I was thinking of the mortgage thing on extreme makeover how they got a loan for a business and are losing their house. Business can be a risk. So it got me thinking about kids college and funding for them. We plan to get a college fund going for our kids, its slow going for my daughter because she is almost there, but my son should have it set by the time he gets to college age. We plan to put her in a junior/community college the first two years and if she wants to transfer we can do that. When she is a senior/Junior Highschool we will put her on those extra credit classes and pay for it a little at a time. I will work an extra job, I will sell things to get her there, but will I sacrifice our house on a mortgage loan or take out our retirement for them???...NO I love my children, but I think it’s selfish for them to even ask us that if they do, but I know they won't because of the way I am raising them. I am hoping it will change the way some of y'all think on this and know there is other options. Please don't mortgage your house, save now, research for ever thing you can. I have a friend that applied for over 100 scholarships last year and got her son into a full scholarship program because of it. There are all kinds of grants out there too for free. There are work scholarship programs the kids can do. My own husband joined the service to get his money for college, not an option for some I know but it was just to make a point there is options. Sam
I wouldn't mortgage my home. I believe that if Emma wants to go to college, she will have to go to work and earn her education. We will help, no doubt, but there are conditions that will be placed upon her if we are going to help. If she has to help herself, hopefully it will give her the incentive to do better because she will be wasting her own money if she plays around. Our oldest goes to college and we will not help her financially because she lives with her boyfriend. Some people may not agree but if she is going to play house then she needs to get her honey to help her. He refuses so she is paying her own way as well as using financial aid.
Only so far... Good question! With my oldest starting high school, we've recently begun thinking about how we're going to afford to pay for college. We've never really been in a financial position to put money aside for college, so our kids have always known that they were going to have to work their way through school or get scholarships. We will contribute as much as we possibly can, but our kids know that they are going to have to be largely responsible for paying for their college education. And I don't think we're doing them a disservice, either, by saying that they'll have to work their way through school. When you're footing the bill for something, you tend to take it a little more seriously than if it's been given to you free and clear. In Florida, where we live, there's a great scholarship program called Take Stock in Children that my daughter will be eligible for. High school students who are accepted into the program have to meet with a mentor regularly over the course of two years. The mentor simply acts as a sort of guidance counselor to be sure they're taking the courses they need to take to get into college, offers support and encouragement, and just basically makes sure that the student is on track with their education. Students who go through this mentoring program then get a full or partial scholarship to any state university, depending on their income level. We're really praying that our daughter will be accepted into the program. It would be a Godsend for us!
My dh and I talk about this a lot because we both went to college with no support from family. We earned all the money ourselves and worked the whole time. I think children value their education more if they are earning it themselves. I would see so many students who were just drinking their way through school because they didn't have to worry about anything, "mommy and daddy" were footing the bill. I think that if my kids go to the local college they can live at home and we will continue to feed them and pay their rent. But I expect them to get a job and take care of books and tuition. We of course will be willing to help when needed.
We haven't thought much about college yet. We are still paying off student loans for hubby and I, LOL. Both of us had to get financial aid of many forms and worked as much as we could. I think we will be in a better financial position when our kids are that age than either of our familes were so I know we will be able to help more, but that also means that our kids won't get some of the need based aid that I was able to qualify for.
My children are still very young but as of now our plan for this is to contribute as much as we can to our children's education and the rest they will have to pay for themselves, either with scholarships, student loans, or by working their way through college a few courses at a time. Hubby and I have always said that we would take care of our children until they were graduated from college so if they choose a local school they may live at home and have all of their clothing, housing, and food needs met and we will try to help with books and supplies. But they will most likely have to pay for it themselves as we just are not in a situation where we have extra money to give them for that.
I will help as much as possible, but will expect my children to help themselves. My parents paid about $2000 of my college over all 4 years. The rest was scholarships or paid by me. I did have one small student loan. DH paid (is still paying) for his college with student loans, except for a small amount in scholarships-- over $30,000. He had no parental help at all.
We were able to start college investment accounts for the girls with inheritance from dh's father. Not much but enough to get them started. That is slowly building up. We plan to help them as much as we can but they are going to have to work for as much as they can, scholerships and such.
My kids will have to work for their higher education. I had to pay my way thru. My parents helped by letting me live with them and they gave me their old car (I was a single parent at that time). I just paid off my student loan a year or so ago but haven't worked outside the home for 5 years now.
My parents paid for my first semester and then I had to pay after that by using my personal savings and work earnings. I agree it's best for kids to pay for the majority of their schooling. Since my parents paid for the first semester that gave me a start and a little time to save up for the 2nd semester with money from my job. It worked pretty good.
We have a large headstart on saving for our kids college. However with investments paying so little compared to inflation, and with the inflation in college tuitions being even higher than the economy at large, who knows if we will keep up. At lease we should be able to put them most of the way. Using a smaller university or a Jr. or Community college for the first 2 years is our plan for many reasons and that will help hold costs down. I also think that a portion of all money that they make after age 10 will be required to go into savings for college. Everyone has bills and financial responsibilities and I don't think kids should spend all that they earn. We won't be mortaging our home. They can work their way through college or stop and work a year or two, then return or borrow some money if they cannot get enough grant and or scholarship money to pay the difference. As long as they are working toward a career, whether through college, vocational training or whatever they can live here but at the point they stagnate they will be expected to pay rent or to go out and learn to live on what they have chosen for there life. ( translation a drop out wont be cribbing here for free so they can afford a car, phone, club money etc.)
We have a dd who is a sr. in college, and one a sr. in high school... we pay tuition, and I try to help with books, we gave her a car, and we pay the insurance... we had bought a house for her to live in... she was responsable for groceries and utilities. She chose to move out and live with her boyfriend. We agonized on whether to continue to fund college with that situation. I finally decided that if we didn't, a bad decision could turn into a disasterous situation... if she dropped out, got pregnant... etc. So we still pay for school. I did tell her I would cont. to pay tuition if she got married. but she has chosen not to. (They could have lived in the house too) Health insurance is a big part of that, she has some issues there. Because of our income and assets she does not quailifiy for any grants and not many scholorships. I don't think it is fair for her to have to go into debt to pay for school when it is our income that puts her into that position. #2dd says she will probably go to same school as sister, so she will live in the house. Not the best situation... but hopefully get them all on the road to a good future. #1dd has expressed extreme gratitude for what we have helped with, she has friends that are not getting that kind of help and most of them go to school in fits and starts.
I plan on helping my children but not paying for it. I got myself through on scholarships and student loans and I graduated in 4 years and then got a job in my field. My younger brother had mommy and daddy's help and it took him six years. Then he changed his mind and now he's back doing another 4 for a different degree. I remember the hardest part was after I graduated, getting on my feet and going out on my own. So I'm thinking that I might save a large sum of money as a college graduation gift to help my children get on their feet. To me that seems like a good reward for working hard to graduate and not paying for them to drink and goof off. And it helps them when they need it most, but ultimately leads them to being responsible for themselves. This is just something I have been thinking about lately.
We have told our kids from the beginning, if they want to go to college, then they will have to pay for it either through scholarships, grants or loans. Unless things change drastically, we will have no means for paying for it. We won't put our retirement years in jeapordy over their education, nor will we sacrifice our home/lifestyle. We will help them get their first car, but it will be just a means of transportation... most likely something they pick out when they are 14-15 and get road worthy with dad in time for them to be licence drivers. We just can't afford to hand them things. I was never helped with getting a car, but hubby was so we have decided to compromise on this and meet in the middle. Back to college.. we have agreed that we will let the kids live with us rent free if they chose to go to a college or university within a decent driving distance, and they continue to follow our rules. We do have plans that when we build our home to put a loft apartment in the garage, and they would have use of that as a college student, but that is just a plan as of now and time will tell if it can actually happen.
My parents have actually set aside a certain amount for each of my kids education should they chose to attend college. They are pretty well off and so generous to do that. I never asked them to do anything. The rest we will help with and they will need to apply for scholarships. We hope to be able to help them each with a car too. Nothing expensive just something reliable to get them here and there. I would never take out additional mortgages on my home!
If you're going to pay, pay at the end! All my friends who were paying for more than half of their college costs took it seriously, did well, and finished in 4 years. Those who got more than half paid for, all took at least 4 1/2 years...one took 7, although he did end up with a masters degree. So, I'm thinking the best plan is to pay after completion if you're going to contribute! It probably depends somewhat on their personality and the school, as well.
Lord willing and the creek don't rise, I'll be teaching college by the time the boys are attending. They'll get significant tuition reductions because of it (if not for free). Otherwise, there are work colleges, scholarships, etc. I will strongly advise them against getting a student loan. I think they are wrong on many many levels. Not the least of which is that a 17/18 yr old kid has no concept of what it means to repay $30,000. And I won't co-sign for a student loan, making it nearly impossible for them to get one. But I'm of a different school of thought, I guess. I don't think college is a right. I think it's something that should be earned. I also don't think that college is the best choice for every child. I know that's a crazy thing to say in this day and age, but really, I wasted my chance to have the career I wanted by going to college. God told me not to go, but my mother said I had to (and I was only 17 at the time, so I had to listen). The whole thing was a disaster. I digress.... So we will not go too far at all. Though we will do what we can.
wow, Sam that is a good question. Well I came from a very poor and large family with no love. I always told dh before we married that when we get married have children they are going to be our life and will do as much as I can for them. I don't want them to have to go through the things we did in life. So, I really don't know what I will do, I know I will help them as much as I can. Time will only tell.
I don't think we are handing anything to our kids on a silver platter. We do what we can to help, which I think is fair considering that it is our income that affects their student aid. I just think college and braces are a responsability you take on with kids. We made some mistakes with the eldest, that has affected the "rules" for the next ones. No out of state school without a 4 year full ride scholorship. Our eldest could have gotten great scholorships based on ACT score, except she chose early childhood... and frankly no one is going to pay for a "rich" white girl to be a teacher. But, I think she needs to do what she wants to do. It is also a rule that they get decent grades... I won't pay for d's... so if you do poorly, then I am done. One would have to work back into my good graces... I think dd has gotten one B, and agonized over it! The next one, she may be a little more free spirited. We also have a state scholorship, if they grad. from a NM high school, tuition is paid...but it doesn't count for homeschoolers or private school. Our eldest forfeited it by going out of state her first year, so we changed our rules for dd2. (she has been in ps since 5th grade) We probably won't be here for the boys... we shall see.
