What are your plans for kids' college costs?

[Anonymous]

Lol. I sure as Hell wont be paying a nickle for my kids college education.

Why not?

Because if I have anything to do with it, they won't be going.

I spent a few months in college before I figured out it was a waste of my time - I knew as much as half of the profs there, and the rest I could work out myself just by talking to folks.

I now make a sweet 6-figure salary while the rest of you goons try to figure out how much of your next pay-check is going towards your loans.

Fact is, you can learn a whole lot more about life spending 4 year's in the wilderness with an axe, a good knife, a crossbow, and a bible than you can in 4 year's in Harvard.

[Anonymous]

They can cover tuition via scholarships and federal loans. We will pay room and board and living expenses. They need some ownership in their education, IMO.

[Anonymous]

Anonymous wrote:Lol. I sure as Hell wont be paying a nickle for my kids college education.

Why not?

Because if I have anything to do with it, they won't be going.

I spent a few months in college before I figured out it was a waste of my time - I knew as much as half of the profs there, and the rest I could work out myself just by talking to folks.

I now make a sweet 6-figure salary while the rest of you goons try to figure out how much of your next pay-check is going towards your loans.

Fact is, you can learn a whole lot more about life spending 4 year's in the wilderness with an axe, a good knife, a crossbow, and a bible than you can in 4 year's in Harvard.

I don't have any loans because my parents paid my way to college, which is something I plan to do for my kids as well if they are academically inclined.

I get your point and don't think everyone should go to college. But it makes sense for some.

[Anonymous]

17:03 - where do you learn the proper use of the possessive form?

[Anonymous]

My kids will do it own their own....scholarships, work, whatever..(although I do save a little bit for their college expense)

[Anonymous]

Anonymous wrote:Lol. I sure as Hell wont be paying a nickle for my kids college education.

Why not?

Because if I have anything to do with it, they won't be going.

I spent a few months in college before I figured out it was a waste of my time - I knew as much as half of the profs there, and the rest I could work out myself just by talking to folks.

I now make a sweet 6-figure salary while the rest of you goons try to figure out how much of your next pay-check is going towards your loans.

Fact is, you can learn a whole lot more about life spending 4 year's in the wilderness with an axe, a good knife, a crossbow, and a bible than you can in 4 year's in Harvard.

Lol. You do you realize you are the exception not the rule right? I made nearly $250,000 a year at 22, but it was an anomaly. Most of my friends made $50 or $60k, which even that was an anomaly.

Anyway no need to feed the troll.

To contribute:

We have 2 kids, both under 3. So far we've put $52,000 away in 529 plans. I intended to get that too $100k each and let it ride for a bit. If in 10 years it looks like we need more, I'll go back in. One thing most people don't know is that you can make more than $4,000 a year contribution and still take the tax deductions (in DC anyway). You just roll them, I think up to six years. So I chose to do that - get six years of tax free growth on the full amount from day 1 instead of only on the $4k.

[Anonymous]

We have a 529 plan for our 1 year old. We have contributed about $30k so far. We plan to contribute $10-$12k/year and see where we are in 7-8 years, then readjust as necessary. Our goal is to pay for our child's undergrad tuition/room and board - public or private. We probably won't save all of it in the 529 and we probably use future cash flow for at least part of it.

[Anonymous]

Being exceptional is a plan. (well, a hope anyway)

What a difference 30 years make. When I was looking at schools there were lots of friends who worked their way through college doing regular jobs or with loans. You could pay for four years of private college tuition with the equivalent of one year's salary for a college graduate. Not anymore.

You can't pay for a public college education by working summers, evenings and weekends at the shopping mall. And the loan for four years of private college would be at least four years of salary after you graduate.

[Anonymous]

We will pay as much as possible. Our kids are 15 and 11, and we've saved $250K towards tuition & expenses. We hope to cover the rest with cash as we go along, as our mortgage will be paid off in four years.

Our goal is to get them the best undergraduate education we can afford, without them (or us) taking on any loans.

They will be on their own for graduate school. If we could, we would cover it, but DH and I are in our 50s and expect that by the time they go to grad school (if they do), we will be retired.

[Anonymous]

Some of you are fantastic savers!

We plan on helping our kids, but likely won't have enough saved to cover costs. We are putting $300/month into each account, but will wind up way short. Hoping to funnel more away once daycare ends, and if not, know that we'll be able to pay a good chunk from our salaries when that time comes.

We've been focusing on maxing out our retirement accounts, which we have been for years. That gives us more flexibility going forward.

[Anonymous]

Anonymous wrote:We have five children. There is no way we could fully pay for all of their college costs. Even if we could pay for the total cost, we wouldn't. I've read over and over again that most financially successful people paid for at least a portion of their college costs. Here is where we are so far:

DS (22 year old senior in college) ROTC scholarship plus Army National Guard. He is "college first", meaning non-deployable as long as he is in school. However, he volunteered to go overseas twice with his guard unit. Once to Iraq and once to Afghanistan. His college is fully paid for by his scholarships and G.I. benefits. He gets 100% of his tuition, books, fees, and housing paid plus he gets $1,200 a month for extras. He'll be commissioned a 2LT in just a few months.

DS (19 year old college freshman) Pretty much the same as his older brother, only he has only been deployed once. All of his college expenses are fully paid. He is not interesting in making the Army a career and is working towards his degree in Biology.

DD (18 year old college sophomore) Graduated with a 4.45 and is a National Merit Scholar. She had her choice of schools. She is on a full academic scholarship - tuition, books, fees, housing, meals... The only thing we have to pay for is the extras.

DD (17 high school junior) ???

DS (11 fifth grade) ???

Not sure what the last two will do, but they know that they must take responsibility for at least a good portion of their college costs. There is tons of scholarship money out there. If they aren't smart enough to get a scholarship, then community college is a much better option for them. I think they'll get something. My 17 year old has already been approached by two schools about rowing scholarships.

I heart you.

I am saving a little so far, but I'm not breaking the bank to pay for college. My parents didn't save and I never expected them too. I opted to go public instead of private and pay as I go for an apartment while in undergrad. I had a great time and my work experience plus degree got me a great job after graduation. I graduated in 2006. Scholarships and grants are the way to go!

[Anonymous]

Transferring GI Bill benefits to the kids. Both parents in the military, 2 kids, so each kid gets 4 years of instate tuition plus a living stipend. We have 529 accounts set up for each. I anticipate they will have about $60K in each to put towards grad school or tuition expenses not covered by GI Bill. We plan to help with living expenses if they go to grad school.

[Anonymous]

I come from a country where education is free and the only college related cost is the cost of living. I know my kids will manage. They have dual citizenship

[Anonymous]

Anonymous wrote:I come from a country where education is free and the only college related cost is the cost of living. I know my kids will manage. They have dual citizenship

I'm debating this as well

[Anonymous]

Anonymous wrote:We have five children. There is no way we could fully pay for all of their college costs. Even if we could pay for the total cost, we wouldn't. I've read over and over again that most financially successful people paid for at least a portion of their college costs. Here is where we are so far:

DS (22 year old senior in college) ROTC scholarship plus Army National Guard. He is "college first", meaning non-deployable as long as he is in school. However, he volunteered to go overseas twice with his guard unit. Once to Iraq and once to Afghanistan. His college is fully paid for by his scholarships and G.I. benefits. He gets 100% of his tuition, books, fees, and housing paid plus he gets $1,200 a month for extras. He'll be commissioned a 2LT in just a few months.

DS (19 year old college freshman) Pretty much the same as his older brother, only he has only been deployed once. All of his college expenses are fully paid. He is not interesting in making the Army a career and is working towards his degree in Biology.

DD (18 year old college sophomore) Graduated with a 4.45 and is a National Merit Scholar. She had her choice of schools. She is on a full academic scholarship - tuition, books, fees, housing, meals... The only thing we have to pay for is the extras.

DD (17 high school junior) ???

DS (11 fifth grade) ???

Not sure what the last two will do, but they know that they must take responsibility for at least a good portion of their college costs. There is tons of scholarship money out there. If they aren't smart enough to get a scholarship, then community college is a much better option for them. I think they'll get something. My 17 year old has already been approached by two schools about rowing scholarships.

So how many years will your two older ones owe the Army? What happens if they don't want to go into the army after getting the scholarship for a couple of years?