College costs

[Nameless Range]

This will be the higher part of their education cost.

We are chipping in about 25%-30% of the yearly costs. A student can easily work their way through college with a little bit of help.

Haven't read all the comments, but if possible, get em a rental outside of student housing. In most instances, student housing is a ripoff.

The last 3 years I was in college (years 5-8) I worked full-time for the University I attended full time. This was a suffer-fest, but most universities offer discounts to their FTE. In my case, they paid my tuition outright. Saved me many thousand dollars. It's worth trying to get on board with the U sometimes, if the student can.

Otherwise, I feel for any parent trying to contribute to studenthood. Getting tougher and tougher to justify the ROI for many degrees.

 

[RobG]

If your child is motivated don't rule out IVY league schools. Most give need-based scholarships. For example, Dartmouth charges no tuition if your income is less than $100k.

 

[Lilhowie83]

Haven't read all the comments, but if possible, get em a rental outside of student housing. In most instances, student housing is a ripoff.

The last 3 years I was in college (years 5-8) I worked full-time for the University I attended full time. This was a suffer-fest, but most universities offer discounts to their FTE. In my case, they paid my tuition outright. Saved me many thousand dollars. It's worth trying to get on board with the U sometimes, if the student can.

Otherwise, I feel for any parent trying to contribute to studenthood. Getting tougher and tougher to justify the ROI for many degrees.

I'm a full time employee for a university, and as a FTE, they only allow you to take 6 credits a semester because they don't want you to take on too. Much of a load.

 

[RobG]

Another thing to think about. In my case graduate school in Electrical Engineering was "free" because they waived tuition and gave you a stipend that was enough to live on if you were frugal (and single). I don't believe they do this for other majors so your mileage may vary.

In engineering a Masters usually pays off. A PhD is less likely to pay off, but it expands the things you can do.

 

[JLS]

Another thing to think about. In my case graduate school in Electrical Engineering was "free" because they waived tuition and gave you a stipend that was enough to live on if you were frugal (and single). I don't believe they do this for other majors so your mileage may vary.

Mine did this. My oldest is currently doing an MS as well, and she gets a tuition waiver and stipend/hourly work.

 

[JEL]

I see a lot of our friends kids going for the full "college experience". I guess that means coming out $100,000 grand in debt and chasing a $50,000 (if that) job. It is ridicules.

I did a lot of hiring over the course of my career. Never put to much weight in what school they went to. Just that they spent the time and got a degree for the jobs that required it. I advocated to my boys that small schools can provide good education and are cheaper. Tuition wise and cost of living wise. One of my kids chose a bigger school. As a result he had to work a little more and he also spent a ton of timing applying for scholarships which paid off. There is a boatload of free money out there if your student is willing to look for and apply for them.

 

[3855WIN]

Bingo. A couple of generations ago someone sold American families on the purported value of “the college experience.” I think a lot of us are waking up to the realization that we got a pig in a poke. “The college experience” I want for my kids is not dorm living, pick the school with the best-looking campus and amenities, socialize with peers, etc., but rather a lesson in value, hard work, budgeting, and strategic career-building. To each their own.

Young people need to grow up away from home, but in a semi controlled environment. That’s living in a college atmosphere or joining the military. Those are your friends for life. My wife has a fabulous group of friends that she stays in touch with and occasionally they get together. Those girls lived on the same dorm floor freshman year.

 

[Deleted member 28227]

If they want to study Russian Literature, not sure how much I am willing to contribute. If they want to study engineering, law, med, I'm willing to be more generous.

1. You can't study law or medicine as an undergrad, and while there are pre-reqs MD and JD programs accept any undergrad major.

2. Is the assumption you're getting paid back? Are you stating you want a return on your 'investment' because if not isn't an education just a gift and then does it matter what they do with said gift?

If your child is an engineer do they pay you back more than if they are middle management at a paper company.

What's the promote structure you got set up with your kids, some sort of waterfall for every 100k they earn... like if they earn 50k they have to pay back 100% but if they earn 300k they have to pay you back 200%?

Or you could work more, get some job experience and go 1 semester a year. Lots of ways to still make it happen without having your parents refinance their house, rob from retirement, or force them to work another 10 years.

But like for the experience of a sheep hunt those are all fine?

 

[JLS]

There seems to be a fair bit of hyperbole and assumption permeating this thread.

Edit from some deep thoughts while on the shitter.

Can you work your way through college? Yes. Is that the best route? It all depends.

I have an undergrad and a masters. I’m using neither of those in my current occupation, and one could argue they were not overly beneficial to my earning potential in my work field. I could have easily made more career earnings in vocational trades.

If the college experience is important to someone, great. I don’t personally see the great value in it from a traditional sense. I think it’s far more important kids learn to do cost/benefit analysis, and balance that with career satisfaction and what they are looking for out of life. My wife and I have both greatly “underearned” for the last 25 years and were okay with that.

As a result though, our ability to help with college is a little limited. We’re certainly not footing the entire bill, and I’m not sure I’d want to. Skin in the game is important IMO.

I’m not sure what the point of my rambling is, other than it’s not a black and white issue with a single correct answer. I really don’t care what someone else’s priorities are for their kids. That’s their issue to work through and will be based on their own life experiences and financial situations.

 

[Irrelevant]

It seems to boil down to the actual person (go figure).

My kids will get a reasonable education on the house, depending on where they go, under the goal of providing at least as good a setup for life as I was provided. I hope they use it well, but I probably won't hold it against them if they don't.

 

[DouglasR]

Would you rather be gifted free college or 500 acres of central Il farm ground.
I didn’t get either one
Multigenerational wealth is weird.

 

[Lilhowie83]

Would you rather be gifted free college or 500 acres of central Il farm ground.
I didn’t get either one
Multigenerational wealth is weird.

I'll take the 500 acres.

 

[DouglasR]

I'll take the 500 acres.

*5 acres. 5 acres is way more common.
You know, just barely enough to build a modest home on.

 

[Deleted member 18333]

1. You can't study law or medicine as an undergrad, and while there are pre-reqs MD and JD programs accept any undergrad major.

2. Is the assumption you're getting paid back? Are you stating you want a return on your 'investment' because if not isn't an education just a gift and then does it matter what they do with said gift?

If your child is an engineer do they pay you back more than if they are middle management at a paper company.

What's the promote structure you got set up with your kids, some sort of waterfall for every 100k they earn... like if they earn 50k they have to pay back 100% but if they earn 300k they have to pay you back 200%?

1. No shit sherlock. I think you know the point I was making.
2. No payback. I am more apt to help fund college as a career development path rather than time spent learning something they simply find interesting.

If they were to earn $50K, I would tell them "told you russian literature was a stupid path and you owe me nothing since I didn't help you." If they earn $300K I would say "told you Mining Engineer was a solid career path, and you owe me nothing other than a thank you and make sure you pick a nice nursing home for me."

 

[Irrelevant]

*5 acres. 5 acres is way more common.
You know, just barely enough to build a modest home on.

I was going to say... you mean a couple mil in property or college? Not exactly a fair comparison. 5 acres? college all day everyday and twice on sundays.

 

[Irrelevant]

1. No shit sherlock. I think you know the point I was making.
2. No payback. I am more apt to help fund college as a career development path rather than time spent learning something they simply find interesting.

If they were to earn $50K, I would tell them "told you russian literature was a stupid path and you owe me nothing since I didn't help you." If they earn $300K I would say "told you Mining Engineer was a solid career path, and you owe me nothing other than a thank you and make sure you pick a nice nursing home for me."

... and when is the sheep hunt again?

 

[Lilhowie83]

*5 acres. 5 acres is way more common.
You know, just barely enough to build a modest home on.

Hell, I'd probably still take the 5 acres.

 

[DouglasR]

Hell, I'd probably still take the 5 acres.

Me too.
Can you imagine how much money it’d cost me to get from
Mat-.000000000000000000001
to a bachelors degree?

 

[Deleted member 18333]

... and when is the sheep hunt again?

Hopefully next year in Wyo but 21 PP may not do it. After that I am thinking Yukon sounds fun, maybe back to NWT. My father is a wise man and I am just smart enough to pay attention when he speaks.

 

[Deleted member 28227]

1. No shit sherlock. I think you know the point I was making.
2. No payback. I am more apt to help fund college as a career development path rather than time spent learning something they simply find interesting.

If they were to earn $50K, I would tell them "told you russian literature was a stupid path and you owe me nothing since I didn't help you." If they earn $300K I would say "told you Mining Engineer was a solid career path, and you owe me nothing other than a thank you and make sure you pick a nice nursing home for me."

If I were your kid I tell you your being manipulative. You clearly are concerned about being able to exert control over another person, thanks for the offer but keep your money.

Then I'd take my Russian lit degree and get a job with Mckinsey, or get my school paid for by the military/state department or work for the FBI, Russian is a Critical Language and all military branches + alphabet agencies are looking for speakers... or apply to medical or law school.

After that, I pick you out a nice nursing home and say, "you taught me a valuable lesson, you taught me that if I'm interested in something I should go for it regardless of what anyone else thinks."

I don’t personally see the great value in it from a traditional sense.

I’m not sure what the point of my rambling is, other than it’s not a black and white issue with a single correct answer.

I agree it's not black and white, and I think while ROI is a factor that is often brought up with education it is but one factor. Similarly, I don't think you can boil military service down to ROI.

Further there are a number of key professions that solely exist because folks are willing to do them in spite of their negative ROI. Teachers, clergy, social work, etc.

I respect that you don't see a value in it, I conversely value it as and end unto itself.