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Old 11-30-2012, 12:01 PM   #11
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Re: Paying for college

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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 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, 12:36 PM   #12
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Another non HSer... My parents did not have any savings for us 3 kids. I paid my own way through college through scholarships and work. I also got married in college, and being full-time students (ie broke) we got pell grants. DH's parents paid his full tuition. It was a blessing, but I don't see it as necessary for parents. I think it's smart to save what you can afford for your kids, but they will learn a lot by getting a job and working for scholarships. We are a one-income family, and our budget is tight but we opened DD's savings account when she was 1 and we deposit $20 each payday, because that's what we can afford. We do not use it, it will be hers when she goes to college or moves out.

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Old 11-30-2012, 01:49 PM   #13
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Re: Paying for college

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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 11-30-2012, 03:16 PM   #14
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You don't have to pay someone's college tuition in order to encourage college. The tuition also depends on what they go for. I would love for my kids to go to college, but I may or may not be able to afford 100,000 if they decide to be a doctor (that's how much my sister owes for medical school). And what about low income families? They shouldn't encourage college then?

I'm all for helping out, but I also want my kids to grow up and take responsibility for themselves and future. DH and I both paid for our educations, and we are not in debt over it
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Old 11-30-2012, 03:45 PM   #15
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Re: Paying for college

I had to pay my own way and didn't want to go into debt so I joined the military specifically to get the GI Bill. Now I have served my term and am able to get my degree with no cost to myself. If a person wants to go to college then they will find a way. It is character building to have to figure it out on your own and not have it handed to you. I think it is an important life lesson.
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Old 11-30-2012, 04:31 PM   #16
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If its something you really want to help pay for, budget to set aside $15 or $25 a month per kid. Put it in a high interest account.

You never know what your kids are going to choose to do though, and I don't think having your kids pay their way through college, should they choose to go, is a bad thing.

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Old 11-30-2012, 05:35 PM   #17
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Re: Paying for college

Most people I know paid their own way through college. If it's something a parent wants to do and is able to provide, then that's their decision.
I am not sure what this has to do with homeschooling though. Homeschooled students qualify for scholarships and grants. They can participate in extra curriculars in many areas.
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Old 11-30-2012, 07:20 PM   #18
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Re: Paying for college

We are planning to pay for as much as we can. We have only my husband's income as well and 6 kids who are all within 7 years of each other. At one point, we will have 4 in college at the same time. We will do what we can, but reality is we just won't be able to afford the entire thing. We are saving.

One thing we plan to do is require they all go to 2 years of community college first and then transfer if they want us to pay for it. They don't have to choose to do that, but because of finances they will need to if they want us to contribute as much as we can.

We both think college is very important, but it isn't a right. I didn't finish because my parents ran out of money and I didn't want college loans. We do really hope that we can find a way for our children not to get loans. My husband has school loans and they are a burden to us. We still feel his education was worth it and will encourage our children to go even if they do have to get loans.
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Old 11-30-2012, 07:33 PM   #19
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Re: Paying for college

I'm another that won't pay for my kids' college. We will help out with insurance, a place to live (as long as they are going full time to the community college and paying a tiny amount of rent that I'd probably give back to them as a lump some at the end of school or in lieu of rent, helping on the farm), free meals, and books if we are able, etc. My parents did that for me and I was able to get most of my college paid for via financial scholarships and aid (it pays to have a lot of siblings and a teacher for a Dad!). I worked around 36 hours a week as a nanny throughout college and got very good grades, so I would hope they can do the same.

ETA: I think only one of my friends had college paid for and the rest paid for it themselves.

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Old 11-30-2012, 09:03 PM   #20
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Re: Paying for college

What my parents did was have a college fund set up for me with a set amount by the time I reached 18. Not enough for the whole amount if I chose to go to our state university, but a good chunk of it (like 2/3 of the total including books, room, and board). They told me as a freshman in HIGH school about this plan, and that I was responsible for figuring out how to fund the rest. BUT if there was extra left over, I could keep it (but be responsible with it)! If I chose to to a private college, then I had to figure out the difference.

The caveat was, I HAD to get a bachelor's degree if I wanted the money. So I took out a no-interest loan for college and then they paid it off as soon as I graduated. If I didn't follow through with a bachelors degree, I would have to pay off the loan.

My mom especially feels that college is important just to make you well-rounded, so even if I wanted to be, say, an electrician and get an associates degree for that, I should still go on for a bachelor's in, say, business to go along with that.

Anyway, I worked hard thru high school to get scholarships, did a few semesters at community college to keep cost down, and had a very part-time job in college (10-15 hours/week) just to help. I graduated with $10,000 left over from the fund, which I used for a down payment on a house!

The other caveat from my parents was that I had to do a Dave Ramsey FPU course before graduating, which DH and I did anyway as part of our premarital counseling (we married junior year of college). If I did that, they would buy me a (cheap) car for graduation!

I thought this was a brilliant solution to divide the responsibility of the parents with the kids so they don't take it for granted and yet aren't starting out adulthood just swamped in student loans (like virtually all of my friends were). And I drove that cheap graduation car for 10 years--until I had my fourth baby--even though all my friends ran out and bought minivans and SUVs on credit as soon as they had their first babies (because babies are so huge, they need all that space ). The FPU course really helped me make smart choices like that even at a relatively young age. We both graduated debt-free and then lived on my salary while saving all of DH's. When our oldest was born, I quit work and we continued to live on 1 income, but by then we had paid off our mortgage with our savings.

In part because we have no mortgage, we can put away $100/month in a 529 plan for each of our kids' college, and plan to do the same thing my parents did.

Last edited by Melinda29; 11-30-2012 at 09:17 PM.
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