Anonymous
03/14/2013 06:40
Subject: Re:Are you planning to pay for your kids' college fully?
Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
How were you able to save $300,000 for college?
Not the quoted PP but we also have a substantial amount saved. We started early (when the kids were infants), put in bonuses and big chunks then and now do a payroll deduction each week.
Similar here. Only we started before we had kids and a decent chunk before the 1st was born. How did we do it? When we first got married and moved in together we saved one of our post tax salaries in its entirety and the max % 401k for the other. We have lived on "one" salary ever since. Decent professional salaries close to the Federal pay scale not huge lobby, sales or attorney type salaries.
Anonymous
03/14/2013 03:25
Subject: Re:Are you planning to pay for your kids' college fully?
Anonymous wrote:Anonymous wrote: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.
How were you able to save $300,000 for college?
Not the quoted PP but we also have a substantial amount saved. We started early (when the kids were infants), put in bonuses and big chunks then and now do a payroll deduction each week.
Anonymous
03/13/2013 22:06
Subject: Are you planning to pay for your kids' college fully?
Anonymous wrote:What about a sytem like this:
100% per credit for an A, 80% for a B. 50% for a C, and nothing for any grade lower.
What if a child has a legitimate learning disability? Or is dealing with tremendous loss? I wouldn't do this...
Anonymous
03/13/2013 16:11
Subject: Re:Are you planning to pay for your kids' college fully?
Anonymous wrote: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.
How were you able to save $300,000 for college?
Anonymous
03/13/2013 13:11
Subject: Are you planning to pay for your kids' college fully?
Yes. One child.
Parents did for me and in-laws for DH. We both managed to study hard, graduate in 4 years, obtain graduate degrees and lead productive work careers (even though we did not pay for college ourselves).
Parents did for me and in-laws for DH. We both managed to study hard, graduate in 4 years, obtain graduate degrees and lead productive work careers (even though we did not pay for college ourselves).
Anonymous
03/08/2013 18:08
Subject: Are you planning to pay for your kids' college fully?
^ I get the feeling you're a unique child, do you have siblings?
Anonymous
03/07/2013 21:31
Subject: Re:Are you planning to pay for your kids' college fully?
My parents paid for everything for me - undergrad, med school, and all my spending money as well. I did well throughout my schooling, so why not? I still had a budget, but just didn't have to work for it. I learned how to manage my finances without having any debt.
I honestly believe these are two separate lessons - how to value money and how to value education and scholastic achievement. If parents are financially able, I'm unsure why you have to tie the two together.
I honestly believe these are two separate lessons - how to value money and how to value education and scholastic achievement. If parents are financially able, I'm unsure why you have to tie the two together.
Anonymous
03/06/2013 14:21
Subject: Re:Are you planning to pay for your kids' college fully?
I am only having one child so that We can pay for 100% of tuition, books, R&B. Also, the enrichment and education that he will need to get there and be successful.
Anonymous
03/04/2013 08:04
Subject: Are you planning to pay for your kids' college fully?
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?
We actually did this with our two older kids. They had a pot of money that would be enough to fund 4 years instate. Anything more (5th year, out-of-state) they would need to figure out. Also, scholarships would "free" up money. FWIW, both kids graduate from VT on time with honors with most of the money still in the kitty. This came from summer jobs, scholarships, and economizing. It can be done. Both kids are now employed FT with good jobs and out of my house. One just used the funds for a down payment on a house, the other for graduate school. This worked for us and we will be doing it with youngest.
Anonymous
03/04/2013 07:11
Subject: Are you planning to pay for your kids' college fully?
Yes. Between grandparents and parents, everything will be paid for including any graduate schools, public or private. Same as what our parents/grandparents did for us. We only have one child and don't want him saddled with massive debt starting out or choosing schools/programs because of cost.
Anonymous
03/03/2013 17:55
Subject: Re:Are you planning to pay for your kids' college fully?
No. I will help. She is 5 now. But, I transferred over my GI Bill to her. She will have tuition assistance from that for 24 months. I have to do a extra 4 years in the military for her to receive that when she is eligible. Not sure about everything after that.
Anonymous
03/02/2013 20:09
Subject: Re:Are you planning to pay for your kids' college fully?
Anonymous wrote: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.
How can you ensure that your kids will be eligible for the Marine Corps at 17? That assumes a lot, including that they're able to skip one or two grades to receive their HS diploma, and that they are free of a variety of medical conditions.
If your income is low enough, there are many different kinds of support your kids might qualify for.
+1. There are many ways to fund an education that don't include life-changing and time-consuming military service. This is a valiant and often enriching way to receive an education, but certainly shouldn't be the ONLY option your kids have. I've seen numerous accounts of young adults receiving excellent on-the-job military training only to be told their training meant in nothing upon their return to civilian life.
Anonymous
03/02/2013 19:53
Subject: Are you planning to pay for your kids' college fully?
Anonymous wrote:What about a sytem like this:
100% per credit for an A, 80% for a B. 50% for a C, and nothing for any grade lower.
Hmmmm. Performance based. I get it - but might deter kids from picking a difficult field. Pre-med chem vs. Sociology?
I partied through my first 2 years, even though I paid my own way. Going to be tough to cough up $40k/year for a child that isn't clearly getting the most out of it. It's tough, really depends on the kid. I'm undecided as well.
Anonymous
03/02/2013 19:45
Subject: Re:Are you planning to pay for your kids' college fully?
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.
How can you ensure that your kids will be eligible for the Marine Corps at 17? That assumes a lot, including that they're able to skip one or two grades to receive their HS diploma, and that they are free of a variety of medical conditions.
If your income is low enough, there are many different kinds of support your kids might qualify for.
Anonymous
03/02/2013 19:39
Subject: Are you planning to pay for your kids' college fully?
What about a sytem like this:
100% per credit for an A, 80% for a B. 50% for a C, and nothing for any grade lower.
100% per credit for an A, 80% for a B. 50% for a C, and nothing for any grade lower.