s/o Is everyone on DCUM planning to pay for their kids college?

[Anonymous]

Anonymous wrote:My parents are seriously blue collar and scraped to put together the money to make sure I graduated without debt for my undergrad. I think it would be an insult to their effort if I didn't do the same.

Similar experience and I feel the same way. I appreciate how you put that, pp. It helped me clarify my own thinking.

[Anonymous]

We are. HHI around 750k so, since we can afford to do it, I feel we ought to. we save 1250 per month per child and sometimes tuck an extra 5k into their accounts at year end. I'm not thrilled that it's so expensive but it is what it is I guess.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'll pay for a useful degree. If my kids wants to waste four years on a degree that won't land them a job afterwards, well, then they can pay for that themselves.

That is so incredibly controlling and sad. How do you know what will land them a job or not? I have so many friends with liberal arts degrees who have gotten very wealthy.

Not PP, but most people I know with lib arts degrees that have gotten wealthy had either a) a degree from an Ivy or b) family connections. So yes, the well connected can do well regardless of degree. The other thing I will add is that the world in not the same. 40 years ago Peter Jennings could walk into a newspaper office and get a job as a journalist, now they won't hire you as an assistant even with a masters from Columbia. So if my kid says he wants to major in journalism, I want him to understand the impact of his decisions. We don't have connections.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'll pay for a useful degree. If my kids wants to waste four years on a degree that won't land them a job afterwards, well, then they can pay for that themselves.

That is so incredibly controlling and sad. How do you know what will land them a job or not? I have so many friends with liberal arts degrees who have gotten very wealthy.

Not PP, but most people I know with lib arts degrees that have gotten wealthy had either a) a degree from an Ivy or b) family connections. So yes, the well connected can do well regardless of degree. The other thing I will add is that the world in not the same. 40 years ago Peter Jennings could walk into a newspaper office and get a job as a journalist, now they won't hire you as an assistant even with a masters from Columbia. So if my kid says he wants to major in journalism, I want him to understand the impact of his decisions. We don't have connections.

I am not well connected but got an MBA from a top school and have done well despite my liberal arts degree. I know plenty of successful people from my college.

[Anonymous]

Anonymous wrote:Don't get me wrong, we are putting away $$ in a 529... but neither my nor my husband got our degrees without some debt. Is everyone planning to cover the cost for their kids or is there still something to be said for a kid having a part in paying for their education?

There is debt, and then there is crippling debt.

http://college-education.procon.org/view.resource.php?resourceID=005532

Given the rising cost of college relative to household income, it is very important to us to pay for our kids' education. Beginning life with huge debt is a major impediment to buying a house, saving for retirement, having children - the list goes on.

We have saved aggressively, so our kids will graduate without debt. I'm not opposed to some modest amount (e.g. $25K or less for all four years), but anything beyond that would be unacceptable to me.

It is not possible to "work your way through school" now in the way that it was decades ago.

https://www.theatlantic.com/education/archive/2014/04/the-myth-of-working-your-way-through-college/359735/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'll pay for a useful degree. If my kids wants to waste four years on a degree that won't land them a job afterwards, well, then they can pay for that themselves.

That is so incredibly controlling and sad. How do you know what will land them a job or not? I have so many friends with liberal arts degrees who have gotten very wealthy.

Not PP, but most people I know with lib arts degrees that have gotten wealthy had either a) a degree from an Ivy or b) family connections. So yes, the well connected can do well regardless of degree. The other thing I will add is that the world in not the same. 40 years ago Peter Jennings could walk into a newspaper office and get a job as a journalist, now they won't hire you as an assistant even with a masters from Columbia. So if my kid says he wants to major in journalism, I want him to understand the impact of his decisions. We don't have connections.

I am not well connected but got an MBA from a top school and have done well despite my liberal arts degree. I know plenty of successful people from my college.

Correct, you needed an MBA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'll pay for a useful degree. If my kids wants to waste four years on a degree that won't land them a job afterwards, well, then they can pay for that themselves.

That is so incredibly controlling and sad. How do you know what will land them a job or not? I have so many friends with liberal arts degrees who have gotten very wealthy.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'll pay for a useful degree. If my kids wants to waste four years on a degree that won't land them a job afterwards, well, then they can pay for that themselves.

That is so incredibly controlling and sad. How do you know what will land them a job or not? I have so many friends with liberal arts degrees who have gotten very wealthy.

Not PP, but most people I know with lib arts degrees that have gotten wealthy had either a) a degree from an Ivy or b) family connections. So yes, the well connected can do well regardless of degree. The other thing I will add is that the world in not the same. 40 years ago Peter Jennings could walk into a newspaper office and get a job as a journalist, now they won't hire you as an assistant even with a masters from Columbia. So if my kid says he wants to major in journalism, I want him to understand the impact of his decisions. We don't have connections.

I am not well connected but got an MBA from a top school and have done well despite my liberal arts degree. I know plenty of successful people from my college.

have done well thanks to my liberal arts degree

^^^Fixed that for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'll pay for a useful degree. If my kids wants to waste four years on a degree that won't land them a job afterwards, well, then they can pay for that themselves.

That is so incredibly controlling and sad. How do you know what will land them a job or not? I have so many friends with liberal arts degrees who have gotten very wealthy.

Not PP, but most people I know with lib arts degrees that have gotten wealthy had either a) a degree from an Ivy or b) family connections. So yes, the well connected can do well regardless of degree. The other thing I will add is that the world in not the same. 40 years ago Peter Jennings could walk into a newspaper office and get a job as a journalist, now they won't hire you as an assistant even with a masters from Columbia. So if my kid says he wants to major in journalism, I want him to understand the impact of his decisions. We don't have connections.

The data does not support your assertions.

[Anonymous]

^^^
The data do not support your assertions.

[Anonymous]

Yes, because I have benefited from the generation above mine being generous, so it's my responsibility to pass that down. My kid may have to take on a small amount of debt and probably will work 10-15 hrs/week during school and full time some summers for spending money. But I don't plan to leave him with the amount of debt that will impact his post-graduation opportunities.

[Anonymous]

Yes, of course we will do our best to help our children with the cost of their education.

[Anonymous]

Anonymous wrote:^^^
The data do not support your assertions.

It would be useful to see the data you reference.

[Anonymous]

Anonymous wrote:Oh, and PP here, I don' want my kids to have a job in college. Maybe occasional nannying or housesitting ~ but otherwise not work during the school year and work in summers. We also hope that each takes a gap year before college (after deferring admission/being accepted), 1/2 volunteering 1/2 interning.

The stats/research on the benefits of working a very part-time job in college are pretty clear. 10 - 15 hours per week is ideal. More is too stressful, but less also is correlated with lower graduation rates.

https://www.aaup.org/article/understanding-working-college-student (this site is mostly aimed at working more than that, but it addresses the 10 - 15 hour per week ideal)

[Anonymous]

Yes, I don't want my child to start off life in debt. My parents paid for mine, my husband didn't get to go to college until his 30's because he couldn't afford it. My life has been much easier and he wishes he had that college experience. We'll do the best we can to pay for college and graduate school. I'd expect him to work summers and put the money away for spending like we did. I also expect he pick a major that will lead to a career which was my parents expectation.