Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We're going to help pay for some of the costs but our kids will be expected to get the rest somehow (loans, working, scholarships).
I went to a private university and worked by butt off applying for scholarships and grants. My tuition was $25K per year (including room and board...in 1990-1994) and I studied abroad in Italy for a year (to the tune of $30K but it was one of the best experiences of my life so I don't regret a dime). My parents didn't have the money to pay even a $ for my education, so I did a work study program and specifically worked in the student aid department where I learned the ins and outs of scholarships. I graduated with only $17K in student loans and had them all paid off in the required 10 years ($190 a month). I don't know if state schools, with their huge student populations, offer the same kinds of scholarships, but smaller universities do because their alumni give huge to their alma maters. I got a $5K scholarship just because I was from the town I lived in and a wealthy alumni was from there too (I had to have a 3.5 GPA).
I really valued my education and looked at my classes in terms of $$...if I skipped a Monday class, it was costing me $350. While I did have some friends whose parents paid for the education and they worked hard, I knew a lot of people who completely slacked off and barely graduated because they didn't have any responsibilities. I think there's a happy medium between totally-paid-for-by-my-parents and I-haven't-had-more-than-2-hours-of-sleep-because-I'm working-full-time-and-trying-to-go-to-school-full-time. I've got some time for my kids to find that balance (my oldest is in 1st grade).
Are all scholarships contingent on such a high GPA? Maintaining an A average (in all subjects, not just core) in your first year is *hard*.
I had 7 scholarships for school totaling $18K. Every single one of them had a GPA requirement (the lowest was a 3.5 GPA). Is it "hard"? Yep, but I looked at it this way...someone out there was giving free money away and all I had to do was study hard and focus on my education. Seemed like a good trade off to me and yes, I did have to skip a lot of the parties that my friends were going to. I get good grades when I study...I'm not one of the lucky ones who just "gets" it. I had to go to a lot of study groups and labs that were run by teachers and TAs, especially my freshman year when I thought I was smart (I had a 3.85 GPA in high school) but found out that I didn't know much when it came to math and science. My freshman year was the hardest...I barely scraped by with a 3.5 because of the dreaded college algebra (which may have well been taught in Chinese), but my sophomore year and on, I was well above that and kept my scholarships until I graduated.
We're saving what we can toward college for our 11-year-old. My plan is to tell her "This is how much money we've saved. Spend it wisely, because there will be no more." She can live at home and go to community college and then our local university and most likely graduate with money left over. She can probably go to an in-state university and squeak by. Or she can go out of state or to a private university and work, get scholarships or borrow to pay the difference.
I've also wondered about some sort of contingency plan....we'll pay for your college AFTER you graduate. I don't know if such a thing is possible...maybe taking out a loan that she'll have to pay for and if she gets a diploma, we'll give her money towards it...I'm not sure.
What I don't want to have happen is for my husband and I to somehow gather together $1000 a month to pay in monthly installments to her university and for her to decide to quit college after 2 years...leaving us in the hole for $18K (9 months of tuition for 2 years) and her without a diploma. Or worse, for her to major in something that has no relevance in any sort of job search. I had plenty of friends who just wanted the experience to be in college. One was forced to chose a major only because her advisor told her she HAD to, so she chose music...didn't plan on doing anything with it. Another friend majored in Italian literature...only because she realized she was going into her junior year of college and had Italian language class credits and liked to read. My kid doesn't have to be a doctor...but if we're paying for college, she needs to major in something with a basis in reality.
I've also wondered about some sort of contingency plan....we'll pay for your college AFTER you graduate. I don't know if such a thing is possible...maybe taking out a loan that she'll have to pay for and if she gets a diploma, we'll give her money towards it...I'm not sure.
What I don't want to have happen is for my husband and I to somehow gather together $1000 a month to pay in monthly installments to her university and for her to decide to quit college after 2 years...leaving us in the hole for $18K (9 months of tuition for 2 years) and her without a diploma. Or worse, for her to major in something that has no relevance in any sort of job search. I had plenty of friends who just wanted the experience to be in college. One was forced to chose a major only because her advisor told her she HAD to, so she chose music...didn't plan on doing anything with it. Another friend majored in Italian literature...only because she realized she was going into her junior year of college and had Italian language class credits and liked to read. My kid doesn't have to be a doctor...but if we're paying for college, she needs to major in something with a basis in reality.
I know a LOT of people that do this. They have money in various investments that CAN be used to help kids pay for college and have the kids foot most or all of the bill for school-which will include loans. Then, after they graduate will give them the money in some form-either pay off loans, help with a down payment on a house, etc. If you go this route I would suggest that you have your child pay on her student loans for a couple years just to build up a good credit rating and THEN pay them off.
We have also told our kids that they need to graduate with a marketable degree but even now just getting a degree is important. I think most kids that have learned to be responsible BEFORE college don't find themselves selecting underwater basket weaving majors. The only ones I know of in school that had "interesting" majors were the ones that didn't have a stake in their college education either financially or emotionally knowing that they would not need a job after graduating.
What I don't want to have happen is for my husband and I to somehow gather together $1000 a month to pay in monthly installments to her university and for her to decide to quit college after 2 years...leaving us in the hole for $18K (9 months of tuition for 2 years) and her without a diploma. Or worse, for her to major in something that has no relevance in any sort of job search. I had plenty of friends who just wanted the experience to be in college. One was forced to chose a major only because her advisor told her she HAD to, so she chose music...didn't plan on doing anything with it. Another friend majored in Italian literature...only because she realized she was going into her junior year of college and had Italian language class credits and liked to read. My kid doesn't have to be a doctor...but if we're paying for college, she needs to major in something with a basis in reality.
This happened to my sister with their daughter. She dropped out and they are on the hook for the loans. It would be great if she would do the right thing and help pay, but I have a feeling that won't happen....
Be prepare this may not be an option. My DD's university generally expects to be paid in full at the beginning of the semester. You may make "payments" but from what I've seen it's something to the effect of 3 payments over 6 weeks....not too helpful....
Last edited by maciesmom; 02-06-2010 at 09:21 AM..
Reason: sp..."paid"..."pain" Freudian slip?!
Be prepare this may not be an option. My DD's university generally expects to be paid in full at the beginning of the semester. You may make "payments" but from what I've seen it's something to the effect of 3 payments over 6 weeks....not too helpful....
Most colleges will work with you on this. Most will expect you to be paid in full for the PREVIOUS semester before you can register for the next semester. For kids that get loans and work study they account for that money coming in over time.
We have college savings plans for our girls but I doubt we'll have enough to pay for their entire college tuition bills.
I'm not too worried. I recieved enough grants and scholarships to cover the cost of my tuition at a highly-ranked state school. I even received enough extra money to cover the cost of my books and some living expenses (one of my scholarships came from a local entrapreneur who would pay the students he supported cash each June for maintaining a 3.5 or better GPA).
I've told my daughters they will need to maintain high GPAs to receive the same type of scholarship offers. My oldest wants to go to medical school. I've already encouraged her to look into government-run programs where you can have your medical school loans paid off if you agree to work in an underserved area for three years. You get a generous stipend and experience and leave the program loan free.
My state doesn't offer any pre-paid tuition programs and I'm not sure I'd participate if it did. I don't want to limit my children's options. If they have the brains to get into an ivy league school, why should they feel obligated to attend a state school?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
