Clicky poll: Will you pay for college?

ScissorTailedFlycatcher · August 2009

Feel free to leave reasons for your choice!

[poll]?

ETA: "I will not expect my child to go to college." Sorry if any of you previously voted and would have wanted this option! At least it is on there now. :-)

pinktea · August 2009

Although she's going to be a genius or an incredible athlete I'm sure so she will get a full scholarship

Judging by how much it looks like it's gonna be when we set up her 529 College Fund I sure hope it's true!

cinderellabella · August 2009

Yikes, I haven't even thought about this yet.

EmmieB · August 2009

we're setting up a 529, but we're setting aside more for our retirement than for college because (as the wise people at Marketplace said) you can't borrow for retirement.

I picked we'll cover whatever scholarships, financial aide, and loans don't cover - but I also don't expect my children to go to college if that's not the right path for them. Don't get me wrong - I come from a family of highly educated people, but college isn't for everyone and if they feels that their lives can be fulfilled without it, then I'll support that.

ablou · August 2009

we are marinating our boy in smart. Education after age 18 is the student's responsibility, not the parents'. That said, if we have fully vested retirement funds when Charlie goes off to Tulane (which I fully expect him to!), we will help with whatever his financial aid doesn't cover. I do expect to pay for the whole dorm room setup and initial expenses such as that (computer, etc.)

goldenleaves · August 2009

We're undecided. If we can afford to pay, we'd love to. BUT.... we both had our college completely paid for. His grandfather started an education trust for him when he was young, so his college was fully paid for. I have very generous parents, so mine is completely paid for (even when I start nursing school next fall).

We both feel like if it were our own money we were spending, we would've tried harder at first, and be finished. I think we'd like to pay for some college, but I'm not sure we're willing to offer our children unlimited funds in regards to paying for college. We want to, but I don't think we'll ruin ourselves financially for it, you know??

Shell24 · August 2009

My parents paid for my college education in full, as did my DH's parents. My dad has said that his job was to prepare me for the world as best he could, and under no circumstances would he send me out with that much debt, etc.

My DH's parents saved for years to send their 4 sons to college. When it came time, they were able to pay for college outright, and gifted the saved money to each boy.

We are absolute in our decision to pay for our children's college. We opened my DD's 529 with about $7500 last summer, although it's first now about breaking even after losing about 2.5k. We will open one for this baby after it's born as well.

We are not saving for college while sacrificing saving our retirement. I would not do that, if we couldn't afford it. We both max out our Roth's every year, and we have mutual funds and other stock accounts as well.

What I do plan on doing (if it works the same way it did while I was in college) is have my child use Stafford loans, since no interest accrues until you graduate. We would pay it off, but why not earn interest on our own money for 4 years then pay it off in full?

Also, I paid for my own books and beer and pizza. I worked at Motorola every summer after graduating college, and even during the school year (dial in) and I was expected to use that for my good times.

JenniferJaneC · August 2009

I said no, we won't contribute, just because of my own experience. The fact that I had student loans to worry about and that I needed my scholarships to go to school motivated me to do well and to keep plugging ahead instead of taking an easier route. If my school was paid for by someone else, I'm not sure I would have made it this far.

lulupinkerton · August 2009

EmmieB:
we're setting up a 529, but we're setting aside more for our retirement than for college because (as the wise people at Marketplace said) you can't borrow for retirement.
I picked we'll cover whatever scholarships, financial aide, and loans don't cover - but I also don't expect my children to go to college if that's not the right path for them. Don't get me wrong - I come from a family of highly educated people, but college isn't for everyone and if they feels that their lives can be fulfilled without it, then I'll support that.

What she said!

mrs.oz · September 2009

We will put money into our own savings

We will put money in our own retirement accounts

If there is anything left, we'll put money into a college savings plan.

When it comes time for our child to go to college, we will have no problem helping to take out loans to cover his/hers education. I firmly believe in the school of thought... You can finance an education. You can't finance retirement. Get our retirement out of the way and I'll help pay for anything after that.

DrDPM · September 2009

My DH and I both come from your average, middle-class families and both paid our own way through undergrad and medical school. So, it can be done, but it really did suck at times. That said, if we have the means to pay for their college education, we will absolutely do so.

OhioBobcat · September 2009

I went on to University, DH did not. I also paid for my schooling out-of-pocket and feel I took it a bit more seriously when it meant I would have to pay to re-take a class for not doing well. I worked my butt off and had no offers for help to pay (my dad couldn't afford it and my mom had died when I was in HS).

The difference is here in England, kids finish school at 15/16. They have the option of going to college 2 years and then on to University, but it's not a requirement...so my DH was in full-time work by the time he was 16. He also lived at home with his parents into his late 20s because of this because he had no "real" responsibilities.

He and I agreed we will encourage higher education for our LO (and other children) because he is realising now the limits he has to employment himself. We'd like to "help" as much as we can, but feel education is taken far more seriously when you, the student, are the one investing in it.

ehicks · September 2009

Hubby and I feel rather strongly about paying for our child's education, outside of whatever financial aid or scholarships they receive.

My parents paid for my entire education, whereas his paid for his first 4 years. We both feel extremely lucky!

My parents also paid my rent until I was married and my car payment. Whether we can afford to be that generous, we will see, but whatever I can do to help my children I will.

I can see the other side to this, teaching them responsibility with money. But I was given such a generous gift, and we went into marriage debt free. It was such an amazing was to start our life together. We were able to buy a home and have two cars. So if I can do the same for my kids, while at the same time teaching them how lucky they are to have parents who will do this for them, I see it as being a success. I'd want them to carry on the same to their children.

hterry85 · September 2009

DH had NO help from his parents and we are paying for it now (literally) in all the private loans he has to take out to get through a 4 year degree (going to a community college first) We are seriously paying the equivilant of a mortgage. We already have a CD for ss, and will do something similar for LO. We won't cover everything, and I'm sure they will have some loans to pay off (as I also do, but they are a drop in the bucket compared to what DH owes). But I don't want them in our situation where they can't buy a house simply because they went to college.

kelbel527 · September 2009

DH and I had zero help from our parents. I was lucky enough to get some government loans. However, DH didn't have anyone to even help him apply for financial aid (his parents wouldn't fill out their portion). Since he had no help or support, he didn't finish college.

We plan to pay for our child's college after scholarships or possibly financial aid, however, we will expect him/her to work as well. I just don't want them to have to work 40 hours a week and go to college like DH did. And I don't want my child to have to worry about if they have enough money on my student card to pay for lunch like I usually did.

dionnemd10 · September 2009

we already have a savings account for her. we didn't do a 529 because what if she doesn't want to go to college? i paid for probably 90% of my college costs or more. i had scholarships and was a student staff member which paid for room/board/meals etc. i went through grad school debt free as well-again by being a res life staff member. my parents helped with spending money that i got once a month and never asked for. my hubby fended for himself. our kids will be encouraged to save and find ways to pay for it-we won't qualify for finacial aid-although by then maybe.

luckyangel · September 2009

In theory, my in laws have set up trust funds for all of the kids to pay their college 100% in full. If for some reason that doesnt come to fruition, we will pay a portion and they will have to cover the rest just like I did. Builds character and teaches alot about budgeting and money management in my opinion.

justrachet · September 2009

I had about 1/3 of my college covered by scholarships, 1/3 by federal grants, and 1/3 by student loans. There were a couple of semesters that I lacked about $1K, and my parents paid that for me. I'd like to do the same for our kids. They'll file all the financial aid and scholarship applications they can, and whatever they can't get covered, we'll take care of that.

kreeper611 · September 2009

Both our parents paid for our college (after scholorships - neither of us qualified for aid) and it was a blessing. We had stipulations - we both had to spend 2 years at a Junior College (or community college) and then transfer to a major university.

My parents required I finish in 4 years. Any grad school type thing would have been on my own. DH finished in 5 years. We also had to work as much as possible during this time. We each paid our bills (minus health/car insurance) but tuition/fees/books were supported by parents.

We've already discussed similar situations for our kid(s).

vernab · September 2009

We are planning on paying for the essentials but they need to have a job to cover some too. They aren't going to party the whole time and waste our money.

Prinycesa07 · September 2009

Depends what we can afford at the time. If we have the money, we will help.

DH's father paid for his schooling. I had to take out loans to pay for mine. We both have different opinions on it. We'll see what happens when we cross that bridge.

ScissorTailedFlycatcher · September 2009

I went to college because I was expected to. Because of their expectations, my parents paid for my two years at a junior college, and then whatever scholarships and student loans didn't cover. I have about $10k in debt, but it is totally manageable. I worked hard in school because I knew that I had been given a gift. I can't say that the same lesson was learned by my brother.

DH never went to college. His parents were the type to kick him out on his 18th birthday. He wasn't the type to really want togo to college anyway. Regardless, because of his parents being hard on him, he learned the value of a dollar far earlier than most people his age - something he appreciated.?

DH and I will help pay for what we can, if we have money available then. Our kids will grow up not expecting us to pay for it. DH has two kids from a previous marriage, and we hope to add two more to the bunch. I can't feasibly promise college tuitions for all four kids. They will work hard, and take a few years off if necessary, but we won't force them to go to college, either. If they don't go to college, they will need to discover some avenue that will support them in adulthood.

swimrbride · September 2009

I fully expect my children to attend college, there is no what if I don't, they will just grow up knowing that after high school comes college. And as long as we are able to we will pay for all of our children. Although I am hopeful that at least one will end up with some sort of athletic scholarship! (My athletic scholarship paid for school and DH played a non scholarship sport so I am hoping that our kids get some of our athletic abilities!)

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