(Closed) Will you pay for your children’s college education?

posted 8 years ago in Money
Post # 3
Member
4480 posts
Honey bee
  • Wedding: March 2010 - Calamigos Ranch

If I can, I will! I went to a state school for undergrad (which was inexpensive at the time!) so my parents were going to help me pay for college, but luckily I got a full scholarship and so they didn’t have to (well, that’s sort of true: my scholarship paid tuition and books, my parents paid my [very, very inexpensive] rent, and I got a part-time job to pay for the rest). All of my student loans came from grad school. If I can afford it, I will absolutely pay for my kids’ undergrad, and help as much with grad school, if they decide to go, as I can (I didn’t get any help with that, and I’m drowning in it now!).

Post # 4
Member
2889 posts
Sugar bee

If we can, we will but we will encourage our children to make smart financial decisions and earn academic scholarships for sure!

I was lucky to have no undergrad debt thanks to my parents and scholarships and my decision to go to a state school. If our kids were to fail any of their courses, I’d have trouble paying high tuition and living costs.

Note: this is completely ideal since we don’t have any kids.

Post # 5
Member
6351 posts
Bee Keeper

We hope to. My little bug is six and my stepbug is three. My parents were unable to help at all and it was a real struggle for me. We’ll pay for as much of both of their educations as possible. Fiance set up 529s for them.

Post # 6
Member
3942 posts
Honey bee

Coming from a single parent house, my mom wasn’t able to help me financially with college. I paid for it myself with loans and have about $40K in debt. Of course I wish I didn’t have that debt, but I think it helped me learn the value of money and my education.

I would love to be able to afford college for my children, but I don’t think it will be realistic. Even state colleges in MA are extremely expensive. I do plan to start a college savings account when my future babies are born though. Hopefully I can save something for them.

Post # 7
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

Yup, either Fiance and I will be paying, or there will be money from my parents or FI’s dad in trusts for the kidlet’s educations.

Post # 8
Member
3564 posts
Sugar bee
  • Wedding: August 2010

We plan to…my parents paid for the first three years of my college at a private, liberal arts college (aka $$$!) and I am very grateful. However, I paid for grad school on my own, with loans, which seems like a good compromise. If my kid is smart enough to get into a great private college, I would hate to have money be the reason that he/she can’t go, so I would definitely pay.

Post # 9
Member
3222 posts
Sugar bee
  • Wedding: August 2011

We hope so! That’ll be one of the first savings accounts we set up after buying a home. 

My parents paid for two years of my schooling, and it was a huge help. They made a few bad investments before the economy fell apart, so they weren’t able to pay for the rest. I still have yet to finish my degree, because of it. I plan on going back, but only when I’m financially stable.

 

Post # 10
Member
6351 posts
Bee Keeper

@Bostongrl25: haha I went to a state college in MA. My student loans were equal to about 15k after scholarships and financial aid. MA is expensive!

Post # 11
Member
7695 posts
Bumble Beekeeper
  • Wedding: August 2010

We plan to. Both of our parents paid for our educations and we are very lucky to have come out of college with no student loans to pay back. We went to a private liberal arts college that was very expensive. My dad used Financial Aid but also paid for some from what he had saved. We hope to be able to do this for our children to.

Post # 12
Member
222 posts
Helper bee
  • Wedding: May 2011

If I can I will. I plan on saving for it.

Post # 13
Member
2288 posts
Buzzing bee
  • Wedding: November 2010

I plan on giving my kids the same deal my parents gave me: we’ll pay for undergrad, but grad school is all you.

Post # 14
Member
9824 posts
Buzzing Beekeeper

I’m probably going to go about it how my parents did. I’ll pay a significant portion, but I will also take out a loan. I will expect their grades to be good in high school so that they can apply apply apply for scholarships! I will also request that the 2 summers before going to college they contribute to their own room/meal plan/books fund.

I had a very tough and involved mom! I joke now that she should have played Sandra Bullock’s character in “The Blind Side” because she was SO pushy but ultimately we all got into college because she pushed us. Once she knew we were serious about working, she put up the rest of the money.

I have friends whose parents paid for college entirely no loans, and that’s awesome for them. I just don’t see ever being well off enough to do it. But if I could, yes I would. Life is hard enough without crippling debt.

Post # 15
Member
1920 posts
Buzzing bee
  • Wedding: March 2012

I’ve had no parent financial support in my schooling so I am one of those with lots of debt.

Having said that, I will hope to pay for most of my kids tuition. I think I would like to pay for their tuition but things like rent, groceries, etc will be up to them. I think its important that kids still have to pay some of their own stuff. It teaches financial independence and budgeting which are very important.

Post # 16
Member
3942 posts
Honey bee

@SoontobeMrsA: I went to one as well! I lived on campus which of course added to the cost. But state schools have this reputation of being cheap but they soooo aren’t!!

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