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Are you footing the bill?

Are you (or will you) paying for your child's college? Does it matter whether they live with you, what type of school it is or whether they're working? Did they get loans and you co-signed and helped to pay it back? Did you have it all saved in an account for them beforehand? I'm sure there are a million combinations of the above.

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DazzlednSeattle

Asked by DazzlednSeattle at 10:31 PM on Nov. 21, 2010 in Adult Children (18+)

Level 13 (1,130 Credits)
Answers (15)
  • My sons had to pay all their tuition themselves, mostly via student loans. We paid dorm fees for the first two yrs for our youngest. Then it was all on him. He did fine with it. He worked both summers and saved every dime so he didn't have to work while going to school. My oldest lived at home while attending. I personally don't believe it is a parents job to pay for college. In fact, I'm convinced they take it much more seriously if the onus is on them. We have many friends who paid..and had 'party animals" Over half of which flunked out..or flat out quit.
    GrnEyedGrandma

    Answer by GrnEyedGrandma at 10:42 PM on Nov. 21, 2010

  • Careful of co-signing a loan for anyone, even your child (maybe especially your teenage child!). You'll be obligated to pay should your child back out on the loan.

    Student loans are quite easy to get and the admissions department can point him in the right direction...

    P.S. I paid my own way through college by working summers and up to 20 hours during school at an on-campus job that worked around my schedule. No loans, no grants, no scholarships.
    GoodyBrook

    Answer by GoodyBrook at 10:52 PM on Nov. 21, 2010

  • if my adult kids want to go to collage they are pay for them self ,but i will send them care pkg
    dutchcanadain

    Answer by dutchcanadain at 11:39 PM on Nov. 21, 2010

  • My son who is currently in college got his own loans, we pay for nothing. He has his own money, he worked for 2 years before he started college and he work on extended breaks from school, so he pays for any thing he needs/wants on his own. He lives on campus and comes home every couple of weeks for a night or two on a weekend and he'll be here during the summer months. His older brother did the same thing when he was in college.
    tracylynnr67

    Answer by tracylynnr67 at 1:14 AM on Nov. 22, 2010

  • I got a very good scholarship to a private university (still pricey, even 20 years ago) and my parents covered the rest. I started working on my 16th birthday and stashed all that money away for anything fun to do in college. I didn't have a car, so no payments on that, no gas, insurance or expenses. I had a bike. Or feet. I could bike or walk, so I did. When I finished college (a semester early, after AP credits from high school) my parents gave me the balance of the account they'd set up for me. My hubby and I lived on that the first couple of months until we both got jobs.

    Long story, but it was pretty much the best thing my parents could have given me. My hubby came out of grad school with debt that took a long time to pay off. We may not be able to do the same with our kids, but we're certainly going to try. Starting saving earlier does give money more time to earn interest.
    MonicaE521

    Answer by MonicaE521 at 1:30 AM on Nov. 22, 2010

  • My son went into the military and they pay for everything.
    twinkletoes0408

    Answer by twinkletoes0408 at 2:06 AM on Nov. 22, 2010

  • My son starts college next year and yes, we will be paying for it 100% (our daughter, too, when she gets there). We have the money; starting saving from the time I found out I was expecting. Though hubby and I both have degrees, we wanted to give our children the choices we didn't have, and I do not believe it's good for anyone involved that these kids start their post-college lives in debt that many will never get out of.
    FootballMom85

    Answer by FootballMom85 at 9:26 AM on Nov. 22, 2010

  • I pay for my college and books myself but my parents let me stay with them and I don't have to pay rent (of course I am expected to do a lot of the house work and buy my own food lol). I think it is really fair.
    JLS2388

    Answer by JLS2388 at 10:57 AM on Nov. 22, 2010

  • my son is only 5 but i can already tell you - i had to pay back 100% of my student loans. i will make a deal with him - if he graduates cum laude like me, i will pay for his student loans.
    AmaliaD

    Answer by AmaliaD at 11:10 AM on Nov. 22, 2010

  • My daughter is four years old we aleready have a college account for her each year I put the tax returns in this certificate of deposit so we can only do anything with it once a year. Ideally I would like my baby to attend a nearby universioty and earn good grades in primary school. She must go to college whatever it takes she will have a good and accomplished education
    GINSMUM123

    Answer by GINSMUM123 at 11:17 AM on Nov. 22, 2010

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