Why pay all of kids' college?

[Anonymous]

Anonymous wrote:Paying 100% of your kids’ college is a DMV thing. I’m from PA and it’s not the expectation. None of my siblings gs helped their kids through college.

For me, I agree on skin in the game. And I think that a lot of college is a waste of money. If your kid needs a specialized program then expensive might be necessary. But most are fine with community college and a state university. So that’s what I’m willing to pay. Beyond that, they are on their own.

Paying for all of your kids college (with perhaps them working summers) is a thing for UMC+. Many of us had our own loans and know what it's like. Except we had $10-15K total and they started interest 6 months after we graduated.

Most UMC people I know work to save to help their kids.

[Anonymous]

You can always loan your kid some portion of college tuition if you want them to have skin in the game but not subject to the public markets.

Make it official and have them sign a loan agreement…and then decide if you want to forgive it if the kid has turned out OK.

[Anonymous]

Kids cant borrow the full amount anymore. Max loan is $5500 for the first year.

[Anonymous]

Anonymous wrote:I don't get this new expectation that the average middle class person is supposed to save to pay for 100 percent of their kid's college. Growing up, everyone had loans, I knew of almost no one who didn't have loans to pay off. Some incurred additional debt from grad school. They've all done just fine.

I do get that college tuition is substantially more than it used to be, has risen much faster than the cost of inflation. But still, that doesn't mean you have to cut corners so tightly as to possibly cut back on retirement, or constantly live on a very tight budget. And it doesn't mean that you must work even harder to cover 100 percent of your kids' tuition.

I expect to cover at least two years of state school tuition, maybe 3 for my kids. They can make their own choices from there.

Discuss.

If you can afford it, it's extremely selfish not to pay and leave your kids in huge debt. I am happy to cut corners, not vacation, buy cheap clearance clothing, watch our groceries, etc. if it means they are debt free.

[Anonymous]

Anonymous wrote:You can always loan your kid some portion of college tuition if you want them to have skin in the game but not subject to the public markets.

Make it official and have them sign a loan agreement…and then decide if you want to forgive it if the kid has turned out OK.

It's not skin in the game as most have no concept of debt or what it means till after they graduate. Skin in the game would be working through college.

[Anonymous]

Anonymous wrote:Every family is different and that is OK. We have catholic friends with 12 children - to them the gift is life and they have told the kids that they are on their own at age 18, meaning no college or community college or whatever they can hardscrabble together. And they will do fine. In my family, getting a four-year degree for women was paramount (everyone had been depression era children and women unfavored). It is what it is.

My husband did the military as his parents couldn't afford college and it wasn't an option. Given he didn't get his degree till his early 40's and then the second career too another 10-15 years to earn anything, I don't get why you'd do that to your kids if you can afford to pay. People make it sound easy and its not.

[Anonymous]

I want to pay my kid’s tuition because I want them to lead a debt free life and start ahead. I worked hard to find a profession that allows me to do this so I will do everything I can to give my kids advantages in life. This also includes giving them down payments and other things. Hopefully this means they can get a head start in life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can always loan your kid some portion of college tuition if you want them to have skin in the game but not subject to the public markets.

Make it official and have them sign a loan agreement…and then decide if you want to forgive it if the kid has turned out OK.

It's not skin in the game as most have no concept of debt or what it means till after they graduate. Skin in the game would be working through college.

plus most educational loans are forgiven, especially if you work in public service.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can always loan your kid some portion of college tuition if you want them to have skin in the game but not subject to the public markets.

Make it official and have them sign a loan agreement…and then decide if you want to forgive it if the kid has turned out OK.

It's not skin in the game as most have no concept of debt or what it means till after they graduate. Skin in the game would be working through college.

plus most educational loans are forgiven, especially if you work in public service.

Some are some aren't. I was told they only paid off specific loans in the field I was in and my parents decided against it.

[Anonymous]

This has been asked and answered but this is not a middle class expectation, it’s an upper middle class expectation.

Congratulations!! You apparently moved up a class grade at some point and didn’t realize it. Welcome.

Now that you’re in the club, better stack in that 529.

[Anonymous]

OP I would say that you just don't get it. Many people here are working to give their children a nice life with advantages we didn't have growing up. My kids won't have student loans when they graduate. You learn absolutely nothing from having student loan debt weighing you down just as you are working your first real job and trying to save money. What that debt does is severely limit your career options as well as mobility to move for a better job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Every family is different and that is OK. We have catholic friends with 12 children - to them the gift is life and they have told the kids that they are on their own at age 18, meaning no college or community college or whatever they can hardscrabble together. And they will do fine. In my family, getting a four-year degree for women was paramount (everyone had been depression era children and women unfavored). It is what it is.

My husband did the military as his parents couldn't afford college and it wasn't an option. Given he didn't get his degree till his early 40's and then the second career too another 10-15 years to earn anything, I don't get why you'd do that to your kids if you can afford to pay. People make it sound easy and its not.

You missed the point entirely in your rush to judge. If you have twelve kids you cannot send them all to college at now $93K a year for private

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can always loan your kid some portion of college tuition if you want them to have skin in the game but not subject to the public markets.

Make it official and have them sign a loan agreement…and then decide if you want to forgive it if the kid has turned out OK.

It's not skin in the game as most have no concept of debt or what it means till after they graduate. Skin in the game would be working through college.

plus most educational loans are forgiven, especially if you work in public service.

ub no. It's difficult and the rules are complicated. I have educational loans and of course they have not been forgiven. The only ones that biden have forgiven (a very stupid campaign promise IMHE) has not impacted ANYONE I know. Can you say differently?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Paying 100% of your kids’ college is a DMV thing. I’m from PA and it’s not the expectation. None of my siblings gs helped their kids through college.

For me, I agree on skin in the game. And I think that a lot of college is a waste of money. If your kid needs a specialized program then expensive might be necessary. But most are fine with community college and a state university. So that’s what I’m willing to pay. Beyond that, they are on their own.

Paying for all of your kids college (with perhaps them working summers) is a thing for UMC+. Many of us had our own loans and know what it's like. Except we had $10-15K total and they started interest 6 months after we graduated.

Most UMC people I know work to save to help their kids.

+1 I’m a pp and posting from New England.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can always loan your kid some portion of college tuition if you want them to have skin in the game but not subject to the public markets.

Make it official and have them sign a loan agreement…and then decide if you want to forgive it if the kid has turned out OK.

It's not skin in the game as most have no concept of debt or what it means till after they graduate. Skin in the game would be working through college.

plus most educational loans are forgiven, especially if you work in public service.

ub no. It's difficult and the rules are complicated. I have educational loans and of course they have not been forgiven. The only ones that biden have forgiven (a very stupid campaign promise IMHE) has not impacted ANYONE I know. Can you say differently?

Rules are straightforward for PSLF, reached 120 payments while working for an eligible facility and remainder forgiven

-RN