(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 # 32
    Member
    1723 posts
    Bumble bee
    • Wedding: June 2012

    View original reply
    @Eva Peron:

    free college? Ok! I might try to convince Fiance to move to Argentina to then! maybe i can get away with my current student loan and continue college there for free 😛 Haha.

    Post # 33
    Member
    952 posts
    Busy bee
    • Wedding: August 2010

    What we will do is pay for our childs college when they actually finish college. I do not want to pay for 2+ years of them drinking and partying their money away and drop out. We are fine if they decide college isnt for them, but they need to take responsibility for understanding how important hard work and money is. Once and if they do graduate then we will pay for whatever loans they’ve accumulated (school related!).

    Post # 34
    Member
    775 posts
    Busy bee
    • Wedding: July 2012

    I will not be having a college fund for my future children and I had none of my school paid for. I’ve taken out loans, gotten grants, etc. 

    Personally if we are well off, then sure I will help them pay, BUT how realistic is it paying off your own student loans, mortgage, as well as paying for your own retirement. I’d be absolutely broke paying for my children’s schooling. I would try to convince them to start out at a community college first and then transfer after 2 years or so to university. 

    Post # 35
    Member
    2231 posts
    Buzzing bee
    • Wedding: September 2012

    We plan on saving money for our kids to use towards post secondary education, whatever that may be. I have worked since I was 15 years old and I was very, very lucky that my parents paid for school so that I could travel a bit in the summers inbetween years. (We also have family overseas so I went to visit them)

    Post # 36
    Member
    757 posts
    Busy bee
    • Wedding: October 2011

    One of the best things my parents could have done for me was make me pay for my own college. It made me work harder to get scholarships and keep my grades up because I knew it was my money on the line. I plan to do the same for my kids

    Post # 37
    Member
    4474 posts
    Honey bee
    • Wedding: November 2012

    I’m very blessed that my parents paid for my undergrad.  I did go to a JC and then transferred to a private school, so it came out to be a bit less than the public universities would have cost. I did have to get a loan for grad school, paid for most of it with my savings, and got help from my dad for a bit of it, too.  I would hope to be able to provide for my children the way my parents provided for me.

     

    College is just getting more and more expensive.  Most jobs a degree is EXPECTED, so a college education is not quite the luxury it once was, it’s become more of a necessity.  Hell, a lot of jobs expect a Master’s now.   Some of these jobs probably don’t even need a degree, but they’re still required.  I think that’s unfortunate, because college isn’t for everyone.  Anyways, given that college is expected of many people, and it’s expensive, I would hate for my children to start off their lives in debt.  

    Post # 38
    Member
    2343 posts
    Buzzing bee
    • Wedding: June 2010

    My parents had an account set aside for me, but even with a scholarship, it didn’t quite cover my out-of-state school including room & board. I got about $10,000 total in student loans to cover the rest. To be honest, I don’t feel like having to take out a loan made me appreciate it more, work harder or understand money any more. I did really appreciate my parents’ investment in my education and now that I am an adult, I think about often. I wouldn’t be able to have the career and life I have today if they hadn’t helped me.

    DH’s parents also paid for his college, and we both want to pay as much as we can for our children. However, with the quickly rising cost of college, I’m realistic that we may not be able to pay for all of it. When our kids are in high school, I really want to get them on a plan to save half of whatever they earn at a part-time job so they don’t have to take out loans. Also, we will 100% expect them to get some sort of scholarship. If they don’t, they will have to make the difference themselves.

    Post # 39
    Member
    2755 posts
    Sugar bee

    This is something my Fiance and I have been on the same page about since the beginning. His parents saved for his college education and helped him all the way through, and because of it he started off his adult life with virtually no debt and amazing credit to start building with. Me, on the other hand, I had no money saved whatsoever by my parents because my mom is atrocious with money. Despite this, she encouraged me to follow my dreams and I ended up at a super expensive private school. While I will never regret this because it’s where I met Fiance and many other wonderful things happened for me, I did graduate with a HUGE amount of debt in loans that I’ll be repaying the next 20 years or so :/

    I want to save for our children’s college educations because I believe it’s important for them to go to college and receive an education. I want to do things smart, the way his parents did, so they have a chance to start off right in life. I believe that I do owe that to them, and that I will raise them to be respectful and understand what we’ve done for them and be thankful for it.

    Post # 40
    Member
    368 posts
    Helper bee
    • Wedding: July 2011

    My husband met with our financial planner and we are planning on putting in $60k per child for college education.  This is what the financial planner estimated the cost of college, room, board, tuition etc per child.  If our children get a scholarship, the money that was put aside for college will be given to them probably after they graduate for a deposit on their first home.

    Post # 41
    Member
    6890 posts
    Busy Beekeeper
    • Wedding: March 2012

    My parents had/have college accounts for all four of us – but they are 529 plans that carry over to the next child and they agreed to do the same amount(ish) for all of us. We’ll do the same.

    I see a lot of people thinking that because your parents helped pay for college it somehow is less motivation to do well? If anything for me it was MORE. I got a TON of scholarships to college, kept the Ga HOPE scholarship the whole time, and pushed myself to finish in 3 years instead of 4…with Honors no less. And yep they helped pay for it. My brother is on a similar track right now too. We do not take advantage of their generosity or pre-planning.

    I will raise my kids to respect money and to work for things. If they’re failing out of college no I won’t help anymore. But if they are trying their best and working of course I would love to help. I’m not paying for their parties, but a public college education will at least receive some of my support. There’s no telling how expensive it will be by then though! So we probably won’t pay for it ALL.

    Post # 42
    Member
    1119 posts
    Bumble bee
    • Wedding: January 2010

    We opened a savings account when we learned I was pregnant. By the time they reach college age, we should have plenty of money to cover for almost all college expenses, depending on which program they choose and if the university fees stay relatively low (in Canada, we fortunately don’t pay much for higher education, but the gov is debating this every few years).

    If they choose a career that do not bring them to college, we’ll use the funds for us!

    Post # 43
    Member
    7768 posts
    Bumble Beekeeper
    • Wedding: July 2010

    I plan to have my kids go to our local college here (you know which one galloway) and then transfer to where ever they want on a scholarship.  They have a liberal arts transfer program and people get really good grades, it is a good transition, and then scholarships. 

    If they really want to get away (like I did) I will do my best to help them.  Right now there is no way I can really save for it, but I think I will try.  I don’t want them to not be able to go to a good school, but our local University is also top notch- so that is a very good option. 

    Post # 44
    Member
    6009 posts
    Bee Keeper
    • Wedding: May 2009

    We have an account set up for DD, and when #2 comes around, we’ll start contributing for him/her, as well.  It’s not specifically a “college” fund, but it’s for additional schooling/training after high school.  If our kids decide to go to trade school, instead of college, they can use the money for that.  If they decide not to do any additional training/schooling, then it will become a part of their inheritance when we die.

    I paid for my undergrad on my own, but my husband was lucky enough that his sister actually paid for his undergrad tuition (we paid for our own grad school).  He still worked in undergrad to pay for living costs, and that’s what we’ll do with our kids.  We’ll pay for tuition/fees, and they can pay for their own living costs.  Both of us worked fullt-ime (or more) during college, so we expect that our kids will do the same.

    Post # 45
    Member
    2738 posts
    Sugar bee

    I would love to but it’s not a priority. My priority is saving for my retirement ThankYouVeryMuch! I went to a state school and my parents helped a bit but they have a lot of kids so no one got a free ride. 4 of us now have graduate degrees with loans and I don’t begrudge my parents not helping. They needed to look after themselves too. Anyhow, point being, if I can afford it, okay. If not, they’ll be alright 🙂 They can borrow interest free loans and the like to fund their education. No one is going to borrow me money to fund my retirement. BUT, no one knows tomorrow. If for some reason, we become a lot more financially secure and have lots of money, why not if not??

    Post # 46
    Member
    1128 posts
    Bumble bee
    • Wedding: November 2011

    We probably will not have a specific college fund when our kid(s) are growing up, but money they get from birthdays/Christmas/piggy bank will go into a savings account, as well as maybe a few dollars here and there we can put in and they can use it towards a first car, college or whatever reasonable purchase they want to make. I always got money for babysitting and birthdays and my parents never made me save any. I wish they would have at least made me save half. This is something I will encourage my kids to do, have fun but also save!

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