Anonymous wrote:

Anonymous wrote:Remember your kid picks your nursing home. Be nice.

This isn't true. Everyone I know has picked their own nursing home and it's based on what they can afford.

Second this. What a silly statement

Anonymous wrote:Remember your kid picks your nursing home. Be nice.

This isn't true. Everyone I know has picked their own nursing home and it's based on what they can afford.

We pay for everything (tuition, books, lab fees, R&B, sorority dues, household essentials, gas, parking, flights home, car insurance, uber) and give $100 per month cash.

We expect summer job money to cover extras like special outfits, spray tan, nails, going out - whether that's food and drink, movie tickets, concerts, etc.

I will not pay for "recklessness" - parking tickets, sorority fines, minor in possession (hasn't happened to my kid, but this is the kind of thing I'm talking about).

Anonymous wrote:There was a college a few years ago a group of girls whose rich parents would not pay for stuff started turning tricks and getting sugar daddies and doing OF sites.

They were used to spending tons of cash, and when parents cut them off they needed to get cash for high end clothes, spring breaks, ski trips, nice car, going out on their own.

Link?

There was a college a few years ago a group of girls whose rich parents would not pay for stuff started turning tricks and getting sugar daddies and doing OF sites.

They were used to spending tons of cash, and when parents cut them off they needed to get cash for high end clothes, spring breaks, ski trips, nice car, going out on their own.

Remember your kid picks your nursing home. Be nice.

We’re covering tuition & room & board. Kid will use his summer job money, graduation gifts, and local scholarships to cover any spending money beyond that. So far he should be more than okay for first year at least — not sure if local scholarships will be as available beyond first year but hopefully he can get a better paying internship next summer.

Honestly, the kid doesn’t spend much so if he was really broke, or needed money for new clothes because he outgrew old ones (how is he still growing?!?) I’d probably cover him. But I think he’ll be fine. Tempted to put the equivalent of his job earnings into a Roth IRA for him as a surprise gift, but also worried about future cost of grad school / med school. Can he withdraw from a Roth for that? (Yes I should google that …)

Mine will (hopefully) have a little work study job they can use for spending money. She will also work over the summer. We pay for nearly everything, and we are quite generous, but I want to instill a sense of personal responsibility and try to switch the mindset from mom/dad will take care of it, to “I can take care of it.” I am raising a daughter and a work ethic is invaluable.

Anonymous wrote:We pay for tuition, room, board, and transportation to and from school. We also pay for extras as necessary, such as for example, supplemental funding if they need it for a valuable internship or similar.

They are responsible for paying for their extra expenses, entertainment, meals out, any travel that’s not to and from campus or to and from the location of an internship or similar, books.

They work very part-time during the school year. According to studies, students who work 10 or 15 hours a week perform better academically than those who don’t.

https://hrs.byu.edu/00000173-96c6-d29f-a3f7-f6c7783a0000/effects-of-student-employment

My kid hasn't worked during college and they are at a T30, majoring in a Chem Engineering and have a 3.9+ gpa as a senior. Not sure how much better having a job would make them.

Hint: I was a Work study kid, who struggled to pay for college and anything fun in college. The reason those kids tend to do better is because they know they cannot afford to mess it up. College and doing well is their ticket out of lower income lifestyle they grew up with. So it's not so much the "job during college" as it is the desire to change their overall lifestyle.

But I'd disagree and say there are plenty of kids who don't have to work who also do exceedingly well, without all the stresses

Anonymous wrote:We're financially equipped to pay for all expenses but want our kid to have a little skin in the game for college, like allocating some portion of her summer earnings to contribute to college expenses. Anyone have an approach they like? Set a lump sum amount? DC pays for books or monthly allowance at college out of summer earnings? She is also planning to get an on-campus job at school. TIA

I don't get this 'skin in the game' thing. The kids have plenty of skin in the game in college - their entire futures.

Anonymous wrote:I will fully pay for all three of my kids and ask them to contribute nothing. This is what my parents did for me - and they weren't rich (I am). I clearly remember being filled with gratitude all through college as I watched friends do work study programs and take loans - I did not take it for granted at all that I did not have to contend with those things thanks to my parents' commitment to pay for everything for me.

I respect people who want their kids to have skin in the game and who require them to contribute to the cost of their education. For me personally, I feel it's my responsibility to cover all costs for my kids because a) I can easily afford it, b) they're good kids and c) I want them to have a head start in life.

+1

Same!

We pay for everything. Kids have summer jobs and they put those into Roth IRAs.

But you do NOT have to have "skin in the game" to be grateful and successful. Our kids see their friends who have to struggle to pay for things and upon graduation, spend the next 10+ years paying the loans, while my kid has no debt. They greatly appreciate the fact that college was paid for and they were able to start saving for retirement early.

11:26 here. We also expect them to work and earn money during summers.

We pay for tuition, room, board, and transportation to and from school. We also pay for extras as necessary, such as for example, supplemental funding if they need it for a valuable internship or similar.

They are responsible for paying for their extra expenses, entertainment, meals out, any travel that’s not to and from campus or to and from the location of an internship or similar, books.

They work very part-time during the school year. According to studies, students who work 10 or 15 hours a week perform better academically than those who don’t.

https://hrs.byu.edu/00000173-96c6-d29f-a3f7-f6c7783a0000/effects-of-student-employment

My kids don't pay for anything. Maybe some spending money from summer jobs but I also give lots of allowance.

Anonymous wrote:We pay tuition, room and board, and books. They pay for pizza and beer money

Same with us. We also pick up travel home.