two BIL's college fees, but never even offered to pay for DH because I got pregnant when we were teenagers and he had to go out and find a job to support me and dd. He is considering going to night school now that his job has regular hours and is more stable than it used to be, and we'll figure out a way to pay!
post #74 of 195
It's just a community college, but so far, I am. She does have to work so we can't always afford for her to go full time, but sometimes she can when I can find enough work myself and keep the expenses down.

I do things like keeping the thermostat set at 50 degrees and working at a food bank in exchange for groceries that most people would consider rather extreme.

I don't charge dd for rent, but she does cover as much of her own food expenses as she can, depending on her other expenses, and she's very generous with gifts.

I intend to help her as much as I can with her college expenses for as long as I can. I do not intend to finance any weddings or buy any cars, though.

She has been in community college since she was fifteen and will be graduating next year.
post #75 of 195
we will help them out as much as possible. i didn't get help as my parents couldn't afford it and it wasn't fun, working, struggling and being thousands of dollars in debt upon graduation.
post #76 of 195
I really don't understand why this is such a priority. If yoe can't save up it is always possible to get Federal Aid, and then slowly pay them back. That's what my DP parents did.
post #77 of 195
Originally Posted by Annabel_the_Sheep View Post
I really don't understand why this is such a priority. If yoe can't save up it is always possible to get Federal Aid, and then slowly pay them back. That's what my DP parents did.
This is a very narrow-minded view. It's simply not true. My sister has a son going to college this fall. They make too much to get ANY kind of aid, but because he has a congenital liver disease, they have $0 for college for him due to 15 years of very expensive medical bills. They have NO federal aid awarded to them. My nephew is not eligible for any federal aid at all, either. They have poor credit because of the medical bills, so they cannot get a loan. She is now wringing her hands trying to figure out how she can help him go to school. Just yesterday she was crying on my shoulder saying how she wishes she had saved for him to go to college.
post #78 of 195
Dh and I plan to pay for college. We started saving for dd the month she was born with a 509B account. Only $25/month, but we will start doing more once our income goes up. Second baby will also get an account on his/her birthday.

My parents were able to pay for my undergrad and I am so thankful. DH & I both paid for 5-6 years of grad school on our own and now have a combined 110K student loan balance, but I am thankful that I had to put that effort into my higher education because I took it very seriously and I saw a lot of people drop out or get very close but not finish and that was never an option for either of us.

That being said, dh always jokes that our children (unlike us) will choose to backpack across Europe to study art.......so I will be flexible when the time comes
post #79 of 195
I will help out but not pay for all of it. They will still need to work/grants and probably live at home to be able to go.
post #80 of 195
We started a 529 Savings plan for dd the month she was born, it's that important to me. Dh's parents paid for his undergrad degree and it made a huge difference starting out after school without him having to carry debt from that. I, otoh, had a full tuition scholarship for community college, then transferred to a state school for the second two (really, three) years, and graduated about 17k in debt.

My hope is that dd will qualify for the Florida Bright Futures program, and then use her 529 for living expenses or graduate school.
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