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Unread 10-14-2010, 08:44 PM
Status: "Happy Spring!" (set 26 days ago)
 
14,161 posts, read 7,331,541 times
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I don't see why not paying for my children's college is akin to not providing for their needs.
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Unread 10-15-2010, 08:55 AM
 
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I'm just wondering how people with multiple kids justify the varying expenses in terms of "fairness". When you're kids are young you provide for their needs and some may need more than others, for instance one wears glasses and another doesn't, but these are incredibly minor things.

When it comes to telling your kids you will pay for a college education for each of them, how do you resolve the dollar differences?

Kid 1 - Attends a private university that costs $150k for 4 years.

Kid 2 - Attends a state school that costs $80k for 4 years.

Kid 3 - Attends a trade school that costs $20k.

There is a large disparity there. How does a parent who PROMISED to pay for each of their childs higher education needs justify that disparity?
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Unread 10-15-2010, 09:22 AM
 
702 posts, read 1,051,518 times
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Quote:
Originally Posted by NJGOAT View Post
I'm just wondering how people with multiple kids justify the varying expenses in terms of "fairness". When you're kids are young you provide for their needs and some may need more than others, for instance one wears glasses and another doesn't, but these are incredibly minor things.

When it comes to telling your kids you will pay for a college education for each of them, how do you resolve the dollar differences?

Kid 1 - Attends a private university that costs $150k for 4 years.

Kid 2 - Attends a state school that costs $80k for 4 years.

Kid 3 - Attends a trade school that costs $20k.

There is a large disparity there. How does a parent who PROMISED to pay for each of their childs higher education needs justify that disparity?
I have twins and didn't promise to pay for their education, but said I'd do what I can to ensure that they get through college with little or no loans (the goal is no loans, but we'll see...). With that said, the college they select must be a college I can afford in the long run. It is my money, not theirs, and distribution of funds does not have to be equal, and if there is money left over, it's mine.
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Unread 10-15-2010, 07:01 PM
 
2,060 posts, read 2,598,757 times
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Quote:
Originally Posted by maciesmom View Post
Have you considered going back? Take some online courses to start with - places like University of Phoenix etc specialize in adult "non-traditional" students. It's never too late.

ETA - you may be able to get college credits for your work experience.
I get that a lot but it's actually not cheap to just go back to school, and I have two kids of my own to put through college in a few years time. I can't justify spending $80K+ on my own education when that money could be better spent on living in an area with better public schools so that they could have more chance at scholarships. Plus - honestly it irks me that I have to go and prove myself on some piece of paper when I've already put in the work and proven it in real life for over 10 years.
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Unread 10-15-2010, 07:09 PM
 
Location: Denver area
16,351 posts, read 10,443,396 times
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Quote:
Originally Posted by chicagojlo View Post
I get that a lot but it's actually not cheap to just go back to school, and I have two kids of my own to put through college in a few years time. I can't justify spending $80K+ on my own education when that money could be better spent on living in an area with better public schools so that they could have more chance at scholarships. Plus - honestly it irks me that I have to go and prove myself on some piece of paper when I've already put in the work and proven it in real life for over 10 years.

Doesn't have to be $80K...start out at Community College, see what you can get credit for, take some online etc. Seriously. It's not like you will be living in the dorms. You should be able to get a degree for a lot less than that. Sounds like you still don't want to bear the burden of debt. You might be able to finish your degree before your kids go to college then get a job that would help pay for their college or your retirement later. It's still an investment in your future -just like it was when you were 18. What a great example to set for your kids - that would really show them how important you feel that degree to be!
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Unread 10-15-2010, 08:50 PM
 
5,197 posts, read 10,641,236 times
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We will do what we can to help. The plan we put our child's educational savings into - tanked with the bad market. Only 5 years left til college and I doubt we will put much away now that the economy sucks, neither of us have had raises for the last two years, and likely at least one more. Our deductible on our insurance now is sky-high and makes just about everything "out of pocket" til you hit catastrophic level. (hey at least we have insurance)... so most of our previously saved income is now medical and dental bills.

They will go to a community college and live at home for two years (we can pay for that). And then they can transfer into a better college and they will likely have to do loans for that.... unless of course they get scholarships We live in a metro area and there are lots of colleges they will be able to commute to. That is what I did and loved it and saved lots of $.
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Unread 10-15-2010, 09:18 PM
 
707 posts, read 723,213 times
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Encourage your kids to take classes that go for credits in highschool, my sister will be graduating with 48 credits next year. Encourage them to rent or buy textbooks from amazon I saved thousands doing that. Books that go for $200.00 at the campus bookstore go for $60-80.00 used online.
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Unread 10-15-2010, 11:35 PM
 
2,060 posts, read 2,598,757 times
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Quote:
Originally Posted by maciesmom View Post
Doesn't have to be $80K...start out at Community College, see what you can get credit for, take some online etc. Seriously. It's not like you will be living in the dorms. You should be able to get a degree for a lot less than that. Sounds like you still don't want to bear the burden of debt. You might be able to finish your degree before your kids go to college then get a job that would help pay for their college or your retirement later. It's still an investment in your future -just like it was when you were 18. What a great example to set for your kids - that would really show them how important you feel that degree to be!
I plan to start taking classes at our local community college for an associate's degree once my baby is a little older, but converting it into a bachelors will have to wait. At least around here there aren't colleges that are less than $15-20K per year, I've looked. University of Phoenix is even more, online schools really aren't any cheaper. And I don't qualify for assistance as my husband earns too much.
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Unread 10-16-2010, 05:31 AM
 
2,728 posts, read 2,286,524 times
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I didn't know prepaid plans were being offered. Here is an article regarding Florida's prepaid tuition plan.

Quote:
This year, the most popular university tuition plan is being combined with two previously optional plans, bringing the total cost to $45,367 for a newborn. Local fee plans and "tuition differential" fee plans will no longer be offered to first-time plan buyers. The same coverage cost $40,086 last year and $14,616 in 2006.
Florida prepaid: Popular Florida prepaid plan enrollment opens with higher prices - South Florida Sun-Sentinel.com
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Unread 10-16-2010, 07:08 AM
 
892 posts, read 1,250,234 times
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Quote:
Originally Posted by crisan View Post
I didn't know prepaid plans were being offered. Here is an article regarding Florida's prepaid tuition plan.



Florida prepaid: Popular Florida prepaid plan enrollment opens with higher prices - South Florida Sun-Sentinel.com

Both of my kids have the PACT( Alabama) Hopefully it'll still be good- the ones running the program blew alot of the funds when the market dropped and they lost millions of $$$$. Mine are in 10th and 12th now and we have been told it 'll be good. {Paid around 5,000 for it and It will pay out around 7,000/year which will make it a 30,000 or so) although my oldest wants to go toa private school that is 35,000/year-she should get around a 15,000 scholarship minus 7,000 Pact so I'll owe around 12-15,000-not bad for a very good private school...
AND I'll pay cash- no loans for her- talking about medical school -she will have to get loans and she knows this-Hopefully I'll be able to help her!!
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