Reply to Why pay all of kids' college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I have been MC all my life. I wanted to be married, have kids, and have at least a  MC life. Beginning of marital life, we were quite poor and made very little money.  Later on, our earnings increased.

Because of that - we only had 2 kids, only lived in house in a inexpensive neighborhood, only sent my kids to our local public K-12 schools, did not have a pet, lived a modest life,  saved for our retirement, emergency fun, and started saving for as much college as we could.  My kids went in-state and chose majors that can get them employed.

We first saved for 2 years of community college tuition, then we added 2 years of in-state public university tuition, [b]then we added two more years of Masters in-state public college.  Once we had that in place, we started to save for living expenses for 2,4, 6 years. Once we had hit that target, we started to save for MBA, medical school, law school etc. [/b]

Paying for kids college gives them a SES leg-up that can help them and future generations.  So, I don't have to sing the praises of college education for the kids or why making kids graduate debt-free is a blessing to them.  Suffice to say, you need to live with a degree of frugality to save for your kids.

If you are very poor, then at least make your kids high achievers by prioritizing education and enriching them at home.

I think people are critical when parents live a lavish life - vacations, booze, socializing, expensive hobbies and do not save for the kids education. [/quote]

The problem is graduate school really is a complete option, and often times a bad move.  I would not blindly agree to pay for my kid to go law school or get an MBA or do any kind of academic graduate program where tuition plus a stipend is not offered (because that means, it is a lifestyle program...not one in demand).  Medical school is different.

I am with some PPs that would likely give a low to zero-interest loan to a kid for graduate school...but only if they have a clear plan and it is a top program.  Anything other than Medical school (or again, a PhD program that is essentially "free"...so may help with some living expenses)...no way I would pay to go straight to grad school without working in the real world for 3-5 years.[/quote]

We will pay for grad school.  I don’t understand why you would not. [/quote]

NP.  Because we have a finite amount of resources, I want to retire and enjoy what is left of my life.  I can afford to retire while I'm young and do the things on my bucket or fund my kids through their twenties while they pursue graduate degrees.  I'll choose me on this one (after decades of putting them first).  I gave my kids a debt-free undergrad.  If they want to go to grad school, they'll need to choose wisely based on how it will benefit their career. [/quote]

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