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

posted 7 years ago in College
Post # 77
Member
1186 posts
Bumble bee

@Ninteenthchance:  I am planning to save for as much of their college that I can pay for, with requirements though:

1) good grades

2) not doing stupid crap- i.e. getting in trouble with the law

3) they choose a degree that they will have a high probability of getting a good job afterwards.

My parents did not pay for college, and I am going to be in educational debt for quite awhile.

Post # 78
Member
9129 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

We plan to save up and possibly buy into the state pre-paid college fund but I don’t plan to tell our kid until they’re accepted to college.  Most of my friends and family that had the pre-paid and knew about it also knew that if they chose not to go to college, they would get a pay out after a period of time.  They chose the money over going to college.

On the other hand, my mom promised we would figure out how to pay for college and that all I needed to do was work hard and get accepted.  Thankfully I qualified for a state scholarship so my undergrad was paid for.  Otherwise, I would have had to work multiple jobs and take out loans like my peers.

Post # 79
Member
1402 posts
Bumble bee
  • Wedding: June 2015

My mom saved tirelessly for our future education and I appreciate it more than words can say. I don’t know if I would have gone at all if it weren’t for that money.

We plan to do the same for our kids someday. They willhave to work hard to earn it but if thy want an education then we’re willing to do what we can to make it happen.

Lord knows that’s going to cost an arm and a leg in 20-25 years but we’ll find a way.

Post # 80
Member
9525 posts
Buzzing Beekeeper
  • Wedding: October 2013

there was money put away for me so i wouldn’t have to worry about tuition, books, food, living expenses, etc. i was very fortunate.

if i can afford it, i hope to be able to provide my children with the same.

then i was fortunate again for my employer to pay for my masters degree.

 

 

 

t

Post # 81
Member
2890 posts
Sugar bee

@Ninteenthchance:  I won’t have kids, but I’m torn when it comes to my godson. I originally planned on setting up a savings’ account for his university tuitions if he ever goes to university. Education is important to me, and not so much to his parents. So I’d like to encourage him and to help him one day by footing the bill if his dream is to go to university to have a good job. His parents are in a bad financial situation and live well over their means, so I don’t expect them to afford for his tuitions.

However … I’ve seen many people around me (acquaintances or classmates) having their parents pay for their tuitions ever since they left high school, and today most of them don’t have a diploma, or took 6 years before graduating in a 3-years program. They were lazy, they were busy partying, they didn’t take their academics seriously, because it was free (and quite often, so was their rent). My friends and I, on the other hand, had to pay for our tuitions, it was a huge struggle, so we made our education a priority, because we knew how much it cost, and we couldn’t afford to fail a class, or spend 6 years jumping from a bachelor’s program to another.

I definitely don’t want my godson to take my money for granted, and to expect me to pay without him putting efforts into his education. I don’t want to appear to be manipulative with money either. But I do expect some kind of committment to studies in exchange for my financial help. I don’t want to hand over 30K and hope he’ll use them toward his tuitions. I see it like a scholarship, almost. You have to deserve it. Succeed in all your classes, and I’ll foot the bill. To me it’s really the only way to go … I don’t know if it’s wrong, but it’s how I feel about it. 

Post # 82
Member
10635 posts
Sugar Beekeeper
  • Wedding: January 2011

I’m not planning on having kids so that makes it easy.

If I were, I know my parents would be contributing to RESPs for them.  I would also be willing to contribute, but it might not be necessary.

If they just went to college (ie. a diploma program) my parents would probably but in enough.  For something more than that, I don’t know.  If they picked an expensive option, I would expect them to cover a good sized chunk, be it scholarships, jobs throughout high school, etc.

I had enough scholarships to cover all my tuition.  Some years more, some less, but overall more than just my tuition was covered.

Post # 83
Member
1845 posts
Buzzing bee
  • Wedding: June 2013

We will pay for all the essentials, depending on attitude and grades.if he doesn’t take it seriously we wont continue to pay. If he wants spending money, he will need to get a job or a summer job and save for the extras. I don’t believe in handing kids things on a silver platter, I believe they should have to work for it, BUT I want to try and help him start his life debt free as much as possible. I just hope we can do this while still teaching him to be responsible with money, so he doesn’t turn around and get burried with credit card debt.

Post # 84
Member
486 posts
Helper bee
  • Wedding: February 2014

We will have a college fund for them, but I also expect them to try and get scholarships. They should also hold part time jobs.

 

ETA: I don’t want them to rely solely on the fact that we will have some money for them for college. 

Post # 85
Member
1081 posts
Bumble bee
  • Wedding: October 2014

I think these days, an university degree is a mininum requirement to enter the job market.  I am not sure if I will have enough to cover all 4 years but definitely helpas much as possible.  Having a student loan plus mortgage and getting married, will leave my kid having a hard time to start a family…. Then of course, a responsible behaviour and decent grade are required (I’m not going to force my kid to be an A+ student because I’m not one either LOL) 

Post # 86
Member
1471 posts
Bumble bee
  • Wedding: November 2013

I don’t see us having the money to, TBH, and it is more important that our retirement is sorted, IMO.

We will support how we can though – pay what we can afford and allow the cgild to live at home/ Grandma’s. Our children will have dual citizenship, so we will encourage them to go to whereever ends up cheaper – at the moment that looks like New Zealand.

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