(Closed) Do you plan to pay for your kids college?

posted 7 years ago in College
Post # 62
Member
947 posts
Busy bee
  • Wedding: November 2012

No. They can join the military like their parents did to pay for school, if they can’t get scholarships or they don’t want to take out loans.

Post # 63
Member
7309 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Yes, but with strings attached. We’re only contributing to undergrad, only if he chooses a reasonable major (no, son, a BA in theater is not going to get you a job, so we are not paying for it), and only if he maintains a 2.5 GPA. We also plan to require him to pay for some of his costs so that he is financially invested in his own education. He’s a high school sophmore now and is just starting to get the flood of college information after doing well on the PSATs, so we’ve been having a lot of these conversations lately. We are willing to pay up to 75% of the cost of in-state public university tuition. If he wants to go to a private university, live on campus, etc., he will be responsible for assuming those additional costs. At the same time, we are making it clear to him how college debt will impact his long-term future so that he gives the concept full consideration ahead of time.

I think DS is going to go to community college first. He really has no idea what he wants to do, and it’s ridiculous to go spend all that money for freshman and sophmore years at a 4 year school when you could be living at home (for free) and going to community college while navigating the “figuring it out” stage. If he knew he wanted the UMD school of engineering and needed specific UMD-only classes just to get into the school, that’s one thing. But screwing around taking Anthro 101 while trying to choose a career path is much more econimically done at the community college level.

Post # 64
Member
1310 posts
Bumble bee

Yes.  My parents saved what they could and helped pay for some of my education, but most of it I had to take out in student loans.  Having a ton of student loans to pay back is the worst feeling ever, so I do hope to help my kids out.  But we’d be doing it in a way where they would learn to appreciate it, of course – we just have to figure that part out first. 😛

Post # 65
Member
1475 posts
Bumble bee
  • Wedding: June 2013

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@MrsN14:  +1 Exactly how we feel!

My parents paid for all my college, and my husband’s parents paid for his. We will absolutely be paying our kids way – I feel that it is our responsibility as parents to give them a good education (which includes college in my book). Young grads who are going into the workforce and also bogged down by thousands of dollars in student loan debt are automatically put at a disadvantage.

Post # 66
Member
1798 posts
Buzzing bee

@Ninteenthchance:  First of all, I am just hoping that college will be a lot cheaper or even free by the time that comes around since I’m still at least five years out from having kids. I do, however, plan on saving whatever I can towards their college funds. I too would like to have at least $20,000 per kid saved up for them, and I would also like to instill in them form a young age that college is expensive, and saving is necessary. I study European culture, and I have always loved the fact that an emphasis is placed on making kids in primary/secondary school and also young adults at university have plenty of time for studying and also for just being kids. I’ve worked two jobs since high school, and I feel like I haven’t had anytime to just explore, find a new hobby, meet friends, etc. My parents have done the best that they can in regards to helping me pay for school, but they have other things to think about as well, so I am going to graduate with about $25,000 in debt. That’s not a lot for today, but it’s still going to be a major set back financially. 

 

Post # 67
Member
1798 posts
Buzzing bee

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@musical-lady:  LOL we need all of the scholarships!

Post # 68
Member
11517 posts
Sugar Beekeeper
  • Wedding: May 2014

@Ninteenthchance:  my parents paid for degree #1, FH’s parents tried to pay for his but just couldn’t do it – mostly because they fell for a bit of a scam RESP plan.

FH and I will set up accounts and save what we can, but we both worked to pay for our own education as well and we will expect our children to do the same.  We would like them to NOT have to take out loans.

Post # 69
Member
1812 posts
Buzzing bee
  • Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall

In theory I would like to pay for tuition, books, and dorm/rent. Anything past that and a part time job would be needed to fill in the gaps. Also there will be some rules on which college I’ll pay for… I don’t see the need to pay for an expensive private school without a clear-cut plan that requires it, for example.

Depending on effort/study habits I may pay a little allowance if the part time job was affecting their grades and they were still generally staying out of trouble. My PT job affected me negatively a few times when I needed to work 3-11:30 the night before a final, so that sucked.

Post # 70
Member
471 posts
Helper bee

 

I don’t have kids yet, but yes, if i can comfortably afford it i will.  The possibility of my kids receiving financial aid from grants or scholarships are low (by todays standards) since i will probably earn a lot by the time they are college age.

like some posters said, i’m not paying if my kids are out there wilding (and I find out) i have no problem with them having fun, but I will not pay money for them to just drink and get C’s.

Also, I’m going to try not to raise spoiled kids that expect me to pay for everything. I will pay for their tuition/living expenses, but they’re going to have to get a job if they want a car or to shop uncontrollably.

Post # 71
Member
2628 posts
Sugar bee
  • Wedding: December 2009

No, we do not plan on helping them pay for college.  I always knew my parents wouldn’t pay for my school, so I kicked my butt to get good grades so I could pay for as much of my schooling as possible by scholarships.  What the scholarships didn’t cover, I made up the difference in a job (and a few small loans).  Definitely wasn’t the funnest way to go through college, but it was a great learning experience that I am very grateful for.

Post # 72
Member
2023 posts
Buzzing bee
  • Wedding: September 2013

@Ninteenthchance:  I definitely do.  At least for the first 4 years.  Both of our families paid for our college.  But mine, I feel, instead of coming from the heart, it came from the “I want you to do this” mind set.  Like I had to do what they wanted me to do or they would try to make me feel bad.  I decided to start another program that no one but DH and his family know about. I will have $17,000 in debt but I have a plan to pay it off pretty quickly.  I will not do this to our children.  They can do whatever they want.  I told DH I plan on each of us saving $1000 a year per child so by the time each child is 16 they will have $32,000 in the bank.  Part will be for a car, the other part for college then the last two years and the extra $4000.  I am thinking half to the car and half to college.  That should be about right, plus interest. 

Post # 73
Member
488 posts
Helper bee
  • Wedding: September 2013

We plan on paying fully for our children’s college education, or at least as much as we can. My parent’s paid majority of my education, I have a loan that I am still paying off but will be done with in a few years.  However, after college they are on their own if they choose to further their education!

Post # 74
Member
507 posts
Busy bee
  • Wedding: August 2013

Yes. I am planning to pay for my kids college. I am estimating $35k-$45k per year for each child. I will have that saved for each of them. Anything more than that, they will be on their own. And I’m only budgeting 4 years. If they get scholarships they can use the money for grad school. 

They will have to work to make fun money though. 

Post # 75
Member
9680 posts
Buzzing Beekeeper

@Ninteenthchance:  My husband and I both worked from an early age. My grandma has lots of money but she doesn’t always share. My parents have 5 kids so I never took for granted they would pay for me or that my grandma would help (even though she could). Luckily my parents did pay for all of us to go to school so I was able to use my savings to buy a house and graduate debt free (well, minus the mortgage, lol). 

I don’t want my kids to be entitled brats but we are in a position where we can pay…so I think we should. My husband is of the mind that we should only pay half so they learn some responsibility. We are a ways off TTC and an even longer ways off university for them, but that is something we will have to discuss further. My husband grew up very different than I did yet worked his way to the same position as me. I had an easier time. 

Post # 76
Member
5217 posts
Bee Keeper

I will pay for some, not all. I want them on the hook for their education as well, 

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