Anyone NOT save for your kids' college?
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re: Anyone NOT save for your kids' college?
Posted by Ric Flair on 5/5 at 10:33 pm to wegotdatwood
My dad told me he would pay for college, but the only way I would have a car in college was if I had a scholarship. I got a scholarship, and he cash flowed the minor expenses. He gave me the money from my college fund after I graduated.


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Posted by wegotdatwood on 5/5 at 10:36 pm to Ric Flair
I guess I'll just put about $150 a month, and hopefully it does well in the market.

More than I had...



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Posted by yellowfin on 5/6 at 8:27 am to wegotdatwood
I do a combo of 529 and education trust, goal is to fully fund each kids college education. If they are lucky enough to get a scholarship then they'll have a nice graduation present.


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Posted by wegotdatwood on 5/6 at 8:29 am to yellowfin
quote:

education trust


Any tax benefits with a trust?

What if they don't go to school?

Also, anything else you know or would like to share with help me out bigtime.



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Posted by nikki6 on 5/6 at 8:49 am to wegotdatwood
My parents paid for my first 5 years of college Once they said no more, I straightened up and finished right away. I appreciate what they did though, b/c there is no way I could have paid for Tulane on my own without going into massive amounts of debt.


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Posted by yellowfin on 5/6 at 8:54 am to wegotdatwood
That comes from grand parents, I'm not sure what the tax benefits are


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Posted by Sigma on 5/6 at 9:21 am to wegotdatwood
I'm amazed that parents with the means to do so don't plan on saving for their kid'(s) higher education.

The days of paying for college as you go are gone, if you are expecting to finish in close to 4 years. Tuition inflation has been significantly higher than general inflation for so long that the gap is just too large unless the child gets significant scholarship money.

So the only alternative is a student loan. One of the best things you can do for your child as they enter adulthood is to make sure they are not in a huge hole of debt.



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Posted by wegotdatwood on 5/6 at 10:06 am to Sigma
quote:

One of the best things you can do for your child as they enter adulthood is to make sure they are not in a huge hole of debt.



I will try my best.



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Posted by LSUAfro on 5/6 at 10:15 am to Sigma
quote:

I'm amazed that parents with the means to do so don't plan on saving for their kid'(s) higher education.
I don't intend on fully funding my kids college and barring any financial pitfalls in the next 15 years, I could.
quote:

The days of paying for college as you go are gone, if you are expecting to finish in close to 4 years
No they aren't, but I'm also not busting my kid's butt to finish in 4. I didn't and don't care if they do or not.
quote:

So the only alternative is a student loan. One of the best things you can do for your child as they enter adulthood is to make sure they are not in a huge hole of debt.
Sure, it's nice to not have student loans, but I did and my wife did and we do just fine. They're virtually paid off except for a 2% loan.

My goal for my children in college is to work to support themselves, but not too much so they struggle making grades. I'll probably pay for half of their tuition and books, and they pay for the other half. When they graduate I'll have plenty of opportunities to help them and get them on their feet if I want to.



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Posted by Sigma on 5/6 at 10:18 am to LSUAfro
quote:

I'll probably pay for half of their tuition and books, and they pay for the other half.


This is reasonable.



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Posted by EA6B on 5/6 at 10:33 am to Sigma
quote:

The days of paying for college as you go are gone, if you are expecting to finish in close to 4 years. Tuition inflation has been significantly higher than general inflation for so long that the gap is just too large unless the child gets significant scholarship money


The are are lots of kids that pay as they go today. There is no rule requiring a student to finish in 4 years, if it means you have no debt in the end take 6 years. Why spend 25-35K for 1st year intro and elective courses when they are available at community colleges for a fraction of the cost.

Community college 3 hour course $198.00

4 year public university in same town 3 hour course $592.00

Fees for full time student

Community college $45.00
4 year University $494.00



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Posted by Sigma on 5/6 at 10:42 am to EA6B
I was aiming my post for kids entering college down the line, as mine is a long way away. The community college scenario is not very common, though I agree that people should start looking at funding college differently.


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Posted by Zach on 5/6 at 12:07 pm to Sigma
quote:

The days of paying for college as you go are gone, if you are expecting to finish in close to 4 years. Tuition inflation has been significantly higher than general inflation for so long that the gap is just too large unless the child gets significant scholarship money.


You're missing the point. It's called merit. You are not OWED a college education if all you want to do is have a party for seven years.

Parents realize how serious their children are about school early on. If they're not serious, let them get a job or join the military.

Otherwise, it's money down a rat hole.



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Posted by yellowfin on 5/6 at 12:10 pm to EA6B
I'd like to know what the drop out/fail out rate is at a community college compared to a 4 year university. I see college more as a experience and part of growing up than an invest in your career and you can't do that living at mom and dads going to CC.

This post was edited on 5/6 at 12:12 pm

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Posted by Sigma on 5/6 at 12:16 pm to Zach
Kids don't mature?



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Posted by joeytiger on 5/6 at 12:31 pm to wegotdatwood
My parents did not save for my college, nor offer any financial support past 16 years old. I worked hard in high school and got a TOPS scholarship. That still was not enough, so I joined the Army. I was living on my own with my twin brother by 19 and with TOPS, GI bill, student loans and tuition exemption, I was able to get my degree after 5 years. Honestly, it was not what I wanted to do, but I knew I needed a college degree and did what I had to do to get one. I will not be saving for my kids college fund, because I believe that if they want it bad enough, they will do it on their own, and it will make them that much better for doing so.


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Posted by Zach on 5/6 at 12:55 pm to Sigma
quote:

Kids don't mature?

It takes longer for some than others.

Some never do. True story. A friend of mine, 60 has a brother, 50. Their parents were well off and paid for college. Friend went to Tulane and became a HS history teacher. Brother went to Centenary College a dropped out after 3 years of majoring in Music.

The parents bought a large home in Shreveport that could house Friend, his wife and daughter. Also big enough to house Brother...no wife or kids.

Parents died years ago. Friend and wife still live there. Daughter has gone off to college and married well. Brother still lives in the same house. Never had a job. Goes out at night and sleeps during the day living off of his inheritance.

If you're not mature at 50, you're not gonna mature.



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Posted by Bmath on 5/6 at 4:36 pm to yellowfin
quote:

I'd like to know what the drop out/fail out rate is at a community college compared to a 4 year university. I see college more as a experience and part of growing up than an invest in your career and you can't do that living at mom and dads going to CC.


I agree with this. I knew too many people that took courses at CC's for years, and were never able to finish school. They often get trapped by taking a bunch of courses that won't transfer. They get stuck working some temp job to pay the bills, and cant really focus on any one aspect.

Granted this may not have turned out any better had they gone to a four year college.

However, I do believe that the college experience is part of the coming of age journey in our country. Sure many abuse it, but I think it can be done right with great effects.



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Posted by BestBanker on 5/7 at 8:03 am to wegotdatwood
Not reading everyone's reply, we speciifically do not save in "earmarked" accounts, like college or retirement accounts. We do save a substantial amount of income for all purposes and opportunities.


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Posted by LSUAfro on 5/7 at 8:16 am to BestBanker
Honestly, if you are maxing out your roth and don't have much more discretionary income, that is the best choice to park money and save it for your kids college. It can be withdrawn penalty free, grow tax free, and if your kids don't need it then your money is right where you want it already.


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