Comments on: Paying for College

By: SavingDiava

SavingDiava — Mon, 11 May 2009 13:09:40 +0000

I feel that I owe my (hypothetical) children a free college education. My education was covered by scholarships. I did work part time, but not my first year….I had a lot of fun in college, and I would like to give my children that 4 year period of growing up (don’t have to deal with money too much, but have to deal with living on your own).

By: Carnival of Personal Finance #204 | Earn What You Spend

Carnival of Personal Finance #204 | Earn What You Spend — Mon, 11 May 2009 12:02:14 +0000

[...] Counting My Pennies writes about what is on a lot of people’s minds: Paying for College. [...]

By: Allison Beam

Allison Beam — Wed, 06 May 2009 17:20:43 +0000

We started paying for our daughter’s college education the first year and since then, my father has given us $10,000 each Christmas to be used for our kids’ education. If there is a grandparent reading this just remember that your kids probably need financial help more when they are raising their children than later in life when the money can be inherited. My daughter works part time during the school year and more in the summer in order to pay a $385.00 rent plus utilities on her apt. That helps a lot. Get your kids working and saving early.

By: SP

SP — Mon, 04 May 2009 14:26:32 +0000

I’d like to help my hypothetical kids as well, but I also don’t want them to feel entitled to a free college education. Like you, I will likely help, but not at the expense of retirement.

Regarding gifting equally. I have heard this before and it sounds nice, and ideally that is what would happen. But my parents most certainly have not gifted me and my sisters equally, and I don’t resent it. My little sister has received much much more help, because she has needed it. And that’s ok. I’d rather be in my shoes.

By: FB @ FabulouslyBroke.com

FB @ FabulouslyBroke.com — Mon, 04 May 2009 12:03:18 +0000

1. Retirement first and foremost so that my kids never have to worry about me

2. Education plans second.

I have this idea to fund only 50% or less up front (maybe none at all), and at the end, if they worked hard, did what they wanted and were overall good kids.. and they came up with a financial plan to pay off their debt, I’d make them do the debt repayment for a year to see if they could pay off their debt on a schedule, and then after seeing papers of what they have left to pay or just observing, I’d gift them with the remainder of the money if I had it, to clear their debts.

And I’d gift equally. If I give $20k to one child, the other gets $20k, even if their loans were less/more.

Just an idea kicking around in my head on how to give them the best possible education, coupled with financial smarts/discipline without making them do what I did for the first couple of years and live as a debt-obsessed woman.