Paying for college

[Snowysmom]

My older DS is a college senior at an in state university and so far we have been able to pay for his tuition, room and board etc. He pays for his books, fun money, and this year since he picked to live in a new, expensive apartment style dorm, he pays for his food that he cooks himself. He has learned to shop for bargains. I do admit to bringing him a goodie bag whenever I see him or he comes home. He works fulltime during the summer and as an EMT at school, about 4-5 hours a week. He wants to go to medical school and that will be when he will have to take out loans. Younger DS wants to go to an expensive private university next year so we will have to see what we get for financial aid. We will pay what we can and hopefully limit his loans. He will be doing a co-op program so he will be earning money to go towards his schooling. Like older DS, he will responsible for any grad school costs. If we have any extra money we will definately help them pay down some loans but we have retirement to think about too.

 

[Pigeon]

We will pay all expenses for 4 years at one of our state's excellent public colleges. I'll expect the kids to get summer jobs to help out starting when they are 17 or so, but I don't want them working otherwise.

My parents managed to put six of us through college. Getting a college degree and coming out debt free was the best gift they ever gave me.

 

[msdznyduck]

DS was too lazy to apply for scholarships, so didn't. Wouldn't listen to us, so he now has student loans. We will help him out when he is done, and we will be in a better position financially in about 3 years or so. He got a good wake up call, when he saw the paperwork.........for an $18,000 loan for his first year, when he pays it off in 2028 (He will be 40 then.......we told him, he didn't listen) he will have paid off $42,000+. That is only for his freshman year.

DD who is a junior in HS, has already started applying for scholarships. Free money! is her motto, she is determined.

 

[MrsPete]

I paid my own way through school, and while it wasn't easy, I've recouped all my efforts many times over in salary, job security, and job satisfaction. I'll say this though: it was way harder than was healthy for me. I lived in apartments that weren't safe, did without textbooks sometimes, and sometimes didn't have enough money to eat or buy real necessities. I want my daughters to pay a portion of their college expenses, but I don't want them to be forced into such an extreme position.

I never even considered loans. I grew up in a household where tomorrow's paycheck was never a sure thing, and I was never willing to assume that I'd be able to repay loans. It seemed "safer" to work hard and do without today instead of banking on tomorrow being better. That was a good choice: For the first couple years after graduation, I was still dirt poor.

I started saving for my daughters' educations before they were conceived. I intend to pay their basic necessities: tuition, fees, dorm room, and meal plan. I'll be prepared to pay these things for four years at a state university (we're blessed with 16 excellent state schools, with a variety of locations, sizes, and academic programs -- they will have no trouble finding something that'll suit them). If they choose to live at home and attend the very good public school 20 minutes down the road, I'll buy them a reliable car instead of the dorm room. I'll keep them on my health insurance and my cell-phone plan as long as they're in college.

I expect them to work full-time in the summer and part-time during their college semesters. I will expect them to pay for their books and spending money. I will not pay for cars for students who live in dorms. I will not buy expensive clothing, spring break trips, or sorority memberships. If they want these things, they'll have to pay for them themselves.

If they want "more" than the basic experience I'm willing to provide, they will have to foot the bill for the difference. For example, if they choose an expensive private school, I'll still give them the amount I would've paid towards public school tuition. If they want to live in an apartment, I'll give them the cost of a dorm room to apply towards their rent.

On the other hand, if they earn scholarships, I'll still give them the amount I would've paid towards tuition, etc. That will negate the need for a part-time job during the school year.

In return, I expect them to keep their grades up, and I expect them to maintain a full-schedule so that they're progressing towards graduation at a reasonable pace.

 

[newholidayx2]

My parents paid for me to go to college four years. I bought the books.
Im planning on doing the same for our son as long as he keeps his grades up.

 

[laura001]

We started a registered school fund the day each of our kids were born. We topped that up as they reached high school. It basically was enough money to pay their tuition for four years of University. DD and DS both work in the summer, and we have co-signed for student loans each year for them which they will have to pay back.

Last year my DD decided to study in London, England for the year so it cost her a lot more than usual and she ran short. We covered the short fall, and also take them shopping and send things back with them all the time.

Sometimes my DD will make a comment about how so many other parents pay for everything (I don't think she is ungrateful, I think she feels burdened sometimes with a bit of a pity party). Many of these parents though receive government money in loans and grants and/or they only have one child. For us we will have at least one child in University for 12 years, with many years overlapping and having two going at the same time!

Both DH and I work very hard, make good money, but WOW, can it be overwhelming! Both of us went to school and paid for the shot ourselves, so we have always thought that we have done a good job in paying for what we have. After we are finished with that...........it is on to "The Weddings"....

 

[Linda/MA]

My older daughter is a junior at a state college and we are paying. Don't know what we would have done if she decided to go private since we got no financial aid. I guess she would have had to take out some loans. That's probably why she choose a state school! Now younger daughter is a senior in HS and looking at schools. If she goes the state school route, we will foot the bill for her too! Private schools are so expensive. We have friends whose daughter is going to a private college here in Mass. They also got no financial aid and are footing the bill. They figured out that they are paying $700 per week for her education!