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Old 11-30-2012, 12:16 PM   #10
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Join Date: Sep 2008
Location: Philadelphia
Posts: 898
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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