(Closed) Do you plan to pay for your child(ren)’s college? (Do you have a college fund?)

posted 9 years ago in Parenting
  • poll:

    I (will) have a college fund for my child and my parents paid for most or all of my college.

    I (will) have a college fund for my child and my parents paid for some but not most of my college.

    I (will) have a college fund for my child and my parents paid for none of my college education.

    I do/will NOT have a college fund for my child and my parents paid for most or all of my college.

    I do/will NOT have a college fund for my child and my parents paid for some of my college.

    I do/will NOT have a college fund for my child and my parents paid for none of my college education.

    Other? Please post :)

  • Post # 17
    Member
    730 posts
    Busy bee
    • Wedding: June 2010

    My parents had money saved up (not in a specific fund or anything, but I knew there was $ there for college). They always told us that they would pay for the first 3 years and we would pay for anything after that (so we would value our education and know how much it was worth to achieve it).

    I ended up getting some great scholarships and a wonderful job as a clarinet teacher while in school, so I didn’t actually need any money from my parents. They gave me $800 per semester for the first couple years just to be supportive. Now I’m in law school, which I also have scholarships for, but my husband and I are paying whatever the scholarships don’t cover.

    My sister is at a private university and my parents are paying for 100% of her tuition and expenses (she does have a small scholarship). She’s in her third year (of five because she’s double majoring), and I honestly don’t think my parents will actually stop giving her money in Year 4 or 5 (although, that could be because they ended up paying nothing for my college, so there’s extra money).

    My husband’s parents saved about $60,000 for each kid and told them they could use it for college and keep whatever was left over (or they could not go to college at all, and get the money at age 25). My husband had some scholarships and worked each summer in college, so he was able to graduate with a little bit of the money leftover (which I believe ended up buying my engagement ring… haha!). 

    We want to have the funds available to send our kids to college (at least, to a reasonably-priced state school for four years), but I’ll definitely be encouraging them very strongly to apply for as many scholarships as possible. Haha. Scholarships are AWESOME. I doubt we’ll do what DH’s parents did (give our kids leftover $), but I’d like to try to make sure our kids can get out of college without student loans.

    Post # 18
    Member
    752 posts
    Busy bee
    • Wedding: October 2011

    I will definitely save for their college.  My intention is to only have as many kids as I can afford to put through college.  I do believe there should be some cost sharing responsibility so I would expect them to work part time for spending/book money.

    Post # 19
    Member
    5117 posts
    Bee Keeper
    • Wedding: November 1999

    View original reply
    @bluebonnet: I think we’ll do something like your husband’s family. Seems like a happy medium for providing $ but still giving the kids choices on how to use it.

    In my family we were on our own to pay. Thankfully I got scholarships and grants for UG and worked multiple jobs to pay the rest, and law school I’m covering on my own with loans (ouch) and summer work. Mr.ND’s family helped pay for about half of his college. I don’t want to pay for all of my childrens’ schooling, but I do want to contribute while still providing them incentive to work hard on their own and contribute as well. If we can’t save up though, I won’t feel bad, because I know that it can be done on your own if necessary. Working through UG wasn’t super fun, but I learned a lot and took it very seriously. 

    Post # 20
    Member
    1445 posts
    Bumble bee
    • Wedding: May 2012

    I voted I will save money for my kids college but my parents didn’t help me. I think generally, I would like for my kid to be able to go anywhere he wants to go. Since my parents didn’t help me, I chose to go to the school that was covered through scholarships because I thought it was the financially smart decision; it wasn’t the greatest school and I really feel I’ve been at a disadvantage because of it. I got into better schools but turned them down because I couldn’t pay for them. I guess I hope my kid doesn’t ever have to settle.

    Post # 21
    Member
    573 posts
    Busy bee
    • Wedding: April 2013

    My grandpa started a college fund for me, which has covered the majority of my costs. I also have scholarships and loans, the lones are in my name and I will be taking them over when I graduate in May.

    Like other posters have said, my parents have helped out with monthly bills when necessary. I only had one paying job throughout school but have completed 9 internships, so they felt that it was fine to help me out. 

    Post # 22
    Member
    10283 posts
    Sugar Beekeeper
    • Wedding: October 2011

    If we’re able to we will definitely pay for our future kids tuition. I didn’t finish school but the semesters that I did attend were paid for by my grandmother. My college fund was started the day I was born and by the time I graduated from high school, there was enough to cover 4 years.

    Student loans are scary. We have friends and family who struggle every month just because of an insanely high student loan payment. In some of their cases, their loan is just as much as their mortgage. If I can avoid that for my kids, I will.

    Post # 24
    Member
    13094 posts
    Honey Beekeeper
    • Wedding: July 2010

    View original reply
    @pinkshoes: “Two key words – compounding interest.”

    So true.  That’s why it is so much better to start early.  Just like with retirement funds.

    Post # 25
    Member
    2495 posts
    Buzzing bee
    • Wedding: January 1991

    We’ll likely do some but not all.  My parents gave me about 2k towards college, and the rest I paid myself.  DH’s parents paid for 1/3 of his college to help reduce the amount of debt they had.  The funny thing was, he only has about 2k less in debt than me because I ended up getting a nice scholarship.

    So, honestly, both ways worked well for us, and I would like our kids to have to work for their college education of they want it, but I would like to be able to help them too.

    Post # 26
    Member
    344 posts
    Helper bee
    • Wedding: June 2013

    I am very lucky.  My parents and grandparents covered the cost of my undergraduate education, MBA, and half of law school (me and fiance are picking up the second half..)

    My family has always told me that my “job” was to gain admission to college and they would cover the expenses.  When I was 11 my mom took a significant pay cut to work for a university.  One of the benefits of working for this university is that they will apply half of their tuition to your child’s tuition at any accredited institution.  Since my sister and I decided to go to a private school, this chopped our tuition in a little more than half.  My brother chose a public school out of state, so all of his tuition was covered.

    In addition, my grandfather started a college fund for me the year I was born.  Every year as part of my birthday/Chirstmas gift he gave me money to put into my savings account.  My grandparents also covered my tuition for my first year of undergrad and my first year of law school.

    My parents and grandparents covered all of my living expenses through undergrad and my MBA.  They still cover about half of my living expenses.

    I know that I have been very blessed and I will definitely do the same thing for my children.

    Post # 27
    Member
    1501 posts
    Bumble bee
    • Wedding: September 2011

    My parents paid half my tuition and books. I had to cover the other half and living expenses. I was lucky enought to make enough money working multiple jobs in the summers and on breaks to not have to work during school.

    I would like to be able to help my future children with college. I wouldn’t pay for all of it, but definitely pay for something.

    Post # 28
    Member
    3977 posts
    Honey bee
    • Wedding: May 2011

    My parents paid for a little bit of my college, but I still worked full time during (or close to it) and I still had a lot of loans.

    I don’t think it’s the parents responsibility to pay and anything they do pay is a blessing and extra. I would be horrified by a child who expected their parents to pay for all of it (without some huge reason.

    Post # 29
    Member
    1686 posts
    Bumble bee
    • Wedding: December 2012

    Where I am there is a registered savings plan for your childs education – when you contribute to this up until they’re at least 17, they are eligible for savings grants and bonds.  Her father and I have been contributing into this for her since she was about 1, and I also have mutual funds set up in her name.  I’m hoping that it will at least be enough to take the edge off by the time she’s old enough to use it. 

    My parents didn’t have any money saved for me to go to school, and knowing how hard it will be to get a job 10-15 yrs from now without an education I would like to help her as best I can.  If I have the money to contrbute even more after she graduates, I will!

    @kala_way i totally agree that it should NOT be expected, I just want to help her out as much as I can knowing that when she’s ready to find a job it may not be possible without extended education.

    By The Way I LOVE YOUR PICTURE!

    Post # 30
    Member
    1723 posts
    Bumble bee
    • Wedding: June 2012

    In my culture its usually parents pay for both School and weddings.. so usually there should be a fund for the kid. That being said- in my case – my dad will only pay half school tuition and my weddin expenses..( along side Fiance of course). I do hope that when me and my Fiance have kids that we would put away a trustfund for them and they can use it anyway they please- school/wedding whatever they need it for the most.

    Post # 31
    Member
    7286 posts
    Busy Beekeeper
    • Wedding: October 2011

    I don’t want my children to feel like they MUST attend. If I can , of course our help will be available. I’d rather take money and travel the world and expose them to different cultures, home schooling and cultivating their interests and desires along the way. Then when its time to go to college, make them explore working first in settings of interest or just in general. Then when they truly feel through experience they know what they want, have them start a University program.

    Ideally, we will live in Argentina which has free college education regardless of finances and academic achievement.

    The topic ‘Do you plan to pay for your child(ren)’s college? (Do you have a college fund?)’ is closed to new replies.

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