Kids ~ ~ COLLEGE ~ ~ Paying

[3timesoccermom]

I did this poll on another board a year ago and wondered if answers here would vary from those.

If you think it's too far off think again!!! LOL It gets here WAY before you are ready.

[uummm]

My kids do have to pay for their college, but we pay for the beater car, county tax and registration, yearly inspections, oil changes, state property tax on said car, and insurance...which is a decent trade off since the insurance alone is $1500 a year for a car that they are the sole driver of...and there is nothing stopping them from getting a scholarship. They wont qualify financially but they can get one for good grades. My oldest son gets $1200 a year going to a CC and he didn't even apply for it. It was a credit when we went to pay. MAYBE had he put in ANY effort into finding a scholarship he could have gotten more.

My kids will NOT get a student loan either. Community College then IN State college is good enough for them.

[motherofmolly]

mine are still really young. but the plan is to help offset the cost by saving money now. $100 a month is put into a savings account for each child. once this account gets a little larger, i plan on getting a cd or something safe with it. my sister did an actual college ira, but i dont want my kids to be locked into using it only for college (in case they are soo smart they get a scholarship to college and do not need the money!!)

but, they will have to contribute to the cause. i expect good grades and a valid attempt at finding a scholarship or some sorts (even the little ones will be okay). i am willing to help pay for their school then to a point. i would hate for them to get stuck in college loans for the rest of their lives and hope to educate them in trying to keep this low as possible.

[Mama Stu]

Right now we only have one in college, one that just quit and got a decent paying job(UGGG). They have mostly paid their own way, we help alot by paying their insurance and their cell phones. They both qualified for academic scholarships, not financial need based. Now that the one has quit, she has to pay her own insurance and since she went to work for AT&T she will be getting her own cell plan.

[FunnyFace]

My daughter received grants this semester and we are hoping for some scholarships next. This semester we paid for a couple of books and are paying for gas and wear and tear on our vehicle since she doesn't have her license yet due to my procrastination of getting her permit only a couple of months before her 16th.

This summer we hope for her to work part time and save and pay for her insurance, gas and vehicle maintenance. She will also need to start saving if she wants a different mode of transportation instead of the safe beater we plan to buy.

I voted for contribution from child. I think it is important part of building character and being responsible, plus statistics show that the majority of kids that do so take their schooling seriously as opposed to those that everything is paid by Mommy and Daddy.

[3timesoccermom]

I also voted that child has to contribute. By that I mean they will, as mother of molly said so well, seek scholarships, acquire necessary books second-hand when possible, and some stuff they will pay for themselves. Those are just a couple of things right off the bat but there are dozens and dozens more. Even if I could afford to pay every cent of their college experience without batting an eye I wouldn't, as I definitely agree with Funnyface on this issue.

I have 3 girls, the middle 1 is in her freshman year at an out of town college and she got 2 very good scholarships (she earned them too). The oldest has floundered around going off and on to community college the past 4 1/2 years and is finally seeming serious about it and the 3rd and youngest will graduate high school next year so we're not sure what her college plans are. So far the 2 currently attending college aren't working but that could change any moment.

The 2 younger ones have raised and sold heifers for years so both have bank accounts of their own to help with items they want and we won't pay for (sports passes for one but there will be many others).

The older 2 worked summers forever, hauling hay and doing other agricultural duties, then starting at 14 and 15, as a lifeguard and waittress and soccer ref and retail store employee. The youngest will have a job this summer - she wanted one desperately last year but could not get hired due to age and/or no experience. She also has had many summers helping with ag duties.

The one away at school also uses coupons every chance she gets, including for restaurants. I am constantly on the lookout for those and for discounted restaurant gift cards she can use with those coupons. So far she has been very frugal-minded and has even paid for some things herself that I would have covered if she'd asked but we have a long way to go as she wants to be a veterinarian.

[3timesoccermom]

Bummer, no one posts after me!

[GJohnson39]

I will, 3timesoccermom!

Our eldest is a freshman in college. A competitive swimmer for the past 8 years, she spent 20 hours a week in the pool, but managed to work full time summers as a lifeguard for the county. As a result of hard work in the pool and in the classroom, she earned both a partial athletic scholarship and an academic scholarship at an OOS public. The two cover what would be in-state tuition, room and board. Her savings and earnings pay for books and all expenses. We agreed to pay the OOS differential because she had done so much to pay for her education. It is still far cheaper for us than in state COA.

Next one is a sophomore in HS. She has a 4.0/4.0 GPA and plays competitive tennis, so we allow her to focus on those things during the school year. Like her sister, she will start working summers when she turns 15. She will need to look for academic scholarships (she scored 30+ on the ACT as a freshman, so chances are good) - we do not qualify for financial aid. We will help, but she will be expected to find scholarship $ first.

Our philosophy is that kids will only appreciate a college education if they contribute substantially to costs. We have enough money set aside, but they do not know how much "enough" is. It is up to them to find the best college/scholarship opportunity, analyze the remaining costs, determine what they can pay and then negotiate with us for the difference.

Our eldest has become quite frugal this past semester, now that she is living on her own capital! Because she has GPA requirements to keep her scholarship, she takes her classes and grades very seriously as well.

We are happy to see her growing more mature and independent as a result of this experience. I don't know if she would be as far down the road to adulthood if she had just expected us to take care of it all for her.

[anaj06]

We have a 2 and 4 year old and we have already started a 529 plan for them. We contribute $50/month to each child's account. Grandparents put money in as part of their birthday and Christmas presents. I think it will be a good start when they get there. They will be expected to substantially help though!

[uncommon]

My kids do have to pay for their college, but we pay for the beater car, county tax and registration, yearly inspections, oil changes, state property tax on said car, and insurance...which is a decent trade off since the insurance alone is $1500 a year for a car that they are the sole driver of...and there is nothing stopping them from getting a scholarship. They wont qualify financially but they can get one for good grades. My oldest son gets $1200 a year going to a CC and he didn't even apply for it. It was a credit when we went to pay. MAYBE had he put in ANY effort into finding a scholarship he could have gotten more.

My kids will NOT get a student loan either. Community College then IN State college is good enough for them.

I went to an in-state college and still had to take out a few loans. Not as much as most college students these days, but I still had to. It's nice for kids whose parents can help them - even with just a car and things like that. Scholarships are far outnumbered by students. I had several and still needed loans.