If your parents paid for your college education,

Pumpkin111 · February 2010

Do you feel like you should pay for your kid's college education?

I ask because my parents scrimped and saved money to send all four of us kids to college - no easy feat, and I was talking to my little brother this morning and he said that he wasn't going to do that for his kids.

He was blissfully unaware that his wife was planning on getting pregnant this July giving them 3 kids under 3 years old. And I asked how the college savings was going and he said it wasn't.. I was kind of disappointed because I thought of it as a gift that should be passed on.. idk.. I told him that it was his family and his choice...

mlf625 · February 2010

yes, for sure.

Mrs.Hizzo · February 2010

Yes, we plan to pay for college. I can understand if you simply don't have the money in your budget to save for college, but just deciding not to do it seems...odd.

jenella17 · February 2010

I plan on paying for as much as I can, with intentions of paying for all of it.

My mom as a single parent paid for mine and I am forever grateful I don't/didn't have student loans.

sunnygyrl · February 2010

My parents had intended to pay for my college education in full. However, my dad suffered a massive stroke 3 weeks before I graduated and my first year had already been paid in full.

I paid for all the other years.

The military will be picking up a lot of DD's expenses, but I intend to help pay for school as long as she shows the grades. DH is still on the fence.

*blondiem* · February 2010

We will be financing our children's educations, but it is not because my parents paid for my college. I mean, that plays a role in the decision, but I don't necessarily feel it is something that should be passed on.

Our decision is based more on the fact that we value the importance of higher education, and we want our children to not have the burden of loans after they are done. In my DH's case, his parents had no college $$ set aside, and it played a role in his brothers decision to NOT go. He didn't want that financial burden. I am not going to give my kids that excuse

papagena · February 2010

I hope to have some saved for them, but my parents have much higher paying jobs and careers than I do (nonprofit worker here), and DH is out of work from the recession, so I don't see us being able to foot the bill quite like my parents were able to.

labooshki · February 2010

I plan to help pay for his college. My parents worked hard to help pay for mine! Right now I'm not saving for it, but once our one CC debt is gone we will be!

habsoilers · February 2010

It's not something I feel you should be obligated to do for your kids but it's very important to me that I set up education savings for DD and any future babies. We're lucky here that the government kicks in money as well into your education savings. We've been contributing to DD's RESP since she was a few months old.

the_mulva · February 2010

I think you are not required to pay for your child's college just b/c your parents paid for yours. I think it completely depends on the circumstance.

But, I'm answering rougely b/c my parents did not pay for my college... or law school for that matter.

TrumpetBride · February 2010

Mine did not pay for any of my higher education (BME or masters work). Life would've been much easier the past 6-7 years if I could've had some help. My DH and I discussed this before getting pregnant and we have a savings fund set up for Jack. I at least hope to put him through undergrad.

violetvirgo · February 2010

my parents told me that thye would rather pay for my college education rather than just about anything else. education is extremely important in my family.

we will also pay for our kid's educations. we plan on having 4 kids and we'll provide the means for them to go to college. hopefully if they are like my sisters and i they will have full academic/athletic scholarships and their education fund can be used for something like a rockin down payment on their first home.

CA2006 · February 2010

Very intersting question! Yes, my parents/grandparents paid for me to go to college. And I do feel like it's something I want to do for my kids. DH's parents didn't pay for his college education and he is still paying off his loans 11 years later and has struggled with debt issues since being in college. He is also in agreement with me that we shoudl do what we can to save for our child's (children's) college education. It's something that I feel is important to have, so I don't feel right making my child pay for it. This is just my opinion and isn't something I think everyoen should or needs to do...just to clarify.

6fsn · February 2010

We are saving what we can, but I doubt it will be enough. We plan on helping with the loans too.

jkb2606 · February 2010

I feel very fortunate that my parents were able to save and pay for my college education. My husband's parents were unable to do that for him. We are currently paying off his undergrad and law school loans. This makes me appreciate what my parents did for me even more. We have made it a priority to save for out children's college education.

IckyThump · February 2010

Yes.

Monkeybuttwhat · February 2010

TrumpetBride:
Mine did not pay for any of my higher education (BME or masters work). Life would've been much easier the past 6-7 years if I could've had some help. My DH and I discussed this before getting pregnant and we have a savings fund set up for Jack. I at least hope to put him through undergrad.

Same here exactly.

Lucky_Dragonfly · February 2010

we have a saving account that we would like to use for DS's college education but if he decides to not go to college then he can have the money when he turns 25.

leslienpete · February 2010

My parents paid somewhat but I still had to take out loans. We will try and pay for LO(s) but if we can't, we can't. At that point, I'm sure we will still be focusing on our retirement funds and we won't scrimp on that to pay for college if we can't afford it.

mommyhd · February 2010

My parents did not help me pay for college. I kick myself today for not working my buns off to pay for it myself. I have so much in student loans, it's ridiculous. I hope to be able to pay for my children's education, or at least most of it. I do not want them to have the loans like I have. I just wish I could predict what it will cost me 16 years from now for Gav to go to college.

Linds&Chris777 · February 2010

I think anyone whose parents put them through college is extremely fortunate and should do their best to at least try to help their own kids get through college as much as possible.

On a personal level, I had no help at all, had to take out grants and loans that I'm still paying back with no degree to show for it because I just couldn't keep it up and didn't even have anyone to encourage me to do well or push through it. Now I look at my friends whose parents put them through college and they are lawyers and pilots and everything else and I'm very very envious.

aforst · February 2010

My parents did pay for my college. DH and I are putting money away for DS and family is contributing for his birthday/christmas if they want. I am so very grateful that my parents were able to pay for me. We are paying off DH's undergrad and grad, I can't imagine if we added mine on top of that. I don't know if we will be able to pay for all it, but I hope we can take a big chunk out of it.

Mia Wallace · February 2010

Our parents paid for ours and we will pay for our kids' college, but that really isn't the reason.

We don't want our kids to start out their adult life on their own saddled with a bunch of student loans. (Obviously, if we weren't able to save for college, that would be different.)

Gin*In*TN · February 2010

My parents didn't have any extra money or savings to put me through college, and I never ended up going. I will do everything within my power to make sure that DD, DC2, and any other children we may have in the future will have the ability to go. I certainly don't want to pass on the trend of *NOT* being able to go. No one in my family has ever gone to college, so I'll make sure that ends with me and they have every opportunity that I didn't have.

LawLove08 · February 2010

If at all possible, yes. ?We're certainly saving with that intent. ?If possible, I would also try to help with grad school. ?DH and I are saddled with $100K in debt for our law school tuition. ?I don't blame my parents for not paying for it, because they weren't in that position, but if I can lighten that load, I will.

Mrs.Hizzo · February 2010

mommyhd:
My parents did not help me pay for college. I kick myself today for not working my buns off to pay for it myself. I have so much in student loans, it's ridiculous. I hope to be able to pay for my children's education, or at least most of it. I do not want them to have the loans like I have. I just wish I could predict what it will cost me 16 years from now for Gav to go to college.

https://www.finaid.org/calculators/costprojector.phtml

massdreams · February 2010

My parents paid for my undergraduate education, but it was at a state school (so the cost was $8,000 per year at the time including room & board) and I had scholarship money that covered at least half of that. I truly appreciate them helping, but depending on where my son chooses to go, what type of scholarships he might receive... that may not be an option for me. We are saving some money, but know we probably won't be able to pay for all of it.

wcp · February 2010

We intend to pay for their education but they will be responsible for living expenses - i.e. they will need to get a job.

aforst · February 2010

My parents did pay for my college. DH and I are putting money away for DS (will for future kids too), also our families contribute for birthdays/christmas, if they want. We are paying for DH's undergrad and grad and I can't imagine putting mine on top of that. I am so very grateful my parents were able to help me out. I don't know if we will be able to pay for all of it, but I hope we can put a big dent in it.

DG1 · February 2010

We will have some savings, but given how much college will cost 18 years from now, there's no way we'll save enough to send both kids, no matter how much we scrimp and save. Really, we'd have to live like the Under1000 lady.

My parents paid for my college, and I'm eternally grateful. DH's parents didn't pay for his (couldn't, really), and he learned a lot about financial responsibility because those loans were his to deal with.

So I think a nice combination of some help from us + hopefully some scholarships + some loans should work well for them.

mm&cc · February 2010

My parents did not save up a single penny for my college education. I paid for it all myself, and I was a single mom. I have college savings set up for my children so that they don't have to stress and worry about paying for everything themselves.

auslyn804 · February 2010

My parents worked hard to help us with school, I have some small loans. DH's parents are much better off and it was no big deal for them to pay for their kids' college, 100%.

We started a college savings right away for ds, and will for the baby. I will do my best to help them with school but will not go broke trying to pay 100%. I also won't completely ruin my chance at retirement by paying for their school.

The_Spanish_Inquisition · February 2010

We save for him, but even saving the maximum amount we can possibly swing we wouldn't have enough to cover all 4 years of undergrad. We'll be saving even less specifically for him once #2 arrives and we start saving for that LO as well.

We'll do what we can, but they'll have to cover the rest.

My parents didn't cover any of my college. I had some music scholarships, and I joined the military to handle the rest (that wasn't my only reason for joining).

Fish4Fun · February 2010

No, I am not currently saving for DD's education. Saving for DH's and my retirement is more important. You can't take out a loan for retirement.

If we are in the position to finance her education, of course I will. DH and I both had parents ready and willing to pay for our educations, but we paid for everything on our own anyways through scholarships. I will be teaching DD how to be a successful student. Not everyone is meant for college, so I won't be disappointed if she doesn't go that route. I also don't think college should be the new high school education. If she goes to college, she needs to be motivated to achieve on her own. I refuse to be pushy. She needs to want it for herself, and most importantly, she needs to know how to achieve it for herself.

lite-bright · February 2010

We already have a college savings account for DD1, and we'll set up another when DD2 is born.

It's important to us to help as much as we can. Our parents (and even my grandparents) helped each of us with our undergrad education to the extent they could. I still had to co-sign loans, go through the FAFSA process each year with my dad, and do work-study to contribute. Also, I chose my college based in large part on the scholarships they gave me.

Frankly I think that even if we can afford to pay every cent (which I doubt, considering what costs are likely to be at that point!), that we'll still ask those kind of things of our kids. They need to understand just how much of a financial commitment that college is and take some responsibility for it, and understand that they're not being given a hand-out or free pass to party.

And if they want to do grad school, they're 100% on their own.

Mrs.AKP · February 2010

Mrs.Hizzo:
Yes, we plan to pay for college. I can understand if you simply don't have the money in your budget to save for college, but just deciding not to do it seems...odd.

ITA. I went to a private college, and quite frankly, as my dad said, it was cheaper to send me there than to feed me at home. LOLLLLL. People always knock private colleges, but if you get scholarships, it can be just as cheap, if not cheaper, than a state school. I had scholarships and work-study and my max Stafford loan each year, and my parents paid the difference (which was a pretty small amount- like a couple thousand dollars a year).

secuccaro · February 2010

Yep, my dad paid for my brother and I to go to college and law school. He never made a ton of money but he made it work. DH and I do ok financially and we will pay for all of my kid's education.

AmyCC1980 · February 2010

My parents paid for me and my brother to go to college (both out of state). We both had jobs while in school, but that was basically for "fun money" since mom and dad footed the bill for pretty much everything that we really needed. The older I get the more I appreciate my parents for doing this for us. (DH's parents were not able to pay for his college so we will be paying back his student loans until the end of time.)

As much as I would like to be able to do the same for DD I know that I just won't be able to. My parents are both MDs and made a lot more money than DH and I ever will. I have already started a 529 account for DD and I plan to help her and any other children I may have in the future as much as I can, but I know that there is just no way that I will be able to foot the bill 100% and also be able to retire before I am 90.

risysmama · February 2010

We've already started. My parents scrimped and saved for my sister and I to go to college and I will do the same for my children.

jays_bride · February 2010

My parents didn't tell me they were going to pay for my education until after I graduated ~ good call on their part as I feel I worked harder.

DH and I have decided we will do the same, under certain conditions...maintain a certain GPA, work part time (if schedule allows), etc. But we will only pay for their undergrad degree.

jenhum · February 2010

Yes. I am incredibly grateful that my parents paid for college, although I didn't appreciate it enough at the time. I feel like it was a huge advantage to me when I graduated, and I do feel like I should do the same for my kids.

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