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Will I pay for my children’s education?

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This might be an odd topic, but I’ve been to 2 friends’ weddings in the last 3 weeks and all of a sudden I’m thinking of weird stuff. Anyway, I was watching Suze Orman’s show the other day (I love it) and two separate people called in asking about how to get out debt; they were drowning in bills from credit-card companies and car loans. Yet both of them were dutifully saving money towards their children’s college education.

This made me do two things: First, I took my burrito and almost hurled it at the TV. But I had covered it in a wonderful blend of 3 hot sauces so it was too delectable to let go. Also, it made me think about what I’m going to do for my kids’ education.

No, I don’t have kids and probably won’t for a while. But I think there are some interesting philosophical decisions behind how we treat money and our kids. It seems like the common American sentiment is, “Of course I’ll pay for my children’s education if I can.” I’m not sure it’s so simple, though. Maybe some parents can weigh in the comments, too.

First, let’s distinguish between if you can pay and if you can’t: The people on Suze’s show were wrong. They should have been taking the money for their kids’ education and using it to pay off their high-interest debt. Being financially responsible means being able to take care of yourself in old age. So if you can’t afford to save money for your kids, then this is a simple question! The 1st category of people, then, are those who can’t afford to help their children with educational expenses.

Then there are the people who can afford to help with all of their children’s education–and they do so. They cover it entirely. This is the 2nd category.

The third category is the one that interests me. It’s somewhere in between–maybe the parents are middle class and can contribute a little towards it. Maybe the parents are wealthy but want to teach their kids the responsibility of paying for part of their education.

Lessons from Stanford
Maybe it’s my ignorance, but by the time my kids go to college, I expect to be able to pay for them (don’t we all?). Let’s just assume that’s true for now. What will I do?

I was thinking back to my time at Stanford. Ok, so contrary to popular belief, Stanford students are not a bunch of rich kids driving BMWs around and flaunting their wealth. That’s USC. Yes, there are lots and lots of students from wealthy families but, interestingly, it’s pretty hard to tell from just looking at the student body: Everybody wears similar clothes and, somehow, the culture has developed so it’s just not cool to flaunt wealth. I felt right at home eating buffalo wings for dinner.

But one thing struck me: Most of my friends had parents who were contributing 100% of their educational expenses. It wasn’t an anomaly–it was extremely common. Now, part of this is understandable: With a price tag of $47,011 per year, hardly anybody could be expected to shoulder it themselves. And over half of Stanford students receive some kind of financial aid. But (at least from my anecdotal observations), it was almost always paid for by parents. And what interesting is that a lot of the students couldn’t imagine it any other way.

Stanford is an anomaly–that’s not how it is at most other colleges. In fact, “The average college senior graduated [in 2006] with more than $19,000 in debt” (more from USA Today). And from talking to my friends at other schools, many of them are paying for it themselves.

This disparity between Stanford students and others made me realize 2 things:
1. We take the cultural assumptions around us for granted, assuming that if it’s true for our friends, it must be true for everyone. There’s a psych term for this, but I can’t remember. Anyone?
2. I don’t know what I’ll do for my kids’ education

1 of 4
The idea of “if you could afford to pay for your kids’ education, why wouldn’t you?” is pretty compelling. And just because lots of people have their parents pay for their education doesn’t make them irresponsible, nor does paying for your own education necessarily make you responsible. But then I think about my family and get a different perspective.

I was 1 of 4 kids in my family, and we’re middle class. I think back to how many activities we were all involved in and I can’t imagine how my parents had the time to take us everywhere–or the money. That’s why when college time came around, our parents told us plainly that we’d have to get scholarships to afford it. So we did. My mom and dad taught us to worry about money last–“First, get in, then the money will take care of itself,” they always said. And when college-application time came around, we each applied to dozens of scholarships.

This strategy (“wait and it’ll work out”) is plainly opposite of the stuff I talk about on this site. I write about planning, investing for the long-term, making a budget, and more. But my parents’ strategy (if you can call it that) worked, too. By the time we all finish our education, the retail price tag will top well over $1 million, but we won’t have paid nearly that. Our parents helped out where they could, but we used scholarships and grants and loans to cover the rest.

“I walked to work, through the snow, uphill…”
Assuming that I will have enough to completely cover my kids’ educational expenses, will I? At this point, I’m thinking…probably not. Honestly, I think part of it may be for the same reason as your parents say, “When I was your age, I walked 15 miles to work, in the snow, uphill…” Maybe I think that earning scholarships, grants, and even taking on loans makes us a little more responsible. This isn’t saying I’ll stick them with all the bills, but maybe some (most?).

With that said, I don’t claim to understand how I’ll feel as a parent. God knows I still have a lot to learn about kids. The other day, I was at a BBQ and I turned around from talking to someone and knocked this infant over. Seriously, though, do you look at your feet wherever you’re walking? I felt bad and apparently so did the little boy, because he immediately started crying (of course). As I bent over to pick him up, every single person at the BBQ stopped to look at us: the shrieking child and the confused, rapidly retreating guy. Not knowing what to do, I tried to give him watermelon to quiet him down, but he just preferred to cry. Perhaps I met my match in persuasion on that fateful day.

Anyway, clearly I still have a lot to learn.

But I’m still kind of unsure what I’ll do. From a strictly financial perspective, in a few years I might want to start saving money for my kids’ education. That would be the smart thing to do. But my own experience growing up tells me, hey, assuming limited resources that we all have, maybe I should focus them on today and help guide them with scholarships and other ways of funding later on down the line.

Are the two mutually exclusive? Is this a case of the best decision vs. the financially smart one? I don’t know. But just like when I wrote that buying a used car isn’t the only smart choice, I’ve realized that this seemingly common sentiment of “We must save for our kids’ education!” isn’t the only way to go. So maybe the big takeaway for me is that, hey, if you have a very salient personal experience with something, then no matter what the objective personal-finance advice is, your decisions will be colored with that experience. This is the availability heuristic at work.

Parents, I’d be interested to hear what your thoughts are.

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49 Comments on "Will I pay for my children’s education?"

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Tim Grahl
10 years 1 month ago
For my college (and other expenses growing up) my parents helped but made me pay a large portion of it. What is the goal of making your kids pay for things themselves growing up even if you can afford it? I believe it is so they understand the value of money and what it takes to earn it. Give your kids everything and they don’t respect money and just assume it will drop in their laps throughout life. Don’t give your kids anything (when you can afford to do otherwise) and I believe you will build a lot of resentment.… Read more »
Alan
Alan
10 years 1 month ago

Dude, that USC slam was SO fresh. Seriously, I’d say the percentage of spoiled rich kids at USC, UCLA, Stanford, and Cal is about even. And while USC may have, in the 70’s and 80’s, been all about the money, they are now academically way more selective and competitive.

Its time for the “University of Spoiled Children” jokes to go away, they haven’t been true for about 10 years.

Garrett
Garrett
10 years 1 month ago
I think this is an interesting discussion. My parents paid for all of my college expenses (although nothing in the way of extra spending money, I had to work summers for that). It worked out well because I graduated as a chemical engineer from ucla in 4 years (which really ended up saving money). Point is, when my dad was giving me all this money he questioned whether or not he should do so. I assured him that I would pay it back by, essentially, paying it forward. I promised to pay for my kids college education. So, for this… Read more »
Katie
Katie
10 years 1 month ago
I think a lot of Stanford parents (and Berkeley and Harvard parents, an unscientific sample of my friends) felt that they wanted their children to concentrate 100% on school and personal development through college. Both of my parents paid for their own educations entirely on their own, and wanted to give me the gift of four blissful years being self centered developing an identity and focused on studying. It made studying abroad possible where otherwise I would not have been able to go, it allowed me to participate in many clubs and student groups I might not have had time… Read more »
Don
Don
10 years 1 month ago
You also have to consider that some prepaid college plans lock the cost of tuition. I don’t know the statistics, but I’m quite sure the cost of college will greatly increase between my child’s infancy and high school graduation. Also, if your child gets a scholarship, it’s not like you’ve lost any money. I still intend to encourage my children to work towards scholarships. Of course, this whole issue feels very much like the idea of life insurance. I never thought it was a remotely good idea to spend money “just in case” something bad happened. And then you have… Read more »
Don in Sugar Land
Don in Sugar Land
10 years 1 month ago
My wife and I faced this not too long ago. We had our first child on Aug. 11th. We are a middle class couple with one income. And that income is being threatened with WFR’s. At any rate we decided to start a savings account for our daughter. We opened an ING Savings account with $5 and every pay period (bi-weekly) we contribute $25 as well as pay our selves $25 each. Our daughter without doing a thing has accumulated $461.43 with the interest rates she is making over $1.50 a month in interest. Time is on her side and… Read more »
ricemutt
10 years 1 month ago
Timely post — I was going to put some form of this as a QOTD on my site in August. I’ll be sure to link back to your post. My experience is closest to Katie’s above. My parents were probably upper-middle class (what you describe as Group 2), thought college was the best years of their life (in Taiwan), and my brother and I both had our colleges paid for (Northwestern and Caltech, respectively). This is more or less a very common Asian perspective, in my experience. I’m also expected to pass on this opportunity and fully pay for my… Read more »
Duane Gran
10 years 1 month ago
Nearly all advice on the matter correctly posits that a parent should tend to retirement before college savings. This much is certain, and its not a purely selfish motive. Self sufficiency well into life’s journey is a good gift to children. As for those who are properly saving for retirement and have the extra funds, there are a variety of motivations. A less spoken about reason is to give grandparents, who might otherwise purchase toys and baubles for Christmas and birthdays, a useful means to help the family. Contributions to a 529 plan aren’t as cool as toys to a… Read more »
Gabe Rosen
10 years 1 month ago
I’m a firm believer in the concept that “them that asks, gets”. I’ll never forget Awards Night at the end of my senior year of high school. They kept calling the same person up to receive scholarship after scholarship until it became a running joke. The joke, however, was on the rest of us. This student, who boasted a middling GPA and mediocre achievement in too many activities, ended up with so much money she had to give some back because her total expenses were covered. No one scholarship was extraordinarily large in itself, but they added up. There was… Read more »
Jake
Jake
10 years 1 month ago
My family has a pretty simple solution for this, that I will carry on with my children: 1. You go to a state school. 2. You pay for it with scholarships, which we have found pretty easy to get. I’m not sure how 100% right this is, but we consider that a state school will give you just as good an education as an Ivy League school, for a lot less money. And, quite frankly, a lot of studies have shown the same thing. And state schools are a lot cheaper and easier to earn scholarships for. My own example… Read more »
Stacy
Stacy
10 years 1 month ago

Another interesting perspective on “Generation Next” and college debt: “Working until the day we die” at http://blogs.usatoday.com/gennext/2006/07/working_until_t.html

BD
BD
10 years 1 month ago

Be careful that when you’re asking your kids to pay for some of their education that you don’t start them out in debt. Have them save up through High School rather than take out loans that can cripple them for years after graduation.

debt-free
10 years 1 month ago
yeah, so as we’re seeing here, there’s a a lot of other very important side notes to the “how to pay for college” discussion. A child is exactly what you pour into them. Teaching the value of mone, the importance of working and earning money, along with just good morals and values. Money mgmt must be in there. As Katie pointed out, paying for college or not isn’t the determining factor. But they are side notes. 1> No, saving for your children’s college should not get in the way of retirement savings and it certainly should not get in the… Read more »
Ramit Sethi
10 years 1 month ago
I really, really appreciate everyone’s thoughtful comments on this post. I just wanted to share something my parents always told us, which was to try to get into the best school for you, and the money would work itself out. In other words, if you’re good enough to get into [whatever] university, they’ll handle the money. In my experience, this is exactly true. And recent moves by a bunch of great universities have made this even more true. This is also why I got so mad when my friends would say things like, “I’m not going to apply to [top… Read more »
David
David
10 years 1 month ago
Luckily for us Aussies, the government provides a very low interest loan system that all university students are able to utilise. It’s called HECS, and your university bill is kept by the government, and a small portion of your income (on a sliding scale anywhere from 1% to 8%, depending on income) automatically takes care of repayments, and that amount is automatically calculated into your income tax. That, and the fact that university costs are subsidised and a typical course at a good university will only cost around AUD $3-$8k a year. So perhaps another option might be “send your… Read more »
Milind
10 years 1 month ago
Great topic. I think there is something to be said for letting a child focus on their education unencumbered by a job. Readers should listen to NPR’s interview of Warren Buffett’s granddaughter. Spoiler: He paid for the best education she could get and for nothing else . I like this idea (and I have two kids under 10). He took care of her basic needs and let her earn her own disposable income. It was probably a shift from her pre-college life, but the downside wasn’t the homeless shelter. A similar policy is to make a lump sum available that… Read more »
Scott Elliott
10 years 1 month ago
Someone who went to Stanford should know the incredible lifetime value of a top quality education. Teaching responsibility is a great idea, but not if it means forfeiting an opportuntiy like Stanford. Parents should be saving early and shooting for Stanford. Here’s an example of why. A kid I know comes from a family that is well off enough to have a second home.The parents believed their kids should pay for school on their own as a financial lesson, so they intentionally never saved a dime for their educations. The daughter is a very good student and gets into Notre… Read more »
Carlin
Carlin
10 years 1 month ago
My opinion might change, but I’m leaning towards a reimbursement plan similar to a lot of companies. For example, an A would get paid for 100%, a B would get paid for 80%, C would be 60%. Anything below that and they’re out of luck. I think this can help motivate them to do well. I don’t have any kids yet though, so my thoughts may change. As for me, I got most everything paid for at a state school with scholarships. My parents would help with some expenses, and I would pick up anything that was left. Either way,… Read more »
trav
10 years 1 month ago

The psych term you’re looking for is probably the false consensus effect.

Also, your TypeKey sign-in doesn’t work. 😉

John
10 years 1 month ago

My parents told me that I’d get $5,000 a year and the rest I had to earn on my own or from scholarships, so that’s what I did. I liked their approach, because it forced me my senior year in HS to face down the choice of either

1. Apply like mad for every scholarship I could find

or

2. Go to Sac City

(Oh, and guy in comment #2, USC is a third-rate institution whose overrated football team will be destroyed by Cal this coming season)

Sri Siva
Sri Siva
10 years 1 month ago
Why dont students consider studying in the midwest or similar places where tuition is less than $6000 a year? Is it really worth it sometimes to go to big school names and in the end u may earn just a little more than someone from mom&pop university? I have seen millions of times for example in specific fields like IT….it does not matter where u graduate from….. My wife graduated from mom&pop university and she makes a nice 6 figure salary. She is only 29 (and been in the job market for 5 years now). Now maybe for an MBA,… Read more »
AK
10 years 1 month ago

I am not paying for my kids education, whether I have the money or not. I am 19, I am paying my own tuition in cash, no loans, I work my ass off and I can afford it, and I hope my kids will be able to do it too.

Sean
Sean
10 years 1 month ago
I was thinking about this too, especially since I’m coming from a not so well off family (very low income) but expect to be very well off in the future myself. Right now, it’s a no. I won’t be paying for my kids. Once they can start holding a job, they’ll be working and saving their own money. I went to community college to help save on costs before transferring to UCLA. When I started, I was quite shocked to see how many students had their entire education paid for by their parents.. or if they needed anything they just… Read more »
chris
chris
10 years 1 month ago
Kids study often with more motivation and dedication when the education is not presented as a free ride but if they have to “pay” for it themselves – be it through efforts to win scholarships or with their own money like accumulated birthday gifts from grandparents, vacation jobs etc. I paid for part of my education and worked through university. You bet that I wanted to get something for my money. I would also establish an education fund early in the kid’s life and make family donate to it rather than buying useless birthday and xmas gifts. Kids might also… Read more »
Jay
Jay
10 years 1 month ago

My parents put me through college, and it was great to start my professional life free of debt. That allowed me to save up thousands of dollars, even after maxing out my 401k. My wife’s parents on the other hand, despite two very good incomes, spent all their money, forcing my wife to take out massive loans. So as a result, before I can even pay for my children’s education, I have to pay for my wife’s! She’s just lucky she married a “rich” guy.

K
10 years 1 month ago
First off, I wouldn’t let the kids know that I planned to pay until the payment actually happened. Because if an emergency snuffed out the cash, then what is the kid to do? She’s left with no alternate plans. Second, so WHEN do you expect a kid to learn about longer term planning if you take away the opp to save for college? We talk about how the latest generations don’t get delayed gratification. Well, why would they? They’ve never had to even think about the future. Third, whether or not to go to college should be a conscious decision… Read more »
Bethany
10 years 1 month ago
I spent the first two years of college crying over money issues multiple times a week. My mom couldn’t pay for my education, and I couldn’t take out loans for reasons I don’t want to get into here. I had a job making a good amount for a college student, but of course it wasn’t enough. I wouldn’t wish that on anyone. It’s easy to say “they can just get a scholarship” but it’s not as easy to actually get one. I was fortunate enough to get a few scholarships (2 during my first two years that didn’t cover nearly… Read more »
gambama
gambama
10 years 1 month ago
This is interesting because my daughter is now a student. She just finished her 1st (of a 3 year course) where we paid for it with the help of Grandma and loans. For next year she found herslef a job/ scholarship(work 2 hours a week for the scholarship) and she is trying to raise money during vacation. She’s a music student, which meant w’ve been paying for her professinal training for years. During the school year I don’t want her to fuss over money. I want her to focus on her studies – to get as much as she can… Read more »
debt-free
10 years 1 month ago
Sean – Its interesting that you refer to your grad school as an investment – which is not inacurate. there are some careers where you won’t ever get above enty-level without a masters. In other cases it will accellerate your pay schedule / carrer track. But here’s how to do the math on this “investment” – what will you be making after graduation vs. what have you paid to get the degree. spending $100k to get your degrees to go into social work, teaching…. ($20-30k per year) yeah, not a good idea. Noble – maybe, smart – no. Some careers… Read more »
Mishele
Mishele
10 years 1 month ago
I personally think paying for your child’s college education has virtually no bearing on their current/future financial responsibility. I knew from about age 6 that I was going to be responsible for my education, so I worked summers and applied for every scholarship I could find. When I got to college (Washington Univ. in St. Louis, an unnecessarily butt-expensive school) I was floored by how many rich kids went there, but the mentality about payment for their education was very different. I had a friend who felt obligated to study harder than he had in high school because his parents… Read more »
Gabe Rosen
10 years 1 month ago
I wanted to address the state-school issue. Obviously, you can get a great education at a state school. It’s important to remember, though, that most schools have decided advantages, including the Ivies Jake dismisses. I work with Silicon Valley internet startups, and I have to say, this industry is run in large measure by Stanford grads. It’s by no means exclusive, but for my career purposes it would be simply untrue to say an English degree from a state school would be just as good. In terms of content, sure, but no one should go to school just to go… Read more »
Imran
Imran
10 years 1 month ago

Dude.. I think till today I liked what you said but you ALSO need to learn when to draw the line…that USC thing was a BS .. maybe you also need to learn to respect other people sentiments..

*Jerk*

Ashley
Ashley
10 years 1 month ago
I’m not giving my kids a dime. There are compelling arguments here, but I still stick to the opinion that it’s their responsibility and not the parents to finance their education. Others aren’t wrong for doing it; i’m just not doing it for mine. I just graduated from college, and I am on my own. I have massive student loans even with a scholarship. Why not have to worry about money while in college? THAT’S LIFE!!!!! Many argue that students can’t enjoy the college experience this way, but college is not about having fun; it’s about getting an education and… Read more »
Nathaniel Talbott
10 years 1 month ago
So, I’m a bit weird here – I purposely chose not to go to college, and apprenticed (in software development) instead. I’ve been able to take the years (and money) I might have spent on college and focus them on real-world experience with consulting and entreprenuership. My personal (obviously counter to the prevailing) view is that if you have to have the piece of paper a college education provides, then get it, but otherwise it can be a major waste of money and time. “But wait!” you say. “What about the college experience?” Well, I didn’t jump right in to… Read more »
Lyric
10 years 1 month ago
I’m one of six kids, earned and got scholarships to pay my own way through a state school. I was accepted to Ivy league schools but chose not to go into the kind of debt it would have required. My husband went to the same state school and his parents paid for everything. We’ve chosen to save for our kids education. The kids have been told we will match what they earn. They get scholarships? we’ll match them. They save money form a job? We’ll match it. They are lazy and don’t work for good grades or to earn money?… Read more »
Miranda
10 years 21 days ago
I’m declaring a state of emergency on Financial Literacy! The numbers speak for themselves. Last year more students filed for bankruptcy than graduated from college and teens admit to spending 98% of what they make instead of saving it. Our society has created a self-serving, entitled generation that expects more for less. In the US, every 7 seconds someone across America drops out of school (that’s over 1 million students every year). Translation—only 53% of all high school seniors graduate from high school and the one third that do graduate do not have the skills to do anything other than… Read more »
adrisen
adrisen
10 years 16 days ago
When I went to college the first time my parents fitted the bill from start to finish. My program did not allow me to work becasue of the hours of class and the work load involved. I have since graduated and have been working for a while. I have decided to go back to college but this time to a public college rather then going private again. I have worked very little over the past year but I have not asked family to assist. I did not for assistance the first time, but I am very gratefull that they were… Read more »
claire
claire
10 years 15 days ago
My parents did their best and I still ended up deeply in debt (thanks to my finance geek husband for changing my perspective to get me out so we can actually put money towards house/retirement!…) My 3 strategies/plans for doing it better for my kids… 1. we do the direct deposit “pay yourself first” of $50 week for each kid into a 529. 2. we do the Little Grad (www.littlegrad.com) program so we get rebates for practically all our online shopping (over $300 in 9 mos, so much better than upomise…) 3. kids will be strongly encouraged to do the… Read more »
Erin
Erin
10 years 13 days ago
Be VERY careful with what your suggesting. I am the product of a parent who believed that since she financed all of her college education on loans I could too. By my second year of school she was refusing to pay. I recieved a 7k scholarship and is still came nowhere close to covering tuition. Within one semester of my sophmore year, I had to drop out. I even tried attending a school closer to home that cost half as much…only to have the same thing happen within one semester of my repeat freshman year. Now I have debt from… Read more »
jessie
jessie
10 years 9 days ago
um its so selfish for parents to expect their children to do well in life aka college educated, good job , but not have had their parents help getting through college. people should remember to be kind to their children because even though they saved a few thousand bucks not contributing to their childs education for retirement purposes, your children are the ones who you lean on in old age. just remember that. plus , im my opinion, i would rather just get a job and say screw school rather than work , live at home and go to college… Read more »
angela
angela
9 years 10 months ago
Whether or not you should pay for college is going to depend partially on whether the gov’t/college expects you to pay. I think that at the least I would pay this much. If a kid gets in to Harvard and the parent makes $100K then Harvard will assume that the parent can contribute say $20K a year and will give an aid package accordingly. Say the cost of Harvard is $50K, and the parents refuse to pay. If the student gets extra outside scholarships, then they are going to have to add up to more than $30K to affect whether… Read more »
kelly
kelly
9 years 9 months ago
Hmmm I have very mixed feelings on this subject. I do feel that a child should understand the value of a dollar. But…. well I do feel a bit embittered that my parents didn’t help me not one bit. I chose a fairly intense program (Architecture) worked during my entire education. I lived on my own(with roomates). I received grants and loans. And I came out in serious debt! (And I went to a State School as a resident) I feel like I’m at a serious disadvantage. I’m just now starting to pay of my loans with not much hope… Read more »
bravoo
9 years 8 months ago

nice blog..,and interesting..every one be careful to pay for children education,you don’t start them with debt. Have them save up through High School rather than take out loans.

counselor
counselor
9 years 7 months ago
Interesting topic…My husband and I recently had this conversation. While we had talked about everything prior to getting married, we somehow never talked out our philosophy regarding this issue. It came up recently and we were on different sides. I am a firm supporter of paying for 4 years of my child’s education. Yes, I expect them to seek out other money (scholarships, jobs, etc.) also. My husband didn’t plan on paying for them at all. He says that we managed without parental support and they should also. Sure we manage…But with 14 years of schooling between the two of… Read more »
Stacy
Stacy
9 years 6 months ago
I just found your website, and I’ve read through a lot of the articles, but this one caught my eye. I’m in my final year as an undergraduate, and the last year I’ve had to pay for by myself because of rising tuition. Before that, I was lucky enough for my great grand parents to have given me 40,000 dollars worth of savings bonds, which was able to take care of tuition & living for three years. In the third year, when it was clear the money wasn’t going to make it, I got a job at the same time… Read more »
mark
mark
9 years 5 months ago
This is my plan…if I am able to pay for my kids’ college AFTER I take care of myself, I won’t tell them that beforehand. That way, they will learn the responsibility of paying for something themselves, and will appreciate it more because it is coming out of their pockets, not mine. AFTER they graduate, I will give them the money I would have used to pay for their tuition. This gives me another 4 or 5 years to save and earn interest, promotes incentive to do well on their part (since they are paying for it), and rewards them… Read more »
Ron
9 years 4 months ago

I joined the Marine Corps in order to pay for College. Seemed kind of harsh at the time, but I don’t regret a minute of it.

David Lippman
David Lippman
3 months 16 days ago
Good post, Ramit. I have a 15 year old daughter who will be a h.s. sophomore next year. I think one of the most important tasks for a family to complete is to determine their Estimated Family Contribution (EFC). FAFSA uses the EFC to determine roughly how much a school should charge a family for college. Here is a link to an EFC chart from 2013. http://www.forbes.com/sites/troyonink/2013/01/02/2013-simplified-guide-to-expected-family-contribution-efc-and-college-aid/#13f1be222143 Basically, if your family income is $165,000 and you have one child you are expected to be able to afford just under $40,000 dollars. A year. If this is figured out before the… Read more »
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