Why pay all of kids' college?

[Anonymous]

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.

[Anonymous]

I agree. Kids need to have some skin in the game to help motivate them to finish on time and do well - and not treat college as a 4 year (or more) party funded by mummy and daddy.

We have 3 years covered and will help with more if they pull their weight.

[Anonymous]

Average middle class person is not on the hook for max tuition. UMC is.

[Anonymous]

Most of the people I know didn't have loans.

[Anonymous]

Anonymous wrote:Most of the people I know didn't have loans.

Are most of the people you know from very upper class families?

[Anonymous]

No. No loans I do not want them accruing interest and then the loan ends up taking 20+ years and thousands and thousands more than borrowed. Just graduated one daughter, start paying next this Fall. First debt free (out of state/private), 2nd thankfully in state but full pay.

[Anonymous]

PP here—middle class. Not UMC.

[Anonymous]

You sound mean and uncaring.

[Anonymous]

The people I know who are trying to fully cover tuition had loans and head to deal with them over a very long period of time. They are also UMC so there’s no chance their kid is getting any financial aid.

So, they are able to pay, they know the impact of loans on long term finances, and they don’t want to pass that burden into another generation.

I graduated law school with $110k in loans. Took me ten years at $$800-$1,000 a month to pay them off. Looking back at the interest is nauseating. I’m not rich. I’m single and have two kids. If I can budget correctly m, I can give them the gift of. I student loan debt. It’s my idea of generational wealth.

[Anonymous]

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.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most of the people I know didn't have loans.

Are most of the people you know from very upper class families?

No, it was just cheaper back then. But now that I think about it, I know people who had grad school loans.

[Anonymous]

Because we saved and can afford to without any changes to our lifestyle/retirement savings.

Why wouldn't we? We also don't want our kids to start life in debt.

[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.

Nobody expects it. You are free to pay or not.

[Anonymous]

We paid for grad school as well.

[Anonymous]

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.