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Are you paying for your kid's college education?

  1. My brother and I had this discussion last night as he set up a fund for his son...a little late mind you since the kid is 12 going on 13.

    UW Madison, who seems to raise tuition every single year, isn't the $3-4,000 a semester it was when I went to school 20+ years ago. I think its closer to $10K now?

    And no, you don't need a college education to be successful and I still think in today's economic climate the average guy might be better off developing a skill and being damn good at it. My MIL's boyfriend is a master welder - has a rock solid rep with his own shop - and is almost to the point he either must turn down jobs or cut back on his 70-80 hour work weeks. Even bringing in help in the form of a full time employee and two part timers barely allows him to meet deadlines - but he does meet them.

    Are you paying for your kid's college? I can't see how families with 2 or 3 kids do it considering the cost of an education now a days. UW Madison as mentioned above has also become more selective - where you could get accepted with a 2.2 GPA 20 years ago not any more. So even the "encourage your kid and hopefully he gets some grants and scholarships" barely covers your bases any more.
  2. State of Ohio paid for my sons education, daughter used a combination of grants, scolarships, income from working, and help for mom and dad. me and wife paid for hers, employer paid for mine.
  3. Started a Coverdell account a week or two after Colt was born.

    I've been around long enough to know that it's never too early and college isn't going to get cheaper. :)

    Hey bro, it's better to start late than not start at all! :)
  4. I goto a private Catholic college in PA for biochemistry and received around $80k in scholarships so far ranging from Chemistry organizations, to Doctors, to Bishops.

    Cost is $28k a year off campus, which I am. It is worth it to me because of the small Professor to student ratio 1:14.

    Scholarships are out there.

    iPhone 4
  5. The inlaws set up state accounts. We will do whatever we have to to make up the difference. My parents got loans for me and made the payments until I graduated and took them over. I also had a few small scholarships.
  6. You all paid for mine /gibill

    Thanks, bros :wavey:
  7. The financial show I liten to every Sunday morning says it is much more important for you to save for your retirement before tapping your money to pay for a kids college.
  8. I don't have any kids so, no, I'm not paying for my kids' college educations.

    However, my tax dollars help pay for other people's kids' college educations.
  9. Two put through college (with degrees), the third is at VT, and one is still in High School.

    I'm so broke, I can't afford to pay attention.

    Just for kicks and (no) grins, VT is $34,000.00 per year for out-of-state tuition!!!!!!!!
  10. I wouldn't consider an 80-hour work week to be successful! It's nice to have time to actually do something other than work and sleep.
  11. I'm putting money away for my kids. I'll pay tuition for 4 years if they keep the grades up at an in-state school. They will have to cover room and board with their work/savings.
  12. 4 years will be paid for. 2 years community/2 years state school. Degrees in liberal arts, communications, etc will not be paid for. Degrees in engineering, science, medicine, etc will be paid for.
  13. We are paying for our son's schooling through medical school. We will do similarly for our daughter.

    These threads always depress me.
  14. Sure will, if I can (and I plan to have the means). I think paying for my kids to go to college is something I should do as a parent. Not "have to" but "should if possible." I know some people can't afford it and that's fine too.
  15. Yes. One son in college now, pre-med. I will also cover med school. My younger son will be in college in a couple of years and we will pay for his college.

    We do have one rule. If I catch him using drugs or smoking, he is on his own.
  16. Ive put a couple hundred bucks a month (the grand total of my Sons Child support I recieve) since age 8; now that he is 16 I can see it wont be enough.
    I will keep socking it away, but his money is tied to the market and thats not been too hot over the last couple of years.
    We will make it, we may do it through a two year school and then a State University, but it will get done.
    More than a four year education and he will take out Student Loans (if they still have them then.) and a fulltime job.
    Mine was paid for while I was in the Service, earn and learn. Anyone can get an education in the U.S. if they are willing to put on the big boy pants and work hard.
  17. I dont have any kids but as soon as I do i am going to start putting away money to help pay for their college. The Hope scholarship in GA paid for mine, but I highly doubt it will be there when i have a kid that is old enough for college. In todays market, you really need a degree to get anywhere. And a bachelors degree is really expected, it doesnt even set you apart from the crowd like it used to. Without it or tons of experience(hard to have if just starting), you just get overlooked for any good job. In the op a master welder working 80+ hours a week is referenced. I would not want to have a job working 80+ a week, so I dont want my kids to have to do that either. I would rather give them the opportunity to choose what they want to do. If it costs me money than oh well. My parents helped me when I was in college, so I will do the same when I have kids. I want them give them a strong start. Plus, the concept of apprenticeship has kinda gone out the window since formal education became so readily available.
  18. Excellent.
  19. This is what my parents did. I look back on it now and think of what a leg up I would have had if I hadn't been sending a large hunk of my income off in the form of those loan payments when I was right out of school. We paid for my wife's too, as we got married right after she graduated.

    So...in the spirit of giving my kids that leg up, they each have a college account. It might not cover everything, but I'm thinking that what I save, plus and grants or scholarships they can put together, plus some work income on their part will hopefull cover it without putting them into debt. It's my gift to them. Not something I feel I have to do, but I want to do.

    If they get to college age and decide to go a different route, I'll reinvest the money elsewhere as I see fit at the time.
  20. I won't pay for it outright, but I'm going to make a donation. Been putting back $50 a month for each kid since they were born. $600 a year x 18 years = $10,800. Was shooting for around $15,000 - $20,000, so hopefully the economy picks up.
  21. 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.
  22. 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.
  23. 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:
  24. 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.

  25. I would be interested in seeing the full list and your criteria for picking each school...just for curiosity's sake.
  26. 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.
  27. Yes. Yes I am. I'll probably have to start a car pool to do it, but I will.
  28. 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.
  29. Am I paying for my kids college education? Yes I am.


  30. Bingo!

    Considering that the gubmint will soon be giving out free college educations and at the same time confiscating our retirement funds.
  31. 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.
  32. 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.
  33. 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.
  34. UW charges by the credit hour. 12 hours is $4k for a state resident.
  35. 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!
  36. I funded my own college and I funded my kids'.

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

  37. I think paying your own way is a valuable experience. I'm really not sure if I will or not..
  38. 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.
  39. 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.
  40. Government underwritten student loans and grants have driven the incredible inflation of educational costs and devaluation of the product.

    Very similar to healthcare.
  41. Very true.

    Gov't influenced by the educational industry provided programs and loans. Real Estate had HUD, Freddie & Fanny Mae, Education has US Dept of Education.

    Unlike real estate, some student loans are not eliminated through bankruptcy.
  42. Anytime the government gets involved it corrupts the market. Great examples, all.
  43. I did pay for my daughter's first year at a Community College that later became a State College- She got her job as a Medical Assistant and she has been taking two (2) classes per semester that her job pays totally for if she gets all A's.

    She's doing quite well. She wants to be an RN, so eventually when she gets these certain classes out of the way I will have to pay for her because she'll have to take time off of work (over a year) in order to go full time.

    She's doing so well in college that I won't mind paying again.
  44. I agree. I am fed up with the cost and the product of colleges nowdays. But I also feel an obligation to give my kids the same chance my parents, and uncle, gave me. So I'll pay it and complain.
  45. When my daughters were small I made them a promise. I would pay for whatever the scholarships, etc. did not cover if they would go to college. I figured let someone else's children waste their lives without an education. They went. They graduated. They then proceeded to find jobs, etc. Cool. The money was well spent. In every way they lived up to their part of the bargain. I did my part. That is how families are supposed to work. That's the responsibility of parents. As the Apostle Paul wrote, "A man who doesn't provide for his family is worse than a infidel."
  46. This is something a lot of folks glossed over and I think it bears repeating. I know a lot of men who have no college, or 2 years of tech school, that make 6 figures or close to it. Welders, luxury auto technicians, shop foremen, general contractors, horse shoers, electricians, etc. All men who make darn good livings working hard with their hands, and don't have college debt. You do seem to see more men in these types of fields than women, due to the physical labor involved. Most of the women I know who make a very good living, have advanced education. Many of the men I know who make a very good living have only high school, or high school plus 2 years of tech school.
  47. I agree with this.
  48. Yes. Precisely.
  49. Yes I will pay for my Daughter's college education.
  50. My boy is 27 and yes ,I paid for his education.I did have some help though , he'd won a partial scholarship for his outstanding art and it did help.