Do your children expect you to pay for grad school?

[Anonymous]

We had enough left over in the 529 to pay for an inexpensive master’s degree that kid needed to get the 150 credits needed to be a CPA. It expedited the path to the CPA.

[Anonymous]

My parents told us there was x amount for education. My sibling got scholarships for college so was able to have some for grad. I spent a ton on college so had nothing left over for grad.

I think college is standard if parents can afford, grad school is usually on own.

[Anonymous]

Anonymous wrote:Paying for graduate school is a luxury. It’s not something many parents plan to pay for, unless you have nothing else to with your money, got a large inheritance, etc.

Or, you make lifestyle choices so you can afford it. We told ours that we could afford a state school for college and grad school. We live in a small house in an area where DCUM attacks and it's been years since we had a vacation. No housekeeper, no gardener. We do spend a lot on activities. I'd rather pay for grad school than go on a few vacations.

[Anonymous]

My second might get grad school since my firstborn seems to be community college bound.

I never even thought about covering grad school - saving enough for just college is hard enough!

[Anonymous]

I don't know if they "expect" it, but we will certainly pay for it if they are motivated and strong students with clear academic/professional goals.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Paying for graduate school is a luxury. It’s not something many parents plan to pay for, unless you have nothing else to with your money, got a large inheritance, etc.

Or, you make lifestyle choices so you can afford it. We told ours that we could afford a state school for college and grad school. We live in a small house in an area where DCUM attacks and it's been years since we had a vacation. No housekeeper, no gardener. We do spend a lot on activities. I'd rather pay for grad school than go on a few vacations.

I'm sad for you.

[Anonymous]

We are plan to cash flow college for the most part depending on where they go. If we can afford to keep paying a portion, we will. It's so far out it's hard to plan for. Ideally DS will get his 4 year degree and work to gain experience before grad school. IMO grad school is more effective with some work experience under the belt because they're more established and can choose to specialize after some real world experience.

With work experience comes income. We're hoping they will be in a position to pay for a portion by the time we cross that bridge.

[Anonymous]

Anonymous wrote:Expect no, but we plan to within reason.

This. We are planning to help as much as possible. It's too expensive. Too much low cost/free labor is expected of them to get a grad degree in a lot of programs. And salaries out of school don't always start big (despite the requirement to get an advanced degree --- like PT).

[Anonymous]

No. Because we’ve told them that is not in our plans. Given we live in DC, we will face choices that are going to cost $$$ pretty much no matter what unless they get merit aid somewhere as we won’t qualify for financial aid while simultaneously finding it difficult to save what is basically about $400,000+ for each child if we are full pay at a private in 2 years when our first will go to college.

[Anonymous]

I have told DD that she will have the same deal I had from my parents -- I will pay for college (within our means, including savings and some cash flow) but graduate school is on her. I will be 62 when she graduates from undergrad, assuming she graduates in 4 years. So if she takes some time before graduate school, I will be retired or close to retired when she goes to graduate school. It is in her long-term interest that I not raid my retirement funds for further education. Now whether that has sunk in, who knows?

I went to graduate school on a fully-funded fellowship, which meant I did not necessarily go to my first-choice program, but I had no debt and limited opportunity costs for grad school. That may or not may be possible for her but she will need to be intentional/strategic about financing graduate school. I will help to the degree I can but that may be pretty modest.

[Anonymous]

Told our kids that grad school is on their own nickel...but behind the scenes, the verdict is still out on what we may be willing to do.

If they are pursuing a PhD in any field where there is any iota of demand, that will be free with a stipend.

I would consider helping with Med school, but neither of our kids has any interest...so really not anything we need to consider.

I know far too many people who went to grad school straight from undergrad because they were afraid of entering the real world and hadn't prepared for it so had few other options, not because they were so passionate about their field of study. No way we will fund something like that.

[Anonymous]

We paid food and 1/2 rent.

[Anonymous]

If it is between my kid taking out a loan or me paying, I will pay.

One of the most impactful things my parents did for me was to pay for college and graduate school so I didn’t have school debt making my life choices for me.

[Anonymous]

Anonymous wrote:My parents told us there was x amount for education. My sibling got scholarships for college so was able to have some for grad. I spent a ton on college so had nothing left over for grad.

I think college is standard if parents can afford, grad school is usually on own.

Nothing is "Standard". Families make their own financial decisions and let their kids/young adults know.
If you have the money, many parents do pay for grad school. Many tell their kids "There is $Y for you for education. If you spend wisely, there will be enough for grad school, if not, grad school is on you"

We have enough to pay for medical/law school if a kid wants to go. It will not affect our financial position, so we will pay for all kids undergrad and graduate school (if they attend). Why saddle your kids with massive debt if you can afford it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Paying for graduate school is a luxury. It’s not something many parents plan to pay for, unless you have nothing else to with your money, got a large inheritance, etc.

Or, you make lifestyle choices so you can afford it. We told ours that we could afford a state school for college and grad school. We live in a small house in an area where DCUM attacks and it's been years since we had a vacation. No housekeeper, no gardener. We do spend a lot on activities. I'd rather pay for grad school than go on a few vacations.

I'm sad for you.

DP: Why? They clearly value education and live within their means. It's their choice for their family.