Saving For College?

[LilLamb219]

Anyone saving for college?

What kinds of things are you doing to save for college if you are?

As much as I'm hoping my daughter gets a scholarship (she gets mostly A's), I have to realize she might not want to attend the school that gives out the scholarship since I turned one down myself...I wanted to go to art school instead. So, we're saving by putting $2,000 each year into a Coverdell Fund.

 

[Andry]

Have you looked into an RESP (registered education savings plan) or whatever it's called locally? It's probably one of the best ways, as depending on where you live, the gov't will also contribute. For example, for every $2,000 per year I put in, the gov't puts in $400.

It all adds up, and it's never too late to start.

 

[ShannonMcCatholic]

Nope- if they want to go they'll find a way- either scholarship, military college or GI Bill, working, or financial aid and grants.

We have a standing offer of free room and board if they go to the local state university.

We will be with them to help them seek out the financial options and support them in applying for grants, etc.-- but won't be paying. If they want to put their money into educationl savings accounts as they begin working- then we'll help them set that up. Even if I thought we'd be able to afford it for all five kiddos- I still don't think we'd pay--college will have actual value to them if they are paying for it. I don't think college is a time to find yourself. If you want to discover who you are- go volunteer in the Peace Corp or doing missionary work, etc. or backback the Appalachian trail. If you want an education-and in particular have a specific career in mind- then you ought to be willing to sacrifice and pay to get there.

I think I have a unique perspective living in a university town--most college kids you interact with are there on daddy's dime--and don't value their education one iota.

 

[Andry]

Nope- if they want to go they'll find a way- either scholarship, military college or GI Bill, working, or financial aid and grants.

We have a standing offer of free room and board if they go to the local state university.

We will be with them to help them seek out the financial options and support them in applying for grants, etc.-- but won't be paying. If they want to put their money into educationl savings accounts as they begin working- then we'll help them set that up. Even if I thought we'd be able to afford it for all five kiddos- I still don't think we'd pay--college will have actual value to them if they are paying for it. I don't think college is a time to find yourself. If you want to discover who you are- go volunteer in the Peace Corp or doing missionary work, etc. or backback the Appalachian trail. If you want an education-and in particular have a specific career in mind- then you ought to be willing to sacrifice and pay to get there.

I think I have a unique perspective living in a university town--most college kids you interact with are there on daddy's dime--and don't value their education one iota.

I happpen to work for a university, and that's not my perspective.

Interestingly, most people don't complain that they're kids are attending public schools on the gov't's nickel, and public universities are heavily subsidized (80% here, although I'm at a private university that's completely self funding). I guess kids don't value their elementary or high school education either since they're not 'paying for it'.

 

[ShannonMcCatholic]

I don't believe post-secondary education to be a right. It's a privledge and ought to be reserved for people who actually want that education, people who have a specific end in mind. (Ironically I am an avid proponent of liberal arts education-as I think it prepares one to be proficient in any area of expertise).

What if my kids want to be plumbers, or auto mechanics, or horse trainers, etc. I'd rather that they figure out what they want to be before I fork over $200,000... Not every kid in America is meant to go to college.

I actually think that most kids in America do not value their education.

 

[LilLamb219]

You're right that not every child should pursue a college education...at least not at the time right after high school graduation. Maybe when they get older they'll see how the better jobs go to those with a college degree of some sorts.

I went to art school for 2 years and received an associates degree. It is a credited college, so yes, I did attend "college". My parents paid for it and I'm forever grateful for their generosity. I couldn't have ever afforded such a wonderful education on my own.

My problem is that, even though I can get some of the jobs I want, right now I'd love to teach what I know. I've been in the art business for about 20 years...I can't go to any school to teach because I don't have a bachelor's degree. All I can do is offer to teach out of my home...and right now, it's an expense people aren't willing to pay for with the price of gas being so high.

I don't believe post-secondary education to be a right. It's a privledge and ought to be reserved for people who actually want that education, people who have a specific end in mind. (Ironically I am an avid proponent of liberal arts education-as I think it prepares one to be proficient in any area of expertise).

What if my kids want to be plumbers, or auto mechanics, or horse trainers, etc. I'd rather that they figure out what they want to be before I fork over $200,000... Not every kid in America is meant to go to college.

I actually think that most kids in America do not value their education.

 

[LilLamb219]

Have you looked into an RESP (registered education savings plan) or whatever it's called locally? It's probably one of the best ways, as depending on where you live, the gov't will also contribute. For example, for every $2,000 per year I put in, the gov't puts in $400.

It all adds up, and it's never too late to start.

I'll look into this. Thanks!!!!

 

[LilLamb219]

ahh, just noticed that the Registered Education Savings Plan is for Canada. Oh well. Sounds good though!

 

[ShannonMcCatholic]

You're right that not every child should pursue a college education...at least not at the time right after high school graduation. Maybe when they get older they'll see how the better jobs go to those with a college degree of some sorts.

I went to art school for 2 years and received an associates degree. It is a credited college, so yes, I did attend "college". My parents paid for it and I'm forever grateful for their generosity. I couldn't have ever afforded such a wonderful education on my own.

My problem is that, even though I can get some of the jobs I want, right now I'd love to teach what I know. I've been in the art business for about 20 years...I can't go to any school to teach because I don't have a bachelor's degree. All I can do is offer to teach out of my home...and right now, it's an expense people aren't willing to pay for with the price of gas being so high.

I guess I don't see it as my responsibility to safe guard my children against suffering or financial hardship as adults. I figure that often that struggle will allow people to learn prudence and generosity. Our goal in raising and educating our kiddos is to facilitate a love of learning, an inate curiosity, an glimpse of the wide and varying offerings available to a human being, and prayerful direction of the vocation to which they are called. I figure that if they discern what it is that God wants them to do with their gifts and talents--that He will also provide the means to bring that thing about...through prayer and a willingness to work hard my kids can follow His path. I can be there to support them and guide them--but I can't do it for them. At 18 they're adults and need to take the responsibility for their lives upon their own shoulders--I can be there to help, but I can't do it for them.

 

[LilLamb219]

You don't have to provide for them...well, except in some states in the US, if a parent is providing child support in a divorce case, then he has to pay for education until a certain age, and that means college as well.

I feel that my parents blessed me greatly by paying for my art school education and allowed me to get a jump on something I loved to do. My daughter will receive that same type of blessing from us.

I guess I don't see it as my responsibility to safe guard my children against suffering or financial hardship as adults. I figure that often that struggle will allow people to learn prudence and generosity. Our goal in raising and educating our kiddos is to facilitate a love of learning, an inate curiosity, an glimpse of the wide and varying offerings available to a human being, and prayerful direction of the vocation to which they are called. I figure that if they discern what it is that God wants them to do with their gifts and talents--that He will also provide the means to bring that thing about...through prayer and a willingness to work hard my kids can follow His path. I can be there to support them and guide them--but I can't do it for them. At 18 they're adults and need to take the responsibility for their lives upon their own shoulders--I can be there to help, but I can't do it for them.

 

[peteos]

I find people's feelings on this tend to track what their parents did for them. My parents paid for my undergraduate degree and I valued every second of it. I took enough credit hours several degrees and wished I had time to do more. However I have to agree that if you are paying for it completely yourself you are more likely to value it and not slack off. I for one, fully funded my graduate school education with loans, massive massive loans, and don't regret the decision for a second.

I save for my children's education. My hope is that both of them can attend whatever University they wish and major in whatever they wish. If they wish to pursue graduate school (which I will highly encourage) they will have to finance that themselves though I will help if I am able. When my children begin working summers, I will have them save a large percentage to help fund their own education; though it probably won't make a dent I'll be doing this just so they can learn to be responsible and take ownership.

I live in Texas. I am currently saving 150 dollar a month per child in Utah's 529 plan. A rough estimate would suggest this would pay for about 2/3 of a public university. Hopefully, if they did attend a public university, scholarships would cover the rest. If they attend a private school then we will be way short and I will fund it through loans. I will be 43 when my youngest goes to college, so I figure I have 25 more years to pay off those loans.

Few things excite me more then the though of my children going off to college. I am such an education buff, both in and outside the classroom. If the financial situation presented itself I would return to school in a heartbeat. Completely out of my selfish heart I want them to pursue advanced degrees in science, maybe Physics and Geology, so I can live vicariously through them (my degrees are all engineering and mathematics). But I will be happy for them no matter what they choose to pursue or not pursue for that matter. I will support them in whichever direction they choose to live their lives.

 

[-~Truth_N_Trust~-]

this is really interesting to read through. From an aussie perspective we have a government funded system where you pay back your education after you start earning over a certain amount. But it's not a loan, in that it's not on your credit rating, not charged with interest etc. It's very interesting to read how you've thought through your educational philosophies because it costs a lot!

 

[LilLamb219]

this is really interesting to read through. From an aussie perspective we have a government funded system where you pay back your education after you start earning over a certain amount. But it's not a loan, in that it's not on your credit rating, not charged with interest etc. It's very interesting to read how you've thought through your educational philosophies because it costs a lot!

OH! I would LOVE this. Like the poster above your post, I love to continue learning

 

[Sign Of The Fish Burger]

I don't believe post-secondary education to be a right. It's a privledge and ought to be reserved for people who actually want that education, people who have a specific end in mind. (Ironically I am an avid proponent of liberal arts education-as I think it prepares one to be proficient in any area of expertise).

What if my kids want to be plumbers, or auto mechanics, or horse trainers, etc. I'd rather that they figure out what they want to be before I fork over $200,000... Not every kid in America is meant to go to college.

I actually think that most kids in America do not value their education.

I actually agree with you 100%

 

[GolfingMom]

We have money saved for them and they'll have access to it when they turn 18 (although Dh and I are also on the account).
We'd like to help them with their education if they decide to go to a University but we'd also look into grants, scholarships, etc.

 

[Autumnleaf]

My wife and I have offered to pay half their tuition and offer room and board.

 

[Redguard]

Have you looked into an RESP (registered education savings plan) or whatever it's called locally? It's probably one of the best ways, as depending on where you live, the gov't will also contribute. For example, for every $2,000 per year I put in, the gov't puts in $400.

It all adds up, and it's never too late to start.

This is what we're doing right now.

I'm pretty sure there must be an American equivalent.

 

[CarrieAg93]

We've started educational IRAs for our kids which they can use for college or trade school. We'll pay for a public college, but if they want to go to a private one they'll have to make up the difference. We both had our college paid for by our parents. We both appreciated it greatly and want to do the same for our kids.

 

[ShannonMcCatholic]

I was thinking about this today and I decided to look up room and board costs. At the universtiy in town room and board costs just under $7000 a year. So by offereing free room and board we are offering each child $28,000 towards their college education. We have five kids and so that's a value of (assuming that room and board prices do not increase over the next 8-16 years, which is ridiculous) that's $140,000.

The tuition is around $4000- assuming that they cannot get financial aid (which seems unlikely)...having a job that alows them to pay for tutition and books and still have money left over doesn't seem like that much of a stretch. And here in our state if you have a B average you get lottery scholoarship money. So I hope that those who think I am a moron for the aproach that we take- see that what we are offering our kids is of immense monetary value.

 

[LilLamb219]

I don't think anyone thinks you're a moron at all! As you say, you're offering them room and board and that's costly!! You ARE contributing still to their education and no one can say otherwise

I was thinking about this today and I decided to look up room and board costs. At the universtiy in town room and board costs just under $7000 a year. So by offereing free room and board we are offering each child $28,000 towards their college education. We have five kids and so that's a value of (assuming that room and board prices do not increase over the next 8-16 years, which is ridiculous) that's $140,000.

The tuition is around $4000- assuming that they cannot get financial aid (which seems unlikely)...having a job that alows them to pay for tutition and books and still have money left over doesn't seem like that much of a stretch. And here in our state if you have a B average you get lottery scholoarship money. So I hope that those who think I am a moron for the aproach that we take- see that what we are offering our kids is of immense monetary value.