Education Fund?

**AmyBoz** · 02-16-2003, 07:29 AM

Are you putting money away for your childs college education? Dh and I have been going round and round about this topic. I'll post our viewpoints after hearing some of yours.

**Michelle** · 02-16-2003, 07:48 AM

Yes! Absolutely--Amy, if you can afford to do it, you should start ASAP. Who knows how much it will cost by the time your child needs it or what your financial situation will be then.

**AmyBoz** · 02-16-2003, 10:00 AM

Well, I agree with you, Michelle. However, dh grew up as the fourth child of a single father. They all basically had to pay their own way through school, so through financial aid, scholarships (they were athletes and scholars), and student loans, all four paid their own way through school. I was fortunate enough to be able to have my parents pay for my schooling. (Actually, I guess it was my grandparents, because my parents paid for my college with the money they inherited from their parents.) I can't even tell you how much I appreciate not having school loans to pay back, etc. Dh thinks that because he had to pay his own way, he learned the value of hard work and of a dollar. I absolutely agree that Julia should get a job as soon as she is old enough...I always had a job from the time I turned 16. However, I'd like to put some money away to help her with college costs. Dh's big thing is that what we do for one child, we have to do for the others (if we are lucky enough for others). So, he says that we shouldn't start something we can't continue with others. I did get him to agree to putting $60 a month aside in an account for her. I wanted $100 and he wanted $25, so we compromised. It's a start!

**Kimmomo3** · 02-16-2003, 06:03 PM

I say help if you can or want to but DO NOT pay your kids way. I refuse to do it. and don't think any one should. My son is the only one in school (8) the other 2 are not old enough uet but we are already telling him to get good grades so he can get $ for college. My brother had his school paid by mo and dad100% 5 years later he left shool with no degree. I paid for my own and I have a degree.

Another thing to think of is don't skimp on your retirement $ to give the kids college $. There are loans and things for scool there is not for retirement.

**Mom23boys** · 02-16-2003, 06:16 PM

Well, I have one that will be graduating in 4 more years....or should. We have nothing set aside for him or the other 2 either. I wish we had now, but we never could afford it cause we were so far in debt. I am hoping they get financial aid, scholarships or some aid. If not, we will send them to a jr. college and let them take so many classes a semester.

**tigo** · 02-19-2003, 04:13 PM

We are going to help as much as we can. Both DH and I are still working on our degrees (both of us had to work, etc.) With his sis and mine having theirs paid for (long story about family dynamics) they both completed their degrees.

So, we buy EE Bonds (with coins saved), buy stock (with part of their birthday money from relatives) and we have savings accounts for each one. We also participate with Babymint and Upromise (both are the name.com on the web).

**milach** · 02-20-2003, 03:57 PM

I agree with you KImmomto3 100%. I don't mind paying for books and application fees, but there's no way I'm going to invest upwards of $100,000 per child of money we do not have when they can get A's and have Uncle Sam and scholarships pay their way. They'll appreciate it more.

Laura

**BelindaUK** · 02-20-2003, 05:33 PM

Yes, we do. We wouldn't be able to fully fund two children through university or college,but would certainly want to help with tuition, books etc. Here in the UK the system is set up very differently - for school leavers a degree is normally done full time over 3 years, and it's just not viable to self-fund completely during that time - nor can 3 year courses normally be 'stretched' in a modular way over a longer time frame. Many students do work as much as 30 hours a week to help with finances, but of course this then jeopardises their studies, the whole reason for the exercise! Some have to drop out because of financial problems, as there are no grants nowadays, and others leave with enormous debts, which can be a real deterrent to working afterwards in any of the public services which are generally not well paid.

I certainly hope my children will want to raise some funds themselves via holiday jobs etc but in term time here, the way the system is set up it is better if students don't have to earn at the same time as studying.

We have been putting money aside since the girls were babies to grow a little fund to help them into adult life, whether through education or other means such as the costs of setting up an independent home when the time is right.

Belinda

I don't believe in an easy ride as such but I do believe in giving children a 'lift' financially at the right time, as long as they too are putting in the effort.