Are you paying for your children's education?

[WItoTX]

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.

[TheHammer]

I paid for my own college. As soon as I have kids I will start saving for their college. Going to school and working to live was HARD! If I can take that off them, I will. They will pick up the bill on certain things and certain times just to keep them with the understanding that it's not a free ride, so you better have a part time job.

[Farmdog]

My farm put Randall and William thru A&M. William is in his last semester of law school...whoop !! I was lucky the farm did ok those years

[AntlerCollector]

I have a son in his second year of college in Tennessee. Thankfully he plays football and also has an academic scholarship. I pay any expenses beyond that.

[flywise]

My cousin bought a lake house and said, as the kids grow up it will be a great family weekend getaway and fun place for the kids to take their friends as they get into high school. When it comes time for college he will give it to them so they can sell it for school or for their own inventment opportunity

[Texastaxi]

My son is 2.5. We set up a 529 plan when he was 6 months old.

Konnor is 3.5, we did the same for him when he was 6 months.
We opened the account with $5,000 and contribute $200 a month.

Unbeknownst to us, my dad and stepmom started another 529 for him, with the same amount, and do a yearly $2,500 contribution, at Christmas.

Without any interest, he's got about $25,000 for college right now.

Tina and I both worked our way through college, with minimal help from our parents. We are able, and want Konnor to be able to go to whatever college he wants. He should be able to do that, and not have to work the whole time like we did.

I hope he appreciates it, and doesn't waste the money.

[Ryango]

We set up a 529 for my girl when she was born. Then, after learning more about investing, we realized it has no advantages over a regular Roth IRA, unless you consider restricting its' use to an accredited school an advantage. You have to earn income to have a Roth, so we designate a portion of mine for her education.

Net: if you can organize your own money, you can have more flexibility. Maybe she gets scholarships and wants to spend the savings on starting a business. Maybe I want to use it to pay for housing and use some other source for tuition. Can't do that with a 529.

I think there should be an education savings program that provides actual, significant advantages over generic savings instruments in exchange for restrictions. Maybe that would go some ways to address the student debt problem.

Ditto for medical savings.

[elhefe]

529 accounts for all 3 of our kids. If any of the kids get full scholarships then they will get the money to buy a new vehicle. 2 of mine are on track for significant scholarships.

I will pay tuition books etc...as long as they keep the gpa 3.0 or higher and they have 4 years to complete. After that it is all on them.

[crawdaddct]

We saved for 18 years, spent it all the first year. Should have done the Texas Tomorrow fund for my daughter, but didn't have the money at the time. Kids didn't want to go to schools offering them scholarships, so paying out of pocket and loans. Daughter graduated from Sam Houston a couple of years ago, with around $20,000 in loans. One boy is going to Community College, it cost about a $1,000 a semester. Thank you Lord. The other boy is going to SFA, its around $10,000 a semester.

State schools living on campus is around $80,000 for four years. That's SFA. Sam Houston was a little cheaper. I feel sorry for yall with young ones. You'll probably be looking at $200,000 in another 18 years. I will say, don't discount private schools, most of them give more scholarships and you end up about the same out of pocket, with probably a better education, less partying.

[kd350]

My parents aren't paying for me. They will help all they can yes, but I pay them back. Now with the degree I'm going for work is going to pay for it so it's nice

I also didn't go back to school until I was 21 or so. I just went straight to work after high school and definitely didn't take it seriously until now

[sports]

2 at A&M one is a senior the other a sophmore. We saved some but not enough. They have both recieved some verynice scholarships.....we pay the balance out of our monthly budget. They will end up with student loans totaling 8-10k each. Not what I wanted for them but thats the way it is for us. I have cut some of my retirement funding back to pay for their school... no the smartest decision for me but something I felt strongly about doing for my kids. Best advice is to start saving early..we waited to late to start the college funds for both of them.

[crawdaddct]

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.

That's kinda what im doing. The good thing about student loans is even if you do have them, they cant really make you pay. Its based on salary. When I retire in a couple of years, I'm going to pay off my kids loans, if they have any left. I have plenty of saving. Just not that I can get to until I turn 50.

Also, some loans do charge interest from the day you get the money. Its just depends which loans they give you, also, the interest rate varies greatly. The main thing is never consolidate or refinance the loans. You loose all your rights when you do that.

[RLHoward]

Wife and I paid for the first 4 years for both girl's . Now one is working on her master and the other going to be a vet . They are paying for that . We help out with with unexpected bills .

[Chad_E]

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.

This is what I plan to do with my two little ones. I may give them a small monthly allowance to help keep them afloat and not worry themselves to death, but I do not plan on just handing them everything up front.

I paid for my own college. As soon as I have kids I will start saving for their college. Going to school and working to live was HARD! If I can take that off them, I will. They will pick up the bill on certain things and certain times just to keep them with the understanding that it's not a free ride, so you better have a part time job.

I also paid for my own education. Up until my senior year I worked an average of 45-50 hours a week while usually taking 12 credit hours. I would take off summers and work as much as I could. One summer I had 5 jobs at one time. Was it fun, no. Was I still able to be a "college student" and have fun with friends, mostly.

I graduated with ~$20k in loans that I've since paid off. I think it helps form ones character to be put under the stress of working and going to school. I never considered quitting, but looking back I wish the path would have been a little easier. I missed out on some of the extra curriculars that I would have done through A&M that I couldn't due because of my jobs. I think that is the reason I'll provide some financial support during their college years, but not a full ride.

After graduation, I'll happily pay off their student loan debt.

[txjustin]

Set up a 529 shortly after my daughter was born. I want the honor of paying for her college as I did not have that opportunity. My parents did the best they could, but I had to take loans out.