[sfalone]

To hijack off the school thread, what are your thoughts on paying for collge/helping pay for college for your children and even savings for your children? DH and I have been looking into those college savings plans.

I 100% believe that my children will have to work, apply for financial aide, etc but I do want to be able to also help them as much as we can. I grew up in a household that put zero emphasis on education or higher learning, or money management in general. Both kids have savings acounts and I am diligent on putting 1/2 of whatever monetary gifts they get into it and I also contribute to them regularly.

What are your guys feelings?

[mildredjohn]

We believe that we should help them, but they also have to work to cooperate with the whole College situation. I came from a divorce parents. My mom was the main $ source, she gave me a superior education in high school, but then for college I used financial aids and worked. My DH's parents paid College and then my DH paid his Law School.

[DPline]

I actually suggested that to MommytoEli as a poll topic earlier today as I was curious too.


DH paid for all of his college himself. His parents would give him $50 or $100 every once in a great while, but as one of six kids, money was tight.
My parents are divorced and for college my Dad payed 1/3, my Mom paid 1/3, and I paid 1/3. So I worked full time while going to community college for the first two years and then transfered and worked part time while going to school for the last two years.

All that said, we have college funds for all three kids and DH would like to be able to pay for college for all three. (Yeah, right! I will take a monetary miracle!) While I feel that we will contribute what we can but they can work for it, get financial aid, etc. just like we did.

[JustBarbara]

Interesting topic - my parents paid for first three years of college (thank you!) and I paid for my last year (my dad lost his job) and for graduate school. I also worked throughout college - 20-30 hours a week for room/board, supplies. I have a fund for DS that I started contributing to when he was about 1 and I send every birthday/holiday check and deposit it. I expect to contribute to the college but I also expect DS to contribute something also.

[cborsa7]

Our's is a 100% paid education household. It is a huge priority to my husband and the reason we only have 3 children. My husband's family has a strong education background and his belief is to provide the education and then it is up to them after that point. It is how he grew up and most of his immediate family. I guess it really depends on your financial situation as well as I am sure most cannot afford to pay 100% tuition in this economy. I think it's to have a college savings account, every bit helps.

[SKL]

This is a tough one for me. I shouldered the entire burden of my education myself, as did most of my siblings. But, being from a large, working-class family, I was able to get guaranteed student loans. I could not have realistically gotten the education I have without that.

I am glad that I had to take on this responsibility. I think it made me a better person. I'd love for my kids to have this experience, but . . . .

My kids probably won't qualify for any need-based educational assistance, so unless they get full merit scholarships, I will most likely help them out. I am not sure how I will manage this. I thought about giving them loans out of my retirement fund, but I will be 59 when they start college, and I don't see myself needing the money once they have the means to pay it back. Maybe I will figure out a way for it to go to some charity or other. This is something I will have to figure out.

I do have enough money already saved, assuming the government doesn't start confiscating people's retirement funds and inflation doesn't destroy the value of money.

[chester5]

Interesting thread!

I paid for my undergrad and grad school completely, with the help of financial aid. 11 years after graduating with my Masters, I am still paying off student loans. I do not want my kids to have to go through that much misery if I can help it. I stopped going to college twice to save up money...it was a vicious cycle, the more I earned, the less eligible I was for financial aid...but without a job I could not survive.

DH and I have started a college fund for each child, and we always put 100% of their birthday/gift money into their savings accounts. Our goal is to be able to afford tuition for our 4 children. Our kids will be responsible for the other costs (meal plan, books, dorm, etc.). DH and I knew too many people who completely blew off college because they didn't have to pay for it (Mom and Dad did) and we strongly feel that by being responsible for part of the cost, they will see the importance of doing well.

Oh wait, did I mention that all 4 of my kids will get full-ride scholarships for their athletic and academic abilities??? (LOL)

[Larue]

I took evening classes and worked fulltime and paid for my bachelor's degree through a comination of my earnings and student loans. It took me 10 years to finish, and I graduated when I was 28. My family did not place a great deal of emphasis on higher education, and I was the first to go to college. 10 years later, my employer paid for my MBA, and paid my salary for 2 years while I went to school fulltime. Talk about a different experience.

I plan to pay for the majority of my children's educational expenses. I will save as much as I can, and also explore scholarships, which is something that I never did. I will expect them to work part-time to help out, and for their spending money. That is unless I win the lottery. Then it's a free ride on Mama!

[becky]

We have always told our children we would pay for a bachelor's degree from a state college. If they wanted more than that, then they would have to get scholarships or work to earn the difference.

We are very fortunate that in the state of Georgia, if you have a 3.0 GPA out of high school then your in-state tuition is free. As long as you keep your 3.0 then you have the scholarship for your entire undergrad education.

Since our 3 oldest in college all earned this scholarship, we agreed to pay room and board (since we didn't have to pay tuition). Our second child only got one year 'away' at school. She goofed off and partied, and now she is back home, living with us and going to the local college...which we pay for. But we refused to continue to pay room/board so she could live away at school. She begged us to allow her to get student loans so she could go back, but we refused....the last thing she needs is that kind of debt coming out into the workforce these days.

[TerriBB]

Great thread!

Another question...how far will you pay for their education. Will you stop at a B.S.?

I went to a Jesuit School, which was expensive, compared with the public colleges. My parents paid about 1/3 (the cost of the state university). I had a small scholarship and I paid the remaining, books, spending money and clothing. I lived at home, they provided a car (& repairs) while I paid for gas and insurance. I worked at a bank part-time 6 days a week.

My M.A. was covered in part by my employer. I went at night.

DH went to the state university and his parents paid for everything. He lived on campus. He did come home most weekends and helped out at the family business.

I work at a university and one of the current "perks" is undergrad tuition for you, spouse and children (until they're 25 years old.) Tuition next year is $32,000 per year.

Our area does private, single sex high schools. It can be anywhere from $12,000 - $18,000 per year, plus books and fees.

The last few years we had daycare bills for 2 kids equally $29,000 per year.

We now are paying $13,000 for both kids education, plus summer camps. Fall '11 our combined education should be about $6,000, plus summer camps. (I'm figuring $200 per child, per week average for those summer months.)

We have a 529 account, U-Promise, plus various other funds that we contribute to - and Wall Street empties! We laugh that we could have covered an M.B.A. from Harvard, now it looks like a year of community college!!

[Theatrenerd]

my parents promised me 4 years of university which is what they delivered on. I did pay a great deal myself through my mill jobs (I grew up in a town with 6 various mills) but most of the time they paid my living expenses ie food, rent and other incidentals (i didn't have a car i had bus pass) and i paid for all books and tutions around 8000 per year their half was about the same give or take i was greatful for that and it wasn't until after those four years did i have to pay everything myself for my last 3 years of school with loans but the lower you can keep your childs loans by helping them with monotary contributions the better and to be honest if there are few children in your household and your DH and you make good wages the amount that your child can get for a student loan decreases because techniquely you are in a finacial position to support them even if your not. It takes 4 years after high school graduation to where the government does not look at the parents earnings and dependents in order to determine the amount on the loan. 4 years before a child is deemed independent from their parents entirely.

[mommytoEli]

my parents paid for my first year and a half. but i did not care about my classes or my grades until i took over footing the bill. lol. i paid for the rest of my Bachelors and for my entire masters. i like that i paid for it....it gives me a sense of ownership over my education. and the day i paid off my school loans was one to celebrate, i had done it. dh paid for his entire education.

so....we are of the mindset that our children will as well. i mean, if they got student loans, a job, grants, etc, and were short and couldn't attend without a few thousand, i'd most likely pay. but it is not my plan. i told my kiddos they need to work on good grades and being involved in school now so that they can apply for scholarships and grants, and they will also have to take out loans. it is a conversation we have often so they will not be surprised. we put alot of emphasis on school...education is VERY important in our home. but i just don't feel the need to pay for it.

i think every family is different however...and each parent should do what they think is best for their child. i definitely DO NOT think there is any ONE answer.

[ana-mom]

We've started 529's for both our kids but with today's economy they may have to supplement what we can do for them with scholarships or loans.

DH and I would like to be able to pay for a Bachelor's for each of the girls. After that they will have to finance their own education.

Both of us came from families where education was and is still very important. Both of us were very fortunate to have parents that were able to pay for our first 4 years of college.

[Barbp]

Well, I had my BS paid for by my parents and my Masters through work. Both bio's are done with their degrees which was taken care of by us and their dad. (yes, 1st husband) But my DH is STILL paying off medical school and I am wondering if the loan will outlive us. Education is very important to us so we are planning not only for college but we have decided on private Catholic school as well. No biggie...mac and cheese is pretty good! And saving money is a big game now. I make my own laundry detergent and that kind of thing! Believe me this is a new wayof life!! lol

[adoptnky]

My parents told me that they would pay for half of my undergrad degree and I would have to pay for the other half. Any scholarships I got would go towards my half. I went to a private school and had about 1/4 of my tuition/room/board in scholarships. My parents were also my loan officers. They didn't want me to take out a bank loan and they didn't want me to have to work when going to school.

Little did I know what they had planned. When I graduated, I owed my parents quite a bit of money. They got me a card, and in it they said that my loan was completely forgiven. That was their plan all along. The only catch was that I had to keep my mouth shut about it as my brother was just getting ready to start his undergrad and they were planning on doing the same thing for him.

I paid for all of my Master's degree (except for a couple thousand that my parents helped me with). My DH's parents paid for all of his undergrad and his grad degree.

I have to say it was VERY nice starting out without ANY student loans.

We are hoping to pay for Alex's undergrad - we are saving now - and putting away all the money he is getting. I hope we are able to do that when he gets ready.

Kim