Are you planning to pay for your kids' college fully?

[Anonymous]

Yes, undergrad and grad. DC is a responsible child. She gives herself too much stress doing anything (and everything). she wants to be an Pediatrician. I believe it is in her best interest to spend free time and summer breaks volunteering in NIH. We want to let her to focus as much as possible on what really important.

We have only one child. Financially, we have no problem if she goes to state college. If she can get in any elite college, we'll either down size our house or dig into retirement fund.

[Anonymous]

Yes

[Anonymous]

If a family member (grandparent, rich cousin) dies and leaves us $1M, yes. Otherwise, not happening. Four kids and only about $20k in the oldest's 529 (6 yr old); next two have about $13k, baby has zero. But she's not yet 6 months old so maybe we have time.

[Anonymous]

Anonymous wrote:Yes. There seems to be a theme in this thread that if you pay for college your kids will not appreciate it or work hard. That was not true in my experience. My parents paid my way and I'm very grateful that I was able to focus on doing well in school and didn't have any debt when I graduated.

+1

[Anonymous]

What do you think of this idea? My kids are little yet and I'm not sure it will make sense when they're in their teens and shopping schools, but we plan to have at least $150k set aside for each of them.

My thought was that they be made aware of this amount, and be included in the decision-making process as to what to do withe that money. They must get an undergad degree in order to access the money, but they can do whatever they want with any leftover funds (grad scool/start a business/downpayment/travel). But after that funding is gone, they shouldn't expect more.

My hope would be that it would make the decision to go in-state vs. out, or take out loans, go to grad school, more of their decision and utilize their money management,

Is that too much to to expect of an 18-year-old?

[Anonymous]

Anonymous wrote:What do you think of this idea? My kids are little yet and I'm not sure it will make sense when they're in their teens and shopping schools, but we plan to have at least $150k set aside for each of them.

My thought was that they be made aware of this amount, and be included in the decision-making process as to what to do withe that money. They must get an undergad degree in order to access the money, but they can do whatever they want with any leftover funds (grad scool/start a business/downpayment/travel). But after that funding is gone, they shouldn't expect more.

My hope would be that it would make the decision to go in-state vs. out, or take out loans, go to grad school, more of their decision and utilize their money management,

Is that too much to to expect of an 18-year-old?

I think it is too much to put on your kids. How will one feel if the other is offered an academic or sports scholarship? What if one child has have extended time in school due to illness and runs through the money faster? I think this is a recipe for the kids to become jealous of each other or make poor EDUCATION decisions for what each may think is a good short-term financial decision.

[Anonymous]

I would pay for my kids' college if I had the money. But I don't, so I won't.

Sorry about breaking the chain of 5 generations of my family starting out higher on the economic ladder than their parents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What do you think of this idea? My kids are little yet and I'm not sure it will make sense when they're in their teens and shopping schools, but we plan to have at least $150k set aside for each of them.

My thought was that they be made aware of this amount, and be included in the decision-making process as to what to do withe that money. They must get an undergad degree in order to access the money, but they can do whatever they want with any leftover funds (grad scool/start a business/downpayment/travel). But after that funding is gone, they shouldn't expect more.

My hope would be that it would make the decision to go in-state vs. out, or take out loans, go to grad school, more of their decision and utilize their money management,

Is that too much to to expect of an 18-year-old?

I think it is too much to put on your kids. How will one feel if the other is offered an academic or sports scholarship? What if one child has have extended time in school due to illness and runs through the money faster? I think this is a recipe for the kids to become jealous of each other or make poor EDUCATION decisions for what each may think is a good short-term financial decision.

Valid points. Different kids, different needs, but isn't there going to be a fair amount of jealousy regardless? Which schools they get accepted to, if on gets a scholarship. Perhaps it's not. Discussion about hard dollars, but more of a general "there's a pool, Inc it's gone, it's gone"? To say they each have a pool and it's finite actually sounds more equitable to me?

[Anonymous]

^Sorry. Inc=when.

[Anonymous]

Jury is still out regarding this topic in my household.

On the one hand, I want to pay so they can have a fresh start with no debt burden etc.

On the other, I had an enormous student loan, but was driven professionally to get rid of it since it had a whopper 8.5% interest rate. I was more successful than my friends who did not have a college debt.

So, not sure yet. Let me know if you find the magic answer.

[Anonymous]

Anonymous wrote:What do you think of this idea? My kids are little yet and I'm not sure it will make sense when they're in their teens and shopping schools, but we plan to have at least $150k set aside for each of them.

My thought was that they be made aware of this amount, and be included in the decision-making process as to what to do withe that money. They must get an undergad degree in order to access the money, but they can do whatever they want with any leftover funds (grad scool/start a business/downpayment/travel). But after that funding is gone, they shouldn't expect more.

My hope would be that it would make the decision to go in-state vs. out, or take out loans, go to grad school, more of their decision and utilize their money management,

Is that too much to to expect of an 18-year-old?

Actually, I like that idea. You're not funding a beer bong major, but you are ensuring they're not crippled with debt in their early/mid 20s, so they can figure out what they'd like to do.

[Anonymous]

No.

It's impossible. We will not be able to help them financially at all. But our kids have all known this from the beginning, and they are all planning accordingly. Our boys will most likely enlist in the Marine Corps on their 17th birthdays, and earn their GI bills. Our girls will find a way, just like I did. There is always a solution. It just might not be easy.

[Anonymous]

Anonymous wrote:No.

It's impossible. We will not be able to help them financially at all. But our kids have all known this from the beginning, and they are all planning accordingly. Our boys will most likely enlist in the Marine Corps on their 17th birthdays, and earn their GI bills. Our girls will find a way, just like I did. There is always a solution. It just might not be easy.

Your girls can also enlist in the Armed Forces.

[Anonymous]

Please, please tell how to ensure acceptance at W&M and UVa! I'd really like to know.

We currently have about 300k in savings for DS. He is 14. We will continue to add to that as he progresses through private high school.

DH and I both came from modest income families. We had lots of loans for undergrad and grad school and law school. We both worked at various times while at school. We both know that we could not have had the education we did if we did not have financial aid. We have endowed a significant scholarship at his law school and we have given to the financial aid programs at DS's schools. We feel it is very important to give back for what we received while we were in school.

[Anonymous]

My parents have established a trust that will fund everything. They have also established 529s for each grandchild. I still contribute to our own 529s for the kids. Education is very important to my family. I'm thankful we will have the resources available.