My husband and I were talking about family plans, I would love to have another one but he has trepidations about the financial aspect of expanding our family by one. His biggest worry is college, but I don't know how I feel about us paying for college. So, what do you plan to do? Will you pay for college?
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We want to pay for some college for all (2 or 3) of our kids.
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Yes, we will be paying. My parent's paid for my college and I want to extend the same offer to DD when she is ready.
We started a 529 savings for her and we are also fortunate to work in a college, so if she decides to go to school where we work she will go for free
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Yes, but university is much less expensive here in Canada than in the USA.
Our parents paid for ours which was a huge help to start our lives together with no debt. My parents always made it clear that our education would be in place of paying for a large wedding and for that I am forever grateful!
I will expect them to work their butts off in the summer to pay for their own spending money like we did.
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We'd like to pay for as much as we can.
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I'll support my kids in any way they need. If that includes paying for their college, I will pay for it.
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Eeeehhhh... I'm torn. DH and I both paid for college ourselves, and we managed to end up with very little debt afterwards (I think only $10K total). I can understand how important it is to help our kids out, but it was also an incredibly valuable lesson for DH and me to learn how to prioritize lots of different aspects of our lives to make the best financial decisions for our future
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My parents were not in position to pay for any of my college and I have a huge burden because of it. I had 50K in loans to start off my adult life. And a big credit card bill because of living expenses. And I had to work throughout college (which is fine, but wouldn't work for everyone). We are in a much better financial situation than my parents were and I would love to pay for college for my kids. We plan to have a certain amount for each of them and they will need to make that work. They will probably have to go to state school unless they are going to get scholarships and grad school may be on their ticket. I am so grateful that we will have the ability to keep them out of the situation that I fell into.
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We will pay for as much as we can. I really hope our kids get scholarships but you can't guarantee that. My dhs parents paid half of his student loans off and I had a full scholarship. Neither of our parents planned to pay ahead of time so I'm glad we're thinking about it now.
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We will pay for as much as we can. The student loan, scholarship and grant fields have already changed so much in the last 10 years...I don't assume/expect it will be as easy to get grants or even loans as it has been for us/our generation. It's also expected that LO will go to college, so I feel I have a parental responsibility to help.
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We do not plan to however when the student loans start being repaid if we have extra $$ we will certainly help them out!
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Yes. My parents paid for mine and it helped put us on a great foot starting out with no debt. I also had jobs in high school and during the summer to pay for my own food, books and other spending money. I don't think owing a massive amount of money for tuition is a necessary life lesson on financial responsibility.
I will also push them to get scholarships and such - my husbands college has been entirely paid for through scholarship, fellowships and grants.
ETA: We will only pay so much - I won't pay out of state tuition or more than we need to for a quality education (unless a specific situation requires it)
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Yes, it has always been a goal of mine to be able to be able to pay for my childrens' college educations. It was something that my parents couldn't do for me and I felt like I was (and still am) many steps behind others financially because of the debt burden that I had just for going to college. I'd like to enable my children to get the best start without debt. In my eyes, a college education is a necessity.
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As much as we can. I hope we can pay for all of it, but if not then at least most of it. This is the main reason why we're not having anymore (not college specifically, but the financial aspect of having another, which for us includes college).
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My parents paid for my housing in undergrad (had full scholarship for tuition and fees), and I paid for law school on my own after scholarship, and my parents still helped out with living. I think we will do the same for our kids.
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We will likely pay partially, depending on where they go to school, if they work to get scholarships and/or choose a school with lower tuition then we will pay for all but will not pay for living expenses. I think when kids are partially responsible for their own education they have a buy in and an appreciation for their education in ways students who didn't have to pay for it do not.
It is the expectation that any kids we have would go to college, however that is the expectation so they know that it is a great option, but we would not be upset or disappointed if they had another plan (as long as they actually had a plan), I understand and truly believe the formal collegiate education is not the right fit for some people and that is okay, but they need to be looking for the what the right fit is if they don't go to college. Given that info we want to incentivize them finding the fit for them by helping with whatever that might be (vocational programs, college, business start up, etc).
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We will pay some & DH's parents already have a college fund set up for LO (and will for each child) that I think will pay for the majority, so hopefully between the 2 of us she/he will escape with no loans.
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Yes, we plan on paying for all of undergrad and hopefully, we will have enough saved to pay for grad school as well. My parents paid for college + living expenses, in full (minus the scholarships we got), for all three kids and I'm so grateful to them for it!
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I'd like to pay for as much as we can, but hold off on paying most of it until after the degree is obtained. I want LO to have a bit of stake in his education and be on the hook for some of it if he goofs off too much. If he gets a degree at the end of it and we have the money to pay off his loans, I'd like to do that.
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We will help out AFTER they finish school. I will not support partying and failing grades!
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We will likely pay for what it would cost to go to an in-state school. If the kids decide to go somewhere more expensive then they can get scholarships or loans to cover it. Which is what I did. DH has also said he won't pay for a "useless" degree.
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We have an account for Liam that we contribute to monthly and we hope to do that with any other children we have. I don't know if it will end up being enough, but we hope it will.
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We've opened a 529 account for Xander, so whatever's in there, Xander can use for his college. If it covers everything, that's awesome! If it doesn't, he'll be taking out loans to pay for the rest.
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We will help out with what we can. If it ends up we can afford to pay all then great, if not then can take loans. Especially if they choose a pricey private over a state school.
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We'll try our best to pay whatever we can, but if it's beyond our means then we're ok with them taking out loans.
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We don't have any kids yet, but we feel no obligation to pay for their college. However, we might start a savings account for each one, and just contribute to it when we can. My parents didn't pay for any of my schooling, and while it would've been nice, I don't resent them for it.
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Maybe. I'll only consider it if they put in the effort in high school.
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We have an account set up for DD, and we plan to contribute regularly and substantially. Hopefully it will be enough to pay for her education, but we wouldn't use that goal as a limit on the size of our family or anything.
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I think we'll try to set aside funds to cover a good public school and if they choose an expensive private school they will have to take responsibility for the balance with loans. I saw too many of my friends' parents have to sell their homes and delay retirement because of their kids' private university educations (usually not even for degrees in lucrative fields!) Doesn't seem right.
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As much as we can but realistically it will not cover everything, especially without scholarships.
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We have the plan of we'll pay any interest obtained in school, and we'll pay toward every course that he/she gets an A or B in. We want our kids to have priorities, and work towards them. We have a 529 set up, but there's no guarantee that it will be enough to get them through (especially if they get all As!!).
We'll also give them the rest when they graduate, and if we have a kid that chooses a trade or the military, they'll get paid when they reach a (not yet determined) milestone in their field.
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College and grad school. It's really important to us to get LO through school with no debt.
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If we can. My parents paid for some, but only once I graduated. I'd likely do the same.
We may offer to pay for the cheapest "good" option.
Baby will have dual citizenship (NZ and USA). Today, tuition in NZ is about half in-state tuition in the USA, so we would possibly offer to pay for the NZ amount, and they can choose to go there and have it fully paid, or stay in the US and have it partially paid. But who knows what will happen in 18 years!We consider saving for our retirement more important though, so if we aren't happy with where we are, we may do retirement instead.
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We will pay for some of it but I think LO needs to have some investment in it as well. I think kids take it more seriously when they have to chip in.
We wouldn't pay for any if LO wasn't ready though.
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I feel like for our family, paying for college is part of the responsibility I undertook when having children. I did not have that luxury and while it made me very strong, I often wonder if it limited how far I have gotten in life and how long it took me. Paying my own way probably delayed me by 8-10 years.
I had great experiences along the way, but it was a tough road.
The fact is that my kids won't qualify for need based loans, so I'd be severely hindering them if I didn't pay.
So yes, we will pay for college for our kids. They will learn the value of hard work, but not at the expense of their education.
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We will pay as much as we can. Neither of our parents could help out with undergrad or graduate for either one of us. We'll be paying off our loans for years to come. And we seriously struggled for the two years we worked full time and paid for graduate school. I'd love to avoid my kid going through that.
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We will be paying for LOs college. We want him to concentrate on his education, he has his entire life to work. We also don't want him to start of his working life with large amounts of debt.
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We hope so! My parents paid for mine (although my scholarship covered 90% of it). My DH has student loans he's still paying off and while it didn't significantly slow him down, it's important to us.
I think financially, maxing out our retirement accounts is more important in the long term so that will be the first priority, then college.
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We plan on paying for college. I don't want LO (and any future children) to start off their life in debt. Education is extremely important to us, so we will teach our children about the value of hard work in other ways..
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If they are responsible and care about their own futures, we would def help but I know for sure we prob won't be able to cover everything. I was blessed with having parents paying for my tuition and meanwhile DH ha loans so we will try to meet in the middle for our kids!
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42 comments