Saving for college??

[Marshian]

Having paid my own way via loans, scholarships, and summer jobs through college and medical school- I understand how some loans are a motivator to keep a person going. That being said, I have a newborn girl who I will pay some of her school for even though very little was paid for me (occasional groceries and a beater car given to me for med school- never any pure money). The reason I'm paying hers is that if athe parents make decent money, the government assumes they will pay a good portion for their kids and the poor kid will get screwed with higher interest loans, less grants and a much poorer overall financial aid package. My paying some for my daughter will at least help level her playing field although I will definitely make sure she also has a manageable amount of loans to make her take college seriously.

 

[1_pointer]

The reason I'm paying hers is that if athe parents make decent money, the government assumes they will pay a good portion for their kids and the poor kid will get screwed with higher interest loans, less grants and a much poorer overall financial aid package. My paying some for my daughter will at least help level her playing field although I will definitely make sure she also has a manageable amount of loans to make her take college seriously.

Thanks for that! Hadn't quite got there with the logic but it does make sense. Financial aid was about the only "good" thing that was a result of my parents divorce when I was in high school.

 

[dustinf]

Financial aid was about the only "good" thing that was a result of my parents divorce when I was in high school.

I feel cheated, all I got was low self-esteem.

 

[Moosie]

Have a new granddaughter arriving the first of september...I'm buying her an axe and Buzz's motivational CD's.

She'll have to pay you back by age 5 though I'd hope.............

 

[Nemont]

Like somebody said it appears, as usual, that there are many different ways to parent. My wife and I don't believe in giving our kids a free ride in life. The reality of our situation is that we are lucky to make a decent living, we have been conservative and started saving the first month we were married and don't have any debt, even on the house. When I complete the FAFSA form as required for my kids it shows that because we have been prudent the school of choice our kid goes to assumes that the family contribution will be signficant. Rather than rely on the taxpayers for subsidized loans or grants we decided to help our kids IF they want to further their education. I would help them learn a trade as well.

I believe there if virtue in hard work, in making your own way and it paying the freight for yourself as much as possible. I also believe that by helping my kids get a degree I will give the one leg up on finding their path to success. I look at the current unemployment numbers and see that those without degrees have an unemployment rate o 9.4% and those with degrees it is 4.3%.

I think there is a misconception that if parents help with college it means the kids are all pi$$ing away the money. There are ways to monitor that and it is fairly easy.

To each there own but for me making sure our kids could get educated was important and we chose to put a few bucks aside each month and it added up fast. Don't touch your home equity, your own retirement funds and don't short change your family time. Helping with college expense does not mean I am raising a bunch of malingering kids who don't know the value of work or how to manage their own money.

Nemont

 

[WV Hunter]

I keep playing the lottery and my 3 and 5 year old are certified underground miners

My daughter is 13, she has never made less than an A in any class. She takes the highest math and English courses available to her. She is in the gifted class, just voted (end of May) student body president for the upcoming year, twirls at a competition level, plays volleyball, track, dance team, received the Presidents award,blah blah blah. I am hoping that she stays the course and has the opportunity to receive academic and athletic scholarships. We have the promise scholarship in WV (not sure if other states have it) which offers full paid tuition to in state schools if you average a 3.5 GPA thru graduation of high school. If she stays on track she could attend WVU, Marshall or one of the other in state Universities very reasonably.

Having said all that, if for whatever reason she doesn't get a free ride thru her hard work, I plan to pay what I can for her. If she continues on the path she is on, working her tail off studying, helping in the community and church and practicing and competing in twirling, volleyball and so forth then I see no reason no to pay what I can to help her. It certainly wouldn't be a free ride as hard as she has worked. I bought her a townhouse when she was 5 (not really hers), It will be paid for by the time she is 18 thanks to the tenants. It is worth $100k and how I plan to help her pay for college if needed. I'll let someone else pay her debt thru rent.

My other kids are 3 and 5. The 5 year old will be going to a private Christian school in August. Tuition there is about the same cost as 12 hours commuting to WV State University. I plan to start the 529 for both of them soon (like any day soon). I have other properties that will be backups for them. Being only 3 and 5 I don't know how dedicated, lazy, stupid or crazy they will be just yet, but here's hoping and praying we can help them find a plan that will fit their life.