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Sadly my mom left enough for the kids to go to an in-state college for free and to an out of state or private w/ a little bit of aid (unless of course it's somewhere like Hampton U, in which case it'll be waaay too expensive.)
I say sadly b/c I'd rather have to struggle and have her back.
Sadly my mom left enough for the kids to go to an in-state college for free and to an out of state or private w/ a little bit of aid (unless of course it's somewhere like Hampton U, in which case it'll be waaay too expensive.)
I say sadly b/c I'd rather have to struggle and have her back.
I'm so sorry about your mom. There are very few things as hard as losing a parent - my heart goes out to you and your family.
First, dedication and a lot time. We spent with them countless hours helping them with homework and teaching them and stilling in the good study and work ethics. This resulted in help with more scholarship money.
Second, instill in them the volunteering spirit. Volunteer time is a big plus not only for college scholarships but also when looking for work. If son wants to be a family counselor, he may want to volunteer with the city or at hospital counselors. That in the long run may be seen as experience to some degree with looking for employment.
Third, in their junior year is when they can give it the best effort and sacrifice in grades and high school accomplishments. When it is time to apply for scholarships during their senior year colleges are basically looking at junior year. If they show a trend of improvement from freshman to senior it looks like they are always improving in everything they do.
Fourth, in their senior year it will take countless hours looking for scholarships. My wife spent countless hours on the computer looking for scholarships. She googled and googled and googled and probably filled at least a 100 applications. She then printed them and had our daughter sign them. She also had our daughter write essays required in some applications. She was so fed up writing essays. She used to tell my wife "I just wrote one last week!" My wife used to reply "Write another one!" Eventually she got $50 here, a $100 there, a $1,000 over there and ended up getting enough money to pay for all her four years and left over to at least the second year on her masters she is now attending.
It took a lot of time and planning in raising our kids, that's the bottom line.
We did not spend a single penny in their education. We spent time and that resulted in money in the long run as scholarship money. The only money we spent is buying a new car for her to attend classes and come back home safely. The car is ours when she finish her studies. She will start her life without a single debt. The only debt she may incur is buying a car when she goes on her own.
My first semester fees were in the $300 range. They had doubled or tippled by the time I graduated. This was in the 1990's. I don't actually know what it costs now, but I figured the fact that it went up so much in the few years I was there, probably meant it had increased faster than income.
I agree, I don't understand why many parents out there think it's a given that they will pay for college tuition. Hopefully, I will be able to help my kids significantly, but they are going to have to help pay also. I need to save for retirement, too, remember.
My parents would only help pay if I stayed in-state. I chose a private school, and after financial aid/scholarships, my parents paid half, and I took out loans for the remainder. I am very grateful that they did help pay. Those loans have been paid off for a while, which is a relief, but I think I appreciate my education even more knowing that I worked for it, too
The way I see it is this. It is not the "right" of children to expect parents to send them to college. However, at least in the case of my wife and I (because we can afford it ) it is the "right" thing for us to do to help pay for our children to receive a college education.
I realize there are different opinions on this topic. What is right for one may not be right for another. I can certainly understand parents who have inadequate income for necessities telling their kids they will have to do college on their own.
I'm not really crazy about the idea of young people getting scholarships to go to college. I remember when I went years ago. I had no fewer than 4 friends on a scholarship their first year of high school because they had earned a 3.7 GPA in high school. The trouble was college was harder and they could not maintain a better than -A average their first year. All four lost their scholarships and it wasn't because of "goofing off". I regard the "scholarships" they got more as bait money to attend the university than I do as legitimate scholarships. The university administration knew very well that most students would be unable to maintain that sort of stellar GPA. The whole thing was kind of a set up.
When I started at my state university, 33 years ago, my tuition was about $300 per semester. This year that same university wants $2500 per semester. This is roughly an eight-fold increase in the cost of tuition. Inflation has not gone up by 800% in 33 years. Perhaps, its gone up by 300%. Today's students have a harder time of it. If parents don't pitch in and help, I'm afraid many good, studious young people will miss the opportunity of college. It has consequences for them as well as our nation.
so, what is the advantage to a 529 over just investing on your own?
The money in the 529 grows tax free and can be used tax free if used for qualified education expenses, books, tuition, etc. You may also get a deduction on your taxes for your contributions AND if you live in a state that matches funds, it is free money for college. The downside is that you have to use the funds for qualified education expenses and if your child doesn't use the money, it is just sits there. You can use it yourself (you have to change the beneficiary of the plan-but that is easy) or pass it along to other children or close relatives (niece, nephew, grandchild). If, by age 65 you don't use the money, you can withdraw the money with a 10% penalty and some taxes.
Compare that to a regular mutual fund and you can put the money in and use it for whatever but you are taxed on the gains every year and no matching funds.
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