Who pays?

Unknown · December 2013

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colllydon · December 2013

Swilkins1122 said:
Anyone have any experience with the Gerber Life College Fund? When my friend had her baby it was a gift from her mom but I'm not sure how legit it is.

I work in insurance we work with gerber. It's a great plan totally worth it IMO.

Unknown · December 2013

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Sareynoo · December 2013

MIL is paying for my daughter's college.. She has the money to do it.

Luna C · December 2013

I don't think there's a one-size-fits-all answer to this one. There are a lot of factors to consider: Not all families can afford it, some kids won't appreciate it, some kids can't handle working and maintaining their grades, etc.

However, I don't think parents are ever obligated to pay for it. If you have the means, and you have a kid who is responsible and will not use it as an excuse to do nothing for four years, sure, it's great to pay it for them. But no one NEEDS to have mom and dad pay for it.

I have a set of friends who have stopped saving for their retirement altogether because they send all their extra money to the kid's college fund. (They want to pay it in full.) The kid is five. They have almost no other savings. That's insanity. They're basically footing the bill for college (which in 13 years he may not even want to attend) and they're essentially counting on him to take care of him when they're old because they will have nothing to live on. Which I think is grossly unfair to the kid. But they have this idea that the parents have to pay...

LadyMacaron · December 2013

I believe that the outrageous amount of debt that college grads have to deal with is ridiculous and overwhelming to the extreme. I don't believe anyone should have that kind of pressure and expectations on their shoulders to get an education. My child's job will be to graduate college, get a job, and become a helpful member of society. I will do whatever I can to make sure that their college is paid for and that they can graduate and succeed without being buried under a mountain of debt. If they choose to go to Graduate school or get their doctorate, that will be their responsibility though.

It took me 10 years to get a degree because how hard it was for me to work full time and have a job. I kept having to drop out. And I still have tons of school debt! I think this is the best gift I can give my kids; the gift of a free education.

fsumom · December 2013

Ultimately we would love to pay for their entire college education. Realistically, we'll only be able to help. DD has 2 years of community college paid for in full, and we plan on doing the same for this LO. We did the Florida pre-paid plan. If either DC gets scholarships and decides to go to a 4 year university straight out of high school, we can get what we paid back.

ahastin1 · December 2013

I honestly loved the way my parents handled all cost-involved opportunities with me. I had a set allowance at the time I turned 12 and there was some kind of formula involved so that it went up at each birthday. I got half and the other half went to a savings account that I was not able to touch until I wanted to buy a car. At the time I was looking for a car, I was told that they would pay for half and I would have to pay for the other half - overall price didn't matter, just as long as I was able to pay half. College was somewhat similar. I was given a set amount each year. I could go to school for free where my dad taught (and still be given that set amount to do whatever I wanted with) or I could go away to another school if I wanted to pay. In the end, I determined that it was worth it for me to go out of state and pay a bit (in the end I worked for a ton of scholarships so that this wasn't even necessary). In the end, might staying at home and collecting that cash and being ahead financially probably have been the smarter of the choices? Maybe. But I wouldn't be where I am today if I didn't make the jump and I think I felt that even back then. I plan on doing the same plan, or a very similar one, with my children. College/university is expensive and I'm one of those that believes that you should work hard for and understand that - but I also believe that help, especially from one's parents, can't hurt.

wtfisup · December 2013

I should add, assuming we both (or at least one of us) continue in our current line of work, our kid would get at least a 50% tuition discount at the university we work at. If she wants to go somewhere else, I won't make up the difference.

k2k2tog · December 2013

Just after we found out I'm pregnant, we went to the bank to move some money around and I asked about when we can set up an RESP for our kid. I'm in Ontario and here, you can set up a fund that the government will add to, specifically for the purpose of education. We won't pay for our kids'education outright, but I do want to help them save from the time they're quite young.

My parents had a deal with me and my siblings that, every semester, we had $2000 available to us from them, if we needed it, but we had to ask for it; it wasn't just given to us. So, while they supported us, they also gave us the opportunity to make smart decisions about money and to choose independence.

becomingmommyagain · December 2013

I went to college on a Pell grant at 18 and ended up dropping out.

Eleven years, three kids, a divorce, and remarriage later....I went back to college at 29. I was working full time and went to school at night. I paid my way 100% at university prices and didn'tqualify for any discounts or grants.

My DH went to school in France where school is free so long as you continue to pass. He completed his PhD paying only for his room & board.

Although we'll help our kids get through college or career training, they will largely have to pay their own way. I also don't encourage them to go to college right out of high school. I think it's good for them to experience life and get a job before committing to college.

b48kate · December 2013

My parents paid for some of my college education and I paid for the majority of it...imagine it will be the same with our LO. Strangely enough this very question is one of the main reasons that we are thinking this baby will be "one and done". We feel like we can fully fund a child's college education and our retirements if we stick to one child...with two, the math just doesn't work.

flerlgirl · December 2013

I want to contribute as much as we can while making sure they understand the value of an education. We will likely not be able to pay for all of it even if we wanted to. We're poor folk.

cristykaye · December 2013

I paid my own way and it has been hard!!! I hope like hell that I will be able to help my kids. They will not have a free pass though. If they party all the time and skip classes then they will have to foot the bill themselves. As long as they are trying I will help them.

Bmcmullin01 · December 2013

I think it's the child's responsibility.//my husband worked and paid his own way and so did I. It shows a sense of ownership and responsibility. Now I will help them out when we can. But for the most part..student loans, grants and scholarships is what we will help them with

mercy0606 · December 2013

I would love to pay for our kid's education if we can afford it, but we both agree that we'll only do that if it won't cause us serious financial strain or prevent us from retiring. Suze Ormon agrees with us.. LOL ;-)

crestedlady · December 2013

We will most likely provide our children with as much financial support as we are able to afford at that time in addition to whatever we have saved, though I doubt that we will be able to cover their expenses completely. Both my husband and I were fortunate in that we both received scholarships that virtually paid for our undergraduate degrees including rent and board...we both worked hard in high school to achieve this. If our children receive similar scholarships, I would like to contribute to their living expenses (read money for books, entertainment, gas, rent as needed, etc.) as my parents did, particularly if they also get a part time job (as I did) to help defray these costs.

ekcarrington · December 2013

If we are in a position to pay for our children's education, we absolutely will (whatever path they choose). Both my husband and I were lucky enough to have parents who paid for our college education. There is nothing in my life that I appreciate more than that. Graduating without debt is something I can never repay them for... it's absolutely not true that children won't appreciate this. It's an amazing and life-changing gift considering the level of debt it's possible to get into these days.

JelloBean1 · December 2013

Florida has a prepaid plan where it locks in the amount of tuition for the year the child was born and you can pay monthly payments toward it without having to worry about a fluctuating market like a 529 plan. We will probably enroll in that program in 2014. My husband went to college on this plan and all he had to pay was room & board/books & expenses, etc. My Dad works for a University so I got free tuition and my parents paid my room & board, so I only needed to pay any extra expenses. It's so nice to be debt free right out of college and I want to be able to offer that to my child. I don't see the correlation between parents paying for school and the kids not working hard -- I always worked my butt off in school and I took a part-time job to pay for going out/buying clothes, etc.

Pepper6 · December 2013

I also want to add the disclaimer that our plans are just a 'goal'. Obviously we will tailor this depending on our financial situations when our kids hit college age and depending on each child's individual needs.

Sort of related...can someone explain the 529 savings plan a little better? From what I've looked into so far, it's only valid for 'approved' college-related expenses otherwise you pay a penalty. So if our kids end up with a full scholarship, or choose to go in the military or something instead, if we take out that money because it's no longer needed for 'school' expenses, then we lose part of it??

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