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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 (141-144):
Anonymous
by Anonymous - Original Poster on Mar. 17, 2013 at 9:33 PM

Im not sure about your family. But most people I know, do not go into college directly out of high school. Many students choose to take a year or 2 to travel, study abroad, etc. 


Quoting danandsamsmom:

If you claimed your child on your income tax during their final year of high school, it is that income tax return that  will be considered for aid their freshman year in college.  I have friends that have tried to get around this by not claiming their seventeen year old CHILDREN on their income taxes, but apparently the financial aid "gods' are wise to that scam. 


Quoting Anonymous:

NO im talking about the parent part. 

 Parents income is only considered under certain circumstances. 

I am raising my children to be adults and pay their own way and pay their own taxes. 

They would not be living with me or financially dependant on me as adults. 


Quoting danandsamsmom:


Yes, I think that grants are need based, while scholarships are merit based. At least that is the way that it worked when I graduated from college in 93 and law school in 96. If my memory serves me correctly, my parents income was no longer considered for law school financial aid, because I had turned 22 the summer before I started.

Quoting Anonymous:

Is that really how you think it works? 

Quoting danandsamsmom:

If you are well off, you child will not qualify for grants, because grants are need based.  

If would could afford to save for only retirement or college, we would save for retirement.  Fortunately, we are able to save for both.   








Marti123
by Silver Member on Mar. 17, 2013 at 9:36 PM
I view a college degree in our society at this time as necessity, so i feel obligated to provide it for my children. No difference than high school, IMO. I realize many disagree, and that's fine for your family, not mine.
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storkneedsgps
by RoseTyler on Mar. 17, 2013 at 9:45 PM
My kids will...sort of. If you put twenty five bucks in a savings account every month for 18 years, that adds up. I am also asking for savings bonds as Christmas and birthday gifts. They will be expected to work and try for scholarships but hopefully they can go without debt.
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danandsamsmom
by Silver Member on Mar. 17, 2013 at 11:09 PM

 

Most people that I know go straight to college, although many (including myself) do at some point study abroad during their college career.  I certainly don't see how a brand new high school graduate could afford to travel or study abroad without financial assistance from someone.

The general rule is the parent income is considered for all students under the age of 24.  According to the Department of Education, students under 24 are considered dependents as long as they aren't married, in graduate school, are veterans, or provide support for their own children.  A person taking a year or two to travel would still be considered a dependent student for the purposes of financial aid if they decide to return to school at the age of twenty.

Quoting Anonymous:

Im not sure about your family. But most people I know, do not go into college directly out of high school. Many students choose to take a year or 2 to travel, study abroad, etc. 

 

Quoting danandsamsmom:

If you claimed your child on your income tax during their final year of high school, it is that income tax return that  will be considered for aid their freshman year in college.  I have friends that have tried to get around this by not claiming their seventeen year old CHILDREN on their income taxes, but apparently the financial aid "gods' are wise to that scam. 

 

Quoting Anonymous:

NO im talking about the parent part. 

 Parents income is only considered under certain circumstances. 

I am raising my children to be adults and pay their own way and pay their own taxes. 

They would not be living with me or financially dependant on me as adults. 

 

Quoting danandsamsmom:

 

Yes, I think that grants are need based, while scholarships are merit based. At least that is the way that it worked when I graduated from college in 93 and law school in 96. If my memory serves me correctly, my parents income was no longer considered for law school financial aid, because I had turned 22 the summer before I started.

Quoting Anonymous:

Is that really how you think it works? 

Quoting danandsamsmom:

If you are well off, you child will not qualify for grants, because grants are need based.  

If would could afford to save for only retirement or college, we would save for retirement.  Fortunately, we are able to save for both.   

 

 

 

 

 

 

 

 

 

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