Financing College

[BeanMak]

What do you plan for your kids' college
I was wondering what are the plans out there? I made the deal with my son that if he maintained a 3.0 gpa, then I would pay for tuition. I have to pay for this next semester, and I am glad to do it. (I will do it with a home equity loan)- he can also live at home free of charge- regardless of his gpa if he is working and paying for school. He has to take care of his room and board himself if he goes away to school.
I have never planned on taking care of all of their college payments. I have always been of the mind that college isn't a right, it is a privilege that must be worked for.

 

[Kokopelli]

Make a withdrawal from the Federal Bank of Brinks Truck??

Well, considering my daughter is going to be two in February, we're planning on setting up a college fund for her. The problem we're facing now, is my student loans will enter the repayment phase next year and I am still trying to establish my career.

 

[BeanMak]

It is interesting to hear different perspectives. I live on the "North Shore" in Chicago. Noone seems to be interested in a state school (unless it is out of state ) Everyone expects their kid to go to college and look at me like I am crazy when I say there is no way I am paying for my younger one to go to school (he barely made it throught high school) I am hoping that he finds a trade that interests him.

 

[RadicalRabbit]

We are currently paying our way through.

If this is gods will for them, then the bill will be covered as it is for us.

yes we will assist - but we certainly will not pay for it. This also comes from a mindset that if you do not earn something, you do not value it to the same degree.

 

[Andry]

It's already interesting to see how our upbringing affects the way we view our children's higher education.

It's all relative and matters of lifestyle choices and not moral ones. At what age do we stop buying their clothes? At what stage do we say, "You're getting those no-name brand shoes - if you want Nikes you'll have to come up with the difference yourself." Do we buy a car for them, do we not buy a car for them? Interesting questions that all parents must face at some point. It will require from us wisdom, good stewardship, faith, and a large dose of grace.

But the truth is, there is no 'right' or 'wrong' answer. For me, I'll be financing my kid(s)' education, including university. It's simply part of my upbringing.

 

[Andy Broadley]

Knitting a balaclava, planning bank job

 

[Kokopelli]

Knitting a balaclava, planning bank job

Meh, the truck is a lot easier. Free transportation and there is less people to get in your way.

 

[CarrieAg93]

We have already started educational IRAs for our boys, ages 2 & 4. They will get the same deal our parents did - if you go to a state school we will pay for it. If you want to go private, you'll have to make up the difference.

This also comes from a mindset that if you do not earn something, you do not value it to the same degree.

Even though I did not pay for my degree I earned every bit of it and I value it greatly.

 

[HeatherJay]

We plan on paying for their college educations and we'll be starting college funds within the next year or so for them (they're 3 and 6). LOL, not going to college is simply not an option for them...higher education is something that my hubby has made up his mind about. I think it comes from him working so hard to put himself through school...he didn't graduate until he was 30, and he did everything he could to find a way to pay for it (including active duty military service).

 

[andiesmama]

Andie's grandparents give her savings bonds every year, she already has a healthy amount in them. We're also signing up for the tuition assistance program that our state has, you can use the money to attend a state college, private, or out-of-state....even a 2 year technical college.

My parents paid for my college education, I opted to join a sorority and that plus any other "extras" were my responsibility, so I worked through college to pay for that stuff.

Even though I did not pay for my degree I earned every bit of it and I value it greatly

I totally agree....

 

[BeanMak]

I too thought that not going to college wasn't an option. The value that I put on education, literature, culture, and learning is evident in my house! I graduated from nursing school at 20. It has been a humbling experience to have a child that puts no value on it at all. At this cross road in his life, he doesn't see any point to it. I hope that will change as he gets older. My sister didn't go to college until she was 27

 

[Peter]

College is for adults. When my children graduate from high school they will be legal adults. I can't claim them as dependants on my taxes, so they are independant. Independant means I don't pay.

Beyond this stupid logic is the fact that I am not bound by any moral or religous bonds to pay for my childrens' post high school education.

Point three, I have six children.

Point four, there are ways of going to college that don't include 8 consecutive semesters of full time scholarship.

There are all kinds of grants and scholarships out there to help defer costs.

Peace.

Peter

 

[katelyn]

College is for adults. When my children graduate from high school they will be legal adults. I can't claim them as dependants on my taxes, so they are independant.

Really? I was fairly certain that my dad and stepmom were still claiming me as a dependent my first couple years of college. I thought as long as you are in school and not married, parents can claim you.

That irrelevant information being said, I knew that my family could not afford to pay my way through college, and it was never discussed as an option. I knew that I would have to either get scholarships or loans, which was definitely motivation to take the appropriate tests and take care in filling out applications, etc., because I really wanted to go to college.

I think it's great when a family can help their child continue their education, but I don't know that I would do it if my child showed no motivation. In that situation I like the idea of paying only if they maintain a certain GPA.

Of course, my child is still in utero, so what do I know?