- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Thoughts on parent's role in funding college
Posted on 9/7/12 at 9:32 am to yellowfin
Posted on 9/7/12 at 9:32 am to yellowfin
quote:
I have a target of 250k per child for college and am saving accordingly even though they are 3 years and 5 months.
Well, unfortunately that will not be nearly enough for a top tier private school
2
Posted on 9/7/12 at 11:23 am to LSUtoOmaha
quote:
Well, unfortunately that will not be nearly enough for a top tier private school
We'll see, a lot can happen between now and then.
Posted on 9/7/12 at 11:33 am to LSUtoOmaha
(no message)
This post was edited on 11/29/12 at 3:34 pm
Posted on 9/7/12 at 11:38 am to yellowfin
hypothetical: you save for college and your child doesn't need it (scholly, not going to college, straight to the pro's), how do you access the money in this account?
Posted on 9/7/12 at 12:01 pm to Coon
quote:
hypothetical: you save for college and your child doesn't need it (scholly, not going to college, straight to the pro's), how do you access the money in this account?
with multiple kids you can use a 529 for any of them regardless of whose name it's under so if one doesn't need it the next can use it. It's also a good idea to use more than one savings plan that way all of your money isn't tied up in a 529.
Posted on 9/7/12 at 3:46 pm to CAT
My brother and I found out when he was applying for college that my parents didn't have any savings for us. They've been paying for his college with cash. I was lucky enough to receive 10K from scholarships and loans, which only left my parents with about 4500 to pay (on top of my brother's tuition). Since my brother and I are in school at the same time, we recieve no extra money from my parents. Meaning we're on our own for food, clothes, gas, textbooks, etc.
Posted on 9/7/12 at 3:54 pm to KG6
quote:
I think 250k would probably cover it. The most expensive schools out there are ~60k a year. If they chose one of those, you may have a problem. A lot of the prestigious universities are ~40k a year. And if my kid goes to a school like that, they sure as hell better graduate in 4 years .
His kids are three and five, given the rate at with college expenses continue to increase, in 13 years 250K might pay for a in state public school.
Posted on 9/7/12 at 4:47 pm to JWS3
(no message)
This post was edited on 11/29/12 at 3:33 pm
Posted on 9/7/12 at 5:37 pm to CAT
quote:
houghts on parent's role in funding college
Pay for it if you want to and have the money to do so or:
Insist your child learn and make good grades so they will get a scholarship.
If neither happen-loans are available.
Posted on 9/7/12 at 7:36 pm to CAT
I will do whatever I can to support my children as long as they are making wise decisions. This includes funding their education.
Posted on 9/7/12 at 8:39 pm to Costanza
quote:
will do whatever I can to support my children as long as they are making wise decisions. This includes funding their education.
This is my attitude as well. I'm not supporting poor decisions.
Posted on 9/8/12 at 9:17 am to CAT
My parents could not afford to help me with college so they told me upfront when I was 12 that I had to get a scholarship or I couldn't go to college. I worked hard, was a national merit scholar and had offers coming in from everywhere.
I told my son I would help him with college if he worked hard in school. He did not. He graduated with a 2.5. I held firm with the deal. No money. So, he went to work part-time and went to school part-time for 2 years. Then went into the Marine reserves where he got help with tuition. He graduated with a business degree but it took him 7 years.
As a reward for his diligence I am contributing heavily to his son's college fund. Grandson is only 5 and is extremely bright. But if he becomes a slacker in his teen years the contributions will stop.
I told my son I would help him with college if he worked hard in school. He did not. He graduated with a 2.5. I held firm with the deal. No money. So, he went to work part-time and went to school part-time for 2 years. Then went into the Marine reserves where he got help with tuition. He graduated with a business degree but it took him 7 years.
As a reward for his diligence I am contributing heavily to his son's college fund. Grandson is only 5 and is extremely bright. But if he becomes a slacker in his teen years the contributions will stop.
Posted on 9/8/12 at 9:55 am to CAT
I would factor that money you put away for them into your investing number. Put that money somewhere where it can grow and be used towards education. I'm not going to pay for all of my kids college but I'll be damned if they have to take out a student loan. It will be paid for by a combination of my money and their money earned from working. They won't be given anything. I'm making them work for it.
Posted on 9/8/12 at 10:53 am to yellowfin
yea we will have enough to pay for it in full if we keep at the certain pace because ours are going to public school. but it will come with stipulations on school choice, major, and grades. sounds harsh but im not paying for my kid to go out of state to a private school to major in the history of women in mid evil Europe or some other complete BS major.
if they wanna do that, fine, but im not paying for it.
if they wanna do that, fine, but im not paying for it.
Posted on 9/8/12 at 3:10 pm to lsu777
quote:
yea we will have enough to pay for it in full if we keep at the certain pace because ours are going to public school. but it will come with stipulations on school choice, major, and grades. sounds harsh but im not paying for my kid to go out of state to a private school to major in the history of women in mid evil Europe or some other complete BS major.
I have a friend that can easily pay for his kid's college, the deal he gave them was, they can get student loans, scholarships, work, do whatever they need to do to pay for school, when/if they graduate he will pay off the loans or reimburse them for the cost of the education.
Posted on 9/8/12 at 9:45 pm to lsu777
I don't value college education by starting salary, that's what trade school is for. If history of women in mid evil europe is what interest them then that's their decision.
Posted on 9/8/12 at 9:52 pm to yellowfin
quote:
I don't value college education by starting salary, that's what trade school is for. If history of women in mid evil europe is what interest them then that's their decision.
30 year old kids still living with their parents seems to be a trend among the liberal arts crowd, but they could probably do some of the house and yardwork.
Posted on 9/9/12 at 12:27 pm to BFIV
quote:
Also, I think the college cost bubble could burst before yours are ready to start college.
quote:
Will the laws of supply and demand enter into the equation?
it's not a true free market because the glut of government money available with no (real) eligibility requirements distorts the market like crazy... the bubble will burst in the next 10-15 years unless the law is changed to allow student loan debt to be discharged in bankruptcy
This post was edited on 9/9/12 at 12:28 pm
Posted on 9/9/12 at 12:31 pm to JWS3
quote:
30 year old kids still living with their parents seems to be a trend among the liberal arts crowd, but they could probably do some of the house and yardwork.
Sorry, but I'm the liberal arts police and I've got to do my job. People confuse liberal arts with social science and/or general studies. Liberal Arts means you have a core of various subject requirements outside of your major. IE, if you have a Biology degree from Centenary then you have a liberal arts degree because it is a liberal arts college.
Posted on 9/9/12 at 12:49 pm to CAT
It's up to the parents.
My dad wanted to get all of his children through college without any debt, however, he made us work for it.
First, we had to get and maintain some academic scholarships.
Second, he got to decide whether we lived on campus, off campus, or at home based on how well we did in school.
If we slacked, we were cut off.
Finally, he made us work manual labor projects around our house whenever we were home. We have a lot of land (not farmers) and it requires a lot of upkeep.
My dad wanted to get all of his children through college without any debt, however, he made us work for it.
First, we had to get and maintain some academic scholarships.
Second, he got to decide whether we lived on campus, off campus, or at home based on how well we did in school.
If we slacked, we were cut off.
Finally, he made us work manual labor projects around our house whenever we were home. We have a lot of land (not farmers) and it requires a lot of upkeep.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News