Post # 1
I see a lot of Bees including a college savings fund in their baby budget, often from the beginning of TTC. For those who do, do you plan to pay for a large amount or even all of your child’s college education? Did your parents pay for yours? For those who don’t have a college savings fund, did you parents help with your college?
I’m just curious because my parents are helping me very slightly with college but not much, and I certainly never had a college savings fund as a child. I actually don’t think any of my cousins did either, and I have about 40 cousins. I know people that had one as a kid but they were not in the majority, from what I know. I’m also wondering if how the parent pays for college affects what the parents do for their child.
No judgments on people who choose to pay or not to pay, I’m simply curious 🙂
ETA: This isn’t to say that if you don’t have a fund for your child now, you won’t help at all- my parents have helped me a little. More about whether you actively plan to.
Post # 3
I have one for my little girls. Shoot they have more in college funds then We have in the wedding fund…
I dont know if we will be able to pay for all of college but they should have enough for the first year atleast! But for us to pay they will HAVE to keep their grades up and be taking a good sized course load.
if they dont go to college they get the money when they turn 23 or when they have their first child(whatever happens first)
And no my parents did not save any money for any of us kids but it is something I want to do for my child.
Post # 4
My grandparents started my savings account when I was born. Every year they would give me money for Christmas to plug into it. When I was in high school and junior college, I saved up a significant amount of money to go to a university. I paid my way through college with my savings and working full time.
When we have kids, we will start a savings account. We’ll try to set aside somewhere between 1-3k a year for each child.
Post # 5
@Peony007: Thats how much we are saving a year for the kids too.
Post # 6
I would like to be able to help our children. My parents were able to help with part of mine (I still took out loans and was fortunate to get a lot in scholarships), but it is something I’d want to help out with.
DH’s parents gave a little, but the rest was as a non-interest loan. So he still has to pay it back, albeit with no interest and not on a specific schedule.
College is expensive but becoming almost a necessity today. I can only imagine that 25 years from now it will be even moreso.
I still want them to work hard and appreciate their education though, so it won’t be a blank check that pays for everything. But I don’t want them to be 40 and still struggling to pay back tons in loans.
Post # 7
My parents started putting money into a mutual fund every single month from the day me and each of my siblings were born. They’ve worked with their investment advisor to determine how much they would have to contribute each month to have enough money (by the time we reached college) to pay for 4 years of tuition, room and board at an in-state public school. If we wanted to go somewhere out-of-state or private, we had to fund the difference ourselves through either scholarships or loans.
I was able to go to an out-of-state publis school for free between the money my parents saved and the scholarships I earned. My sister went to in-state public for free. DH’s parents paid for the portion of his in-state public tuition that wasn’t covered by his scholarships too (although they hadn’t purposefully stocked away money for it).
Darling Husband and I plan to hopefully be able to similarly help our future children with their college educations.
Post # 8
@FutureKMM You’re parents and my parents must have been on the same type of plan. They funded my education as long as it was in-state and a public university. Anywhere else and I would have had to pay the difference. SO wasn’t quite as lucky. We’ve mutually decided that although paying for 4 full years might be out of the question (with rising tuition costs, etc.) we are going to try our hardest to help our children as much as we can.
Post # 9
I will not give my kids a free ride to college, but if they are working their tails off I will be willing to contribute.
Post # 10
While my parents didn’t specifically start saving for my college, what the scholarship I have doesn’t cover they pay for.
I intend to do this for my children too, provided they are trying to do well not blowing off classes, or failing due to lack of effort. I think, and this is the philosophy my parents have, that your job while you are in college is to be a student,and that job is much much easier if you aren’t trying to go to class full time and work to pay for it too. I know people do it all the time, but if I can make my future children’s life a little easier this way then I will.
Post # 11
I voted “other” because I honestly don’t know. My parents did not have a college fund for either my brother or I. They were never able to just put a huge chunk at one time into our schooling. But, they did take some personal loans to help with tuition (for my undergrad, I paid for law school on my own), and they also helped me with expenses the whole time I was in college/law school (they paid my cell phone bill and car insurance and gave me $800/mo living expenses). Their help was hugely helpful and I came out of undergrad with only $9,000 in loans (although I tacked on another 70 in post grad— freaking law school).
As for our hypothetical children… I would definitely like to help them but honestly it’s not an absolute necessity in my mind. I’m sure that when they get to college we’ll help them on a monthly basis like my parents did, but we’ll only have a fund for tuition of we’re able.
Post # 12
I don’t think I’ll have a special “college fund” but I’m good about saving money, so if possible I would defintiely like to help pay for my children’s education. I wouldn’t set up one of those state college funds though. Florida has some, but they have to go in-state, and I am not sure if they’d want to go out of state or go to college at all, so that seems risky to me. Hopefully they’ll get good enough grades that they’ll qualify for scholarships as well. 🙂
Post # 13
This is where my husband and I butt heads a little. My parents paid for all my college, his parents did not pay for any of his and naturally, we each think the way we had it was ‘better’. I would like to give my kids a full ride as well if it is possible, he thinks they should have to pay for some of it themself and struggle as he did to learn the value of money and learn how to make it on their own. We will probably meet half way, and pay for some, but not all. We’ve discussed making it merit based.
It may seem like its very early to start saving for a college fund when just TTC, but saving for college fund is much like saving for retirement. The earlier you start saving, the more time you have for the money (I think it’s usually invested during that time) to grow. Two key words – compounding interest. So saving as much as you can while the child is say 0-5 yrs old will probably end up to be more than if you saved the same amount but did it when they child was 5-10 yrs old.
Post # 14
Please check out UPromise, it is a website that allows you to log in purchases for participating products and you get a percentage of the purchase put into a college savings account for your kids. AND IT IS FREE – McDonalds, New York Life, and Hy-Vee all participate along with thousands of others.
I have had one of these for years and have quite a bit in it. My son is going to use it for books as grants are paying for most of his school now, but whatever is left over we will use for the youngest.
Post # 15
We will have a savings fund in place for our children however I’m sure it will not cover total costs for a 4 year degree. They can use this money to purchase their first car or save it for college but Darling Husband and I both agree that we will not pay their entire college education. Darling Husband and I paid for our education on our own and we expect the same for our children. They will need to work, take a part time load whatever the case in order to do it.
Post # 16
This is mainly how I feel. My parents pay my cell phone bill and they randomly help me out when I’m struggling. I pay rent and tuition but my parents often help me out with other bills. I also feel that a special college fund isn’t necessary but I will try to help some- although I do think having to work and pay for college is a life lesson I want my kids to have too.
I do see a lot of people on the boards that count $1000+ in their baby budget and I just always thought of that budget as the absolute necesseties, which I don’t see college as one of them. Of course everyone is entitled to their own opinion 🙂