How much money did your parents give you for college?

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  • a little familar

    Anonymous Poster

    9 years ago 11/26/2014 3:39am EST
    re: broke nigas

    broke nigas wrote:

    The current financial aid system is set up ASSUMING your parents are going to PAY a DETERMINED AMOUNT of MONEY depending on how much they make. And because of this, the cost of college has been inflated making it impossible to afford without aid (either from the school or from your parents). So if your parents did not save up enough money to meet that demand, then you're stuck footing the bill. So it's not that some kid feels entitled and he "deserves" money from his parents. It's that these institutions feel entitled and they "deserve" money from some kids parents.

    That was so well-reasoned, I'm not sure what web site I'm reading.

    http://www.businessweek.com/articles/2012-08-23/college-tuitions-1-120-percent-increase

    is insane. I started save right at the knee in the curve (~2002). The S&P has actually kept up with that (7.5% from 2003 to 2013), but with my age-based plan, I've converted to bonds as the market has gone up since 2009.

  • registered

    webby

    Member since 03/17/2007.

    3,645 posts. Last post 3 months ago.
    9 years ago 11/26/2014 3:40am EST
    re: broke nigas

    I expect that our kids will go to college with or without my help because we have communicated in various ways that it's a critically important part of life.

    That said, I'd probably sell my house before I asked them to go into significant debt to finance college. Work for spending money, sure.

    If one chose not to go, I would push back hard regardless of whether I was paying. But in the end the decision is theirs, of course. And I trust that they will make smart choices.

    You can't buy the right to make choices for an adult child.

  • registered

    patti

    Member since 04/08/2005.

    1,210 posts. Last post 1 year ago.
    9 years ago 11/26/2014 4:59am EST
    re: webby

    Seriously? You would sell you house to finance your children's college. Hmm, that's something to think about.

    Would that be a wise option? Sell you house for college. What would you do then...rent? Hmm, that's doesn't strike me as a good thing to me. Unless of course the tax breaks disappear.

    Buy another house?

    Why not take out a home equity loan? Would that be better?

  • registered

    webby

    Member since 03/17/2007.

    3,645 posts. Last post 3 months ago.
    9 years ago 11/26/2014 6:37am EST
    re: patti

    I didn't mean to suggest that you should sell your house. I meant that I would go to great lengths. In my case, I have a large house that I won't need when the kids go, with enough equity to pay for college and make a down payment on a smaller place.

    I also could pay out of my IRA. But again, that's not a recommendation for everyone. It would work for me because we have enough income to build back up our retirement.

    I expect to pay for my kids' college. Not everyone can. And I think it's very reasonable to expect your kids to go to college in either case. There's a lot that we do as parents to enable college- going. Paying is actually a small part of the equation in the grand scheme.

  • registered

    patti

    Member since 04/08/2005.

    1,210 posts. Last post 1 year ago.
    9 years ago 11/26/2014 9:23am EST
    re: webby

    Phew! I kinda thought so,but wanted to ask to make sure. This is letsrun after all (lol).

    Yes, I agree there's quite a bit we can do to enable our children to attend college and do well.

    I think I would like to know what I would actually do if hubby and I were millionaires.

    Thankfully, though one received an academia scholarship (full) and the other is on her way.

  • older than dirt

    Anonymous Poster

    9 years ago 11/26/2014 1:14pm EST
    re: patti

    Patti: Your kids earning a full academic scholarship is far better than rich parents writing checks. Your kids are obviously self motivated and I'm sure it has something to do with how they were raised.

    Flagpole: You should write a book, "How to raise children by setting no expectations unless I give them money". You can follow up that book with "My family story: How to convert your basement to private living space for your adult children".

  • cbj

    Anonymous Poster

    9 years ago 11/27/2014 6:15am EST
    re: spoiled brat

    They paid in-state tuition, but would not have paid out-of-state. My degree was Biology which requires grad/medical professional school of some kind.

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