Saving for college??

expensive private school, well that is their own problem then and they are gonna get a rude awakening when they leave school with $50,000 or more of student loans.

Wrong.

Alumni of certain University's are instantly validated, just by graduating.

Trust me, my wife wouldn't of had an interview for the job she has, if it weren't for the school name on her diploma.
 
My wife had to pay her way through college, and by the time she graduated she had $120,000 in student loans. Only 12 more years left at $700 a month.

Mainly because her dead beat parents didn't give her any help/advice on how to get any financial aid. The school just kept feeding her loan aps, and no other guidance. She did a 6 year masters in 5 years, so that doesn't leave much time for working.

I'm not saying she's innocent in the deal, I'm just saying the idea of working your way through college is extremely unrealistic.

Well said, financial aid can become a trap easily caught up in.
 
My parents helped me the most by not helping me too much. Most of the kids that I knew as a freshman who were getting a free ride from mommy and daddy were nowhere to be seen on graduation day.

It would be smart to let them pay the first 2 years or so then help on the back end. More of a return on investment at that point. No drinking and raising hell for 2 years then drop out......................

A lot of truth in these 2 quotes. My folks told me they'd reimburse my tuition after each successful semester. That lasted exactly 2 semesters of JC before heading to ASU--grades were fine, parents were running a business and things were tight. Shrug. Oh well, still made it thru--paying my own way--in 4 1/2 total. And if you don't think that's a feat, you've never spent time on the ASU campus or you should be on a Dance Step board instead of HT. :hump: I learned a lot about myself: had both a full and part time job while taking 18 credit hours my last 3 semesters. Where there's a will and all that.

I really like Buzz's Plan but since tuition costs have soared way higher than cost of living increases over the past 20 years + depressed job market = not viable in all cases. Some schools will run an easy 6 figures and some are even worth it. A Stanford degree almost automatically comes with a job and they've even talked about eliminating tuition there.

As to the 529, I have no idea. When the Nasdaq tech stocks crashed back in 2000, I just shrugged and told my boys 'College isn't for everyone.' :eek: The bottom line is we'll help them with necessities and extras will be up to them. My oldest wants to be a Navy Seal and is working toward that end--ROTC for college + Navy commitment. Youngest will probably sell bags of weed and blow it on "dancers". :rolleyes:
 
While we're on the topic of paying. Is it worth having a Stanford degree verses a state local degree ? Is the 30k a semester better than a 2k ?

Thoughts ?
I'd say it depends. In some fields I do think the name on the diploma matters somewhat, especially for that first job. But, aside from that, I think the type of the education is, or can be, different between schools. Some schools teach a skill or how to work in a given field and others teach one how to learn and process information. Not neccessarily the same thing.

When I graduated I pretty much felt like I had to go to graduate school for a couple of reasons. One, the school + degree that I got as an undergraduate left me with few marketable skills (something like 80+% of graduates from there go on to a post-graduate degree). Secondly, the career I wanted to pursue at that time (not the one I'm currently in) required a graduate education. I think the school set me up well for that. Now, as to where I ended up...that's my fault! ;)

Also, just because a school has a high sticker price doesn't mean that is the price you'll pay. I paid well less than 50% of the full rate for the school I did my undergraduate degree because of grants, scholarships, and financial aid offered by the school. This made it very competitive price wise with the state schools.
 
Only you can answer that question. It depends on the complexity of your financial situation. If you feel like you need more clarity as to when/if/how you can retire, then yes, it may be a good idea. If you feel like you have a good handle on things and are willing to educate yorself, then you may not need such assistance.
Thanks again! I will probably look into something along those lines after my wife changes jobs for her retirement and for mine once I max out the amount I put into my employer carried account.

PS- I think for my generation "if" is gonna be a bigger deal that "when" and "how"...
 
As a current student I can't stress enough the importance of paying for at least some of your own tuition and costs of college. I had my first year paid for me and then after that it was, "Well your on your own son." That was a big reality check. My parents had the money, they just didn't doll it out to me. It was frustrating but I've worked my butt off and have a great work ethic and have had so many jobs that I know what it takes to be successful in any business. Also it's made me focus on what it is I want to do for the rest of my life. I did have to take out loans but I've saved enough so far that unless I have some unforeseen expenses in the next year I will be able to pay those off immediately.

I have had multiple friends who have had everything paid for them during college. I'd say 10% or less of these kids will reach their potential as a person after college. They smoke, drink, sleep in, are lazy, selfish, gluttonous, unhealthy, and rude. They think life is one big party and will probably find the easiest job they can out of college that will let them retain that half-ass lifestyle.

I think the idea of paying for the first two years is brilliant. Get them thinking about a career right away so they can take classes that aren't a waste of their time and will be pertinent five to ten years down the road.
 
Niether of my kids will be getting a completely free ride. They will definitely have some skin in the game. Additionally, any money we save will not be handed to them, the wife and I will decide where it goes. But, right now I do not plan on letting them have jobs, probably not even in the summer, until they graduate high school. That was the case for me and I think it worked well. No worries though, they will be taught responsibility by me and not an employer. Hopefully, they'll be too busy participating in things like sports and/or other extra curriculars to not have time between those things and studying to have a job. I can put them to work as well as anyone! :D

This is interesting. Cool story time.... a number of kids in my daughter's class who were "good kids" and "achievers" (Student Body President, Class officers, Band Leaders, etc) got a "great" job at the local drive in coffee shop. The "cool" one with the guys that are 22 and have piercings, cool tattoos, and drink lots of Red Bull all the time. These HS kids started working, started making their money, plus tips, and started "being cool". I have no idea what they make, but one bought a Harley, the one that was Student Body Pres dropped out of the local liberal arts college after 3 weeks to be able to work.

I am sure the $5 an hour in tips makes you feel rich at age 18, but I would guess that in another 4 years of not having a degree and having to wake up at 4am to serve people cappuchinos will make you feel older.

I think too much "success" at age 18 isn't good.
 
I'm currently in the process of setting up direct deposit for my son"s 529. My wife and I aren't really planning on letting him know how much will be in there for him. We both came from lower middle class families and we taught the value of hard work at a young age. Not necessarily how to get good grades and to study hard.

When I went to school (the first time) my Mom paid for Tuition, Room and Board and books general living expenses were on me. My senior year she made me take on my housing and she paid for tuition only. I came away with a 2.6GPA and a degree in PoliSci and not a whole lot of opportunity. I did learn a lot about the world and myself though. Now I think my lackadasical approach was mostly due to me not being ready for school on a scholastic level. Everyone said "go to college, go to college", but I never really knew why (on a micro) level of why I wanted to be there. I forged some great friendships with some very high performing friends, by the time I had it figured out, it was pretty much too late.

Fast forward a year or so and I found myself living on the other side of the country with the girl of my dreams, who was a Type A personality all the way putting herself through Med-School. Realizing if I wanted to be with this woman, I needed to do something, and my degree didn't present me with a whole lot of options. So I went to the local Jesuit University ($$$$) and enrolled myself in their "Continuing Ed." school for a Business Degree in Accounting. 20 months and $50k later, I had my degree with a 3.85GPA, was the only person from my school to be offered internships at two of the big four accounting firms. In both interviews the first question out of the recruiters mouths were "you went from a PoliSci degree with a 2.6 to an accounting degree with a 3.8? After explaining the story above and how college was now on my dime and it was time to "grow up" I knew the jobs were mine.

Now I'm back on the other coast, with that girl of my dreams and have been gainfully employed for the last 8 years. My wife runs on of the most successful practices in all of California for her field and we are happy to pay $328 and $506 a month for what we do. The loans were a wise investment on our part....of course I could have avoided them, but that's all in the past.

We hope our son will feel that nothing is handed to him or at least understand what we have done to be able to provide it to him. We'll be more focused with him excelling scholastically than our parents ever were with us. He'll most certainly have to work his way through school for at least living expenses and beer money. We'll keep a close eye on his grades and make sure he continues to work hard and have a focus. If that slips then we'll have to have a heart to heart....or if he considers some sort of liberal arts major.

If he at all consideres any of the state schools in Oregon, I'll be cashing out his plan and buying a small 1 bedroom apartment in Florence Italy.
 
Since when did a kid saving for his own college become taboo? I started when I was about 10, and had enough to cover about 1/3 of my tuition by the time I needed it, got scholarships to cover about 1/3 and I paid for the rest and room/board.

When resumes come across my desk for a job, I don't look at the school I look at work experience. I would say that at least 50% of the candidates for internships have zero work experience at 19-22 years of age, about 25% have had a job of some sort, and another 25% have had a job since they were in high school or earlier. These are the ONLY ones I even look at. I had resume from Harvard and another from Stanford come in a few months ago. 4.0 students, all sorts of acalades listed (mostly sports), etc. Right in the trash, because they were 21 years old and had never worked a day in thier life. School is not a job... IMO.

When I worked in MD, I worked along side many engineers with degrees form the best schools back east. They were making the same amount as me, yet held rediculous amounts of debt, all for what?

I graduated 10 years ago, with zero debt. Like Buzz I worked through school, and during the summer. It took me a bit longer, but I did it. Hunting season got in the way a lot too... The price of tuition may have gone up but so have wages. I worked 2-3 days a week, as well as most weekends to pay rent/bills/gas. I blew off plenty of fun trips and parties because I had to work the next day.

Funny how some people just can't do school work and hold down a job, while others (the ones I hire) manage just fine. Pretty sure the amount of study time required to get an engineering degree is just as difficult as any out there. You have the ones who have work ethic, and then you have the rest of the pack who didn't earn anything in thier life. I work with some of the latter, and its apparent.

Just looked at tuition for my school. Its $1200 more per semester than I paid 10 years ago. For a total of $6500 a year now, toss in living expenses, books etc. I could still do it the way I did.

The only thing my parents helped me with was gas money to and from "home". Usually because I went home to work for my dad.
 
I had resume from Harvard and another from Stanford come in a few months ago. 4.0 students, all sorts of acalades listed (mostly sports), etc. Right in the trash, because they were 21 years old and had never worked a day in thier life. School is not a job... IMO.

You're not being very fair with that. When I first went to the University of Washington I walked on to the football team. Collegiate athletics are very much like a job, they take your time, dedication and focus. All good traits.

My typical day was like this:
9-12 class
12-1 lunch
1-3 film room
3-5/6 practice
5/6-7/8 dinner, workout
8-bed study....if you have anything left. It was brutal and a big reason I got behind early in school. If you see a resume with a high GPA (3.3+) and intercollegiate athletics, that is probably a damn good candiate and worth a look.
 
If you see a resume with a high GPA (3.3+) and intercollegiate athletics, that is probably a damn good candiate and worth a look.

I had a couple roomates that played football. They also managed to get a job during the summer, both were very good students, and grew up on ranches and worked through highschool. Their resumes wouldn't have gone in the trash because they had work experience.

The ones I see have zero work experience... I mean nothing. The things listed include team swim captain, or All-State basketball ref, life guard, or fastest kid in my class...

The world needs dishwashers and garbage men too. They're easy to spot. :D
 
Give your kids nothing, and they won’t expect anything – they will be better men/women for it! No wonder all your kids have this entitlement attitude, you parents supply them with all these excuses!!! :p (pretty easy for a guy with no kids to say!)

I just graduated in 2009 from Montana State… toughest 3 and half years of my life and made me who I am today. I took 18 credits every semester in order to graduate with honors in 3.5 years in finance (I wouldn’t say I am smarter than the next guy; however, I did choose a degree that came easy to me…. dealing with numbers). My “college” experience and lifestyle was that more of a gypsy/mountain mans more so than the “tailgate” or “let’s go downtown” experience my friends had…. Every summer during college I worked as a hired hand for a ranch/land owner up Bridger Canyon fixing fences, herding cattle, shoeing horses, building ponds, roofing his cabin, hauling hay, and finding and fining trespassers. For the 14 weeks of summer, I worked 7-12s (7 days a week, 12 hour days and sometimes I didn’t get back to the cabin until night, so it was more like 14 or 15 hour days) and I was given a flat, tax free, $100 a day. He did give me a 600 sq ft cabin to stay in during the summer which I was grateful for. Thank God I was lucky enough to shoot an elk every year to make it possible to stay alive. During those long ass summer days, I would drink at least a gallon of water a day (a lot of the times two gallons) and for lunch I would eat a straight (no suet or fat mixed in) elk burger patty wrapped in lettuce, and for dinner I would eat an elk burger patty with spinach and corn (from the garden I planted outside my summer cabin). I even shot a couple deer solely for food purpose. Every night I would get home right before dark or at dark, so I would fry two burger patties (one for dinner and one for lunch the next day), and the corn and spinach while I hiked to the spring (half a mile away so I could fill up my water for the next day) and while I showered. Then I would eat and then go to bed. Fun Montana summer, huh? I did that exact routine for 4 straight summers… didn’t see or even talk to (no cell service) my family, friends, or girlfriend for three straight months (not sure how I even kept a girlfriend). I’m not a very big guy, I have been 5’8 and right around 150 almost my entire life, and during those 3.5 years of college I think my heaviest was 130… was worn pretty thin. During the fall, I would camp/sleep in my truck and hunt elk almost every afternoon and weekend that I didn’t have to study, do free internship work, or research (Like I said, I was blessed to be able to shoot an elk every year, even more lucky to be able to get a bull each of those years, and sometimes 2 elk with a “B” tag and even a couple deer for extra food!). I scrounged up enough money to buy a deep freeze for my elk meat and kept it at my girlfriend’s house.
If I had to classify myself as anything during the summer months, it would be a mountain man and during the school year, a gypsy. I would stay in my truck a couple nights a week, stay at a friend’s house 1 night a week, stay at another friends 1 night a week, even rented a sketchy storage unit on Rouse St and slept on my air mattress for a couple month period, slept on my girlfriends couch (she wouldn’t let stay in her room… apparently was waiting to see how I would pan out :( but now we are now engaged! :hump:), and I even convinced a couple ex-girlfriends to let me crash on their couches a couple times!

Work: $9,800 per year
MSU Tuition: $4,900 per year
MSU Books: $500 per year
MSU Health Plan (parents made me pay my own): $1,400 per year
Car Insurance: $70 month
Gas: $50-75 (rode my bike as much as possible)
Cell Phone: $50

If you do the math… I had about $50 a month to spend on food (other than elk and deer), any fun, driving anywhere other than the mountains to hunt, or to do anything remotely fun… Drinking/partying was definitely not part of the equation, a lot of my friends typically said that I “shouldn’t worry about it” and “the drinks would be on them” but that’s not the kind of person I am and didn’t take them up on their offers to go partying……
So college was quite tough for me but made me the man that I am today… but then again, I didn’t mind being by myself most of the time either.

Long story short, when I have kids- I will not helping them one bit for college!!! (Unless I have a daughter…. I don’t even want to imagine the sort of things a woman (let alone my own potential future daughter!!!:mad:) would do for a place to stay/something to eat if she was put in the situation I was in!! :confused:

On the other hand, my future wife was given everything and had everything paid for by her parents and never got anything less than a 4.0 and is getting her MD from the Mayo Clinic in Jacksonville.
 
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I think it is fairly clear after reading this thread that there is no black and white /right or wrong answer when it comes to paying for your kids school, helping pay, or letting them fend for themselves. If you ask me a lot of character building, moral development, etc comes before you head off to college. Certainly you will some of that up later in life, but personally I learned a lot about what kind of person you're "supposed to be" before I ever went off to college. Those things certainly aren't going to change because my parents help foot some of the bill... quite frankly because I know damn well it wouldn't be tolerated and I wouldn't want to be that kind of person in the first place. If your kid has the right core values and life skills when he/she graduates high school, job well done, because it means you have those same high standards. I wouldn't be too concerned that a free trip to college is going to ruin someone, if they have been brought up right for the first 18 years. I venture to say most of the ones who are smoking pot wasting money caught a good glimpse of that during their upbringing, and weren't disciplined when they started going down that road themselves. I am thankful every day for what help my parents give me, even though I know they don't have a lot of disposable income. I worked full time every summer during college, several of those years in the field I am pursuing, while playing baseball. That left me enough money for housing and living expenses each year and some money to do the things I enjoy like hunting and fishing. They provide some help with groceries, car insurance, phone, and they hack off some of the interest on my loans when they can so it doesn't accumulate as fast. I just completed my financial aid process for this coming school year and painfully accepted $25,000 just to cover the cost of nonresident tuition ($21,000) and the supplemental pharmacy student fee ($4,200). Figure in university fees, books, housing, living expenses and I am pretty sure that no matter how many hours a day I put in during summer and during school, that bill would be pretty tough to foot. Is it possible, maybe.... but I would rather take out loans and pay them off once I land a good job. In the meantime I'll responsibly enjoy my college experience and my experience in Montana. A lot of my motivation throughout my educational career has come from my desire to get a stable, good paying job so that I can return the favor in the future. There are many things I know my parents would love to have or love to be able to do, and I plan to provide those things for them in the future. I applaud your proactive effort to better prepare yourself for your kids futures. They will thank you for it.
 
PFUNK hit the nail on the head. My parents brought me up to be a hard worker and excel in school my entire life. That doesnt change when you go to college. They have payed for most of my college and give me a little bit of spending money here and there. They're well off and have saved since I was born. Ive had a lot of my school payed for through scholarships from doing well in school as well.
They would rather see get good grades (so far so good) then have to worry about paying for school. I still hold down a part time job and manage a 3.75 cumulative GPA. Our family is held together tightly and they know I wouldnt screw off and flunk out of college. Just the way I was brought up and how our family is oriented.
 
I have a 4.5 year old and a 2 year old. They do not and will not have a college savings account from me. I had to pay my own way via scholarships/loans/work etc. and feel that I was a better student because of it. It was my money and I was not going to piss it away like I may have done with mom and dads. Kids have everything handed to them on a silver platter these days and it is just wrong (and I am not that old). Teach a kid how to catch a fish and make a buck and they will do alright. Granted I will always be there to help my girls. My parents did help me once or twice with a couple of hundred bucks but surely not thousands; that is what I will do with my girls.

PFUNK I knew plenty of college kids that had college paid for and were to busy smoking doobies to attend class...even with their upbringing prior to college. It is a great life changing experience that some kids just can't handle.
 
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Would you rather help your kid pay for college or help your kid pay for his/her wedding?


I was wondering about that on similar lines.....


Why do some of you spend money for your kids cloths ? You give your kids shelters ? Buy them food ?!?!?!

GEESH, bunch of softies. Make the kid's get a job and pay you rent by age 8. Otherwise you are just spoiling your kid and they will end up lazy and pot smokers..........
 
I was wondering about that on similar lines.....


Why do some of you spend money for your kids cloths ? You give your kids shelters ? Buy them food ?!?!?!

GEESH, bunch of softies. Make the kid's get a job and pay you rent by age 8. Otherwise you are just spoiling your kid and they will end up lazy and pot smokers..........

:D

Have a new granddaughter arriving the first of september...I'm buying her an axe and Buzz's motivational CD's.
 

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