<p>Mine will pay for books and some expenses with summer earnings. My daughter, going to college in NYC will probably need more help with expenses than my son in San Diego.</p>
<p>TheDad,</p>
<p>You are so right. (Sad face.) The only way I could get my kids to come back where we are is if they chose to teach or preach. Might happen. Ya never know.</p>
<p>My kids made it simple: if we move to a more interesting place, they'd be more likely to come and visit us. So they're off the the big city, while we remain in our middle-sized town.</p>
<p>I'm paying for all of S's undergrad college costs, including a monthly allowance that will allow him to do some fun stuff, but not all the fun stuff open to him. He has a pretty significant chunk saved from summer earnings that he can use for the fun stuff I don't cover. He also knows that I want to pay for as much of his education as I can...but that I'm only guaranteeing undergrad...his undergrad choice will use up the savings accumulated over his growing-up years. So grad and post-grad are open questions... we'll see when the time comes whether I have money to contribute, and how much is needed. THings like study abroad and summers not at home are also still open questions, with money a big reason...</p>
<p>I believe his primary job is school--and it's a job he's done very very well to date. I want him to continue to do it very very well in college and I trust him to decide whether that allows for paid work while he's on campus. </p>
<p>I'm still working on the "how much" for monthly allowance...I want it to be enough so that he can actually do things, but not so much that the decision whether to do something that costs money is a no-brainer...we'll probably go into the school year w/a "trial" figure, and wait to see how things develop.</p>
<p>I realize this puts a lot of trust in S...but he's got a streak a mile long and just as deep of not wanting to take any more money from mom than he absolutely has to...this, combined w/his innate "horror" of being spoiled, makes it easier to plan finances this way. I don't worry about being "soaked"...he has also categorically refused my offer to designate his college fund "his"--I tried that when his college choices included a school that was significantly less expensive than his other choices...he said "it's your money. I won't take your money, except to pay tuition."</p>
<p>Like Quiltguru, I've been saving for college since S was born...I had little choice myself (my parents stretched to the breaking point to help me, but there just wasn't enough money to expand choices beyond State U--which I loved, so no complaints from me)...I'm "passionate" about wanting S to have the opportunity to go to the college of his choice (that he qualifies for) w/out having to factor in money...</p>
<p>We are exactly like Gnu - we will pay 100% of a in-state public education. Wife and I both graduated from U of MN and consider that an extremely good option (or U of WI which is same price). Daughter is on her own if she wants to go private route. I'll help find scholarships if possible which are hers to keep.</p>
<p>What overanxiousmother said, word-for-word.</p>
<p>As overanxious mentioned with her student, our son is also extremely frugal. He has over 6k in his personal bank account that he has saved from money he has gotten for birthdays, christmas, etc. for relatives....$10 and $20 at a time,, mostly. He has saved nearly every single penny he has ever gotten. </p>
<p>Daughter on the other hand......</p>
<p>My parents had little, but they paid for my brother to go to college by taking loans from friends. They would have done the same for me had I needed it, but I was fortunate to attend on a full ride. I believe that your debt to your parents is paid to your children. They are good people. They have worked hard in high school and will do so in college. They will work hard for the rest of their lives. I'm lucky enough that I can afford it. College is on me.</p>
<p>I also like the simplicity of paying the fixed costs: (tuition, fees, room & board) and having DD pay everything else through summer work and possibly small jobs during school year. HER costs are the ones that involve decision-making (out for a latte, or make your own in the hot pot?), budgeting, and all those difficult choices of frugality (buy your books from friends or borrow from the library?). Next year she will be off-campus, so we will pay rent (luckily ABP) and modest amount towards food - transfering a set amount over into her account each month, and our share of the tuition and fees after FA package and scholarships are deducted. She has a very good FA package, so will graduate without loans or work/study. She is very frugal by nature, but we also encourage that by only paying the fixed costs.</p>
<p>When older D turned down many large institutional scholarship offers to attend her dream school, it was with the understanding that she would have to assume a large amount of debt. We are contributing a little less than half. D has risen to the occasion and works on and off campus. She actually received a large scholarship for next year. Our contribution remains constant, regardless of what she earns.</p>
<p>She is planning on Law School after graduation, and she'll be on her own for that since #2 D will be entering college then.</p>
<p>We have the same understanding with #2D. </p>
<p>Will #1D regret her decision? Only time will tell.</p>
<p>My parents covered room, board, tuition, and books in college -- I didn't get any spending money. For law school, they paid for tuition and books only; it's quite possible to earn three years of living expenses by spending two summers as a summer associate, so that's what they expected me to do.</p>
<p>My parents paid all of the necessities of college: tuition, room, board, books, health insurance, etc. The deal was that they would do that and I would not work during the school year - school was my job. I paid cell, fun money, gas, car maintenance, and clothes.</p>
<p>Their deal was that college funding starts when I graduated from high school and ended four years later. If I took a year off, fine - but that extra year would be on my dime. Likewise for the five-year plan. Summer courses were also my own money. </p>
<p>I should mention that my engineering internships were quite lucrative and ensured that I had quite the adequate supply of discretionary income. Most students are not so lucky (or just lack the background to command any sort of real salary during the summer months). </p>
<p>Law school is entirely on me. As mentioned earlier, I'm in a horrific amount of debt now, but am still happy to have graduated without debt from undergrad. That makes it easier to take on the grad debt.</p>
<p>Our deal with our kids is we pay tuition, books, and airfare to come home over the holidays. For living expenses freshman year we pay for dorm room & meal plan out of the 529 fund we set up for each kid. The 529 fund is only used for room & board. Starting year 2 the 529 is depleted evenly - 1/3 of the balance is available year 2, 1/2 of what's left year 3, and the rest year 4, spent as the student sees fit. S#1 just finished year 1 and is figuring out how to stretch the 529 $$ to cover his living expenses next year. He should have about $8000 available from the fund to spend on room & board as a sophomore. For a while it looked like he was going to have to dig into his savings to eat, but the roommate situation is changing and food may fit into the budget after all.
All of our kids have worked every summer after they turned 14. The first two (boys) spent everything they had saved as soon as they turned 16 to buy "cool cars." By the time college rolls around the savings accounts are replenished a bit and all expenses beyond the basics of life and school expenses are theirs. The plan is to get them undergraduate degrees without debt. After that - we have no plan.</p>
<p>Our parents told us that they would pay for our college- four years only. If we take longer than 4 years to graduate, then we'd have to come up with some money on our own. I'm trying quite hard to make sure that I do!</p>
<p>However, I do pay for the books and spending money. The books are covered for the next few years through a scholarship that I won. I work during school year for the spending money and summers if I can.</p>
<p>I think I am also expected to pay for my grad school. Yikes.</p>
<p>My grandmother feels it's important to provide money for education for your children as one poster said. I will help my children with their education... When she heard that my parents weren't planning on giving me $ for grad school, she said that she would talk to them about giving a gift of education! We'll worry about it when the time comes.</p>
<p>We pay for 2/3 of tuition, room and board, books and then provide 100 month spending money. Extras they use work/study and they have good summer jobs/ I think it makes them think twice before missing classes when they are paying some and it gave them more ownership when they gave up full rides for the college they really wanted.</p>
<p>My daughter has been paying for all of her extras (who knows what that is), books, parking permits etc - essentially everything except for tuition and room & board. We also bought her a car and pay for her insurance. I feel that she's a clever girl who can figure out a way to budget the money she earns from a part time job (10-15 hours per week) to pay for her living expenses. </p>
<p>I put myself through college, and now I am going to be putting my three kids through. I need them to feel like they are somewhat invested in this process, aside from just grades. We only pay for 4 years as well. If it takes you longer than that, you're on your own!</p>
<p>Wow, reading these has made me realize that I am reealllyyy lucky. </p>
<p>During the selection process, money was never even mentioned. My parents allowed me to choose whatever school I wanted, no public school requirement, no in-state requirement, no max. cost, no "you have to get a scholarship (I did, 2k a year, for a 36k tuition). They're paying for it all: tuition, room, board, fees, computer, cell phone, supplies, books, and an occasional flight home (they'll be picking me up most of the time). No stafford loans, no work study, no debt to me. They will give me some spending money, though not a lot. I have some money saved up for that stuff (but really, how much can I need other than for the occasional hamburger, movie, or run to Wal-Mart or Kroger when they pay for everything else). Education is important enough to my parents that they're paying for it.</p>
<p>Seems like I am in a pretty unique position compared to other CC'ers, and I'm pretty darned grateful for it. Thanks mom and dad!</p>
<p>You do have an excellent break, Codasco, and it sounds as if you appreciate it - good for you! </p>
<p>Our 1st daughter turned down a full tuition scholarship at a private university for a fairly expensive out-of-state public school (W & M). We paid the lion's share of her tuition and room & board, as well as all travel expenses. She used funds from her 2 summer/winter break jobs to cover spending money and books. She did this quite comfortably, btw, and only chose to work during the school term in her last year (found a great, well-paying job in Colonial Williamsburg - there are some advantages to going to school in a tourist town).</p>
<p>She did take out the maximum in unsub Stafford loans (16K), which were used to defray tuition costs and will be due in a few months. We expect to help her repay these loans - perhaps in their entirety, depending upon her/our circumstances.</p>
<p>Our second daughter also loved an out-of-state public (UVA) and weighed attending there against a large merit offer from the school she eventually chose (and also loves!), Vanderbilt. Although her decision was NOT primarily a financial one, the scholarship means that her college fund will still have money left in it for graduate school, and she won't have to take out any loans. We will pay all tuition, room and board, travel, and books for her undergrad education, since these are now within our budget. She'll cover spending money with her summer earnings (is furiously putting in hours in order to live comfortably while in Nashville).</p>
<p>Our approach has been to say, "We have X number of dollars for your education each year - how do you want to use it?" and leave the decision up to them. Our oldest d doesn't feel as if she received less by having to put in so much of her own money and take out loans, since she had the same choice her sister did but went in the other direction.</p>
<p>We will pay the equivalent of a free ride at our state U, and our S was allowed to apply that $ towards any school he wanted with himself picking up the difference. With merit scholarships he had several choices where he would not have to pay anything and finally selected one where he will have to pay a modest difference. He has worked for the last 3 years and can already cover that difference from his savings, so he will not need any loans.</p>
<p>In my house I don't think that it is a matter of requiring my kids to pay for part of her education as much as having her understand and buy in to the fact that she will have to be a partner and an active participant in the financing of her education. </p>
<p>I wish that I could say that all of the educational expenses are on me but it is not something that I can afford. When it came to her choosing a school I did not place any limits but I did let her know that there was only so much money in the pot. Where ever she decided to go we would make it work. Daughter is attending her dream school, $43,000 price tag and all. The goal in our house is to have her graduate with as little debt as possible because she is looking to go to professional school with a tab that she already knows will be on her. She knows that in order to achieve this that we will have to work together and make a few sacrifices.</p>
<p>Last year I bit the bullet made sacrifices and with a little juggling was able to pay tuition room, board, tickets home (including paying her student contribution) and a few other perks. She paid for books, entertainment, her shopping habit and other misc. items using monies from her summer earnings and work study during the year. On year down and we are debt free.</p>
<p>We just got the financial aid letter in the mail yesterday, so we sat down last night and discussed a plan. This summer she is working and expects to earn approx. $5000. She will pay her student contribution out of her summer earnings in addition to paying for books and miscellaneous items once she gets back to school. She will be a UGA (Undergrad advisor, same as a RA), so she will be "working from home" once the school year begins. I have already adjusted to living the life of a spartan and juggling so we will make it through the half way point again wit no loans and no debt. Just taking everything one year at a time.</p>