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Old 11-30-2012, 06:55 AM   #1
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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!
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Old 11-30-2012, 07:36 AM   #2
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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.
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Old 11-30-2012, 01:49 PM   #3
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Re: Paying for college

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Originally Posted by JennTheMomma View Post
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.


Yep, I will help them with books and such, but I don't feel this is my responsibility. And honestly, when my parents paid for my tuition, I didn't take college as seriously as when I had to pay for it myself.
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Old 12-02-2012, 11:44 AM   #4
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Re: Paying for college

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Yep, I will help them with books and such, but I don't feel this is my responsibility. And honestly, when my parents paid for my tuition, I didn't take college as seriously as when I had to pay for it myself.


Unlike many of you, DH and I can afford to put our 3 kids through college. That said, we won't be. We highly value the ability to attend college because you made it happen, not because someone paid your whole way. We will help with things like rent, food, books, etc. Maybe even parts of tuition, but there will be no "free ride" from mom and dad.

We are however, taking care of our own retirement funds. Our kids will not have to "care" for us when we are old. We will have money for any medical bills, insurance etc. We aren't depending on social security, medicare, etc.
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Old 11-30-2012, 09:49 AM   #5
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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.
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Old 11-30-2012, 10:02 AM   #6
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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
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Old 11-30-2012, 10:13 AM   #7
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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.
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Old 11-30-2012, 10:19 AM   #8
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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.
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Old 11-30-2012, 12:01 PM   #9
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Re: Paying for college

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Originally Posted by knodceo View Post
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 don't agree with this - it is an adult's responsibility (because by college, they are adults) to make financial decisions about further education.

That being said, we will HELP our DD (and any other children we have) save money for college. Right now, that means putting some money aside for her (it's a very small amount right now - $75/month), and once she is old enough to make her own money, half of whatever she makes (babysitting money, odd jobs, part-time/summer jobs) will be put away. This is what my parents did for us, and it is what we will be able to afford for our DD. I will be happy if we can pay for her first year, giving her the summer before and the summer after to save up for her second year before having to go into debt. We will also support her with rent, food, etc... if she chooses our local university.
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Old 11-30-2012, 10:21 AM   #10
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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.
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