Are you paying for your kid's college education?

Discussion in 'The Okie Corral' started by pugman, Apr 6, 2012.

  1. carloglock19

    carloglock19

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    My oldest who doesn't live with me is a freshman in college now and was able to get grants to cover most of costs and I supplement and help cover expenses/fees/tuition. It does take some sacrifise.
     
    Last edited: Apr 6, 2012
  2. Cmacc

    Cmacc

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    We have kids aged 28, 25 and 22. The last one is in her 4th year now of a 5 year professional degree program. Sadly we did very little to save ahead of time and when the time came we calculated that we could afford $500/month, PER KID, for the duration of their undergrad college careers. So that is what we did.

    Looking at the ages you can see that we have been paying this non-stop for about 10 years with several years when there was overlap, more than one in college at a time. It was tough but we made it work.

    Any costs above this was on them by way of work, savings and loans.

    Middle, son went AFROTC and received a stipend for the 4 years. He is a 1st Lt, Navigator, in the AF and is debt free.

    Oldest daughter went on to grad school, Occupational Therapy, and borrowed all of that. She is sorry now, but earns $35-40 per hour.

    Youngest daughter will have some debt but not much.
     
    Last edited: Apr 6, 2012

  3. Mass10mm

    Mass10mm Armed Yankee

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    My parents paid for my bachelor's degree, but grad school was up to me. I did the same for my two kids. Between them, their undergrad degrees cost $275,000.:crying: No financial aid. Took me 10 years to pay back the loans I took out. All done now. :cool:
     
  4. Mrs.Cicero

    Mrs.Cicero Wayward Member

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    Not exactly. Mr C and I have differing opinions on this. I was raised with the idea that at 18, I was to join the service or go to college, but either way I was out of the house and on my own. In actuality, my parents paid my first year of room and board, and I had a scholarship that covered all the tuition. Second year, same scholarship, and I had money saved from the summer which, combined with work/study during the school year, covered room&board. Scholarship was partially need-based, so of course my third year it didn't quite cover tuition, and since I studied in Mexico that summer I wasn't working, I had a Pell grant and some loans. The last year I finally had access to the $11,000 trust fund from the drunk driver who cracked and dented my head as a child. It covered my senior year tuition and room&board, and not a penny left over. I owed $1,800 when I graduated. My parents' graduation present to me was to pay that off.

    I am inclined to tell my kids the same thing, but Mr.C thinks they should not have to work while they are studying, and that we should pay for their schooling. I am willing to compromise somewhat. Here are the conditions - they have to go to a school on my list of acceptable places... the list is about 20 schools long currently, and runs from West Point to Patrick Henry to Grove City to Hillsdale to the local community college. They cannot major in anything like Women's Studies or Art History or Drama - I will pay for a REAL degree that will result in a REAL job - if they want to major in underwater basketweaving, they can do that on their own dime. If they get arrested for anything (drugs, DWI, chaining themselves to a tree or a nuclear power plant gate in protest of anything), the purse closes permanently. They have to keep the GPA above a 3.0. All of this assumes we actually HAVE the money available to pay their way, which is a mighty big assumption. My parents set up an acct for them when they were born, but it is tied to the market, and has not grown. We could borrow against the retirement acct, assuming it still exists. We will NOT be taking out loans. If the kids need loans, they will have to take them out, and if we can help pay them back, we will, but that's it.

    Mrs.Cicero
     
  5. Naelbis

    Naelbis

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    I would be interested in seeing the full list and your criteria for picking each school...just for curiosity's sake.
     
  6. Halojumper

    Halojumper

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    Nope - I paid for mine through my own resources and ingenuity and I feel it was an important part of the education. Besides, my daughter lacks much follow up ability and would not likely see it through.
     
  7. gwalchmai

    gwalchmai Lucky Member

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    Yes. Yes I am. I'll probably have to start a car pool to do it, but I will.
     
  8. Keoking

    Keoking

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    You and me definitely see eye to eye. I put myself thru college by working as a janitor every weekend, every holiday, and every school break. Didn't have to take a loan until my senior year. At the rate college tuition is climbing, I don't see that my kid will be able to do this (he's about to turn 2). Will have ~$50k in 529 plans in place on his 2nd birthday, and will probably leave it at that. I'm hoping he will turn out responsible and won't be a loser slacker like every kid I see, but I don't want to be unrealistic. I definitely won't be sending him to a university to screw and drink for 2 years before he fails out.

    Some companies may be "too big to fail", but my kid won't.
     
  9. FPS

    FPS

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    Am I paying for my kids college education? Yes I am.

    .
     
  10. coastal4974

    coastal4974

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    Bingo!

    Considering that the gubmint will soon be giving out free college educations and at the same time confiscating our retirement funds.
     
  11. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    Yes. Funded 529s for each at birth with a lump sum and contribute a lump sum every December.

    According to my cpa, case law supports even using 529 distributions to buy a condo for them to live in during college.
     
    Last edited: Apr 6, 2012
  12. GRIMLET

    GRIMLET Deceased

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    I told my kids, get REAL smart, a good jump shot or join the military. The military is also a rule in my house. Your country deserves it.

    Service equals citizenship.
    Citizenship equals service.
     
    Last edited: Apr 6, 2012
  13. Averageman

    Averageman

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    According to my cpa, case law supports even using 529 distributions to buy a condo for them to live in during college.
    So he could buy a house with the money and rent out two rooms? Ha ha!
    His 529's performance isnt the best, but it's the best I can do for him right now.
    Luckily he's a good kid and works hard at school, all AP and Pre Ap classes. I want him to work for it, just not as hard as I did.
     
  14. Ragnar

    Ragnar

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    UW charges by the credit hour. 12 hours is $4k for a state resident.
     
  15. kcb

    kcb Southern Lady

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    Our state has a pre-paid program, which started when our oldest daughter started Kindergarten and our youngest was 2 years old.

    We discussed it with my parents, who paid ALL of my college expenses...(yes I was very blessed!) and my dad said it was a win-win program.

    Our girls were SO young that our payments were less than $50 a month while they were going to school. (You waste more than $$ that just on little things every month, so it wasn't a big deal.) When they graduated from high school, their college tuition was paid in full.

    We were "blessed" with two independent young ladies who helped out with the incidental fees that we knew we would have to pay...books, ets. They got their own apartments, and have since married.

    My oldest has finished. My youngest will get her first degree on April 27, and her second degree by December or next April.

    I'd do it all that way again. And I will be forever thankful to my Dad for everything he did for me. I had it SO easy. I wanted our girls to let us make it easy for them to, but they wanted to be on their own. And they did it very well!
     
  16. aircarver

    aircarver Descent Terminated Silver Member

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    I funded my own college and I funded my kids'.

    At this point, I am done shoveling money at colleges ....:shakehead:

    .
     
  17. geofri

    geofri Poikilotherm™ Lifetime Member

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    I think paying your own way is a valuable experience. I'm really not sure if I will or not..
     
  18. uscgamecock

    uscgamecock

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    My family has a deal worked out. My grandfather paid for my dad to go to college with the agreement being that he paid for his kids college. He paid for my sister and me to go to school and the agreement was we have to pay for our kids. This will be the same deal that I have with my 2 children.

    There are stipulations to the deal. Must be an in state school, only paid for four years (can't take 6 years for a 4 year degree), and you can live at home for free or pay your own way somewhere else. Those are the rules, I didn't make them up.
     
  19. Dexters

    Dexters

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    Give college education serious thought. It is the next bubble to burst.

    It is just like the real estate bubble.
    - Government pushes it
    - parents push it
    - colleges push it

    The buyer/student pays a lot of money and only gets a piece of paper.

    Colleges are manufacturing more students in most fields then are needed.

    Students are coming out of colleges with huge debts and parents really need to assess their retirement funds before paying for college.

    As with real estate - what you purchase (college) and what you purchase (field) is important.
     
    Last edited: Apr 6, 2012
  20. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    Government underwritten student loans and grants have driven the incredible inflation of educational costs and devaluation of the product.

    Very similar to healthcare.