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

[Anonymous]

I had to decide on a college based on which one would give me a full-tuition scholarship, I had to pay for all additional expenses for most years, and I mostly had to work full-time to do that. It really cut into what I was able to do during college. I wasn't able to do any sports, or internships, or semesters abroad. I always had to think about money. It kind of sucked.

So I hope to pay for most of my daughter's expenses except for things like her social life, clothes, etc. I feel like she should have a part-time job for that stuff. I don't want her to feel like she's limited in her opportunities because she is thinking about money. She has her entire adult life to worry about money.

[Anonymous]

Anonymous wrote:

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.

I'm paying for my kids.

I've noticed that blue coller types don't believe in the skin in the game concept that debt is good. Seems to be something made up by people who make more money but want to spend more on themselves so they invent an idea (without any proof) that debt is good. For me, debt caused a huge amount of anxiety and now I'm in a job I don't like but feel stuck because of my income. It is depressing.

Besides I want grandkids someday. Debt = delayed everything including having kids.

It's attitudes/fears like yours that embolden colleges to hike up tuition rates several times general inflation. I hope more people become savvy consumers of higher ed. Colleges and Universities have been looking at kids as clients/customers for years.

[Anonymous]

We will pay so they do not have debt and can start out without that burden. They will likely attend state schools though.

[Anonymous]

We are saving what we can every month, and hope to increase those savings through the years. We will also encourage State Schools.One set of grandparents make small contributions every year- but intend to do more in the future.

At our current savings rate, we might be able to pay for half out of their 529s. We will pay what we can during the college years- and will encourage some sort of job during the year and during the summers to pay for extras- like entertainment, travel, off campus dining, etc. I expect my kids will likely take out some loans- but I don't have any desire to make them have skin in the game... it just is a reality I am expecting.

My hope is that once they graduate, we can continue to help them pay off their loans... maybe matching their monthly payments or gifting them with various amounts earmarked for those loans.

[Anonymous]

Yes; paying it forward.

[Anonymous]

No. I took out some SL debt and also had the option of full scholarships. They can also do ROTC.

[Anonymous]

I might do what my parents did and say the Stafford loan is his responsibility but then just pay it as a grad gift.

[Anonymous]

My kids are 17 and 15, so we're right on the cusp of this. Our 529s have something like $140k saved for kid 1 and $110k for kid 2. We'll cash-flow the rest no matter where they go.

We have something like $3.5M in our retirement accounts and brokerage, and we're about 50 years old, so the retirement is right on track.

I'd feel like a jerk if my wife and I enjoyed our wealth while our kids were saddling themselves with student debt or foreclosing themselves from great but expensive opportunities. I wouldn't be able to live with myself.

I get that we're in the lucky few who get to make this choice. Many people simply can't afford to pay full freight for university, and I'm not judging those who make do with limited means. But, in our situation, with options afforded by our means, I can't imagine not paying for my kids' education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

It would be useful to see the data you reference.

Well, you made the assertions, not I, and you made them based on your anecdotal experience (which means nothing) - but here is some info for you anyway:

http://www.aacu.org/sites/default/files/files/LEAP/nchems.pdf

http://fortune.com/2015/11/13/liberal-arts-degrees-critics/

Most liberal arts graduates plan to, and do go on to professional or graduate school.

Thanks, seems they earn about 30% less than STEM graduates, per your reference 1. This data does not seem to show lifetime earning and employability, which is different from peak earnings. It also does not parse out the role of connections.

Depends on the point in time you are referencing as well as whether they have graduate degrees, and what kinds. My brother the American Studies major is now a psychiatrist. Some humanities majors go on to do graduate or professional work in the sciences or math, and vice-versa.

Do you think that no one should study the humanities? That there should be no social workers, teachers, museum professionals, writers, artists, lawyers, professors?

PP, you can't be serious? A dumb ass liberal arts major, pursuing graduate studies in "math" or "science"??? Yea...right.

[Anonymous]

Yes, 100% for all three kids.

[Anonymous]

Unsure. I graduated debt-free, which I realize was a gift, but that made me refuse graduate school b/c my parents didn't plan on paying for that and I was terrified of going into debt. I was incredibly uncomfortable with that. But I'd probably be better off financially if I'd just done it.

[Anonymous]

My parents paid for mine and it's always been clear that the way to "pay them back" is to pay for our own kids' college.

[Anonymous]

Anonymous wrote:Unsure. I graduated debt-free, which I realize was a gift, but that made me refuse graduate school b/c my parents didn't plan on paying for that and I was terrified of going into debt. I was incredibly uncomfortable with that. But I'd probably be better off financially if I'd just done it.

This seems like an illogical reaction to me. If the fear of debt kept you from attending grad school, then the solution to that isn't to pile on additional undergrad debt.

[Anonymous]

I paid for my own, but plan to pay tuition, room and board for mine for instate only. Spending money is on them. If they want private/out of state they either need to figure out how to finance or get a scholarship.

[Anonymous]

I have prepared to pay full tuition for a virginia school. It will bill be a combo of cash from myself and them to fund room and board.

So, I'd say we are funding 75% of the expense.