Anyone NOT save for your kids' college?
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Anyone NOT save for your kids' college?
Posted by wegotdatwood on 5/5 at 2:06 pm
I'm torn on how much I should save. I've heard of people paying none (like my parents), all, half, a third etc.

I would like them to have better than I did, but don't think saving 100k is smart on my part. I think some school should be on the person and I've seen most people who pay their own way, graduate on or ahead of time. Most of my friends who had school paid, took a few victory laps and didn't appreciate it.


This post was edited on 5/5 at 2:09 pm

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Posted by Walking the Earth on 5/5 at 2:14 pm to wegotdatwood
Probably no real right answer because college costs are all over the map. Saving half for an in state college may only be a tenth of some liberal arts college but, amazingly (and depending on your income at the time) may actually float the full bill at Harvard.




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Posted by TyOconner on 5/5 at 2:23 pm to wegotdatwood
quote:

would like them to have better than I did, but don't think saving 100k is smart on my part.


Then find some middle ground. It is ultimately up to each person to decide what it feasible and smart.



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Posted by jso0003 on 5/5 at 2:33 pm to wegotdatwood
my parents paid for my college, with the clear expectation that a victory lap was not an option and neither was moving back home to mooch off them after graduation.

graduating with no student loan debt was an incredible blessing and I will be eternally grateful for that.



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Posted by Breadcrumbs on 5/5 at 2:45 pm to wegotdatwood
We're torn between investing maximally in secondary schooling with the expectation that they would get scholarships

And fully funding? college by moving to another parish. Fully funding means systematically saving what we can right now in LA Start accounts.

If we save some in our names instead of 529 accounts then there are lots of options if they don't need it for college - our retirement, their house downpayment, weddings, cars.



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Posted by Zach on 5/5 at 2:50 pm to wegotdatwood
My parents did not save for my college and told me in elementary school that I was on my own. Same with Bro.

I worked hard and got National Merit Scholarship status which resulted in more than 70 free rides. I took Centenary which is now 30K per year.

Bro was not so hot in HS. He went college ROTC, did career military in AF. He is also retired and doing well.

I did the same with my son. No savings for college. Earn it. He blew off HS with really bad grades. I held my ground. No money for slackers.

He worked part time and did some classes then joined the Marines and grew up. After 7 years he got his degree from La. Tech. He's doing well.

Once he settled down and got married and had 2 kids he said "Dad, I don't want you to ever buy a birthday or Xmas present for the kids. I'd like you to just donate to the college fund I have set up them."

I donate $1K every Xmas and every Bday per child. If either grandchild becomes a miscreant I'll stop. But so far they are terrific students.



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Posted by 4LSU2 on 5/5 at 2:57 pm to Zach
quote:

I donate $1K every Xmas and every Bday per child. If either grandchild becomes a miscreant I'll stop. But so far they are terrific students.


That's awesome Zach.



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Posted by TulaneTigerFan on 5/5 at 3:38 pm to Zach
quote:

I worked hard and got National Merit Scholarship status which resulted in more than 70 free rides. I took Centenary which is now 30K per year.


Odd choice



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Posted by Zach on 5/5 at 4:31 pm to TulaneTigerFan
quote:

I worked hard and got National Merit Scholarship status which resulted in more than 70 free rides. I took Centenary which is now 30K per year. Odd choice


Why?
It was logical. An elite liberal arts school within driving distance from my home in New Iberia.

The most persistent school was Mich State. The package was amazing including sitting on a governing board. But who wants to live in Michigan?

Oddest bid was from Our Lady of the Lake in Texas. They offered 25 women per man and free off campus apt housing since they only had dorms for women.

I gave it a thought.

Hell, I just looked it up..

LINK




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Posted by The Easter Bunny on 5/5 at 4:33 pm to Zach
quote:

Hell, I just looked it up..


looks like you made the right call on Centenary



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Posted by Springfield XD on 5/5 at 4:36 pm to wegotdatwood
Zero. They can pay for college the same way I did.


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Posted by EA6B on 5/5 at 6:02 pm to wegotdatwood
No free ride here! So far have one kid that has graduated in engineering, he had some scholarship money, and worked the whole time he was in school. He took the first two years of basic courses at a community college allowing him to live at home, and take advantage of inexpensive tution. He liked working and paying his own way, rather than borrowing money he took about 6 years to finish college. I think what he learned in doing this was as valuble as college itself.


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Posted by dek81572 on 5/5 at 6:24 pm to EA6B
I won't pay up front. They (10 and 6 yo boys) can get a loan and if they graduate we will help. If they goof off , party, and not graduate, then they can pay for it!


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Posted by rpg37 on 5/5 at 7:05 pm to wegotdatwood
I paid my whole college way through part-time. I know they would have helped if I asked, but I am too proud to ask for things. They helped my sisters out because they were both college athletes with limited scholarship money and inabilities to hold jobs.


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Posted by WmWallace on 5/5 at 7:10 pm to dek81572
Some hard asses up in here..my dad worked as a supervisor at a tire plant and my mom taught public school. I had a full ride academically at Ole Miss, and I'm sure it helped my parents but they then payed completely for my brothers undergrad. They also payed my entire med school bill..great sacrifice to them but I appreciated it the whole way and worked every summer since 12 years old..it was a good investment for them as they are well taken care of and I've been saving for my niece's college since they were born..


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Posted by wegotdatwood on 5/5 at 8:30 pm to dek81572
Do you have a 529 plan set up? I called about those, and they said you have to pull money from the time expenses occur.


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Posted by wegotdatwood on 5/5 at 8:35 pm to wegotdatwood
Currently reading 'The Millionaire Next Door.' I'm hoping it sheds some light on this issue. Fantastic book, I'm about half-way through.


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Posted by WmWallace on 5/5 at 9:04 pm to wegotdatwood
I've got two 529's set up


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Posted by jso0003 on 5/5 at 9:12 pm to wegotdatwood
Millionaire next door is a great book, the numbers are a little dated from what I remember but the principles are great. Do they have an updated version, I havent read it in like 6 years...


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Posted by wegotdatwood on 5/5 at 10:26 pm to jso0003
Yes, they do have an updated version.


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