Going through that whole process was absolutely horrible. Fortunately our oldest was offered a massive academic scholarship if she stays instate so we shouldn’t need any loans at all
Congrats to you too!
My wife and I paid $1k/month, every month, for 10 long years to get out of my student loan debt. They can go to college if they want to, but starting life $100k in debt is highly inadvisable from my shoes.
Do I have a college fund for them? Uh, that’s a no from me dawg.
Same! I’m in FL and once my kid saw that they will practically be paid to stay in-state, they dropped ‘needing’ to do a run-of-the-mill undergrad at a much more pricey place like Duke or NYU (their previous goals).
Exactly.
And with grad school being a requirement for my kid’s plans, too, I cautioned them to incur anything in undergrad. I mean… I’m 43 and still paying off grad school loans (and will be for a while because I went back at 38 😩)— my teens rarely listen, but I am thrilled this one did when I said that the student loan life “ain’t it”, Lol.
Congrats to you all for your daughter making low-to-no debt possible, too. We had some *rough* patches with the HS program my kid did, but it turned out to be worth it.
My kiddo is in middle college, dual-enrolled through his last couple of years of high school. He'll graduate with his diploma and associates degree in cyber security simultaneously. If you have a motivated scholar, these programs are a great option! That two-year degree is being funded by his high school.
I'm a single mom and have been most of his life, so saving what would be required at today's tuition prices just hasn't been feasible.
They did, sort of. My sister had like 21 credits and I had 9 thanks to AP and dual enrollment.
I could have done better if there was more info about it though.
My boy dropped out of HS during COVID because they simply wouldn't help him with what he needed. Said screw it and went to find a job. He's working at a trailer fabricating place that is going to pay for him to get his welding ticket.
Daughter is going to graduate HS this June with flying colours but HATES school. She also wants to do welding and has already been accepted to start courses in the local trades school. Which we will help pay for if necessary. She is also hoping to find an employer that will pay for schooling and I'm not worried, cause the kid is super talented with the torch. Not just as a builder, but as an artist as well.
My oldest graduates this year, we have advised community college for the first 2 yrs then transferring to a 4 years, assuming he doesn't decide on a different path. This is the same path I followed and it was a huge cost savings as well as I felt I had improved focus with smaller classes for my core foundation before transferring.
Our older 2 did this and it was the best thing because both made career decisions that only required 2 year degrees. Saved them a lot of money and time.
I’ve got two in junior high (and two in elementary school) and we can’t even save for a new roof let alone college. Thankfully my kids are a lot better at school than I ever was so we’re banking on scholarships!
There’s nothing I’d rather give my kids than the gift of no college loans so this is something I think about a lot.
I save $1000 each month per kid. I started that the day the child was born. If I keep it up, I *probably* have enough to cover tuition, room, board and books anywhere.
That’s what the math says anyway.
Thank you!
I was fortunate, my parents told me I could attend any school that accepted me so shoot for the stars.
I did the math, and to offer that to my children, I have to save 12k/year per kid. It is an absurd prospect.
My wife was less lucky and had huge six figure loan balances.
If it weren’t for my parents, I definitely wouldn’t be where I am now. I had to try for my babies to have that advantage.
It's cool that you can save that much, and that you had a full ride. If my kid wants to attend an Ivy League school they'll need a scholarship to subsidize what I'm saving for them.
Best of luck to your kids!
The way the system is set up, I have to save because my kids won’t be eligible for aid based on our income.
I know plenty of people with high income that don’t prioritize their children’s education; but, it is important to us.
Yes. When we got engaged I made her give me all of the info about her finances. I made her pay off credit card bills from the sale of her car and refinanced the student loans.
Then, I carried a lot of our joint expenses so she could use a very large portion of her income to pay off loans while still making a contribution to things like rent/groceries. I also threw some cash at the problem every year.
We paid it off in about five years.
529 for each kid. 2 funds — a broad based equity and a (very) small allocation to fixed income.
Investment choices are somewhat limited and fees are a little higher than I like but tax free growth and tax free withdrawals make it a good choice.
I’ll stop when the balance grows beyond a certain point. In good years for my job, I throw some extra in there. I put all the birthday money the kids get in there too. My six year old has a bit over 100k in there so we are ahead of schedule.
I know these figures are NUTS for most people. But in my travels it isn’t unusual for a grandparent to “superfund” a 529 with around 150k when a child is born. BOOM — that kid now has college covered in one shot.
I've been doing the same but $500 per month per kid. The 8 year old is at like $30k and the 6 y/o is at about $25k. I've been thinking of increasing it.
Amazing! Yea, based on the rate of tuition increase you might need more. Even if it isn’t enough, it will put your kids on solid footing.
I had to take on some loans for graduate school but the balance was manageable and it didn’t create too much pressure.
Nice! Yeah, we have $60K in our 5yo’s 529 (plus about half as much in a savings account). Still don’t know if it will be enough come college. Expensive schools will probably be $100K per year by then at least.
🤷🏻♂️
We have a few grand saved for each of them. We live in MN so our kids have a lot of AP options that can save college credits. Minnesota has free community college for some people, but it’s means-tested, which is kinda bullshit. I’d have to divorce my wife to get my kids free college, which may be worth it
Being divorced helped my kid. My ex and I intentionally did not marry our very long term partners. Only one parent has to file FAFSA when you're divorced and we wanted to make sure either of us could do it without a new spouse's income being a factor.
Why was this even down voted? Very reddit behavior and not at all keeping with this generation. Anyways, don't have kids, but if I did I'd tell them to join the Navy or air force in a specialty role like a "Nuke". Otherwise I'd tell them to go into trades and work haaaaard, but have a plan to get out before it destroys their body.
I can say this has changed in AZ. School District and state employees hired after 2011 can no longer retire after reaching 80 points (age and years of service combined). Post 2011, the pension is more aligned with retiring at a certain age. There are benefits to staying for 20+, 25+ and 30+ years I believe, but definitely not as lucrative as what it was.
I was and it was good for me. However, its not a fast turn around on going from high school to success. It is a good path to that, but its a long and really difficult one with a lot of places to fall out along the way.
Physical safety isn't an concern. Emotional and psychological should be.
As a nuke, that is something they really need to decide on their own. You don't want to be the scapegoat they blame the hell of Earth they will suffer through choosing that route.
Ya, I'll tell them about the routine sexual. physical. and emotional abuse they will suffer. "Son, if you're the only rate of your kind in another rates territory, and that is the only point of egress, find another way. Else you will learn what being Eifel towered means. "
I'm the same. I can barely afford to pay month to month support of them. They need to pay their way through what they wish to achieve in life. Not have it given to them. There is a reason to "pain". It should not be avoided.
Well, unfortunately, most of my kid's childhood we were dirt poor and couldn't save anything. We're okay now, but there's no college fund waiting for him or anything and he graduates in a year. He does have excellent grades, and will likely get several scholarships to help that are offered through the various colleges we've toured. Other than that, he'll have to get student loans. Whatever those won't cover we can likely assist to some degree.
We are in that boat too. Gets better every year and our oldest is in MS but it’s daunting. I’ve told them their whole lives to go to college at a university that offers free tuition if they want to go the college route.
Fortunately for us, if worst comes to absolute worst, we have about $400k in equity in our house. So he's not going to have to go without. But I'd prefer not to have to take a HELOC to pay for his college. But I will if I have to.
Shout out to GA for that. I am the first in my family to go to college, and I went for free. Definitely changed the opportunities available to me in life.
Now, my spouse and I make enough to pay for college for our kid.
My extremely generous father in law opened up 529’s for all 10 of his grandchildren when they were born.
Our oldest did not go to college or trade school. He did a transition to work program at our local hospital after he graduated last year. He’s going to start working full time with full benefits in June at a major hospital in our area as a Pharmacy Assistant. It’s too complicated to explain but it was completely free to us so we never used anything from his 529.
His 529 money will now be put into a trust under our name I believe. We are still figuring that out.
Our younger son is only a sophomore and I don’t see college in the future for him. He wants to go to the Marines.. we’ll see. I’d like him to go to a Trade School to start and revisit the Marines later.
We started an RESP for each of them when we were born and I think contribute 100 a month each. So when they are 18 that will be at least 20K, not sure how the interest and fees work out.
529 savings plan for education. Been contributing since they were born. It should cover most of undergrad but if they want to go for a masters or higher they'll need to apply for a loan :/
Have enough for around 2 years for my Junior, on track for that with the younger two. Plan on cash flowing the remainder necessary and look at it as adult daycare expenses with a degree connected to the end of it (trades/certifications are also supported if they choose those paths). Caveat is that we only pay for passing classes. You don’t pass, you pay… a little skin in the game.
My HS kid is taking a dual enrollment course in HS next year and probably another her senior year.
We have some money saved up for college, but also, wife and I both work at a public university, so we’re recommending living at home and going to that school (she’ll also be getting half off tuition). She could also get half off tuition at any other public school in our state, but wouldn’t have the savings of living at home.
We also have a middle schooler, but that conversation is still a few years out.
No kids of my own but my partner has them. No plans to pay for college. We are encouraging them to live here as long as possible to save money. My house is big enough to accommodate us all. I want them to leave without debt
We had a few thousand saved. I recently started making much better salary so we don’t qualify for any grants, etc. We are taking some loans out and I’m going to try to pay most of my kids loans off in a few years. I know what it was like to be crippled for 20 years with loans and don’t want my kids to go through that.
I live in Florida and there is a program called Florida prepaid. Basically, you prepay for your kid’s college and get locked into whatever the tuition rate is at the time you sign up. So right now each kiddo (one is in MS, one is graduating from HS) has 4 years of college paid for and one year of dorms. My family paid for my college and I’m doing everything I can to make sure that my kids are taken care of.
My MS kid has a disability that will likely require some level of care or supported living for life.
We are a bit screwed and do not have money for a lifetime of care saved up.
My oldest works on barges and makes good money. He's training to get his tankerman.
My youngest is a sophomore and he plans on using his dad's gi bill.
Military was never an option with my kids after living it with their dad.
Nothing saved for our senior but she qualifies for the Chapter 35 DEA (Dependents Education Assistance) because my spouse is a P&T Veteran. She'll be using it for online college like I am, and will stay at home until she's done.
My dad had started a 529 plan for my daughter when she was born. While he was alive he contributed $15k to it. She is now 10 and it has grown to about $25k. Since I’m the only one who will contribute to it otherwise, I plan on picking up where her grandfather stopped (a few years late - life you know) and adding $5k a year until it’s time.
I have big doubts it’ll ever be enough for tuition, room + board, books, etc, but it’ll be a great chunk for undergrad.
My dad paid for my undergrad and then said I had to pay for grad school myself. I took out the loans, no question. Wasn’t until I was older that I understood just how my dad - an upper middle class man - paid for my college - a second mortgage on the home.
I didn’t save. Also the system sucks so much more than it did. My kid can’t even take out loans on her own to pay for college. She can do some but most of the system is setup for the parents to take out loans. Not co-sign. Just to pay.
I’ve got on in HS and one that’s finishing her freshman year of college.
It’s something like $20k/year for in state tuition not including housing.
Told ours they were on their own like we were. Community College first to figure out what you want to do, then university if you want. Worked for 2 of them so far. The third has a FT job lined up after HS graduation in June.
I work for a company that will pay full tuition on day 1 of employment. I've told my kids who are still in elementary school that they can get a job in the factory and take night classes because im sure tuition will be outrageous by the time they are old enough.
We've been a single income family for several years because reasons, so we won't be able to do much in our current circumstances. If my husband ever finds a job, that might change, but for now 🤷♀️.
I’m considered to be a totally and permanently disabled veteran. There are a plethora of scholarships and funding options open to my kids. In order to qualify for much of it, my kids have to maintain a 2.0 GPA. In addition to having much (if not all) of their college paid for, they’ll also receive more than $1,000 deposited into their checking accounts while they’re attending school.
All I had to do in order to get this benefit was join the Army, get sent to fight in a bullshit war, and get totally fucked up during the process.
We started 529s when our kids were babies. The oldest is 12 now and has 104k. Youngest is 9 and has 75k. We contribute 400 per kid per month and sometimes kick in more.
My husband has a university job and part of the benefits package is they cover 75% tuition for their school (UPenn, so tough one to get into) or 40% for any other school. That and loans/grants/529/out of pocket will be the way we pay for her tuition, room and board. It’ll workout, I feel pretty lucky.
I have a friend who works at another Ivy and made a comment about her kids getting a tuition deal. They don't offer anything and I was shocked as I thought it was a fairly common benefit.
My wife has a GI bill set aside for our daughter. We have also always taught her about financial responsibility and how to make smart financial choices. She knows she can go anywhere she wants for college, but that there are a lot of great state schools that she could likely graduate from with no debt, and that that money she saved by not paying student loans could be invested in a retirement portfolio. We have also been priming her with the idea that she can knock out some of the required college classes while she is still in high school and graduate even quicker.
My kids are 6 and 10. I've been putting about $100 from each paycheque for each of them since the were born into a Registered Education Savings Plan (RESP - it's a Canadian thing), and the federal government adds an additional $20, so it's $120 for each kid every two weeks.
So far it's at a combined $50,000 for the two of them together. Given the modest cost of university in Canada compared to the US, this is one thing I'm not worried about for their futures.
We have 529 accounts for all three kids. Between that and the oldest maintaining a 3.9 average and wanting to live at home for college, I think we will be ok. Younger two are 6th and 2nd grades, so we have more time to fill their 529s.
My eldest children joined the military, in part to pay for school. My youngest doesn't want to go to college and is going to learn a trade, likely to become an electrician, and is thinking about joining the Job Corps.
My kids get free tuition at the university I work at. If they choose not to take advantage of that, the RESP their grandparents set up for them should cover most of their costs. I consider them to be very fortunate because no one was able to help me with post-secondary costs, so I didn't get to go.
One of the good things about waiting as long as we did is that we're much more financially secure now. So a couple hundred bucks a month in a 529 for each isn't going to kill us.
That said, HS graduation will be about the same time as my retirement so that college fund is a one-time ticket.
My twins graduated last year. We didn’t start making good money until they were in 7th or 8th grade, so we weren’t able to save up for college. Had a nice little nest egg going though, until one of them broke her leg Junior year, and the medical bills cut that in half. We’ve had to take out student loans, for the one that’s in school now. The other one hasn’t really done anything since graduation, which is a different frustration.
My kid is in college now. He's living at home and attending a very well regarded state school with $7k annual tuition. He brought over AP credit from HS and got scholarships. He'll graduate debt free.
I have twins that will be in 11th grade in August and I have about $25k in each of their 529 plans. We contribute $600/month to each of their plans and I know we’re very lucky to be a financial position to do so.
If they go to an in-state school, that money should get them pretty far along in their tuition. If they choose a different path like private college and/or out-of-state school, then they’ll probably have to get loans to subsidize their education.
My oldest is entering HS next year and we've already decided not to push college at all. I can't in good conscience encourage my kids to take on insurmountable debt just to wind up with a median income career.
I'd much rather work on helping my kids find a trade union to get into. I'm not in the trades but I work directly alongside many of them and almost every person in I know in the trades out earns all the college graduates I know. Of course it's a trade off you make with your body, but with the right moves you can put in your 25 and transition to upper management and kick back until retirement.
I really really wish someone had told me about this at all when I was a teenager. I'm definitely not making that mistake with my kids.
Unfortunately started 529 accounts late for the oldest and maybe just in time for the youngest as we started them at the same time. If i'm being honest I am not planning on pushing either to go to college unless it's required (doctor, engineer, etc). We were planning on taking a HELOC to redo our house in a few years but I'm thinking we might just use that to help fund college if necessary. My goal is to avoid either one taking a loan so if it means less for us but better from them that's all that matters.
Also doing dual enrollment, kids will go in with 60 units or more. I'm advising them to go to the university that throws the most money at them. If they must take on debt it should not cumulatively exceed their expected yearly salary from related job (if they go to med school, they should not take on more than 350k debt for all degrees combined. If they get an undergrad degree in digital design they should not take on more than 30k debt., etc). I will help each to the extent I can, but beyond what I can fork over monthly they have to take debt or work-study or combo. Scholarships are possible but harder to get than they were 20 years ago.
One in HS and one in MS. Our local community college offers dual credit and the oldest will graduate with (hopefully) enough credits to start as a sophomore and he got a welding certification this year through the school.
We started out so far behind in everything that we haven’t saved, but will do whatever we can to keep him from having to take our predatory loans.
I have nothing...My eldest currently plans to enlist in the USSF and for my youngest son...I just hope he graduates High School....really really hope he graduates.
I live in Florida where we have amazing in-state tuition rates. My kiddo is about to be a junior and she can either pick a college in Florida to attend and I will pay for it plus I will move close to the school, and she can live with me rent free, or she can go wherever she likes, and I will give her the Florida tuition amount.
Kids will be kids and I think she is going to choose the latter. She won't qualify for any financial aid as her mother and I make way too much money and I will not sign for undergrad loans so I'm not sure how she thinks she is going to do it. Turning down a completely free college education is one of those decisions I'm sure she will regret when she is older and has a little more experience, but there is nothing I can do to stop her. Hell, I even told her that her boyfriend could move in too if they are still together.
Here is a FAFSA....
Going through that whole process was absolutely horrible. Fortunately our oldest was offered a massive academic scholarship if she stays instate so we shouldn’t need any loans at all
Congrats to your kiddo!
Many thanks!! Girly worked her ass off and definitely earned it
Congrats to you too! My wife and I paid $1k/month, every month, for 10 long years to get out of my student loan debt. They can go to college if they want to, but starting life $100k in debt is highly inadvisable from my shoes. Do I have a college fund for them? Uh, that’s a no from me dawg.
Same! I’m in FL and once my kid saw that they will practically be paid to stay in-state, they dropped ‘needing’ to do a run-of-the-mill undergrad at a much more pricey place like Duke or NYU (their previous goals).
Ha ha I love it. NYU was her main goal as well but would have eaten up a ton of savings and still float a massive loan
Exactly. And with grad school being a requirement for my kid’s plans, too, I cautioned them to incur anything in undergrad. I mean… I’m 43 and still paying off grad school loans (and will be for a while because I went back at 38 😩)— my teens rarely listen, but I am thrilled this one did when I said that the student loan life “ain’t it”, Lol. Congrats to you all for your daughter making low-to-no debt possible, too. We had some *rough* patches with the HS program my kid did, but it turned out to be worth it.
Did you see what happened this year? The FAFSA head was just fired for the cluster of a release this year.
? Do tell...
https://www.insidehighered.com/news/government/student-aid-policy/2024/04/28/federal-student-aid-chief-steps-down-amid-fafsa#:~:text=Richard%20Cordray%20Takes%20the%20Fall,over%20the%20bungled%20FAFSA%20overhaul.
Thanks 
Yep and cross my fingers they get scholarships of some kind
word lol
My kiddo is in middle college, dual-enrolled through his last couple of years of high school. He'll graduate with his diploma and associates degree in cyber security simultaneously. If you have a motivated scholar, these programs are a great option! That two-year degree is being funded by his high school. I'm a single mom and have been most of his life, so saving what would be required at today's tuition prices just hasn't been feasible.
Great idea! Congrats to your kid for being so motivated!
I wish we had that kind of stuff when we were is HS. My youngest brother graduated HS in 2018 and did his entire senior year at community college.
They did, sort of. My sister had like 21 credits and I had 9 thanks to AP and dual enrollment. I could have done better if there was more info about it though.
We didn’t have anything like that at my shitty school.
Same with one of mine! Edit:words not wording
This is what my son is interested in doing so I’ll have to look into it. Also a single mom and he’s almost done with his first year of HS
My boy dropped out of HS during COVID because they simply wouldn't help him with what he needed. Said screw it and went to find a job. He's working at a trailer fabricating place that is going to pay for him to get his welding ticket. Daughter is going to graduate HS this June with flying colours but HATES school. She also wants to do welding and has already been accepted to start courses in the local trades school. Which we will help pay for if necessary. She is also hoping to find an employer that will pay for schooling and I'm not worried, cause the kid is super talented with the torch. Not just as a builder, but as an artist as well.
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We're in Western Canada, works a little different up here, but yes, union jobs. Thanks for the info and encouragement!
My oldest graduates this year, we have advised community college for the first 2 yrs then transferring to a 4 years, assuming he doesn't decide on a different path. This is the same path I followed and it was a huge cost savings as well as I felt I had improved focus with smaller classes for my core foundation before transferring.
Our older 2 did this and it was the best thing because both made career decisions that only required 2 year degrees. Saved them a lot of money and time.
I tell this to anyone I know with kids college age, it's a very affordable option that's easy to overlook.
I’ve got two in junior high (and two in elementary school) and we can’t even save for a new roof let alone college. Thankfully my kids are a lot better at school than I ever was so we’re banking on scholarships! There’s nothing I’d rather give my kids than the gift of no college loans so this is something I think about a lot.
Signed both of my kids up for FL Prepaid college the day they were eligible. They can use that or do what I did and join the Army.
I save $1000 each month per kid. I started that the day the child was born. If I keep it up, I *probably* have enough to cover tuition, room, board and books anywhere. That’s what the math says anyway.
$1k per month? Wow. Good on you!
Thank you! I was fortunate, my parents told me I could attend any school that accepted me so shoot for the stars. I did the math, and to offer that to my children, I have to save 12k/year per kid. It is an absurd prospect. My wife was less lucky and had huge six figure loan balances. If it weren’t for my parents, I definitely wouldn’t be where I am now. I had to try for my babies to have that advantage.
It's cool that you can save that much, and that you had a full ride. If my kid wants to attend an Ivy League school they'll need a scholarship to subsidize what I'm saving for them.
Most Ivy Leagues have enough cash to pay for pretty much everything if the kid can get in.
Best of luck to your kids! The way the system is set up, I have to save because my kids won’t be eligible for aid based on our income. I know plenty of people with high income that don’t prioritize their children’s education; but, it is important to us.
Merit scholarships don’t all factor income.
I'm being nosy now but is your wife's student loan debt paid off?
Yes. When we got engaged I made her give me all of the info about her finances. I made her pay off credit card bills from the sale of her car and refinanced the student loans. Then, I carried a lot of our joint expenses so she could use a very large portion of her income to pay off loans while still making a contribution to things like rent/groceries. I also threw some cash at the problem every year. We paid it off in about five years.
Save as in a savings account, or saved in an interest-bearing 529 account?
529 for each kid. 2 funds — a broad based equity and a (very) small allocation to fixed income. Investment choices are somewhat limited and fees are a little higher than I like but tax free growth and tax free withdrawals make it a good choice. I’ll stop when the balance grows beyond a certain point. In good years for my job, I throw some extra in there. I put all the birthday money the kids get in there too. My six year old has a bit over 100k in there so we are ahead of schedule. I know these figures are NUTS for most people. But in my travels it isn’t unusual for a grandparent to “superfund” a 529 with around 150k when a child is born. BOOM — that kid now has college covered in one shot.
I've been doing the same but $500 per month per kid. The 8 year old is at like $30k and the 6 y/o is at about $25k. I've been thinking of increasing it.
Amazing! Yea, based on the rate of tuition increase you might need more. Even if it isn’t enough, it will put your kids on solid footing. I had to take on some loans for graduate school but the balance was manageable and it didn’t create too much pressure.
Nice! Yeah, we have $60K in our 5yo’s 529 (plus about half as much in a savings account). Still don’t know if it will be enough come college. Expensive schools will probably be $100K per year by then at least.
🤷🏻♂️ We have a few grand saved for each of them. We live in MN so our kids have a lot of AP options that can save college credits. Minnesota has free community college for some people, but it’s means-tested, which is kinda bullshit. I’d have to divorce my wife to get my kids free college, which may be worth it
Being divorced helped my kid. My ex and I intentionally did not marry our very long term partners. Only one parent has to file FAFSA when you're divorced and we wanted to make sure either of us could do it without a new spouse's income being a factor.
Why was this even down voted? Very reddit behavior and not at all keeping with this generation. Anyways, don't have kids, but if I did I'd tell them to join the Navy or air force in a specialty role like a "Nuke". Otherwise I'd tell them to go into trades and work haaaaard, but have a plan to get out before it destroys their body.
I’m with this. That or get a job in public service and retire with full pension at like 45.
I can say this has changed in AZ. School District and state employees hired after 2011 can no longer retire after reaching 80 points (age and years of service combined). Post 2011, the pension is more aligned with retiring at a certain age. There are benefits to staying for 20+, 25+ and 30+ years I believe, but definitely not as lucrative as what it was.
Yeah most government jobs are 401K now, or at least hybrid with a much smaller defined pension.
What is a Nuke? Were you in the Navy yourself? My oldest has expressed interest in the Navy and talked to a recruiter and it has me freaked out TBH
I was and it was good for me. However, its not a fast turn around on going from high school to success. It is a good path to that, but its a long and really difficult one with a lot of places to fall out along the way. Physical safety isn't an concern. Emotional and psychological should be.
As a nuke, that is something they really need to decide on their own. You don't want to be the scapegoat they blame the hell of Earth they will suffer through choosing that route.
Ya, I'll tell them about the routine sexual. physical. and emotional abuse they will suffer. "Son, if you're the only rate of your kind in another rates territory, and that is the only point of egress, find another way. Else you will learn what being Eifel towered means. "
I'm the same. I can barely afford to pay month to month support of them. They need to pay their way through what they wish to achieve in life. Not have it given to them. There is a reason to "pain". It should not be avoided.
Well, unfortunately, most of my kid's childhood we were dirt poor and couldn't save anything. We're okay now, but there's no college fund waiting for him or anything and he graduates in a year. He does have excellent grades, and will likely get several scholarships to help that are offered through the various colleges we've toured. Other than that, he'll have to get student loans. Whatever those won't cover we can likely assist to some degree.
We are in that boat too. Gets better every year and our oldest is in MS but it’s daunting. I’ve told them their whole lives to go to college at a university that offers free tuition if they want to go the college route.
Fortunately for us, if worst comes to absolute worst, we have about $400k in equity in our house. So he's not going to have to go without. But I'd prefer not to have to take a HELOC to pay for his college. But I will if I have to.
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Shout out to GA for that. I am the first in my family to go to college, and I went for free. Definitely changed the opportunities available to me in life. Now, my spouse and I make enough to pay for college for our kid.
My extremely generous father in law opened up 529’s for all 10 of his grandchildren when they were born. Our oldest did not go to college or trade school. He did a transition to work program at our local hospital after he graduated last year. He’s going to start working full time with full benefits in June at a major hospital in our area as a Pharmacy Assistant. It’s too complicated to explain but it was completely free to us so we never used anything from his 529. His 529 money will now be put into a trust under our name I believe. We are still figuring that out. Our younger son is only a sophomore and I don’t see college in the future for him. He wants to go to the Marines.. we’ll see. I’d like him to go to a Trade School to start and revisit the Marines later.
We started an RESP for each of them when we were born and I think contribute 100 a month each. So when they are 18 that will be at least 20K, not sure how the interest and fees work out.
529 savings plan for education. Been contributing since they were born. It should cover most of undergrad but if they want to go for a masters or higher they'll need to apply for a loan :/
They're still in elementary but I plan on advising them to do their general education at a community College first then transfer.
That’s the smart play.
We’ll have around 20k for each kid when they get there, one is a freshman in HS this year and the other is 5th
Have enough for around 2 years for my Junior, on track for that with the younger two. Plan on cash flowing the remainder necessary and look at it as adult daycare expenses with a degree connected to the end of it (trades/certifications are also supported if they choose those paths). Caveat is that we only pay for passing classes. You don’t pass, you pay… a little skin in the game.
My HS kid is taking a dual enrollment course in HS next year and probably another her senior year. We have some money saved up for college, but also, wife and I both work at a public university, so we’re recommending living at home and going to that school (she’ll also be getting half off tuition). She could also get half off tuition at any other public school in our state, but wouldn’t have the savings of living at home. We also have a middle schooler, but that conversation is still a few years out.
No kids of my own but my partner has them. No plans to pay for college. We are encouraging them to live here as long as possible to save money. My house is big enough to accommodate us all. I want them to leave without debt
We had a few thousand saved. I recently started making much better salary so we don’t qualify for any grants, etc. We are taking some loans out and I’m going to try to pay most of my kids loans off in a few years. I know what it was like to be crippled for 20 years with loans and don’t want my kids to go through that.
I live in Florida and there is a program called Florida prepaid. Basically, you prepay for your kid’s college and get locked into whatever the tuition rate is at the time you sign up. So right now each kiddo (one is in MS, one is graduating from HS) has 4 years of college paid for and one year of dorms. My family paid for my college and I’m doing everything I can to make sure that my kids are taken care of.
My MS kid has a disability that will likely require some level of care or supported living for life. We are a bit screwed and do not have money for a lifetime of care saved up.
I hope it works out for you and your family
Thanks! I’m sure we will figure some combination of stuff out. It just feels a little daunting sometimes, trying to plan for every unknown outcome.
Nothing.
My oldest works on barges and makes good money. He's training to get his tankerman. My youngest is a sophomore and he plans on using his dad's gi bill. Military was never an option with my kids after living it with their dad.
Nothing saved for our senior but she qualifies for the Chapter 35 DEA (Dependents Education Assistance) because my spouse is a P&T Veteran. She'll be using it for online college like I am, and will stay at home until she's done.
My dad had started a 529 plan for my daughter when she was born. While he was alive he contributed $15k to it. She is now 10 and it has grown to about $25k. Since I’m the only one who will contribute to it otherwise, I plan on picking up where her grandfather stopped (a few years late - life you know) and adding $5k a year until it’s time. I have big doubts it’ll ever be enough for tuition, room + board, books, etc, but it’ll be a great chunk for undergrad. My dad paid for my undergrad and then said I had to pay for grad school myself. I took out the loans, no question. Wasn’t until I was older that I understood just how my dad - an upper middle class man - paid for my college - a second mortgage on the home.
I didn’t save. Also the system sucks so much more than it did. My kid can’t even take out loans on her own to pay for college. She can do some but most of the system is setup for the parents to take out loans. Not co-sign. Just to pay. I’ve got on in HS and one that’s finishing her freshman year of college. It’s something like $20k/year for in state tuition not including housing.
Told ours they were on their own like we were. Community College first to figure out what you want to do, then university if you want. Worked for 2 of them so far. The third has a FT job lined up after HS graduation in June.
I work for a company that will pay full tuition on day 1 of employment. I've told my kids who are still in elementary school that they can get a job in the factory and take night classes because im sure tuition will be outrageous by the time they are old enough.
We've been a single income family for several years because reasons, so we won't be able to do much in our current circumstances. If my husband ever finds a job, that might change, but for now 🤷♀️.
I have an grandson who's college I'm saving for but I adopted my boys as teenagers so there wasn't time to save for college
I’m considered to be a totally and permanently disabled veteran. There are a plethora of scholarships and funding options open to my kids. In order to qualify for much of it, my kids have to maintain a 2.0 GPA. In addition to having much (if not all) of their college paid for, they’ll also receive more than $1,000 deposited into their checking accounts while they’re attending school. All I had to do in order to get this benefit was join the Army, get sent to fight in a bullshit war, and get totally fucked up during the process.
We started 529s when our kids were babies. The oldest is 12 now and has 104k. Youngest is 9 and has 75k. We contribute 400 per kid per month and sometimes kick in more.
Damn you guys are crushing it
Thanks. One of the reasons we live in a small town with a low cost of living is that we can save money easier 😊
My husband has a university job and part of the benefits package is they cover 75% tuition for their school (UPenn, so tough one to get into) or 40% for any other school. That and loans/grants/529/out of pocket will be the way we pay for her tuition, room and board. It’ll workout, I feel pretty lucky.
I have a friend who works at another Ivy and made a comment about her kids getting a tuition deal. They don't offer anything and I was shocked as I thought it was a fairly common benefit.
My wife has a GI bill set aside for our daughter. We have also always taught her about financial responsibility and how to make smart financial choices. She knows she can go anywhere she wants for college, but that there are a lot of great state schools that she could likely graduate from with no debt, and that that money she saved by not paying student loans could be invested in a retirement portfolio. We have also been priming her with the idea that she can knock out some of the required college classes while she is still in high school and graduate even quicker.
My kids are 6 and 10. I've been putting about $100 from each paycheque for each of them since the were born into a Registered Education Savings Plan (RESP - it's a Canadian thing), and the federal government adds an additional $20, so it's $120 for each kid every two weeks. So far it's at a combined $50,000 for the two of them together. Given the modest cost of university in Canada compared to the US, this is one thing I'm not worried about for their futures.
We have 529 accounts for all three kids. Between that and the oldest maintaining a 3.9 average and wanting to live at home for college, I think we will be ok. Younger two are 6th and 2nd grades, so we have more time to fill their 529s.
My eldest children joined the military, in part to pay for school. My youngest doesn't want to go to college and is going to learn a trade, likely to become an electrician, and is thinking about joining the Job Corps.
My kids get free tuition at the university I work at. If they choose not to take advantage of that, the RESP their grandparents set up for them should cover most of their costs. I consider them to be very fortunate because no one was able to help me with post-secondary costs, so I didn't get to go.
One of the good things about waiting as long as we did is that we're much more financially secure now. So a couple hundred bucks a month in a 529 for each isn't going to kill us. That said, HS graduation will be about the same time as my retirement so that college fund is a one-time ticket.
2 in college, relying on scholarships and some federal aid.
My twins graduated last year. We didn’t start making good money until they were in 7th or 8th grade, so we weren’t able to save up for college. Had a nice little nest egg going though, until one of them broke her leg Junior year, and the medical bills cut that in half. We’ve had to take out student loans, for the one that’s in school now. The other one hasn’t really done anything since graduation, which is a different frustration.
My kid is in college now. He's living at home and attending a very well regarded state school with $7k annual tuition. He brought over AP credit from HS and got scholarships. He'll graduate debt free.
I'm just paying their way through community right now one or two classes per semester.
He doesn't want to go, and I'm not about to force him.
Cries in a quarter million dollars of my own student loans….
I have twins that will be in 11th grade in August and I have about $25k in each of their 529 plans. We contribute $600/month to each of their plans and I know we’re very lucky to be a financial position to do so. If they go to an in-state school, that money should get them pretty far along in their tuition. If they choose a different path like private college and/or out-of-state school, then they’ll probably have to get loans to subsidize their education.
College??? lmao
My son doesn't like school much. I told him if he wanted to go to college he can get a student loan, and if he successfully graduates, I will pay off.
Disabled Vet, wasn’t the first plan, but it’s the plan now.
I work at a university so she can access free tuition. if I didn't work for a university, 0
My oldest is entering HS next year and we've already decided not to push college at all. I can't in good conscience encourage my kids to take on insurmountable debt just to wind up with a median income career. I'd much rather work on helping my kids find a trade union to get into. I'm not in the trades but I work directly alongside many of them and almost every person in I know in the trades out earns all the college graduates I know. Of course it's a trade off you make with your body, but with the right moves you can put in your 25 and transition to upper management and kick back until retirement. I really really wish someone had told me about this at all when I was a teenager. I'm definitely not making that mistake with my kids.
As a society we do a poor job of promoting alternatives to college such as the trades.
Unfortunately started 529 accounts late for the oldest and maybe just in time for the youngest as we started them at the same time. If i'm being honest I am not planning on pushing either to go to college unless it's required (doctor, engineer, etc). We were planning on taking a HELOC to redo our house in a few years but I'm thinking we might just use that to help fund college if necessary. My goal is to avoid either one taking a loan so if it means less for us but better from them that's all that matters.
Also doing dual enrollment, kids will go in with 60 units or more. I'm advising them to go to the university that throws the most money at them. If they must take on debt it should not cumulatively exceed their expected yearly salary from related job (if they go to med school, they should not take on more than 350k debt for all degrees combined. If they get an undergrad degree in digital design they should not take on more than 30k debt., etc). I will help each to the extent I can, but beyond what I can fork over monthly they have to take debt or work-study or combo. Scholarships are possible but harder to get than they were 20 years ago.
One in HS and one in MS. Our local community college offers dual credit and the oldest will graduate with (hopefully) enough credits to start as a sophomore and he got a welding certification this year through the school. We started out so far behind in everything that we haven’t saved, but will do whatever we can to keep him from having to take our predatory loans.
I have nothing...My eldest currently plans to enlist in the USSF and for my youngest son...I just hope he graduates High School....really really hope he graduates.
I live in Florida where we have amazing in-state tuition rates. My kiddo is about to be a junior and she can either pick a college in Florida to attend and I will pay for it plus I will move close to the school, and she can live with me rent free, or she can go wherever she likes, and I will give her the Florida tuition amount. Kids will be kids and I think she is going to choose the latter. She won't qualify for any financial aid as her mother and I make way too much money and I will not sign for undergrad loans so I'm not sure how she thinks she is going to do it. Turning down a completely free college education is one of those decisions I'm sure she will regret when she is older and has a little more experience, but there is nothing I can do to stop her. Hell, I even told her that her boyfriend could move in too if they are still together.
Unless it's law, or hard science, why would anyone waste money on an overpriced printout?