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4 Bumps

how much should you contribute to college?

my 18 year old is going to college, should it be half and half?

Answer Question
 
gardenchic

Asked by gardenchic at 10:53 AM on Jan. 27, 2011 in Adult Children (18+)

Level 19 (6,954 Credits)
Answers (18)
  • It depends. How much is in her college fund versus how much she is going to need for tuition and everything?
    CraftingMama

    Answer by CraftingMama at 10:54 AM on Jan. 27, 2011

  • It all depends on what you can afford and what kinds of scholarships your child has in place.
    scout_mom

    Answer by scout_mom at 10:54 AM on Jan. 27, 2011

  • That's a personal decision based on a number of variables. We are paying 100% of our children's education but that doesn't work for everyone from either a financial or personal opinion standpoint.
    Anonymous

    Answer by Anonymous at 10:55 AM on Jan. 27, 2011

  • What did you tell her you would do? How much financial aid, grants, loans, scholarships has she received?
    What did your parents do for you and what do you want to be able to do for your child?
    If you can afford the entire thing and by saying 1/2 and 1/2 she won't be able to attend, would you feel guilty??
    Do you have a college fund set up?
    Can she afford to work for the 1/2 and still stay in school?
    twinsplus2more

    Answer by twinsplus2more at 10:57 AM on Jan. 27, 2011

  • My husband's parents paid entirely for all of his undergraduate degree. When he went on to his Master's he was on his own. I was on my own 100% from the beginning. While my husband would prefer to go the same route his parents did, I am pushing for middle ground. I think our children are more likely to be serious and appreciate their education more if they are also financially responsible.
    misses_nick

    Answer by misses_nick at 10:57 AM on Jan. 27, 2011

  • If you pay it all they won't appreciate it and are more likely to slack off.
    Anonymous

    Answer by Anonymous at 10:58 AM on Jan. 27, 2011

  • We will pay for lodging, books, etc. while our children are in college, but they are responsible for tuition. To us, it's about making them responsible for their education, and having them put some skin in the game. We know too many people who have skated through college on their parents dime and ended up with basically useless degrees.
    Scuba

    Answer by Scuba at 10:59 AM on Jan. 27, 2011

  • My mom helped me out a little, but I paid for 90% of it myself, and I appreciate it so much more. I also went when I was older. I did notice however that a lot of the younger ones were more focused on partying, 4 in my class were preg within months, and really didn't care if they failed or passed. And I do know their tutuion was paid in full. I noticed the ones with jobs and responsibilities were less disruptive, on time, and got things done.

    I have 4 kids, so I don't know how this is going to play out. Hopefully by then we will have some dough saved. We were thinking maybe we could get them each a car if they decide to go to college. Everyone needs a car! No way we can pay 4 colleges.
    Musicmom80

    Answer by Musicmom80 at 11:07 AM on Jan. 27, 2011

  • We have savings for our kids college, but if I didn't or don't have enough I will do as much as we are financially able, without taking from our retirement savings. See how much they can get in grants, try for scholarships, and then put as much towards it as we comfortably can. The rest they will have to pay for or get loans.
    missanc

    Answer by missanc at 11:23 AM on Jan. 27, 2011

  • No matter what you decide, it needs to be in writing so that your child fully understands that you will not pay more then X amount. That way they will know you mean business and not blow all their money on things they don't really need. Start by sitting down and planning the budget together. If things aren't working out, just have another meeting to figure things out again. The biggest thing is to make sure that things are clear, and totally agreed upon, and that prior to changing the agreement, a review of the budget must take place.
    squish

    Answer by squish at 4:47 PM on Jan. 27, 2011

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