Paying for college?
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| Sun, 07-23-2006 - 5:17pm |
Curious after reading the spending thread?
What are your plans financing your childs college or, if you are already there, what are you doing?
I'd also like to know how YOUR college education was funded IF you did indeed attend
I worked summers and Xmas/spring vacation and also my senior year when I only attended 1/2 day but I know now that my parents still had to be footing a big chunk. DH did the same without the senior year thing but DID work in the dorm cafeteria. He now reluctantly admits that his parents and grandmother must have paid more than he realized at the time
We feel that, as long as we are able, we will pay for the kids college.
I really dont want my kids stuck with loans-Ive heard several negative experiences in that arena
We do insist on state schools, however, unless they wish to find a way to make up the difference

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I started a 529 Education Savings Account for the kids and try to add to it every year. Contributions are tax deductable on my state income tax returns, so that is also a benefit. Although it is currently in dd's name, I can use it for either of my children's post secondary education expenses. Not sure if my dd will go to college, but I know my ds will be going. If it ends up not being entirely enough money, they can work or take out loans to make up the difference.
As for me, my parents paid the first year of college for me, but then I dropped out. When I decided to go back several years later, I was living on my own and working full-time, so I ended up going to school part-time. I also took out lots of student loans! After I graduated, I quit working so I could go to law school full-time and took out more student loans. It took me 10 years to pay off the loans, but the education was worth it.
Amelia
My college was funded through student loans(graduate school too) which I have paid off!!
My ds' college(he starts next month) is being funded through a pre-paid college plan that we have in our state. It's wonderful!! His tuition is being totally covered by this plan that we have paid into. ALL 4 years of tution to any state public college is costing about $9,000. And...as we have paid into this program, the only thing we now have to pay is for fees and books. We enrolled our dd's in this plan as well(one is 5 and one is 2). The way I look at it is, I know that I have taken care of their college tuition and it didn't break the bank!
Following FAFSA and scholarship money, decided to take out a loan to pay the balance of my 18dd's freshman year tuition. She was unable to secure her own loan, even if I co-signed it. So, she has been and is working her tail off to stash enough cash away for her monthly stipend. Her bio-dad is planning on sending money each month for that as well. We tried to cut costs by placing her in a quad for her freshman and sophomore years. We've also been slowly gathering things she will need for her dorm so it's not all a huge expense at once. I've been buying other supplies little by little and stockpiling them so when she needs them I can just send her care packages. For her graduation from HS, she received a lot of practical gifts as well as quite a bit of monetary gifts, all of which went into her college account for miscellaneous expenditures.
Next year, hopefully, she will be eligible for a small loan and with my end of year bonus from work, we should be able to cover her tuition.
Do I feel obligated to pay all of her tuition? No, not at all. I never believed that it was a parent's responsibility to cover the cost of college - EVER. I think if a parent(s) can assist in helping thier young adult child meet that goal/dream, then they should if they want to. However, I think that our generation of parents have been hoodwinked into believing that it's somehow our responisibility and that's hogwash. I know people who have remortgaged thier homes in order to pay for thier kids' college education and I just cringe at the thought of them entering the pre-retirement years so under the gun. Not when I was a HS graduate - no parents, not even the wealthier kids I knew - had parents that would pay for thier kids' college education. It was very few and far between that I went to school with anyone whose parents paid the college bill.
My neice won a partial scholarship (3/4) award when she started college 6 years ago - her parents paid the rest. After she got her undergraduate degree, she decided to go to med school and when she told her parents, they gave her the number to the local bank and told her to apply for scholarships, which she did. They had, in thier opinion, given her the leg up she needed and thier job was complete - I agree. Turns out she won more scholarship monies and recently graduated from Yale med school as an RN! The point is, with the right amount of drive and determination, ANYONE can get a college education with or without money. You many not always get to go to the most expensive school or school of choice, or you many have to start with a community college degree before tranferring to a university, but you CAN do it on your own.
I start paying on my dd's college loan in March, but whatever balances are leftover when she graduates, she plans on helping with at that time.
I think some of the difference on paying for college is simply perception
Glass full, glass empty type thing.
Some look at shared finances and think kid is paying his own way and some look at shared finances and think the parents are footing the bill.
Being that DS2's bill for fall just came across email, I am definitely in the latter category right now!!!!! All the little stuff they stick on there-the grand total was more than we had anticipated
This school has a rental program for textbooks which is going to help although I know there are still going to be some workbook type things we will have to purchase
Yep, DH is adamant that this is HIS reposibility-seems to give him some ego trip to say he's paying for college and then, the bills roll in and he about has a nervous breakdown.
Little stressful around here right now ;)
Since dd18 doesn't actually begin until October, the school has not been forthcoming in regards to the balance, so have no absolute idea what the final cost is. I know that when I add it all up at home, according to what I've borrowed, plus scholarship money and FAFSA, I am OVER by about $2000. However, if it's over do they give that amount back to FAFSA or just leave it in dd's account, or do I get a check (I figured I'd put it towards the loan)?? I have called the bursar's office and the financial aid offices and they each tell me to talk with the other! I am getting nowhere with them. Finally, a woman suggested I wait until the first week of August, after all the early Fall students are settled in...then they will have time for those of us starting late Fall!
Do you find it maddening to contact the right person when you have to call the college with a question? Dd made a list last night of questions she has in regards to being a student and tonight she's calling the student hotline (set up by students for students). I gave her a couple of questions of my own - I hope we get some answers!
I know all about that stress.
I feel like they go out of their way to make things complicated, thats for sure!
The food plan? They essentially have a debit card but food is charged at 40% of what it would cost nornally. Well, except for bottled water and this location and that location and...yikes!
They have to have a different type of card for expenses like laundry. We had a student panel at orientation and when I asked what it took to put more money on the card, the student told me my kid just goes to this office and tells them what to put on his card off the credit card number we have on file
I DONT THINK SO!!!
I figure we'll deal when he runs out of clean clothing
The little stuff can drive you crazy
Their dorms are suites with 2 rooms sharing a bath. Sounded good until I realized they are responsible for cleaning that bath and bringing the appropriate tools.
4 boys and 1 bath-please let one of them have some concept of hygiene
>>4 boys and 1 bath-please let one of them have some concept of hygiene>> LOL-
When dd gets to her dorm, she could be in with seniors, sophomores, freshmans, any year! She won't know a thing until 1 week prior who her roommates are, whether or not she can bring her own fridge or micro, etc. I hate being the dark till the last minute. I like to have everything ironed out ASAP so we can relax, you know?
Yes, it does seem like they like to keep you in the dark, or at the very most, on the edge of your seat wondering what's up.
DD is even getting frustrated at this point - she is a planner like me and would like to be prepared now so she can chill till it's time to go. Argh.
I just wish they would assign a contact person who can answer our questions instead of making up call a separate department for each. That's the most frustrating thing for me right now.
She is going to a culinary school and will still need a meal plan, however, it is limited and some of her meals will actually be a result of foods made in classes. Not sure if that's a good thing or not - ;0P
Here's to you, mom. I hope the transition is smooth for you.
my parents only paid for tuition for 1 quarter at the community college and I was responsible for books and stuff, which was nearly equal to the tuition. After that, I had to pay my own way, which I did working at McDonalds, and it was reflective partially in my grades. I never studied, except at the last possible minute, and I skipped a ton of class because I was bored. Honestly, that year, I didn't try very hard and my transcripts show that very clearly. Then, I got pregnant and blew the college thing off. when I did go back, I was able to mostly get grants with very few loans. 2 loans to be specific, and I'm still paying on those loans, which were taken in 1990....
However, my kids will pay for them selves to go to college as well. There are so many scholorships and grant money available if kids will just go after them. I'm more than willing to help them all get scholorships, and I'm even willing to pitch in for things as needed, but I'm not gonna foot the bill in it's entirety.
My DD will be a senior next year and I just can't wait to deal w/ all of this! I wish I could have saved money through a 529 plan, but I was divorced and didn't even have money to pay for my own expenses. (I hardly saved anything toward my retirement either.) She is kind of resentful that we don't have money and made some comment to me one night about my parents paying for my college. I told her I don't know where you got that idea. My parents paid for whatever financial aid didn't cover, but then I paid off the loans after I graduated (including law school). I used to work during the summer and save my money for books and spending money during the year. I feel that the cost of college now has so outpaced what people earn though. I went to a private college and my parents were just middle class. Now I am middle class and there is no way I could pay for my DD to go to the college I went to.
She wants to study nursing and I know there are a lot of scholarships that are available in particular to nursing. One funny thing, in MA, there is a standard test that everyone has to pass to graduate from high school (taken in 10th grade). the top students get "free tuition" to state colleges. I'm sure my DD scored high enough to be included in that. It's not as good as it sounds, though. The tuition is the same for all the schools, about $1500/yr., but each school adds on its own fees, which could be $6,000. The scholarship doesn't include that.
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We will cover the cost of fees and books. Ds will need to come up with the tuition or take out student loans to cover the tuition.
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I worked my way through school and my parents covered books and fees.
Dh worked his way through school and took out student loans to cover the cost of room and board. His parents did not help.
stacy
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