Kids and Money: Are You Saving For College and Will You Make Them Go?

It took you years for you to save enough money to buy your first pair of designer shoes --Now you've got to come up with enough cash to send your kids to college. College?! Have you even started to think about it?

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NotaGirl_NotYet...
2 yearss ago

Hi, my parents didnt save for me and I am really mad about that because I will be going in two years! So now this means that I will have to pay on my own and I just got a job! This also means that if I have kids then I wont really be able to because I will be in such a big debt!!!! So parents, please save money for your kids for college!!! if they dont wanna go or you dont want them to then they can use it for a house wedding, sweet 16, or car in the future!! thanks have a nice day! :)

Rebecca
2 yearss ago

Oh. My. Gosh. I totally meant 529, not 509! SOMEONE SHOULD HAVE GONE TO COLLEGE! (Me, you guys. Me.)

HeadMom
2 yearss ago

Someone who DID go to college should have caught that! Oops :-)

katieladyTX
2 yearss ago

We were JUST talking about this with my parents last week! We do have a 529 for our 3 year old, but honestly, putting money into it is not our biggest priority. We will be paying ourselves before we pay into that account, as I'm more concerned about my own retirement right now than whether or not I can pay for college....you can get a loan for college, but you can't get a loan for your retirement! Yes, I think it's important to have some money for it, but I also think there is value in your kid helping out, too. Both me and my hubby had student loans, and while I just got mine paid off this year (10 years later), it's cheap money, helps establish your credit, and I think gives you a sense of responsibility about the money spent on an education. There is a lesson there, as well, and a VALUABLE one at that! I worked my way through college, had loans to help, and my parents paid for my tuition only....I paid all living expenses and 'extra' school stuff like supplies and the like. And I think I'm a better person for it. Plus, what if my 3 year old turns out to be a FABULOUS glove man up the middle with a million RBIs and an average over .500 and turns out he's drafted out of high school or ends up with a scholarship? Hey, a girl can dream, right?

sara lou who.
2 yearss ago

My parents were kind enough to pay for my college, which allowed me to get an education without incurring massive debt. It's something that I am really grateful for. As soon as our daughter was born we started saving monthly for her schooling. College changed my life because I could not enter my chosen profession without a strong education. But, what is most important to me is that whatever my daughter's dreams are, we arm her with whatever the right tools to achieve them.

lissak
2 yearss ago

We started a 529 for my daughter with the gifts she was given when she was born..... Frankly since then we haven't been able to afford to put anything more into it. And in weighing college savings fund/putting food on the table buying & clothing for my ever sprouting child guess which one won out? I'd actually been feeling a little guilty for not putting ENOUGH into savings for her. But you can only do what you can do... and since at present, the situation requires me to be where I am, things aren't changing anytime soon.

Lou
2 yearss ago

We do save for our son's college education, we started a few months after his birth. Will we be able to pay for 100% of his education when the time comes, probably not ... but we'll be able to help. My husband and I both put ourselves through school and are still paying off the loans ... it was worth it, but if we can give our son help then we want to do that ... it is a priority before vacations, home improvements, etc. We feel the same about our retirement. Now on to the second part of the question as I see it ... we do hope that our son attends some form of college, technical school, etc. I simply don't believe that a HS diploma is enough these days - in most cases (always some exceptions, I know). Education is important to both my husband and I, we're actually both first generation college grads and quite proud of it!

ninja mama
2 yearss ago

Yes, we did initiate a type of 529 plan the month of our daughter's birth. It's called the GET Program run by the State of Washington. It's the kind that let's you buy units applied to tuition so that you can lock in at a set rate and be guaranteed that when you buy 100 units, the kid is assured a year's worth of college tuition paid, no matter how expensive it is in 18 years. This is only valid in public universities within Washington State but I think college will be quite expensive in 2027 so we sort of hedged the risk. Is this limiting her? Well she can take the cash value and apply to an out of state or private school though I'd prefer her to maximize the value by using it the way it was intended. Do I expect her to go? Absolutely. A 4-year degree barely gets you in the door nowadays. Given the economy now, with so many folks looking for work, if you don't have a degree when applying for professional level job, you don't even get looked at. So for her career prospects it's a must. For her social development, I think it's just as important. I met a lot of people who opened my eyes to new ways of thinking and life experiences. I'm not blind to the fact that there are other paths she could take but this one affords the most opportunities and doors to be open to her. Once you have it, no one can take your education away from you. But I certainly don't want her to go into massive debt at age 22. So we're starting now and will hopefully have most of the costs of a 4-year degree covered by the time she goes. And if there is any doubt why college is important, I saw this "article" on McSweeneys: "THE ONLY THING THAT CAN STOP THIS ASTEROID IS YOUR LIBERAL ARTS DEGREE" http://tinyurl.com/22or54w :)

kfrag
2 yearss ago

We have two sons a college junior and a high school junior. We made a paltry effort at saving for school ... there were just so many other priorities. We were extremely lucky that my son received an excellent scholarship from an fantastic school. We make too much for any financial aid - so we split the balance due with our son (about $10,000 each year). We wanted him to have an investment in his education. I figured by the time he graduated, he would owe about $20,000 ... roughly a car. It's not easy - there are always extra expenses that don't factor in. If I had it to do over again, I would have saved sooner and more! We're in a better position with our second, but I'm still hoping for scholarship money....

SilverXeno
2 yearss ago

I have not started anything for either of my kids. I *think* my grandparents may have started contributing to a 529 thing...its kind of like another commenter's, where you lock in the rate for the year you started for a public university in our state. I am not really worried about this. My grandparents did not pay for THEIR kids to go to college, they all went anyway. Or joined the military and got their education paid for that way. My mom offered to pay for community college for each of us. My brother and I did not go at all, another brother went for a few semesters then joined the AirForce, my sister graduated, and has moved onto a university. And in my sister's case, my mom asked that our father (they're divorced) pay for some of my sister's expenses, like her books. I do think "higher" education is important, but I don't think it should be specific to university. There are techschools, direct-entry & apprenticeship profssions, licensures, certifications, military, etc. My kids will HAVE to do something...b/c once they're no longer college age & not in college, they're out of the house. Otherwise my kids can stay home for as long as they carry a FULL course load. (I say that, b/c I knew a 28 year old "student". It took her 6 years just to finish community college.)

Kids and Money: Are You Saving For College and Will You Make Them Go?

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