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superfox 11-30-2012 06:55 AM

Paying for college
 
I'm blessed that DH has a good job that allows me to stay home with my littles but looking into the future it isn't enough to provide for their college. We really want to homeschool but not at the expense of their higher education. I know there are a few things we can trim from our budget and I do have a knitting business but I don't think either of those will yield enough.

Anyone else in this boat? Made it work? I'd love to hear how you're making it work for your family! Thanks!

JennTheMomma 11-30-2012 07:36 AM

Re: Paying for college
 
We actually don't plan on paying for our children's college. We will help in ways we can, housing, groceries, etc. But we won't be paying for their entire college tuition. We will encourage college as DH and I both feel that higher education is important, we also encourage studying abroad which we will help with (getting Visas, rent for a place, etc).

If you want to pay for their college or atleast help them with other expenses while in college you could start a fund now. Set up some savings account that can't be used until their 18 or so and try to put in money every month or so.

Jen's_4 11-30-2012 09:49 AM

Re: Paying for college
 
I am also blessed that DH has a job where I can stay home with the kids. It's not a good paying job though, so money is tight. I'm not an everyone-*must*-go to college type person. If my kids want to go, that's great and I will certainly encourage them. If they don't want to, then that's fine too. If they do choose to go, we will not be paying for it. I am sure they will qualify for financial aid, probably some scholarships and such, and they can find a job. I don't mean to be harsh or anything, but I don't feel like paying for college is a parents job. It's fine if you want to, and if you can, but not a requirement.

iwiamandaiwi 11-30-2012 10:02 AM

Re: Paying for college
 
we will not be paying for our children's college either. it is their responsibility just as it was mine to pay for my own education once I reached adulthood :)

knodceo 11-30-2012 10:13 AM

Gees! We have started a college fund...I do not want my children to have to be in debt like I was when I left college. They shouldn't have to start their life with that hanging over them. If you promote going to college, you should at least being willing to help them if they choose to go.

Fashionably Green Baby 11-30-2012 10:19 AM

Quote:

Originally Posted by knodceo
Gees! We have started a college fund...I do not want my children to have to be in debt like I was when I left college. They shouldn't have to start their life with that hanging over them. If you promote going to college, you should at least being willing to help them if they choose to go.

I agree. (I'm not a homeschooler... Just crashing) my parents absolutely expected my to go to college yet didn't save a penny. Now I have student loan debt that has put us in a tough spot. I don't want my kids to have that. I figure if they don't go to college then whatever we saved for them can be put in a Roth IRA for their retirement. We can barely save anything for them right now but we do what we can and as out income goes up we will save more for them.

bigmamakelsey 11-30-2012 10:21 AM

Re: Paying for college
 
We are relatively comfortable living day to day, but we struggle with saving anything only being on 1 income. I plan on opening an $1,000 CD through our bank every year during tax time. They accrue quite a bit of interest and are safe and secure. They aren't able to cash out until 5 years (and you don't HAVE TO cash them out after 5, they will keep building interest) so I like the idea of having money there collecting interest that I can't touch. That's our plan. We'd like to pay for as much as possible, but realistically we won't be able to pay both kids college in full if they decide to go.

iwiamandaiwi 11-30-2012 10:26 AM

Re: Paying for college
 
I don't think anyone is saying that they are not going to help them but I am most certainly not going to pay for their entire college education. They will value it more if they experience the responsibility of having to pay their own way, plus, i feel they need to learn to how to take care of themselves and provide for themselves and this a huge part of that. My family is very loving and supportive but we were always encouraged to stand on our own. I am not saying they would not be there to help us if we truly needed it but we were taught to have a great amount of pride in being able to take care of ourselves. On the flip side, I have seen that my husbands family is VERY dependant on eachother and it makes me queasy. Their grandparents are hurting because they have paid for EVERYTHING for their children and grandchildren. They paid for college and they've paid for unnecessary vacations, they bailed my dh's parents out several times when they spent more than they could afford. Seeing all this just goes to prove that when a parent pays their child's way for everything then it breeds irresponsibility and a tendancy to lean on others. I don't want that for my kids. Anyways, those are just my personal reasons for not paying for my child's college education.

superfox 11-30-2012 10:58 AM

Thanks for the responses so far!


I sorta feel the same way a lot of you do. I worked my tail off to get scholarships and loans to go because I knew there was no college fund waiting for me. DH didn't even think to get scholarships because he knew that he had one. He feels that we should because that's what his parents did. Maybe if he hears that most people aren't providing most of the cash for college he will reconsider. I am going to propose buying bank CDs however to help grow their accounts.

R055ANA 11-30-2012 11:16 AM

Re: Paying for college
 
Hi there!

We are also a one income family and I have 4 DDs.

We aren't living lavishly on this 1 income but my DH started college funds for each DD pretty soon after they were born. It's not a ton of $ but accrued over 17 yrs we hope it will help them.

I am going to recommend if you want to start saving for college to do a 529 college savings fund. I believe this is what we have and it is tax deferred. This $ is only to be used for college expenses. If it turns out your DC doesn't want to go to college, someone else in the immediate family can use the $ for education. We like it because the amount of money we decided is automatically taken out of DH's pay each time.

We believe going to college may give you an edge in the work environment and might be a great experience but I also will let this be a choice for my DDs to decide if they want to go.

I am not going to sit here and believe we will have enough $ to pay for each of their entire tuitions but we do want to help them.

Both DH and I had to get scholarships and in my case pay our own way as well. We do value learning to work hard and trying to get your own funds but I wouldn't want to have my DDs drop out simply because of financial reasons.

Very interesting hearing everyone's perspective on this.


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