To those that feel like the have kill themselves financially to save for college...

[lendaddy]

Originally posted by the
My parents never wanted me to have a menial job during high school, they felt it was a waste of time, and I agree. They felt the time was better spent studying, or doing the things kids do. Being bosses around by some bozo at a fast food restaurant - I'm not sure what that accomplishes or teaches.

They also paid for every penny of college and grad school, everything, car, housing, etc. There was always money in the ATM for me, I never had to worry. They never wanted me to have a job during college (during school, I did have summer jobs, of course), they felt that is just a disadvantage to me in a competitive environment. Again, I agree.

I was very grateful for that, and would NEVER have let them down. Yes, there was some partying, but never at the expense of academic and other achievement. Once I was in college, they never asked to see a "report card," they knew that would be silly and that I was my own worst critic and hardest driving taskmaster.

Any kid who parties it up and doesn't try their hardest when their parents are footing their college bills was (sorry to say this) just not raised right. That kind of attitude is unfathomable to me.

Given the means, most would prefer this route. Means like that are rare.

[the]

True, but it's kinda like mom staying home, many don't have the "means" for that, but are also never driving a car older than 3 years old, have all the latest clothes, gadgets, travel, etc.

"Means" are often determined by priorities.

(But I do agree, the costs of college have far outpaced inflation and are way more than they were 20 years ago when I was in school. No doubt there are a lot that could not afford to pay no matter how hard they try or how well they prioritize).

[lendaddy]

Originally posted by the
True, but it's kinda like mom staying home, many don't have the "means" for that, but are also never driving a car older than 3 years old, have all the latest clothes, gadgets, travel, etc.

"Means" are often determined by priorities.

(But I do agree, the costs of college have far outpaced inflation and are way more than they were 20 years ago when I was in school. No doubt there are a lot that could not afford to pay no matter how hard they try or how well they prioritize).

I agree, we made the decision for my wife to stay home with our sons(even though she made more than I). Sold most all my toys and downgraded our vehicles and haven't taken a vacation since '01. Even at that I would have zero chance of funding a school account right now. Things may be different in 4-5 years though, who knows.

[gprsh924]

I don't know about having my parents paying for everything (I have been mowing lawns since I was 11 and had a summer job since I was 14). Basically, the more careful I am with my money, the harder I work and the more I save, the more my parents are willing to help me with and the more stuff the buy for me, because I am showing work ethic.

[Chuck Moreland]

Originally posted by tonypeoni
I'm gonna get lambasted for this but I think parents should pay as much as possible. Kids today not only face huge college loans/unstable job market couple that with sky high housing costs and college debt is just one more financial burden they don't need.

What a great graduation gift. Pay off the student loans.

[john70t]

With an emphasis on "after graduation".

At the GF's house there was a kid at the "party-house" across the street reciting sad classic poetry on an early sunday morning, followed by episodes of puking, followed by "the old man is going to hate me for getting kicked out" (40K+/yr school tuition down the drain).

[artplumber]

OTOH the kid should think about what the parents have to face. For us as parents, no SSI no health insurance etc...

To those who think that people that take out loans can't make it, I give you my example. Every expense (other than tuition) at the high school level I basically paid for, including purchase of a car. (I'm not sure about insurance, but I think I did that too). At the college level, and beyond, it was all on my own dime + interest. For all the years in postgrad training getting secretarial wages, I got by and paid the loans. Now I have just a house payment and trying to get the retirement funds going. May not be a gazillionaire, and perhaps even boring, but I think my family's doing OK.

Oh and BTW, I am extremely grateful to my parents for their sacrifices and for teaching me that money doesn't grow on trees.

[Chuck Moreland]

My parents paid my undergrad tuition and housing 100%. I had to cover everything else.

I worked full-time summers and saved just about every penny to cover my school-year expenditures.

I never worked during the school year, and I think that is important. I studied a lot and partied a lot too. Both are important parts of the college experience - and I mean that with sincerity. If you didn't party hard in school, sorry but you missed out big time.

Had I delivered poor grades, the parents might have cut me off. They should have and I would've expected that.

That actually was a good arrangement all the way around. I certainly came out of it with an appreciation for the value of a dollar and managed my money well.

I put myself through grad school.

I will do similar with my kids.

[KFC911]

Originally posted by Chuck Moreland
My parents paid my undergrad tuition and housing 100%. I had to cover everything else.

I worked full-time summers and saved just about every penny to cover my school-year expenditures.

I never worked during the school year, and I think that is important. I studied a lot and partied a lot too. Both are important parts of the college experience - and I mean that with sincerity. If you didn't party hard in school, sorry but you missed out big time.

Had I delivered poor grades, the parents might have cut me off. They should have and I would've expected that.

That actually was a good arrangement all the way around. I certainly came out of it with an appreciation for the value of a dollar and managed my money well.

That's excactly the same way I remember it...or not !

[Porsche-O-Phile]

Current-day politics and our demonstrated desire to start/perpetuate wars all over the world aside - what's wrong with the military? Honestly I'd encourage (but not demand) that my kids to consider a 4 or 6 year stint in the service upon reaching age 18. When they got out, they'd be a HELL of a lot more mature, confident, focused and capable. Not to mention the tuition benefits. If they played their cards correctly, they'd have real-world experience (military service), formal college training and if necessary a graduate degree and MINIMAL cost/loans by the time they were 28. That ain't too bad a way to enter the job market.

[M.D. Holloway]

Originally posted by 89911
http://articles.moneycentral.msn.com/CollegeAndFamily/SavingForCollege/6ReasonsNotToSaveForKids.aspx

I financed 100% (with a little help from my parents) for 8 years of schooling. The biggest part of this that I think deserves merit is this:

Students should invest in their own education
Every year a number of freshmen trek off to college on their parents' hard-saved money, only to spend more time the first few semesters partying than studying. Would they crack the books more if they were paying the bill? Even the most responsible kids seem to do better in college when they help pay for it.

Helping your kids through college is wonderful and demonstrates that you value their education. Give enough to help, however, not enough to lessen their investment in the outcome.

I have a 19yr old who thinks it is my duty to put her through college. I think she is nuts. Unfortunily, her mother thinks that "putting our daughter through college is the best thing we could do for her'. I disagree with every fiber in my soul. She will grow to become a women who feels she is entitled to various things in life and what a bitter lesson she will learn that her pretty face and manipulating ways will soon grow tiresome.

Our two will kick in till it hurts. College is a time of learning not only fundmental academics but social living skills as well as money mangament and appriciation of an education.

[M.D. Holloway]

Originally posted by Wayne at Pelican Parts
I disagree with the initial post. I will be paying for 100% of my kids college education, just as my parents did. I didn't screw up in college, and I would expect my kids to have that same sense of responsibility. If they start to get bad grades, then of course, I will pull the plug until they mature (some people aren't ready for college at 18). But, I don't want them starting out life with six figures of student loans.

While I see both sides of what people are saying, I think that paying for the education is a fine thing, as long as it's not an open checkbook with no deliverables. The child has to pick a major and get good grades to continue to receive funding. I think that this should strike a balance and also instill a sense of responsibility too...

-Wayne

Wayne, you are an exception not the norm. If your kids grow to be half the man you are than you have done a great job. The sad truth is, many kids will not even show a glimpse of this sort of outlook and personal philosophy.

[MRM]

I almost killed myself working my way through college and then borrowing my way through law school. My grades reflected my priorities, which were 1) survival and 2) school. My college experience was not particularly pleasant for these reasons and I regret that.

It will be one of the great joys in my life to ease my kids' entry into the real world by helping them with college, keeping their priorities straight, and making their educational experience and early adulthood a pleasent experience.

We're saving enough in a 529 account to pay for all of a state school or most of a private school. The pinch per month isn't really noticable. I'll make them contribute something so they have some skin in the game, and I'll make sure they understand that their job is to work hard a school. They can work summers, maybe work study during the school year.

And if I have the means and they have the inclination, I will be happy to help them with their weddings. I have been fortunate in my life. We are a family. It gives me great joy to share my good fortune with my family. I don't think they'll grow up to take it for granted or get spoiled.

[89911]

I worked every summer, many working for the county picking up trash and other menial labor. It taught me quickly that this is not what I want to do the rest of my life. I came out of school owing well over $100k. I can't say it really affected me. Sure, some kids lived in homes their parent bought them and drove new cars while I didn't own one until after I graduated (1985 Saab 900T). I see my older daughter growing up expecting everything and not realizing what it takes to get there. She's a great kid, but most her age are the same way. It's hard to have a child thats never had to work hard and expect them to realize the good fortune they have. To those that don't have kids or teenagers yet, you'll see what I mean.

[KFC911]

Originally posted by 89911
I worked every summer, many working for the county picking up trash and other menial labor. It taught me quickly that this is not what I want to do the rest of my life....

My parent's taught me (including by example) what hard work was. I mowed countless lawns from an early teenager on, a 'factory job' the summer I was 16, and a few summers working in a machine shop to pay for my car, etc. I had FUN in college, but also had the work ethic to make the grades.