Paying for kids' college expenses....

**Early Bird** · 09-23-2012, 08:09 PM

What is your plan for kids' college expenses?

Are any of you managing to send kids to college without student loans?

**CookieLee** · 09-23-2012, 08:53 PM

Yes, we're planning on paying for college with a combination of savings, grants, scholarships, student jobs and me working. We're already talking to DD (age 11) about the importance of selecting the right college(s) with consideration of not only what she wants to learn, but what we can afford.

**Nadders11** · 09-23-2012, 08:58 PM

We have a family RESP set up for dd and DS....they are only 3 and 2 months old. We will have enough...no student loans for them. I'm still paying mine 11 years later.

**SwirlyThing** · 09-24-2012, 01:24 AM

I have a prepaid tuition plan for my daughter... one of the best investments I ever made! I prepaid 120 hours at about 10K, that's 4 years down here. Still have to pay books and fees though. DD, however is on track to receive a nice size scholarship too. That should leave little to pay out of pocket... as long as she can go to school locally and stay at home.

**Neeley** · 09-24-2012, 02:40 AM

DD received over $275,000 in scholarship offers in the form of 4 full scholarships to 4 schools (Loyola University, Wofford University, Judson College and Auburn University). She is away at college, a triple major, in her second year and all expenses are covered as long as she maintains her grades. So far, so good. Once she gets her undergraduate she will be in medical school and I fully expect to have some student loans to cover some of it.

DS is still in high school but, based on his ACT scores, GPA, class ranking and volunteer work he should receive scholarship offers similar to his sister's. Right now his ACT scores alone qualify him for full rides at a few colleges. He will also most likely get some partial scholarship offers for football. If, by some odd circumstances, he does not get full rides like his sister, we will cover what scholarships don't. We are paying a little under $10,000 a year now for him to attend private school and, if need be, we'll use the money we were spending on private school to cover what scholarships don't.

**nodmicks** · 09-24-2012, 09:14 AM

We have a good chunk of it covered for both kids. I'm assured by the school the one still in H.S. will get scholarships based on his ACT and top class ranking. We start applying soon.

09-24-2012, 11:36 AM

We have a 529 plan for DS#1, will start one for DS#2. It won't be enough to cover everything, but it will help. I don't have a problem with my children taking out student loans and see it as a teaching opportunity to learn how loans work. I'm also not 100% sure that my children will go to college - what if they want to join the military, or go to trade school. I'll figure it out more as the time gets closer - right now they are pretty young.

**Neeley** · 09-24-2012, 11:44 AM

Originally Posted by Telephus44

I don't have a problem with my children taking out student loans and see it as a teaching opportunity to learn how loans work.

I totally agree.

**Julzyann7** · 09-24-2012, 12:28 PM

We will be starting a 529 but are of the idea that what cannot be saved for, gotten through scholarships, will be paid for by them - either by working or student loans. We want to invest in their future, but have seen so many parents throw $$$$$ towards my college classmates that was blown by flunking out of college - partying it up in the bars. Hope we don't encounter such!

**VanVivCam** · 09-24-2012, 12:53 PM

I am hoping DD gets in and paid for on her good looks

No, really, we have a savings plan and some rental income that goes towards her college. She's only 11 and we too have been discussing the importance of good grades, attitude towards school and what she wants to be when she grows up.

**nuisance26** · 09-24-2012, 01:26 PM

~I plan to pay for two years of community college or trade school no matter what age they choose to go(about $5K for both years in today's dollars). They could be 30 and I still plan to give them two years. Personally I think it'd be awesome if my kids took a year or two off of school to work full-time and really decide what they want to study. Most young adults change their minds several times over the course of their higher education. Actual full-time work experience and taking time to be really sure beforehand should save them wasted time and money in classes that won't be useful to them in their eventual career. Even if they rush into a two year degree, they can still have a good paying job and be well able to afford to fund an education for a career change: Highest Paying 2-Year Degree Jobs in the US - Forbes
If they live at home after high school graduation, they will pay rent and mileage on the family car. If they go to school they will pay half rent. They will get no allowance from us for anything but tuition & books, and room & board through their rent. They will have to work.
We have a savings account for each child plus my in-laws have created accounts for them as well. We're about halfway to our savings goals for them(in future dollars). We have 9+ years to go before our first could potentially attend college. ~

**krbshappy71** · 09-24-2012, 03:09 PM

DD1 went to the Navy and plans to go to college after that. She's loving the Navy!

DD2 is working part-time and going to school full-time at a community college. She is doing student loans and I am providing the roof over her head, (she lives at home) and other mommy duties like nagging and taking care of her when she's sick.

**Early Bird** · 09-24-2012, 04:55 PM

We got sticker shock when we saw what room & board will be at college --- about $9000/yr.

**xxxxxxxxxAnnaAvaSmith** · 04-15-2013, 02:05 PM

This is such an important thing to consider nowadays with it harder to earn/save money and with education expenses going through the roof! We ended up choosing an online college from eLearners because they have an easy way to search degrees from respected online colleges. Because the tuition is less than half of what we would have paid at a campus college, we will have no loans. Also, our daughter can live at home and we will save a ton of money that way too. She even has time to do a part-time day job which will help her get experience for her career after graduation. Online degrees really are the future..

**bearbait** · 04-22-2013, 07:03 PM

We paid for the older 2 children and we will pay for the younger 3 also. The younger 3 have 529 plans in addition their annual PFD go towards college savings. We do not want our children to have student loan debt. Education is our gift to them. I worked several jobs the entire time I was in college. I don't care if they work for extra money, but I don't want them to work to pay for classes.

We have also been able to save for retirement. It has never been one or the other-children's college or retirement. It has always been both. It works for us.