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I dont have a college fund for my child and will NOT be getting one

Posted by Anonymous   + Show Post

 

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I don't  understand why when someone talks about bills, they always say 'well do you have a college fund set up' as if its some mandatory expense like a mortgage or electric.


We are not low income. We are not rich, but we are well off. 

I absolutely can afford to have a college fund set up for my child. 

But i refuse to do so. 

my daughter is 15. and she understands and agrees with me. 



See...I don't believe in just handing everything over to my child. especially once she is an adult. 

next year she will be buying her own car. she is already saving up for it. and will be getting a job as soon as she reaches the legal age limit for work. *this summer* 

when she decides on college, she will be the one to work for it. 

Life doesn't just hand you everything. Anything you have and get, you have to WORK for. and to me that includes your college education. 

She can apply for a loan, grants, or get a job and work her way through college. 


So...please bash away :) 


Posted by Anonymous on Mar. 16, 2013 at 3:18 PM
Replies (11-20):
Anonymous
by Anonymous 4 on Mar. 16, 2013 at 3:29 PM

I don't believe in handing everything to my kids, either. They understood the value of a dollar by 3 years old.

However, mortgages are expensive. School is expensive. If I can help them out so that they don't struggle to make ends meet, I will do so. If paying for a portion of their tuition fees helps them to save for a down payment on a house, then yay!

I don't see any point to forcing my kids to be low income and at a disadvantage. If they can start their lives with a safety net then they will have an edge over the young adults who start their lives in debt.

MommyOfOne2710
by Gold Member on Mar. 16, 2013 at 3:30 PM
I'm putting myself through college right now and I agree with my parents. They didn't have a college fund for me and I won't have one for my son. I've been applying for scholarships (I worked hard for my good test scores), financial aid, grants, etc. I am just fine with this.
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FooLynRoo
by on Mar. 16, 2013 at 3:31 PM

umm okay?


Quoting KrissyKC:

Money I saved up for their college would only BE for college.   Not to put down on a house for them, nor a car.   It's only my willingness to help with educational costs.   That is just help, too, because I share much of the OP's opinion.

Anything I DID save up for my kid, if they didnt' go to college, I would put into my retirement.   In the long run, they all would split up anything we had left as an inheritance.


Quoting FooLynRoo:

I don't care what you do for you kid, no bashing here.

However as someone who's had to raise and support herself since 14 years old, I see the other side of having no help in life.

So a college fund was important for me and my husband to establish even when we were struggling we always found a way to put some aside for the kid. 

Turns out he went another route with his life, but that money is still there, incase he changes his mind or when he buys a house.






KrissyKC
by Platinum Member on Mar. 16, 2013 at 3:31 PM

What if your child considers it optional?   How will you handle the difference of opinion?   I ask because my DH didn't want to go to college, but he felt "forced" by his mother.   Then, when he did poorly and failed out, she also "forced" him to pay off her loans plus his loans.

Quoting quickbooksworm:

I dont consider college an option so I'm OK footing the bill.



KrissyKC
by Platinum Member on Mar. 16, 2013 at 3:32 PM


I'm just commenting... you are much nicer than me.   

Quoting FooLynRoo:

umm okay?


Quoting KrissyKC:

Money I saved up for their college would only BE for college.   Not to put down on a house for them, nor a car.   It's only my willingness to help with educational costs.   That is just help, too, because I share much of the OP's opinion.

Anything I DID save up for my kid, if they didnt' go to college, I would put into my retirement.   In the long run, they all would split up anything we had left as an inheritance.


Quoting FooLynRoo:

I don't care what you do for you kid, no bashing here.

However as someone who's had to raise and support herself since 14 years old, I see the other side of having no help in life.

So a college fund was important for me and my husband to establish even when we were struggling we always found a way to put some aside for the kid. 

Turns out he went another route with his life, but that money is still there, incase he changes his mind or when he buys a house.








Firenygirl180
by on Mar. 16, 2013 at 3:33 PM

We started a savings account for DS after he was born.  We just put in all the cash and checks people send us for him.  We have lots of family far away and it is cheaper to send a check than a gift.  Instead of us buying him more toys when he has more than enough we save it for him for later on.  He will take charge of the account when he is probably 16 and hopefully we have taught him proper money management by then, but it is his money and he will be able to do with it as he pleases.

DF and I do plan to add to his account every month, but so far we haven't put any of our own money in for him.


If that works for you than that is what you do, it won't work for everyone.

EvasMommy326
by on Mar. 16, 2013 at 3:34 PM
I lucked up and went to school for free thanks to my employer. With the rising cost of tuition I refuse to have my child endure the stress of paying for school. With that being said her dad and I set up mutual funds so when she goes to college she will have no worries.
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illinoismommy83
by on Mar. 16, 2013 at 3:35 PM
6 moms liked this

Dear mom,

Thanks for all of the student loan debt. It has made life much more exciting as I argue with collection agencies and constant harassing calls. Due to my debt, I'll be living in your basement. No, I don't have a penny to pay you in rent and will be eating your food. Despite my 60k salary my 100k in loans have so much interest I take home less than a McDonalds worker.

Thanks,

Me

sheramom4
by Ruby Member on Mar. 16, 2013 at 3:37 PM

My DH is a disabled veteran, so the kids have college benefits from that, but otherwise, no, we would not be paying for their college expenses. I am the only one of my siblings to complete college and also the only one who had to do it on my own. Both of my brothers dropped out and my parents were paying for it. There is something to be said for earning it yourself and how much more it means when you do.

My kids are expected to get scholarships and grants to cover what the VA will not and work while in college, at least part time. They are welcome to live with us if the college is nearby or stay here on weekends and breaks.

Anonymous
by Anonymous 5 on Mar. 16, 2013 at 3:37 PM

we feel the same way. we are not setting any money aside for our kids. in this day and age there are so many grants and that, they can find a way to get themselves thru college if they decide to go. they can get a loan. they can even join the military and get their way thru college thru a GI Bill like my husband did. there are ways for them to do it and work for it themselves. but when the time comes, we will try and help them as much as possible. they are welcome to live at home, rent free while in school full time. we will help out financially as much as we can when the time comes. but we are not purposely setting any money aside between now and then. we will cross that bridge when we come to it.

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