Reply to Parents of little kids: What are your college savings goals?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My DH wants to cover 100%, I think 33% from us, 33% from the kid, 34% from scholarships is reasonable.  Honestly loans aren't the worst thing that can happen to a kid and I think knowing going in that they have to pay for part of it will make them think longer and harder about public vs private, what major they want to pick and what their first job out of college will pay, the works.

I've told him that even if we hit the Powerball I'd stick to this plan, and then just pay off their loans as a graduation present. [b]I really think having a kid be personally invested in their college education on the financial side makes them take it more seriously.[/b][/quote]

Maybe so in old days when cost was under control. With COA of 25k (instate public) to 70k (private) per year, there's no way kids can contribute in a meaningful way. Don't rely on that approach. It's a really outdated thinking.

[/quote]

If you truly believe there's no way for kids to contribute in a meaningful way to their own education, I'm sure your kids will live down to your expectations.  The people on this board really have an insular mindset about college -- not only is it necessary for everyone but also everyone has the ability to pay full freight and therefore doing anything less is tantamount to child abuse.  The kids of these parents are the ones I watched stretch "Communications" degrees into 6 year programs, knowing that mom and dad would never cut off the money flow because their precious angel absolutely had to have the best possible start in life.  [/quote]

How old are your kids? Have you actually done what you are preaching? If you have done it, and ONLY if you have done it, explain to us how you did it so we can learn from it. [/quote]

What's to explain? Do you need a tutorial on applying for loans or something? Save the amount you want to cover, and let your kids make up the rest. Having your kid pay for part of their education is not child abuse, nor is it "outdated thinking."  That's what I did in college -- my parents could cover zero, so I earned a full ride.  For grad school my parents could cover zero, so I got some scholarships and took out loans for the rest.  Somehow CPS never got involved.

You don't want to learn from it, you want to discredit it.  Pay your kids' way, I'm not stopping you.  I'm answering OP to show that there's a different way than just refueling the helicopter until the kid hits 30.[/quote]
There is surely a middle ground OP.  If you can't afford to pay 100% then I would understand it if you said here is what we can do and if you want to go to a more expensive place you need to apply for scholarships.  I don't really understand why you would want your child to take on debt to finish their undergraduate degree.  Perhaps I am being overprotective but I really don't think an 18 year old can make a truly mature decision about taking on debt.  
If you want your child to take some responsibility for their education which seems like a fine idea why not insist they get a part time job (say 10 hours a week) while in school and that they work for most of their summer vacation unless they have a worthwhile internship position lined up.  
You know your children better than people on an anonymous forum.  If you are worried they are too immature to take their studies seriously and might take too long to graduate, why not insist they start out at community college.  I really don't see how the "cure" for immaturity and irresponsibility is to require your child to take out a student loan.[/quote]

Well, this is an artful mischaracterization.  I don't think my kids are immature, nor did I ever imply as much.  I think teaching a kid that the important things in life is free is a bad lesson, and false, and doesn't instill the values that are important to me.  I don't think the kids I watched mess around in college and switch majors and skip class and drag their feet were irresponsible simply because it was paid for, I think it was because they came from the kind of family where it was understood it would be paid for.  It was never going to be their problem if they failed out, or got kicked out, or even simply failed to distinguish themselves.

Like I said, if I hit the Powerball I'd probably pay off their loans as a graduation present.  Furthermore, if they can get scholarships to cover more than a third, that comes out of their share.  Making them carry debt after school isn't the issue.  Making them take ownership of their college choices, from choosing a school to choosing a major to determining how much effort they put in once they're there, is the issue.  "Kids" in college are actually adults, and I plan to treat them accordingly.  [/quote]

Wow you are a blowhard.[/quote]

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