Is anyone else not saving or paying for college?

[littleteapot]

No, we absolutely intend to pay for four years at a public university or the equivalent. If I wasn't willing to do that, I wouldn't have had kids, personally.

My parents paid for my college education, and I graduated summa cum laude. It was by far, the best gift they gave me.

I worked all the way through, but no way was that enough to pay for everything. My education is a wonderful gift my parents gave me, starting my married life debt free...priceless.

I also had excellent grades.

I don't expect my children to lose their work ethic because they don't have student loans hanging over their heads.

We have saved for college and plan to help our children as much as we possibly can.

 

[Pikester]

My husband and I believe that our children should pay their own way through college. With that being said that doesn't mean they will be paying for every little thing. We will give money for books, food, and other things but the majority of it will be paid by them.

 

[Brownsfan317]

Quote:
Parents’ Financial Support May Not Help College Grades
Published: January 14, 2013

Parents saving for college costs, take heed: A new national study has found that the more college money parents provide — whether in absolute terms or as a share of total costs — the lower their children’s college grades...

Every family has to decide this based on what is best for their situation. However, I would not rely on this statement as valid in any way. In my opinion, a child's grades (in general) will reflect more on the values and standards that were taught by the parents rather than money.

I was blessed to have my parents pay for the majority of my education. I worked and received assistance from my employer. In addition, I attended college classes while in high school at no cost to me, so that helped. How well I performed in school had nothing to do with whether or not that class was paid for by my parents.

I will not be able to pay for my son's education 100%. But I will do everything I can without going into debt to provide him with the same opportunity that I had.

That being said, I had a roommate who's parents could not afford pay for her college and she took out loans to pay for 100% of her schooling. I did have a lot of respect for someone who was so determined to better herself.

On the other hand, I had another friend whose parents were well off. She could not afford to go to college until she was older. Her parents opted to not help her with her education, but financial aid determined that she did not need any assistance because of her parents' income.

 

[Pigeon]

I never have understood why people think parents should pay for college.
My parents were completely unable to help me with mine, so I don't see why any kid should feel entitled.

I also think you appreciate it more if you have to work for it.


There are plenty of programs to help with paying for college to the point that you can pursue any field without parents feeling obligated to pay.

Just my two cents on it all.

Why? Because educating my kids is part of my responsibility as a parent, and I think that in today's economy, college or trade school is a necessary part of one's education.

There really aren't "plenty of programs" that are going to enable kids to get out of college without having accumulated a mountain of debt. There are full ride scholarships, but they are very few and far between, and growing fewer all the time.

 

[Patience]

Our oldest daughter is a college freshman and we are paying for her college at a public, 4 year in state university. She does not feel "entitled". She feels relieved that she does not have to worry about graduating buried in debt. She is also grateful, as she understands that we chose to do this for her and that it has involved a certain amount of sacrifice on our part over the years to do this for her. We gave her a nice childhood but we work very hard and are always budget conscious. She cheers for her university which is a huge time commitment and she still earned a 3.868 last semester which earned her a spot on both dean's list and the chancellor's list.

For those of you who say that your kids will have to get loans, please educate yourselves about what that means. It means that your child will be able to borrow approximately $5500 per year (a bit more after freshman year) in his or her own name. The rest of the loans will likely have to be co-signed by you, the parents, unless you are a very low income family. If your child is unable to or doesn't pay the loans, you will be responsible for them. Pell grants are only for the very low income. Scholarships are extremely competitive and full ride scholarships are becoming increasingly scarce. Meanwhile, college costs have risen so high that a college student has little hope of being able to earn enough to pay for a 4 year education on their own while still studying enough to earn good grades. Yes, your child can start at community college, attend a local university and live at home, etc. to save money. We wanted our daughter to have choices so we saved. We told her we would pay for a 4 year, in state public university and that is what she chose. We will offer the same to our youngest daughter. We will not commit to pay for grad school. For that, we will help out but we do not commit to pay for it entirely. Our oldest girl will almost certainly attend grad school and we will help as much as we can but we are saving for her younger sister's undergraduate education too.

 

[TXinmyheart]

It is funny on here when you are looking for like minded people, you get a ton of contrarian opinions. Ah well, the nature of any forum.

While there are some instances where we will match funds, we know there are so many ways a child can have their education paid for if not supplemented. Military service and the GI Bill, work one semester, school one semester, programs that pay for college if you agree to a certain amount of service post graduate. Our grandparents did not pay for our parents to go to school. I believe the concept of saving and paying for your child's education to be generally a concept of the past couple of generations.

We actually want our kid to struggle and if that means having debt so be it, but they can also struggle through having to forgoe partying in college and having to maintain the required GPA for grants and scholarships. The biggest hope we have is that eventually they will never have to work for someone else. We hope as fellow entrepreneurs that our kid will work 80 hours for themselves to avoid working 40 hours a week for someone else!

 

[DeniseinNS]

We started an RESP (Education fund where government puts in 20% of what you do) for each of our kids as soon as they were born. I like knowing that we can help them with their future but having this for them.

 

[ICF]

We have savings for our 2 kids (4th / 7th grade) in a 529 plan.

We will likely cover about 50% of their college tuition / room / board. If the 529's do well we may pay a bit more.

I paid about 50% of my costs and there is no reason they can't pay part of it as well.

I don't understand the mentality that you shouldn't have kids if you aren't willing to pay for their college.

 

[aprilgail2]

No, we absolutely intend to pay for four years at a public university or the equivalent. If I wasn't willing to do that, I wouldn't have had kids, personally.

.

I agree- I knew I couldn't afford to put 2 through college so I had one....a second would have been nice but logically it would not have made sense to have another if I coudln't afford it.

I REFUSE to put myself into debt for my children. If I can afford to pay for a class or two with no hardship, I will, but I will not get loans or give them a "full-ride" through college. If they are determined enough to go to college, they can get a job and go part-time. I've seen too many parents waste their money on their children's education, just for them to get married and not work, or quit school.....or graduate, only to get a minimum wage job, and not exert themselves to do any better....and the parents are stuck paying the bills for years.

That is one thing I hope will not happen. I would HATE to see my daughter go through all those years of studying hard and working hard just to quit and stay at home!

If u can't pay for it that's one thing but if you can you should . I don't want my children to start life in debt .

I believe kids need to work hard and earn what they get[/B]!

I believe that for mine working hard does not include starting off life with a ton of school debt- it means working hard to get good grades and doing well in school and college without worrying all the time about how they are going to pay for it.

 

[eliza61]

No, we absolutely intend to pay for four years at a public university or the equivalent. If I wasn't willing to do that, I wouldn't have had kids, personally.

My parents paid for my college education, and I graduated summa cum laude. It was by far, the best gift they gave me.

pretty much sums it up for me.
I considered educating my children part of my responsibility when I decided to have them.
My parents paid for my education and they definitely put the fear of God in me about doing my best so I see no correlation between who pays and grades.
We pay the tuition for my son's and they are both doing very well.
It's really not rocket science in my house. You do your best and perform, you get the next terms tuition paid. You goof off and don't do your best, you get bubuskas.

Never considered education my kid a "waste". I don't understand the reasoning that having boat loads of debt will some how make you work harder?

Personally there are a great many people who work hard and are flat broke and in debt, so still waiting for some one to explain that. If that reasoning was valid then when you take out a small business loan to start a business it would be assured of being a resounding sucess.

In my world it is the intangles that usually determine success.
Work ethic
patience
financial smarts.
My kids don't need to take out a student loan in order to learn those things or "prove" they have them.


Let me add, that this is all based on my ability to pay, we definitely have our financial "limits". We will not use our retirement savings, stuff like that. but as long as we can comfortable handle the tuition and they do what is expected, we having no problem paying. I do find it funny that some folks will not pay for their kids to go to college but will fork over money year after year to go to disneyworld.

 

[ctinct]

For those of you who say that your kids will have to get loans, please educate yourselves about what that means. It means that your child will be able to borrow approximately $5500 per year ( a bit more after freshman year) in their own names. The rest of the loans will likely have to be co-signed by you, the parents, unless you are a very low income family. If your child is unable to or doesn't pay the loans, you will be responsible for them. Pell grants are only fit the very low income. Scholarships are extremely competitive and full rude scholarships are becoming increasingly scarce. Meanwhile, college costs have risen so high that a college student has little hope of being able to earn enough to pay for a 4 year education on their own while still studying enough to earn good grades. Yes, your child can start at community college, attend a local university and live at home, etc. to save money. We wanted our daughter to have choices so we saved. We told her we would pay for a 4 year, in state public university and that is what she chose. We will offer the same to our youngest daughter. We will not commit to pay for grad school. For that, we will help out but we do not commit to pay for it entirely. Our oldest girl will almost certainly attend grad school and we will help as much as we can but we are saving for our her yonger sister's undergraduate education too.

I agree with this 100%. I frequent a lot of college boards, and it is astounding how much misinformation is out there regarding loans/scholarships/etc. I see parents thinking that their FAFSA efc is all they will be expected to pay. Wrong. I see parents who think that FAFSA gives money. Wrong. I see parents who say that their children will just have to work and pay their own way through school. That is incredibly difficult, due to the rapidly rising cost of education. What was possible for my generation is almost impossible for my daughter's generation. I only completed my degree in 2002, and I have a sophomore college student. Even in just over ten years, the increase in costs have astounded me. I thought about returning for a masters degree, but the increase in my state's schools prohibited it. This year, they are projecting another 10% increase.

I also see a lot of parents who think financial aid is all scholarship and grants. Wrong. Loans ARE financial aid, and more than likely they will be the foundation of the financial aid package.

As for the student borrowing to pay for their education-in most cases, they are not going to be able to do that. There are limits on how much a student can borrow each year from the Stafford program, and private loans require a co-signer.

I don't know what the answers are. I am so glad my daughter will be done in a few years, although grad school is a requirement for her chosen field. I really worry about how my two grandkids will afford college, though.

I realize I did not answer the question. In my case, my oldest went to a private university out of state. Costs were a lot less then. Scholarships (half tuition), her loans, and minimal Parent loans covered the costs. She graduated in 98. Looking at the cost of the school now, I'm not sure that I could do that today. Middle child did not attend college. He was in the USMC for 4 years. My youngest I researched scools extensively and found one known for providing great financial aid. She got merit scholarships, grants, and outside scholarships, along with her student loans. I have taken some PLUS loans to fill the small gap, but I plan on paying them off as slowly as possible until my mortgage is paid off. I sure HOPE I won't die before then, but they are forgiven upon death, and my mortgage and retirement funding comes first for me. So, I guess my answer is I helped some and they helped some. I would not have been able to fully provide for their college costs, but if I had been, I would have gladly done it.

 

[1Mouse2RulethemAll]

4 years in the Army completely paid for my college degree. I could have gotten scholarships and went right out of high school, but I knew I was not ready. I joined the Army and when I went, I finished my 4 year degree in 3.

My husband, on the other hand, had his parents pay for the first couple of years. They finally cut him off after a couple as all he was doing was partying. He joined the Army and finished his degree 10 years after he started. We are still paying off his student loans.

Our girls do have a small 529, courtesy of an aunt, but we have to clear our debt first and I do not want my children thinking that they have to go to college right away. I have personally seen the negative to that.

I will encourage them to live at home to save money, will teach them the value of a good budget, and how to save money on books and such. It will be upon them to enter college knowing that they need to pick a good degree.


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[Gumbo4x4]

Quote:
Parents’ Financial Support May Not Help College Grades
Published: January 14, 2013

Parents saving for college costs, take heed: A new national study has found that the more college money parents provide — whether in absolute terms or as a share of total costs — the lower their children’s college grades...

Every family has to decide this based on what is best for their situation. However, I would not rely on this statement as valid in any way. In my opinion, a child's grades (in general) will reflect more on the values and standards that were taught by the parents rather than money.

This. People think that if the child pays their own way, they're more likely to graduate. On the flip side, that only applies to those kids who actually go At ALL. And I'd be willing to bet among those with no financial help, they're less likely to START college in the first place.

Again, no offense to those who won't - and especially those who can't - pay for their children's education. Everyone has to do what they think is right. But I sure wouldn't base that on some statistic.

 

[JennaDeeDooDah]

The day we found out we were pregnant, we set up an appointment with our financial planner and set up a college fund for our daughter that we put money in each month. Birthday and Christmas money also goes in the fund. My in-laws decided to set up a fund for her, as well, though their son-in-law who is also a financial planner. So basically, my daughter currently has 2 college funds, one with a larger sum of money than the other.

 

[goofyintoronto]

pretty much sums it up for me.
I considered educating my children part of my responsibility when I decided to have them.
My parents paid for my education and they definitely put the fear of God in me about doing my best so I see no correlation between who pays and grades.
We pay the tuition for my son's and they are both doing very well.
It's really not rocket science in my house. You do your best and perform, you get the next terms tuition paid. You goof off and don't do your best, you get bubuskas.

Never considered education my kid a "waste". I don't understand the reasoning that having boat loads of debt will some how make you work harder?

Personally there are a great many people who work hard and are flat broke and in debt, so still waiting for some one to explain that. If that reasoning was valid then when you take out a small business loan to start a business it would be assured of being a resounding sucess.

In my world it is the intangles that usually determine success.
Work ethic
patience
financial smarts.
My kids don't need to take out a student loan in order to learn those things or "prove" they have them.


Let me add, that this is all based on my ability to pay, we definitely have our financial "limits". We will not use our retirement savings, stuff like that. but as long as we can comfortable handle the tuition and they do what is expected, we having no problem paying. I do find it funny that some folks will not pay for their kids to go to college but will fork over money year after year to go to disneyworld.

YUP! I totally agree with everything here, 100%. Very well said. I also believe that my son's education is my responsibility as a mom. I brought him into this world, I should be the one to get him started on the right path. What if I told him he has to pay for his own education....and suppose he didnt have enough money to get started, he wont go to university/college??? Im just going to sit back and let that happen??? Thats NOT ok with me. Im not comfortable with that. I will provide, but there will be consequences if he goofs around.

For the record, I paid for my OWN education. My parents didnt put in a dime. I dont want my son going thru what I went thru.

 

[SC Minnie]

We have a DD in her first year of college. We did both. We paid into a tuition prepayment plan starting when she was about 3 or 4. Her tuition to a state school for 4 years was already paid for before she even graduated from high school. The rest was going to be left up to her via loans or scholarships. She ended up getting a scholarship that is paying the rest of her cost of attendance as long as she keeps a certain GPA. If she loses her scholarship she'll have to take out loans.

My parents paid for my college education but DH had to pay is own. We both valued our educations the same. Yes, I believe some kids don't take it seriously and party but IMO those kids aren't ready for college. They are going because 'everyone else is going' or they are expected to go.

You can't brush all college students with the same stroke.

 

[punkin]

I am paying for DD20 right now. She has good grades and is on track to graduate with a double major in 4 years total. She has no student loans.

I hope to be able to do the same for DD14 when the time comes. DD14 does have 2 small college funds started by her grandmother and great-grand-parents. The money in them should be enough to pay for one semester (maybe). I have some limited money saved for her, but not enough for 4 years. I will pay as much as I can from current income and for the rest, we are planning to downsize our house and use the extra money for tuition.

I feel that it is my responsibility to educate my children to the best of my ability. I will make sure they are capable of earning a living, which, in the current economic climate, pretty much requires a degree. If DD14 chooses to go into a trade, I will pay for that education instead. My goal is to is to raise educated citizens who will be productive members of society.

 

[A_Princess'_Daddy]

Educating my children is as much a part of my responsibility as a parent as clothing them, feeding them and protecting them. In fact, I view educating them as doing all three, and a whole lot more, for their entire lives.

I just don't understand the perspective that children should pay for their own educations.

 

[goofyintoronto]

Educating my children is as much a part of my responsibility as a parent as clothing them, feeding them and protecting them. In fact, I view educating them as doing all three, and a whole lot more, for their entire lives.

I just don't understand the perspective that children should pay for their own educations.

 

[pooh4evr]

We have 529 saving accounts for our kids, there isn't much in them but we are trying. We chose to help because of the increasing cost of college, I had loans, grants and worked 3 jobs over summers to pay for school. DH had scholarships for undergrad, so he was loan free until med school, came out of there owing just over 100k yuck. We are still paying that off, basically our goal is that our kids won't have an overburdening loan payment every month for years and years.