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We'll pay for at least the first 2 years, I'd like to do all 4 but I'm not positive we'll be able to. We're fortunate to live nearby some great schools so I'm hoping the kids can live at home while attending college. My kids aren't old enough to drive yet but I don't plan on buying cars just to be buying them. Could change my mind as the time gets closer, and will depend entirely on the need and the child.
You're telling me... my folks paid for my college and extras (although I did have to be more mindful of expenses, and I worked internships for extra spending $$). I borrowed the car in hs, but wrecked it in an accident ([sigh] go insurance!?). Later when I was working, they did buy a car for me. However, I did pay them back with monthly payments, and ended up paying it all off years later.
As for my own kids... that's far away. The hell with college and car, the first decision they'll make is an Ipad, or other toys. And if they choose the iPad, I get to use it on a 15% timeshare.
I have a sister who has 2 kids. I'm a bit flabbergasted, but not surprised in the end how they're doing well, but still need to figure out how to pay for a lot of things in such meticulous detail. Makes you appreciate how rough it is for those who are more tight on their finances.
I don't have children, but my parents helped with college. My scholarship covered full tuition and my first year, it covered room and board. I worked summers and Christmas for money for books and food. So all they had to pay for was 3 years worth of housing. They gave me their extra car (which was 3 years older than me) to drive and then my first year of college, helped me buy a new car and I gave theirs back. As long as I was keeping my scholarship in school, they made the payments and insurance on my car. I paid the gas and upkeep. After 3 years, I graduated and took over the payments. I graduated with no student loans, no credit card debt and only 2 years worth of payments left on my car. I was and am very appreciative. But honestly, total cost of all of that to them was around $15k. College housing was about $900/semester, and they paid about $10k on my car. So it wasn't exactly bank breaking for them, anyway.
They also helped me buy my house, by gifting me the entire downpayment. But for them, that didn't actually cost them any money, since they are builders, and they built the house. Instead of making a profit, they built the profit in as my down. So basically, they built me the house at cost and gifted me what would have been their profit as my downpayment. All it cost them was their time and expertise doing what they do anyway. Obviously, most parents would not be in a position to do this.
Same deal on all fronts for my sister, except she went to college in town and so lived at home, so the didn't have to pay much, if anything for her college. They might have helped pay for her books and supplies instead.
Incidentally, you didn't ask about weddings, but a lot of parents pay for a good chunk of their daughter's weddings. My sister and I both had backyard weddings that cost less than $2000 each.
So my parents helped with college, a new car, a new house and a wedding for 2 girls. But their total out of pocket for everything combined was probably under $30k. Total, not each. It doesn't have to break the bank to help your kids if the kids contribute their hard work and effort.
Of course, that was about 15 years ago, and college has gone through the roof on costs. But if you have a scholarship, that doesn't matter as much. Today, it might have cost them $40k total instead of $30k.
If I did have kids, I would help them as much as I could, but only if they earned it. If they worked hard in school, I'd help as much as I could afford, as long as they kept working hard (regardless of grades). But if school wasn't important to them, and they partied instead, then they wouldn't get help. And if they ever acted entitled to the help, the help would be finished.
We'll pay for at least the first 2 years, I'd like to do all 4 but I'm not positive we'll be able to. We're fortunate to live nearby some great schools so I'm hoping the kids can live at home while attending college. My kids aren't old enough to drive yet but I don't plan on buying cars just to be buying them. Could change my mind as the time gets closer, and will depend entirely on the need and the child.
I have to tell you that commuting is a pain. That's from personal observation with my oldest son. Living where you do you will get tired hauling them around.
That doesn't mean that you buy them a car but having one available is nice for them.
I developed my viewpoint on this topic from a long-ago friend whose viewpoint made sense to me. She said kids will appreciate such things more if they have a personal stake in it.
We are paying for college and buying cars for the kids. Two are currently in college. One is still in high school. We told our kids that if they hold up their end of bargain (be good people, get good grades, graduate in 4 years) we would pay for their college educations.
My parents paid for me to go to college for 4 years and I remember them telling me that part of the deal was that I should do what I could to pay for my children to do the same. I have one child and I plan on doing that should he choose that route. We have some saved up to this point with a few years to go (about $40k), so that will help a little.
He's about 2 years from driving age. I foresee him driving a hand-me-down.
My parents did that for me, so I wouldn't have an issue doing so for my children. However I'm not dishing out 50k a year for some out of state, private school if they get accepted to a state university that can offer them just as good an education.
Quote:
Originally Posted by RonkonkomaNative
I agree. Community College to State schools while living at home. Hand me down cars.
For some students, state school is indeed the best deal if it offers the programs and degrees wanted.
For my youngest, it is actually cheaper for him to attend his private university with all the scholarships than it would be to attend the U of MN, where he would not have received as nice a scholarship.
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Hand me down cars.
