Did your parents (step or otherwise) pay for your college? Will you pay for your kids?

[Anonymous]

Did not pay for me and I will without a doubt pay for his

[Anonymous]

Anonymous wrote:I've actually heard that it is getting harder for parents to get loans, the parents need to have higher credit scores than previously

That's a good thing in a way.

[Anonymous]

My parents paid for my undergrad back when a year at a VA state school cost about $10K. I have no idea how we'll be able to swing college for our kid(s) 18+ years from now. I'd pay if I could, but I don't know if it will be possible. Certainly we'll offer significant assistance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents paid most of my college, and a small portion of graduate school. We intend to pay all of college and graduate school for our five children.

what is your HHI?

As I mentioned in a previous follow-up post, this decision is being driven -- at least in part -- by my DH. I am a first-generation American daughter of Mexican immigrants who came to this country with nothing. My DH and his siblings were raised by a hardworking, early-widowed, low-income, single mother. He had absolutely no help, obviously, from his family, and made his way through both college and law school through part-time work and lots of loans. This experience, we are both from very humble beginnings, drives out desire to pay college and graduate school tuition -- no matter the sacrifices -- for our five children.

I did not answer your question, but we have enough resources to do this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've actually heard that it is getting harder for parents to get loans, the parents need to have higher credit scores than previously

That's a good thing in a way.

yes, but bad in another way. The kid whose financial aid package is heavy on loans is screwed, in that way

[Anonymous]

Plan on my kids assuming they will have to find scholarships or take on loans. This might help them analyze the situation fully before commuting to a school or path because it is fun.

I will end up supporting them however I can, but definitely not 100%. I was a full-ride merit scholar and didn't take school seriously, likely would have focused more had I thought about my future beyond a year or two.

[Anonymous]

I will definitely try to pay for my kids. My parents did their best, but they'd had a change in fortunes in the several years before I went, plus I chose a private college. I graduated with about $18k in student loans (back in '97). The fear of more debt drove me to take the first (not good) job offer I got and held me back from attending graduate school - I just couldn't psychologically or financially deal with any more debt. By the time I paid it all back, I was in my 30s and had sort of missed the best grad-school window and still feel stuck in my low-paying career. Again, partly my fault for choosing a private college and for majoring in English (!), and then just partly the bad luck of not hailing from a rich family. If I can prevent my kids from having that sort of huge limitation on graduate education and career selection, I will. Here's to hoping. (Side note: I wouldn't pay for grad school for my kids, though. We would like to retire at some point ...)

[Anonymous]

^^And FWIW, I did study hard in college and had a great GPA and GRE scores, not that I ended up doing anything with the latter!

[Anonymous]

I paid (with loans, scholarships, and hard earned cash) for my own college and grad school. I intend to help my kids pay for college, but not float the bill for them. This is philosophical and practical-- I don't have the money to pay for their college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've actually heard that it is getting harder for parents to get loans, the parents need to have higher credit scores than previously

That's a good thing in a way.

yes, but bad in another way. The kid whose financial aid package is heavy on loans is screwed, in that way

I see two possible outcomes form this:

1) colleges will be forced to get costs under control or enrollment will drop significantly

2) Attending college becomes increasingly only accessible to the rich.

I hope it's #1.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've actually heard that it is getting harder for parents to get loans, the parents need to have higher credit scores than previously

That's a good thing in a way.

yes, but bad in another way. The kid whose financial aid package is heavy on loans is screwed, in that way

I see two possible outcomes form this:

1) colleges will be forced to get costs under control or enrollment will drop significantly

2) Attending college becomes increasingly only accessible to the rich.

I hope it's #1.

I don't think #1 is likely in this day and age. Higher education is even more important than it was 50 years ago and the demand will likely be there in the future. What I see most likely happening is that further technological advancements (in online, remote attendance, virtual learning) coupled with other market forces and government regulation will slow or perhaps reverse the upward trend. #2 also will not likely happen. Yes, if we extrapolate under today's norms this is possible. My solution will likely luck out before it gets to this point.

[Anonymous]

We have saved enough!

[Anonymous]

Anonymous wrote:I understand that, due to inflation, it's no longer financially feasible for an 18-year-old to put himself/herself through a four-year college full-time on his/her dime by employment alone.

My answer to my thread query: My parents did not pay for our college educations. We are now 52, 50, 46, and 44.

I paid for half of my oldest child's degree (she chose a private college and took on some loans). I'm paying 100% for my 20-year-old's degree (she's at a public university). I'm paying nothing for my son, because he was awarded a full ride. For my last child, I intend to pay 100% for a public college and up to that amount toward a private college.

Tangential to the original question, how do you feel about this topic? I was stressed as a young adult paying for school, and I finished my education by working full-time and going to college at night to complete my B.A. I don't feel resentful toward my parents. I clearly decided to contribute toward my own kids' educations, though.

It is not due to inflation. Inflation alone does not cause this problem. The problem is due to tuitions having increased FAR BEYOND the rate of inflation, and minimum wage NOT KEEPING UP with inflation.
Just sayin'.

This country is seriously f***ed. I have bright, motivated elementary aged kids but I don't know what, if anything, will be out there for them. They are likely to be in the "admit-deny" category where they would be admitted to a good school but not offered enough aid to make it feasible. We've been saving since they were born, but on our HHI it is going to be a drop in the bucket compared to the reserves of other families. I almost want to drop out of society and live in the woods. I don't even want to be a part of this insanity. DH, and by extension our children and I are eligible for citizenship in another country. Maybe that's the route we'll have to take. If we do stay, I am more than happy to pay whatever I can, forgoing vacations, renovations, and all that to help pay. I hated my loans (24k, graduated in '01) and it is a terrible way to start off life.

[Anonymous]

My parents divorced when I was young. There was no college fund for me or my brother. My grandmother died very suddenly when I was 16 and as a result, there were funds that became available for my and my brother's education. I worked throughout, but on a very limited basis. My mother's income didn't allow her to contribute much at all.

Not knowing how I was going to pay for college, I kept my search focused almost entirely on state schools, and would have gone to a private only if I had gotten a lot of aid.

DH's parents saved a lot of money and he could have gone anywhere.

I would like to pay for our kids to go to school without loans, and we have started saving, and both grandfathers (my father and FIL) have made it clear they intend to contribute as well. But I will encourage my kids to strongly consider affordable options, esp if there's any question that they might want to go to grad school (Both DH and I did, with little to no family help, and have loans from that).

[Anonymous]

Anonymous wrote:

Anonymous wrote:I understand that, due to inflation, it's no longer financially feasible for an 18-year-old to put himself/herself through a four-year college full-time on his/her dime by employment alone.

My answer to my thread query: My parents did not pay for our college educations. We are now 52, 50, 46, and 44.

I paid for half of my oldest child's degree (she chose a private college and took on some loans). I'm paying 100% for my 20-year-old's degree (she's at a public university). I'm paying nothing for my son, because he was awarded a full ride. For my last child, I intend to pay 100% for a public college and up to that amount toward a private college.

Tangential to the original question, how do you feel about this topic? I was stressed as a young adult paying for school, and I finished my education by working full-time and going to college at night to complete my B.A. I don't feel resentful toward my parents. I clearly decided to contribute toward my own kids' educations, though.

It is not due to inflation. Inflation alone does not cause this problem. The problem is due to tuitions having increased FAR BEYOND the rate of inflation, and minimum wage NOT KEEPING UP with inflation.
Just sayin'.

This country is seriously f***ed. I have bright, motivated elementary aged kids but I don't know what, if anything, will be out there for them. They are likely to be in the "admit-deny" category where they would be admitted to a good school but not offered enough aid to make it feasible. We've been saving since they were born, but on our HHI it is going to be a drop in the bucket compared to the reserves of other families. I almost want to drop out of society and live in the woods. I don't even want to be a part of this insanity. DH, and by extension our children and I are eligible for citizenship in another country. Maybe that's the route we'll have to take. If we do stay, I am more than happy to pay whatever I can, forgoing vacations, renovations, and all that to help pay. I hated my loans (24k, graduated in '01) and it is a terrible way to start off life.

If your children are as you say, then the best in-state universities, UVA, UMd, VA Tech, William & Mary, are affordable.