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Do you think parents should have a college fund set up for each of their kids ?..

 
gwen20

Asked by gwen20 at 7:52 PM on May. 7, 2011 in General Parenting

Level 35 (71,622 Credits)
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Answers (13)
  • I think they should try and save for their childs future. Not all kids will go to college, and that is alright too. But we have always put money aside for the kids futures. It is just good sense.
    gemgem

    Answer by gemgem at 7:52 PM on May. 7, 2011

  • We have 3 children, all of whom are college educated. When they started, we had not one dime saved for college for any of them. The reason?? My husband was self-employed and I stayed home with the children, so we barely made ends meet, much less save for college or anything else. However, our children studied hard, made good grades, and they earned scholarships and they also worked, but not until after they graduated from high school. None of them finished in less than 6 years, but they appreciate their college educations far more than do their friends whose parents footed the whole bill. We helped them, but they did a lot of it themselves, and when they were all finished, none of us owed anybody one dime for college loans. I say all this to say that you don't have to have a college fund in order for your children to get college educations. You all just have to be willing to work hard, and that's a good thing!
    NannyB.

    Answer by NannyB. at 8:02 PM on May. 7, 2011

  • I'll tell you what my parents did.....they saved nothing for us. We worked part time jobs and we were allowed to stay, rent free, in their house until our educations were over with. At times when they had extra money, and we passed our classes we had taken, then they would pay us at the end of the semester what we paid for our classes at the beginning.
    It's a good way of doing it. I firmly believe that students know the worth of their education when they are responsible for paying for it themselves.
    We will do the same for our kids what my parents did for me.
    BeachyBabe

    Answer by BeachyBabe at 8:00 PM on May. 7, 2011

  • I'm still paying off my student loans. I don't think it's realistic for middle income families to save all the money needed to put a kid though college. My 11 y/o understand the price of college and that she has to work really hard to earn a scholarship. I will help her as much as I can but unless i win the lotto, there will be no college fund for my kids.
    Mel_in_PHX

    Answer by Mel_in_PHX at 7:56 PM on May. 7, 2011

  • I think in a perfect world parents would have one for each of their children.
    meooma

    Answer by meooma at 7:57 PM on May. 7, 2011

  • i THINK IF YOU CAN THEN IT IS A GOOD IDEA, HOWEVER Some (sorry hit the cap button lol) people don't have the money to do so.
    June_Mama09

    Answer by June_Mama09 at 8:03 PM on May. 7, 2011

  • yes i do think parents should have college fund set up for there children especially if they want there child to futher there education, which now and days education is very very important. And college is very expensive instead of having your kids wondering how are they going to get money for there classes if there parents took interest in there education they should start saving now
    Mz_Lady_2_U

    Answer by Mz_Lady_2_U at 8:15 PM on May. 7, 2011

  • Yes, I think parents should have college accounts for their children. It is much more manageable to start saving small amounts each month when they are very young.

    blueberry1

    Answer by blueberry1 at 8:20 PM on May. 7, 2011

  • I don't think it is my responsibility to pay for 100% of their college, but I do think that it is important to help them as much as we can as long as they are doing what they can do to help pay as well. Ideally, between scholarships, what we contribute, and them working part time through their college years, they will be able to graduate debt free. That said, yes, we opened college funds for each of our children the year they were born and make sure that we put at least $1000 in each account each year. That money wont just be "handed over" at graduation. It will be broken up over the course of their college careers, IF they are doing well, and IF they are taking it seriously. I do not think that it is owed.
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 8:26 PM on May. 7, 2011

  • I think it's nice to help out if you can but I don't feel responsible to pay for my kids' college education. They will be adults then, it will be their job to pay for it someway. We have 5 kids. We live paycheck to paycheck. Our savings account for our family has like $300 in it. That's for the entire family. It's all we have saved after a year. there is no way we could save for college for 5 kids.
    justanotherjen

    Answer by justanotherjen at 8:51 PM on May. 7, 2011