Maryland Babies

Poll: Paying for College (for us and our kids)

There's a post on TN about how your education was paid for and there were lots of different answers. I'm curious to ask on here and to see if things are different between us and our kids.

If you attended college, how was it paid for?

Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)?

How will your children's college education be paid for?

If you plan to contribute, have you started a fund yet? What kind?

Do you think it's your responsibility as a parent to contribute financially to their education?

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Re: Poll: Paying for College (for us and our kids)

  • If you attended college, how was it paid for? My parents paid for my schooling. Most of it came from a fund they set up for me and the rest came from their own savings.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)? I am fortunate that I don't have any education-related debt.

    How will your children's college education be paid for? We are planning to pay for it in full, or if not in full, as much of it as we can.

    If you plan to contribute, have you started a fund yet? What kind? We have not started a fund yet but "we really need to set up a 529" gets said in our house regularly. DH is dragging his heels on which fund he wants to go with.

    Do you think it's your responsibility as a parent to contribute financially to their education? Maybe it's because my parents paid for my education, but I do think that the responsible thing for me to do is to set up a fund and plan to contribute as much as possible to my children's education.
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  • imageSarahKate31:

    If you attended college, how was it paid for? My dad paid for it. I know he put aside money over the years as I grew up, and I really appreciate it.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)? No, but he did limit it to 4 years. If I would have done the 5 year plan or gone to grad school it would have been on me. But I never had a desire to go back to school after I got my degree.

    How will your children's college education be paid for? I am hoping my kids will be smart and/or athletic and get some sort of scholarship of course. I am also hoping we will be able to contribute to some of it, if not all.

    If you plan to contribute, have you started a fund yet? What kind?  errr....not yet. we need to get on this. we have just been focused on getting out of our house first.

    Do you think it's your responsibility as a parent to contribute financially to their education? Not necessarily our responsibility, but its something I really want to do. After seeing what student loans have done to DH (and his experience is very typical) I really want my kids to avoid them. I would love to give them the gift of starting out in the workforce without being saddled with debt. And with the way college tuition keeps going up and employment opportunities being stagnant for college grads, I worry about their future as it is.

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  • If you attended college, how was it paid for? My grandparents set up education savings account that paid for my schooling. I actually decided to go to a closer school, lived a home to cut out boarding expenses, etc. And I also worked part time to pay for some books, etc.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)? I had no student debt, which I'm thankful for.

    How will your children's college education be paid for? We hope to pay for all of it or most of it.

    If you plan to contribute, have you started a fund yet? What kind? I have set up a savings account for both girls and we have asked the grandparents to give a donation at each of their birthday's. I would prefer that grandparents give $ for college instead of toys, but our family doesn't listen.

    Do you think it's your responsibility as a parent to contribute financially to their education? We are going try our hardest to put $ aside to pay for their higher education, but I'm hoping they can also obtain scholarships.
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    If you attended college, how was it paid for? My parents.  they paid tuition, room, board - spending money was on me (that sounds like an obvious thing, but it was abnormal at my college lol).  

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)? Only that my parents exerted some control over my choices.  But I think it was good control in the end (like I went through a phase where "I just want to learn for learning's sake and to see where I end up" and my dad was like, no. pick a major, have a career in mind, even if that changes. and it did change several times but it was important to my parents that I could always say I want to do X.)

    How will your children's college education be paid for?  We will pay for as much as we can, hopefully all of it. 

    If you plan to contribute, have you started a fund yet? What kind? No. We are behind already I feel!

    Do you think it's your responsibility as a parent to contribute financially to their education?  I do.  A lot of people disagree with that but I am married to a man whose parents did NOT contribute to his college (well minimal contribution) and by the time you factor in law school loans, he's starting out with a good amount of debt despite having gone to a state school for undergrad (and for grad school for that matter.)   His mom is now paying for his siblings college educations and I think H has issues with that.

    It was so important to my parents that they pay for our colleges bc neither one had help.  Well, that's not entirely true. My mom's parents paid her tuition, but she lived at home bc she couldnt afford to move out and she only went to a two year college (Villa Julie) and then got her nursing degree.  Her parents definitely told her where to go bc they were paying.  She had to go back to get her BS when she was 40 with 4 kids in school.  My dad put himself through college - worked full time during the day, went at night.  He HATED it and is very bitter at his parents (basically his parents said to him, "we will pay for you to go to college but then we cant pay for your younger siblings" so my dad sacrificed so they could go to school, and they never once acted like it was a big deal for him to do so.) 

    so for both of them, letting us kids have a "college experience" was SUPER important.  I feel it would be really shittty of me to have had my parents pay for me and then say to my kids, oh sorry, you're on your own.  So we are determined to do what we can to help them.  It may not be 100%, but it will be as much as we can afford. 


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  • If you attended college, how was it paid for?  I received several scholarships, but other than that I paid for college with loans.

    Were there any downsides to how your education was paid for?  I don't think so. I'm not swimming in debt. But I do wish I would have been able to have a complete "college experience".  I stayed at home to offset costs and worked 2 jobs.

    How will your children's college education be paid for?  We do plan to contribute, but I think it is also important that our children contribute as well.  Do I know what the magic $ is for their contribution?  No, but we can cross that bridge when we come to it!  (I think it's more important to worry about retirement funds.)  Loans will definitely be applied for to pay for the kids college if they decide to go! 

    If you plan to contribute, have you started a fund yet? What kind?   We have started a savings account for her and every pay I take out a sum just for that account.

     Do you think it's your responsibility as a parent to contribute financially to their education?  No I do not.  But if I am able to save now and help out later, even if it's just a small sum of money, I will. I guess I just have the mentality that I did it, they can do it too.

  • If you attended college, how was it paid for? My parents set up an account and the rest was covered by loans. They are paid for by my father.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)? No, and for that I am very thankful.

    How will your children's college education be paid for? 529, savings account, bonds, loans.

    If you plan to contribute, have you started a fund yet? What kind? Yes, see above. We contribute to the 529. My parents set up a savings account for him that they contribute to monthly.

    Do you think it's your responsibility as a parent to contribute financially to their education? Given the astronomical cost of higher education I could not set him up to enter his adult life in such great debt. I know this differs by family but it is a "gift" my family was able to afford me and one I want to provide him.
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  • If you attended college, how was it paid for?  I had scholarships and my parents paid the rest.  However, they were only paying for 4 years, so anything longer I would have to pay.  Same with scholarships.  If I lost one, I had to make up the difference.

    DH's parents paid for his education.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)?  NA

    How will your children's college education be paid for?  DH and I plan to pay for her education with the same conditions I had.  Hopefully she will have scholarships of some sort.  She at least needs to try to find something!

    If you plan to contribute, have you started a fund yet? What kind?  We had a meeting with our financial planner last month.  As soon as she arrives, we will be setting up a 529 plan.  I'm going to encourage the grandparents to do the same instead of giving unnecessary gifts each year.  

    Do you think it's your responsibility as a parent to contribute financially to their education?  Absolutely.  If I expect my child to attend college, I feel I should provide assistance for them.  One of my closest friends was "required" by her parents to attend college straight out of high school and her parents refused to pay anything towards it.  Um, you can't "require" someone to attend college and tell them to "find the money."  That has always rubbed me the wrong way.   
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  • If you attended college, how was it paid for? My parents paid for mine 100%. Including room and board, including my apartment when I moved off campus and food when I didn't have a meal plan. I got a scholarship for grad school, but my stipend was so low that I couldn't pay for rent and food every month, so my mom helped out then too. I'm incredibly thankful.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)? Not for me. But my parents stopped contributing to their retirement for several years (they had 2 kids in college for about 7 years straight because there were 3 of us).

    How will your children's college education be paid for? We're opening a 529 asap after birth. We're working on the details now (I'm due in July). My mom actually opened a 529 for my niece because my brother never did. So I know when we ask them to contribute $ for birthdays instead of toys, they will. Education is far more important to them than stuff. 

    If you plan to contribute, have you started a fund yet? What kind? Not yet, but soon. I think we're leaning toward the Maryland Prepaid College Trust. 

    Do you think it's your responsibility as a parent to contribute financially to their education? I don't know...I'm torn on this one. I think it's definitely the responsibility of the child to take control of their life and education and make the decision to go to college and follow through with applying, going to class, getting good grades, etc. I went to school with a lot of people whose parent's paid and it seemed like they took it for granted. Heck, I probably did a lot of times. But I do think it's at least partially a parent's responsibility to make education accessible to their child. Part of that is a financial aspect. But I would never say that as a parent you should 100% pay for your child's college education. 


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  • If you attended college, how was it paid for? I paid for it with (mostly federal) grants, loans, and work study.  My parents' income qualified me for a lot of need-based aid.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)? Not really, my debt was manageable.  I learned time management and to be responsible for myself.  Having to work in my "free" time probably helped keep me out of trouble.  I had the "college experience" but I suppose I did make different choices than other people on Friday nights when I had to be up to lifeguard at 8am Saturday.

    How will your children's college education be paid for? Her grandparents set up a 529 which we contribute to regularly, and the grandparents put in smaller sums for things like birthday or Christmas.  If she (we) qualify for other aid, we will utilize those options.  Scholarships would be fantastic!

    If you plan to contribute, have you started a fund yet? What kind? See above 529 plan.  Mom chose a plan that can be used at any type of school in any state.  DH and I both attended private schools and we would like our kid(s) to have similar options. 

    Do you think it's your responsibility as a parent to contribute financially to their education? While I paid my own way, I recognize that my kid(s) are not likely to be offered the same federal assistance that I was, and I do think it's my responsibility to do what I can now to help them in the future.  I want her to be able to go to the school of her choice and college isn't getting any cheaper.  I am perfectly OK with her having to work some while in school though, and I won't be doling out large sums of money for whatever she chooses to do in her free time. 


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  • If you attended college, how was it paid for?  My parents paid for 4 years of private school the whole thing, including a semester abroad, the agreement had always been that they would pay 4 years of undergrad as long as we went right after college.  I believe they re-fi'd their house to get the $.  My sister stopped and started several times and they stopped paying her tuition (she's still fairly bitter about - I believe she has 30K in debt).

    DH's parents paid for his education - their agreement was that he had to go to a state school and would only pay for undergrad.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)?  NA

    How will your children's college education be paid for?  We will pay for DD's education, with some caveats.  I'm not sure if we will insist on a state school, but there will be a 4 yo max on undergrad and grad school will need to be discussed.

    If you plan to contribute, have you started a fund yet? What kind?  Kinda. .. we have some investments that are set aside for her, but they aren't in a 529 or anything.  When we are done paying for daycare in another 20 months (but who's counting??) and we have that money again, we will start putting money away more systematically.

    Do you think it's your responsibility as a parent to contribute financially to their education?  I think if you are able, yes.  I also wish my parents had helped guide me a little more in college - once I got there, they were kinda like "do waht you want" and I don't think I made good decisions about my major.  My Dad sort of tried to help, but when I argued about it, he just dropped it.  I think he should have been a little more forceful or at least persuasive about - I'm the adult who's been working for 30+ and here are the things you need to do" instead of letting me be a smartass about it.

     

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  • If you attended college, how was it paid for?  My parents paid for my college out of their savings.  Thankfully, I got some scholarship money that helped out but since I went to a private school, they still ended up paying a pretty penny.  Grad school was paid for by my employer because I did a cohort program that was sponsored by them. 

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)?  There were no down sides to having my parents pay for my undergrad degree.  I'm so thankful that I don't have a ton of student loans to pay off.  With grad school, I am glad that my employer paid the tuition, but the program would not have been my 1st choice (or 2nd or 3rd...).  If I could have afforded to pay for grad school myself, I would have chosen a way different degree program that I know I would have liked more. 

    How will your children's college education be paid for?  We plan to pay for their entire college education, if we can...or at least as much as possible. 

    If you plan to contribute, have you started a fund yet? What kind?  We haven't started a fund.  This is something we have to look into.

    Do you think it's your responsibility as a parent to contribute financially to their education?  I think it's our responsibility to give our children the best opportunities to succeed in life.  These days, that often makes college a necessary step.  So yes, I do think that it's our responsibility to encourage our children to go to college and then to contribute financially.
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  • If you attended college, how was it paid for?

    My parents did contribute some, but I also took out loans, had work study and after freshman year had an academic scholarship ($10-12K).

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)?

    I was able to afford to finish and completed my undergraduate and graduate school with about $25,000 in debt.  All of my student loans were paid off with in 5 years of graduating from undergrad.  (I moved back home after college and paid them down faster that way). 

    How will your children's college education be paid for?

    I hope to be able to help contribute, but I do think it is important for them to also help fund their education.  I feel that they are more likely to work hard for it and appreciate their degree more.

    If you plan to contribute, have you started a fund yet? What kind?

    I have not yet...

    Do you think it's your responsibility as a parent to contribute financially to their education?

    I think it is more important that DH and I contribute to our retirement fund.  I think it would be more a financial strain on my children if we are not adequately prepared for our retirement and so I believe that is our number one savings priority.  (I saw this on a Suze Orman program once and it really resonated with me). 

    I also think it is my responsibility to make sure that they have the best elementary, middle and high school education that we can provide, whether that be public, private or homeschooling.  I feel that secondary education starts to shift from the realm of parental responsibility to that of the young adult.  There are always options available (community college, in-state, military first), whether or not they are the preferred option is a different story.  I for one wasn't able to attend my number one choice school (GWU) due to financial reasons.  I figured that it was prudent of me to take out $12,000 + a year in loans when I would be going on to graduate school afterward.  So I opted for a less expensive, yet still good, private school. 

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  • imagejcsntms06:

    If you plan to contribute, have you started a fund yet? What kind? I have set up a savings account for both girls and we have asked the grandparents to give a donation at each of their birthday's. I would prefer that grandparents give $ for college instead of toys, but our family doesn't listen.


    Ours either, which is soooo frustrating because they have enough toys!!!

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  • 1.) My husband and I will both be paying back our college educations for practically the rest of our lives, ughhhh. 

    2.) Yes, we are drowning in student loan debt (500k combined)

    3.) We will absolutely pay for our children's college education provided they have earned the grades to be successful in college.  I don't want this to happen to them too.

    4.) We will start a fund when the baby is born- there are a couple tax-exempt options that we are considering

    5.) Hmm.... I'm not sure that it's our responsibility per-se, but if our children have worked hard to earn the grades that will get them accepted into a good college- I don't want them to miss out on an opportunity b/c we didn't start saving early enough.  

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  • If you attended college, how was it paid for?

    My parents paid for 90% of the whole shebang. I was extremely indecisive and ended up taking the 5-year plan, so I paid for that last year and walked away with roughly $10k in debt. It still boggles my mind that they put three kids through college and there are no words to express how thankful I am that they made that sacrifice for us. 

    DH financed / paid for 100% of his college. He worked several jobs and was always under a tremendous amount of stress. There were many times where he literally had nothing to eat so I'd split my meals with him and sneak him food from the dining hall. He still has a lot of school debt, but he's very driven and very responsible which is (I think) due in part to him putting himself through school.

    Were there any downsides to how your education was paid for (were you unable to afford to finish, are you drowning in student loan debt, etc)?

    Like I said above, there were many times during college when DH had nothing to eat or was pacing the floor when financial aid was disbursed late. It's a very scary situation when you're only a few semesters from graduation and don't know if you can afford to keep going but also know you don't have the earning potential to make those loan payments without the degree. 

    Now that we're both out of school and paying down the debt, home ownership has only recently become a real possibility and it's crazy to think what financial options we'd have if so much money weren't going out to student loans each month. I can't imagine what the picture would look like if we were paying off both of our educations right now.

    How will your children's college education be paid for?

    I think we'd like to do a best-of-both-world approach. We want to pay for the majority of their undergraduate education, but also have them take on some of the responsibility so they have the drive to earn good grades and learn those financial lessons without worrying about whether or not they'll eat that week. I don't want them to be saddled with school loans, but I also want them to explore all of their options, like maybe pursuing their general education credits at a community college or working really hard to get scholarships.  I also think that if they decide to go for a Master's Degree or PhD, that's something they're probably going to have to finance themselves. Unless we win the lottery, it's just not going to be financially possible for us.

    If you plan to contribute, have you started a fund yet? What kind?

    We have a savings account for DS with a local credit union and when it amasses more money we'll start discussing other ways we can invest it and help it grow. Right now it's a catch-all for monetary gifts he gets from relatives on holidays and birthdays. We're using all of our extra money to pay off debt at the moment, but plan to contribute as much as we can per paycheck so he'll have something to lean on if and when he decides to go to college. 

    Do you think it's your responsibility as a parent to contribute financially to their education?

    Yes and no. I think parents sometimes put all of their eggs into the basket of higher ed when really your responsibility to your child's education starts the moment they're born. If it's the expectation that DS will go to college, we can't force him into that sort of debt. I think that if you have the means to contribute, you should. If you don't have the means to do so, you should do all you can to help your child succeed academically in K-12 so they have more options available. I want to use our money in two ways: to help him not have financial stress that would detract from his efforts in school and to also make sure that DH and I are putting away money into our savings so WE aren't a financial burden on him when we retire or need hospice/medical care/ etc. when we're elderly.

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