How much are you willing to spend on school?

[disneysteve]

I graduated in 1990 with $102,000 in debt. It's all paid off now as of last December.

As for my DD, I would not be willing to take on debt to pay for her education. That's her job. We are definitely saving for her schooling and will pay as much of it as we can, but if there is a gap, I'll expect her to be the one taking on debt, just like I did for my schooling.

 

[barkley]

i agree that for some career paths the college "name" does make a tremendous difference, but not for all. i've just seen so many posts on these and similar boards wherein people are struggling to make ends meet to pay off these massive student debts (students and parents alike), are angry/frustrated over not being able to purchase a home for many years or be able to afford to be a s.a.h.m....there are equal posts wherein the children are frustrated that their parents in later years are now financialy reliant upon them due to poor financial planning (they often obligated themselves to college tution and neglected to look forward to their own retirement years). i'm just curious how people set priorities in making these financial decisions.

i tend to think that financing college will become more difficult in times to come, currently in california many students whose parents based their tuition plans on attending state colleges are finding that due to severe funding cuts many are not accepting incoming freshman (even the stellar A++ students with loads of reccommendations...), unless they want to attend a junior college for the first 2 years they are seeking out private or out of state colleges (and WOW those non resident fees are high).

p.s. (not the norm i know but...) did anyone catch the 20/20 update friday nite on the walmart heiress who hired someone to do all of her papers for college? the university she attended caught the original episode and stripped her of her degree (and the stadium named after her that mom and dad made a hefty contribution to is now being renamed).

 

[scanne]

We pay $1494 a month for daycare. Two kids. College? We have 429 savings plans, I have a 403b, my DH has a 401k and my mom and dad have set up college funds for the kids. I'm willing to go into debt for the rest, but I've got the daycare "breaking us in."

 

[olena]

We're in that boat right now with Chris in school. He's taken one loan so far. He'll probably get one more before it's all said and done.

Is it worth it?
I think it will be. At least there will be job security in a field where jobs can't be 'outsourced overseas or shipped abroad'.

 

[SqueakyMouse]

DH and I will spend whatever it takes to send our 3 children wherever they want to go to school...provided they keep up their grades. Each of our undergraduate colleges is now over $30K/year...before all the incidental fees. Thus, we feel somewhat obligated to provide our children with a comparable education. While I will require reasonably grades, I will try not to influence my children's career choices. This was done to both dh and me, and we both resent it.

 

[disykat]

We moved to an area with good public schools specifically so we wouldn't have to worry about elementary/secondary.

We plan on paying for college and will try to swing a private school if that's what they want. I went to a private university and came out as a teacher. I've actually made more money in my degree area than either of my siblings who went to state schools. I am so thankful that my parents let me go to a private school. They paid and it was a lot more money than my siblings. However, as the youngest, I watched some of the issues my siblings had in school and then went on to have an entirely different experience myself. If my parents, who were at first against a private school, had to rate our experiences, they'd definately rank my college as best.

IMO, the college experience is only partially about the degree you come out with.

 

[Caradana]

I'd go into the hole to send my kids to the Ivy League, or another school at that tier, but that wasn't necessary in my case. The magic words = "no loan policy" (Dartmouth, Harvard, Princeton, and the others are close). My family had no money and yet I came out of college with no loans, and I will make sure that my mother's life is made easier for the sacrifices she did make. To all of you who say state school is equivalent - I have a great respect for public education, but the opportunities that emerge after graduation are typically not comparable. Between the networking, the "first job out", the bonuses, the international opportunities ... certainly for a kid whose life dream is to be a teacher, that's not their perogative, but for the kid who eyes business or medicine or law ...

 

[xterratri]

I'll be low 6 figures in debt when I graduate(again) in a little over 2 more years but... that's my undergraduate, master's, and medical degrees all from private institutions. I'll also owe the US Army 4 years so that I'm not a quarter of a mil in debt like many of my med school classmates will be but frankly I'm looking forward to my time on active duty as a privilege and a great experience. I won't be far enough in debt that I'll feel the pressure of making boatloads of money influencing my specialty choice or practice environment. However, the number one reason for taking a military scholarship should never be entirely financial or you will have a horrific experience.

 

[chrissyk]

I'd go into the hole to send my kids to the Ivy League, or another school at that tier, but that wasn't necessary in my case. The magic words = "no loan policy" (Dartmouth, Harvard, Princeton, and the others are close). My family had no money and yet I came out of college with no loans, and I will make sure that my mother's life is made easier for the sacrifices she did make. To all of you who say state school is equivalent - I have a great respect for public education, but the opportunities that emerge after graduation are typically not comparable. Between the networking, the "first job out", the bonuses, the international opportunities ... certainly for a kid whose life dream is to be a teacher, that's not their perogative, but for the kid who eyes business or medicine or law ...

My sis's college roommate did become a teacher (with Ivy League undergrad and grad). She didn't go to the "no-loan" schools, so she'll be paying off her degrees pretty much forever. I do think that she got into a better school district because of where she went to school, but the trade-off is that it is brutally expensive to live within an hour of where she teaches (so she commutes a LONG way). In her case, I honestly don't understand why she went for the "name" schools...it definitely didn't buy her a higher quality-of-life after graduation.

I'd be inclined to say that saving the big-name school for grad school is the better choice (if you have to make a choice). I'm pretty sure that my sis wishes that she could switch her big-name undergrad with her small-time law school in terms of prestige. Apparently she was overlooked by a lot of firms because she did not have the name law school on her resume (even though she has a great "name" undergrad). I don't blame her for not wanting to go into additional debt for law school, but I wonder if she might have been better off going to a cheaper undergrad and an Ivy League law school for the same overall cost.

 

[LBAK]

I feel very strongly that a child should have some type of college loan out. It makes them a little more accountable and responsible for their own education. I live in a very affluent community where almost everyone pays for Johnny's college education. I hear so many stories of Johnny get kicked out because of too much partying and not attending classes. If they pay for some of their education I feel they they will think twice about going to class. College is a not a given and today's young adults need to understand that. I do help my DD with costs but she does take out a small loan every year.

 

[we3disneygo]

This year we put dd11 in a private Christian school and it's worth every payment. which is around 350.00 a month. we also pay a building fee of 526.00 for the whole year. it has taken some getting used to paying another bill but we are doing and I am a stay at home mom.
a little off topic---ICEBRAT---are you a figure skater?????? I have been wondering???and your doggies are so cute.................... aw: ok, back to the thread. we will help her with college but agree that the kids who have to work and help pay will proably put out more effort because they're helping to pay.

 

[mom2rb]

Right now I home school and I work part time. Every dime I make goes to supplementing the boys' education. They have Spanish, French, and gymnastics. When they go to college I will work full time and pay every dime I make for that. I will cover the amount it costs for in-state tuition, books, and an apartment for the boys to share. If they choose to go to a more expensive school, or do not want to live together then they will have to cover the difference.

 

[ReadingBelle]

I took out about $15,000 in loans during the time I was in college. My parents paid a similar amount, and the rest was a grant from the university. I think it was worth it, and the loan terms are pretty fair. At the same time, I am hesitant to go back to grad school until I have paid off more of these loans. I'm still looking for the employer who wants to foot the bill...