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Do you plan on paying for your kids' college education?

Posted by on Oct. 4, 2013 at 9:29 AM
  • 22 Replies

Why Parents Shouldn't Make Kids Pay for Their Own College Education

by Mary Fischer

Harvard library

Even though my son is only 7 years old, my husband and I realize that before we know it, he'll be graduating from high school and going off to college. And that's why lately we've been talking about how we need to get our butts in gear as far as saving money for his future education. The last thing we want to do is get to that point and not be able to send him to the school of his choice (within reason, of course).

Unless there's some sort of extenuating circumstances that make us 100 percent unable to pay for his tuition -- we're planning to take on the full financial responsibility of his college education. We believe that's what parents do.

Yes, my mom and dad paid for every cent it took for me to earn my Bachelor's degree. And no, they weren't rich. Actually, when I went off to college, my dad was unemployed and was in the process of looking for another job. But even though there were days when I can remember sitting on the floor with my mother rolling quarters we'd dumped out of a huge wine jug of change to take to the bank in exchange for cash -- they still found a way to send me to a small, private liberal arts school. (Which I transferred out of in favor of a big state school after one semester. Long story.)

And the reason they were able to manage is probably because they'd planned for college since I was a baby and had their savings to fall back on. They never for one second expected me to pay for my own tuition -- which is exactly the philosophy I want to stick by when it comes to my son.

The last thing I want for him after he earns his college degree is to have to worry about paying off student loans in addition to searching for a job. I want him to get off on the right foot and have the best possible start in his post-college adult life -- not be up to his ears in debt and worrying about how in the heck he's going to pay for it on whatever his entry level salary happens to be.

And while both my husband and I are assuming (and praying) we'll be in a good financial position when the time comes to send him to college -- we certainly can't predict the future. It's time for us to quit beating around the bush and set up some sort of separate account for him -- before we wake up one day and he's 18 and we're broke and we totally fail him by not paying for his education like we said we would.

Parents are supposed to pay for college for their kids. Period. Now please excuse me while I email my husband to remind him that we need to get a plan in place for our kid ASAP.

Do you plan on paying for your kids' college education? Why or why not?

by on Oct. 4, 2013 at 9:29 AM
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Replies (1-10):
Anonymous
by Anonymous 1 on Oct. 4, 2013 at 9:32 AM
Yes, we are now. Some scholarship money and the rest us.

Dh paid for his by scholarships, grants and a couple small loans.
bhow
by on Oct. 4, 2013 at 9:41 AM

We do NOT believe that we are responsible for paying for college BUT, we think it's great of those parents who do pay for or help out.  With having that said...we have 2 children in high school and have invested enough in 2 separate college education funds for both of them to go to college for 6 yrs. (is what our account broker(s), investor(s) figure) pretty much any place they apply and are accepted.  If they don't use it, the way the funds are set up we can keep them and pass them on to any family member or grandchildren.  It was a lot of work but it worked.  No regrets.  The kids don't know anything of it, we encourage them to strive for scholarships to help teach them hard work pays off.

marchantmom06
by Bronze Member on Oct. 4, 2013 at 10:44 AM
Yes we plan to pay in full for all the kids.
Posted on CafeMom Mobile
Aramat34
by on Oct. 4, 2013 at 11:05 AM

Yes, anything I can do to support my sons education I will do!

KayBeCareful
by on Oct. 4, 2013 at 1:34 PM

Of course. It's the parents' responsibility to give their kids a good start in life and a good education is at the heart of that.  If people can't afford to give their kids a good send off in life, imo, they have no right to breed. As long as they are passing, we're paying.  Don't care what or where they study as long as it's accredited and hopefully with a planned goal or at least skills so they can always make a good living.

Also, because of planning, my kids will be able to relax and enjoy college rather than toiling in horrible idiot jobs to make ends meet and then finally graduating with crushing debt that will follow them for at least a decade. That's a horrible way to start out in life.

EireLass
by Ruby Member on Oct. 4, 2013 at 1:36 PM
I payed a small amount, when I figure their total cost. They paid a very small amount. They are very good at networking and showing their skills and were able to get employers to pay.
MinglingMom
by on Oct. 4, 2013 at 1:37 PM

We definitely plan too. Especially since I had to pay for my own and DH didn't. It made us more determined to want to do that for our child(ren).

waytomanykids10
by on Oct. 4, 2013 at 1:59 PM

No we will not be paying for college education. Each of my kids do have an inheritance accounts that they will receive when they get done with college but they can use it for whatever they want. So far my 25 year old step son is the only one to finish college and he recieved an inheritance from his maternal grandmother when she passed away and that was enough to cover all the classes he had to take. He worked to pay for his housing. My 24 year old stepdaughter will be graduating this next spring and she also received an inheritance from the same grandmother. She lives in an apartment above our garage so she doesn't have a rent payment and she eats with us. She only has to pay for her personal things. She works a part time job.

JoyfulMemories
by on Oct. 4, 2013 at 3:49 PM

HI Cafe Steph!   What a fun article.  wink mini

I don't want to push this on anyone, it has been a  blessing to our family and wanted to pass it along. We have a difficult time saving until we started using the budget planning help from Crown Financial http://bit.ly/1775Vn4 They have a MoneyLife Coaching program that provides a free initial debt analysis and their one-on-one coaching has helped us to invest in our future and our children's future. 

We really did not think we could help our kids with college, even though that was our desire.  And now through prayer and sticking to our budget we are on the track to investing not only in their future but ours!

God Bless! 

Maggiesmith121
by on Oct. 4, 2013 at 4:02 PM
Most defiantly! They all have their own college funds right now! My oldest two have enough to pay for the first year and a half so far, and their only four! We have it set up so that money cannot be taken out no matter what, since I want my kids to go to college without having to worry as much. My parents were able to send myself and all of my sibling to college and Im the eight born of ten- so why can't I send my three?
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