Are you paying for your kids College?...

[coatkl7]

I'm American, and yes I did attend a private university off my parents' money. While I did not have to pay for my tuition, my parents always instilled in me a need for responsibility. I had a job throughout college and paid for my rent, groceries, my school books, and other odds and ends I needed.
If my parents had not sponsored my college funds, I would not have had the opportunity to attend an esteemed university, and receive the education I did. I understand some children do take college for granted and do not appreciate it until later, if ever. However, I do think that we as parents need to start instilling the importance of money into our children from the get-go. To not spoil our kids on material things, and to have us save for our child to further her education I think is a great gift we can give to our children.

There are two sides to every story, however, but I do think that every child should have the opportunity to attend college.

 

[Hartz75]

there are so many things to consider.

My parents could not pay for my education and I am still paying for my debts on that, which made it so that I could not get a house when I was married and had children. Which made so I could not have a big wedding (that does not bother me so), I struggled the first few years of my eldest daughters life for food. Now things are better, more experience has gotten my hubby and I better jobs. I still do not have the means to save for my children's university but I will do what I can to help them when the time comes depending on my circumstances. I do realize the wrong decisions I made (since my parents never taught me of money or finances) so I will give them better advice then I was given and will do what I can for them.

My husband is from UK and there universtiy is free, so he was shocked to find out we would have to pay here. But he did move to Canada because things were to expensive there...... His parents started making him pay rent at 16 as well but mind you he was done school by then. You finish school earlier in the UK vs 18 here in Canada. So he had a full time job and school done, no thoughts of university yet so they cahrged him rent. He did not know at the time but they banked that rent, and when he turned 21 and decided to look for a house on his own he got approved for financing, his parents gave him the rent as a down payment on the house. He did not know they were doing that it was a gift. It was really good. Also he was raised that while he was working summer and after school, he was taught to put 1/2 of his pay in the bank "savings" and he had to budget from the other 1/2 of his pay. Very good learning tools. Becasue of this my husband is a great person to talk finances with, he understands money and saving.

I plan on doing the same with my children. If they have summer jobs I will teach them to save 1/2 and budget with the other half.

It is very important for every child to attend college or university. But I cannot say uncertainly I will or will not pay for it. The only thing I can say is I will do whatever is in my power to help my children with whatever they need.

 

[Gunny]

I'm paying half of the kid I Big Brother for. I made a deal with him that if he maintained a B average during his senior year I would pay half of his college as long as he agreed to attend the University of Florida.

GO GATORS!!!!!

 

[Father_0f_7]

GO GATORS!!!!!

No no no no no!

 

[Gunny]

No no no no no!

Is that a Seminole fan I smell?

 

[Father_0f_7]

Hell no! War Eagle!

 

[Gunny]

Hell no! War Eagle!

Ah, so that's jealousy I smell

 

[Father_0f_7]

nope. I'm more faithful to Naval Academy anyway. My Alma Mater.

 

[St. Nobody]

Fuzzy hats? I want one!

Seriously, though, I am paying for the child's college, and if they want an advanced degree, I will probably pay for that, too.

My parents neither paid for my college nor helped me out through college. When I was a child, they got me three horses, and they also expected me to care for them 100%, as well as after their divorce when I was eighteen, I was also 90% responsible for my two younger siblings.

I have worked as much as 80 hours per week while maintaining a GPA of a current 3.75. In my seriously depressed area, during inbetween times I was often without power or other utilities and sometimes homeless. I DID work very hard, but it didn't build my character, it made me very bitter.

I couldn't get need-based scholarships because despite recieving little help from him, my father claimed me on his taxes and he makes quite a lot of money. My merit scholarships covered class, but because of other responsibilities, I was unable to go live on campus anywhere.

My child will not go through that.

Paying for the education does not mean that I don't expect the child to earn it or that they will have a free ride. Far from it. When I was younger, before my parents changed the way they did, I was given an allowance for chores and saved my own money to buy most of my own things.

I will assign the child basic, age-appropriate chores, some of which will be rewarded with money. From a young age, I will teach the child to budget and control their cash flow as per Dave Ramsey's advice.

For their car, I will strongly suggest that the child allocate a portion of their money to saving for a car, which I will match dollar for dollar when the time comes to purchase the car. When the child has procured employment, I will expect them to pay their own gas and insurance.

Making sure a child has a good start in life does not mean spoiling the child, but is indeed (from my perspective) a responsibility.

I don't care what I have to do to ensure this, but I am going to be the last generation of my family to ever starve. I will be the last to live without power, to live with nothing, to work until my hands are bleeding and attend school full time trying everything in my power to better myself and yet still not getting ahead.

 

[gmoochies]

My parents paid for my college & it was the best gift ever! At almost 40 years old, we are still paying off my husband's college loans!

 

[lola]

I'd probably pay for their college education. I do not want them to get loans and pay it until when who knows..It would be a great form of gift from us just what like gmoochies said.

 

[steppinthrax]

I'm originally from Europe and simply cannot understand American's obsession with sponsoring their kids college.

One of the main reasons for this is experience, when I was younger I've seen SO many kids get a free ride, didn't appreciate what their parents were doing....and blow off college. Even then parents would still pay for their stuff.

I just don't get it, they are fueling their kids behavior.

No one has EVER offered to pay for my college....heck my parents charged me rent at 15 (I worked since 14). And although I hated it at first, now I appreciate what they have done.

I'm a big believer in "you cannot appreciate ANYTHING you don't work for". I'm sorry but it just gets me SICK to my stomach when I see parents sponsor every single bit of their kids life's.

Personally I don't blame the kids one bit, ANY kid will take whatever is given to them. Problem is, it's just a matter of time before you have to grow up.....and that's where i see many run into a big wall.

I love my kids to death (I have 4) and I want what's best for them. I understand the importance of good education, but I also understand a responsibility as a parent.

Right now, I simply cannot save for my kids college. But that's besides the point. Let's assume I had millions in the bank, guess what I would not pay for their school. It will be up them to do good in school and hopefully get a scholarship. If NOT, they will need to take out a loan and eventually pay it off. This is the only way to teach them responsibility IMO. How else will they learn how hard it is to work and get money if the biggest expenses in their life are being sponsored on regular basis.

Some of these kids I see out there just make me sick....and I blame their parents. Brand new 30-40k cars.....don't pay rent.....won't even clean their room (forget about cleaning the house). Only thing these parents teach them is how to use them....I don't get it.

Regardless of my financial status when my kids are 16 it will be their responsibility to get a job, pay their bills, manage their money, pay for their car, BUT their car, pay for their insurance etc. At 18 I will expect them to contribute to household, if it's not in form of rent then is some other form.

But there is no way in HELL there will be a free ride, simply will not allow that to happen.

Same goes for college, they are adults by our society standards.....my goal is to prepare them for life and be ready. Not spoil them so they can fall on their face flat once my bank account is empty.

Perhaps I'm a little too tough...

Why do you feel obligated to pay for your kids college?

The goal is you want to do everything you can so your children don't come back to you in the future asking for money for the rest of your natuarl life.

My dad promised to pay for my college, but didn't. I ended up footing the bill. I don't speak to them anymore.... I now have a M.S. degree and making a 6 figure income (more than my dad, and he knows it). They now try to kiss my ass. What goes around comes around....

 

[superman]

i started a college fund for my son when he was born. i dont have a lot of money but i put a little away each paycheck for him. it probably wont cover the whole expense but i want to help him out that way. i didnt/havent gone to college. i never had a college fund. so i thought it would be nice to know that im backin him as far as education goes.

 

[Hassty]

Unfortunately, I hoped too much that my son would receive a scholarship, so I wasn't ready for the fact that I would have to pay for his education. Before he made his decision, he did n't consult with me. Now I'm helping him pay off the loan for his studies. I had to use the installment loans service on this online portal https://maybeloan.com/installment-loans in order to slightly reduce the payment amount and stretch the debt repayment over time. It's good that there are services that really help simplify financial problems.