Are you paying for your children's education?

[RedbirdOutdoors]

When both of ours was born, and they are 6 and 4 now, we took out Whole Life insurance policies on each of them. Then we also put a CD in the bank that we cannot touch until their 18th birthdays...Hopefully we'll be able to pay for their college that way!

[Hunter Dan]

My oldest just started at Baylor this year and I am paying half although it pains me greatly and goes against everything that I believe in. My wife argued hard for me to pay all and I had to with compromise or get a new wife and compromising was cheaper. I did not even finish high school and got everything I have through hard work. I think collage is great but don't think I should pay for it. The tough thing is I have 4 more kids coming behind him and now I have to do the same for all.

[Tony Pic]

I am paying the interest on my youngest sons Sallie Mae loans, 3rd year. I feel if he has some skin in the game, he will not be too quick to want to throw away or change what he has invested in. He abosrbs the loans when he graduates. The older 2 boys made a run at College and stopped after associates degrees. Which I paid for totally. The youngest is going for a 4 year degree and has already been scouted by a few firms looking to hire him when he graduates.
He has worked a summer helpers job in my trade(electrician) for the last 2 years and has stayed out of my pocket the whole time he is away at school with what he earned over the summer. So he is showing me he is being responsible with money. That way I have no beef paying his loans. He is doing his part.

[SPDKLZ]

I paid for my own college under a Marine Corps commissioning program-basically, I went to school as an active duty Sergeant and was able to use a portion of my GI Bill. I was the first in my EXTENDED family to get a degree.

My kids are 2 (3 in March) and 4 and they have been in Montessori schools since 6 weeks old so that is an easy $25k/yr right now. I was against paying for their schools, but wife and I have figured ways to work things so they can go to college. The oldest will get the remaining of my military college benefits. Their grandparents purchased Whole Life policies on them with us as beneficiaries so that will add up by the time they are 18. My wife and I are Real Estate Investors (as well as a couple of other businesses) specializing in flipping homes and solving peoples foreclosure issues. We purchased a house and are seller financing it on a 20 year note for each of the kids. These houses are "theirs" so the money received in monthly payments is for them in the future and will be a good amount based on the interest rate we charge. We will also use that money in the future for other real estate transactions where all profits go back into those same accounts. Our kids will go to college, but only as an experience rather than a life commitment in work. I do not believe college is the answer to everything even though my wife and I have degrees from good universities. Frankly, my kids can do much better learning about real estate investing and working that path instead, which we plan on teaching them as they get older.

[dustoffer]

Had the cash in the bank but then our son got a National Merit Scholarship and it was a free ride for him--

[dfkoon]

Never was able to save. Paid 1500 mth child support + insurance + a lot of lawyer bills in the name of divorce.

However, child support ends and college begins... a bit more a month but no more lawyer. So kid still gets a college education.

[wow]

Texas for tomorrow fund.
Hazelwood act for tex vets 152 hours paid.

[Death from Above]

Only if it is a Junior College...then state school unless scholarships are present.

[HoustonHunter]

Side note, our plan is to make our kids (Don't have any yet, but it has been discussed) take out student loans. Since student loans do not accrue interest until 6 months after they are done with school, we want them to sweat every penny they spend.

Once they are done, and have proven they are financially responsible, we intend to pay off all their loans.

Only argument I'd have to that is I saw plenty of kids in school take out loan after loan after loan because they could and blew the money where they shouldn't have. A lot would apply for a loan then drop the classes to keep the money with no regard to the end game.

I'm assuming they weren't raised by the best parents but I do know an 18 year old with access to a lot of money can be spent fast doing the wrong things.

Some of the ones I remember were 5-7 year students... I can't imagine the debt they piled up on top of the crappy degree they ended up with (with no real experience out of school, of course).

[BrandonH]

Only argument I'd have to that is I saw plenty of kids in school take out loan after loan after loan because they could and blew the money where they shouldn't have. A lot would apply for a loan then drop the classes to keep the money with no regard to the end game.

I'm assuming they weren't raised by the best parents but I do know an 18 year old with access to a lot of money can be spent fast doing the wrong things.

Some of the ones I remember were 5-7 year students... I can't imagine the debt they piled up on top of the crappy degree they ended up with (with no real experience out of school, of course).

I witnessed the same thing when I was in school.

[BW412]

My 3 each have 529's set up.

[BTGuard]

We'll save some, but that's largely on the kid. My wife and I both earned scholarships and worked part time during school and full time in the summers. People coddling their children through college arent doing them any favors. I see it every day with folks my age.

I paid my rent, gas, food, beer, hunting, and fraternity dues working no more than 20 hours a week during the semester and doing the occasional odd job.

As time goes on it gets tough to do that at 20 hours a week. I'm probably paying 600 a month or more for rent utilities and food. Luckily I still have income outside of my university job or I'd be looking for a second one just to cover living! College towns ain't cheap to live in... Summer internships and scholarships cover tuition for me.

Sent from my XT1585 using Tapatalk

[dustoffer]

Only argument I'd have to that is I saw plenty of kids in school take out loan after loan after loan because they could and blew the money where they shouldn't have. A lot would apply for a loan then drop the classes to keep the money with no regard to the end game.

I'm assuming they weren't raised by the best parents but I do know an 18 year old with access to a lot of money can be spent fast doing the wrong things.

Some of the ones I remember were 5-7 year students... I can't imagine the debt they piled up on top of the crappy degree they ended up with (with no real experience out of school, of course).

Our son is a VP at a JUCO and he says this happens over and over and over--soon as the $$ comes in, they gone. Both student loans and grants as well.

[Acameron52]

My parents didn’t have college funds for us mainly because they couldn’t afford them most of our life growing up. Luckily my brother and I both went into the fire department and were able to get on with depts that sent us to all of our schooling so we were out very little out of pocket, which my folks covered. Once I had a good job and paid for myself to get my bachelors degree. If I ever have kids one day I will absolutely save to the best of my ability to be able to put them through college debt free. There was never much debt in my mind that I wanted to be a firemen but had I wanted to do something else I would’ve definitely had to work my way through it. I don’t want that for my kids.

[CrookedArrow]

We did the Texas tomorrow fund for our first daughter. When we tried getting it for our second daughter the State was in a financial frenzy and would not allow us to get it.

First daughter (top 10 percent in her class)received numerous scholarships and went to a local 4 year university, UTPB. Received her bachelors and is now a teacher. She is almost done with her masters from San Angelo State. TTF still has a little bit of money that we can use on our second daughter.

Second daughter (top 5 percent in her class) was offered several scholarships. One in particular was 20 Gs to Texas Tech. She declined and is going to UTSA. We just paid off our house and everything is on hold financially as my wife figures it will be 25 Gs per yr for our second one to attend. Paying cash, no loans.