Posted on March 3, 2010.
Did you save money for college education of your children? Why or why not?
Well, I'm just a young adult and have no children, but my parents did not put money on me for college. And although it is difficult, I think it's almost better. I was taught financial responsibility from a young age, I saved to buy my own car, pay my own insurance, etc.
Yes, I'm going out student loans and stuff, but why my parents have to pay for the rest of my life when they have already taken care of me for 18 years? I think if you go to university to get a paying job, you will be comfortable repaying your student loans!
Yes. But we also have children to start saving for some of them also. My son got about 8 years and my daughter will graduate next spring, but she will graduate.
My son actually paid a higher percent of his own college and when he went, it was much cheaper than my daughter going.I have been fortunate in my life and have paid our debt off and managed to save. We do not have to take loans for one of our children, but higher education may be the first time we have to do this.
To date, we paid 85-90 thousand for college kids so you want to start saving as early as possible, but also make them understand that it is THEIR college and they should pay a lot of savings for their own account. It is much harder to fail when you do you spend own money rather than mom and dad.
My parents do.
They have three children: my sister (14), my brother (14) and myself (16).
We are very close in age, which means that the three of us were in college in a period of two years. In these two years, my parents will be spending a heck of a lot of money on our education. The earlier they start saving, the easier it will be later.
Another reason why my parents save money for our education because we immigrated here from Venezuela, when I started elementary. My parents expect us to excel in this new country. They took a risk by moving bug here, and they do not want us wasting our time. They fully intended to send to college, if we want to go or not. I think they just want my siblings and me to have a better life than they had (by gettin g agood education, good work, good career, etc.)
Hopefully we will be able to obtain scholarships and not having to pay for college. This will allow my parents a little.
Yes, I think it's an interesting use of my money to contribute to something that my child needs. I am not, however, expect to be able to fund their entire college career. They will need some grants or loans, as I did.
