Coli Parents: How much are you saving for your child's education?

[Rawtid]

I've honestly never entertained the idea due to my personal qualms with "higher education". I'm a stickler for critical thinking and challenging educators; which in my minds eyes should place my children in the realm of obtaining a scholarship (my minds eye isn't always reality based, this I know).

This is something I'll discuss with the mister tonight.


Thanks for the thought

College savings isn't to substitute a student trying to obtain scholarships or other forms of aid, it just takes the place of using a school loan to supplement costs. If your child gets a full-scholarship that's more money in your account.

Every parent feels differently about higher education but I'm one that thinks it isn't an option. Beyond a master's degree sure, but a bachelors is just as necessary as a high school diploma for my child. Because I feel this way, I think it's also necessary for me to save an amount that will allow my child the freedom to choose a school that she likes, because she's going regardless.

Even if you don't save for college specifically, it could still benefit your child if you had some money for certification courses or something similar as well.

 

[KnowledgeIsQueen]

I've worked since the age of 12 and till this day I thank my mother for not giving me everything. She made me work for what I believed I needed (in terms of materialistic items she refused to pay for) but more importantly allowing me to make my own mistakes (financial or otherwise).

Too many children have absolutely no responsibility and aren't held accounting for their actions. What good is a higher education when you're lacking life experiences that build character?

^^^ has little to do with the initial thread.

Whenever I think of something my thoughts are never linear, they're sporadic. Pardon me for my mini tangent. I suppose I'm more of a tough love parent, willing to give guidance as I prepare them for a world I won't always be apart of to help them in.

 

[Rawtid]

I've worked since the age of 12 and till this day I thank my mother for not giving me everything. She made me work for what I believed I needed (in terms of materialistic items she refused to pay for) but more importantly allowing me to make my own mistakes (financial or otherwise).

Too many children have absolutely no responsibility and aren't held accounting for their actions. What good is a higher education when you're lacking life experiences that build character?

^^^ has little to do with the initial thread.

Whenever I think of something my thoughts are never linear, they're sporadic. Pardon me for my mini tangent. I suppose I'm more of a tough love parent, willing to give guidance as I prepare them for a world I won't always be apart of to help them in.

I appreciate the conversation.


I feel that as a mother it's my job to work hard so that my child won't have to. That doesn't mean I will take away the opportunity for her to learn how to be responsible with money or the concept of working for what you want. There is definitely a way to teach your children to be hard working and responsible without them having to start from scratch.


I think college when presented as something that MUST be done, is a great deal of responsibility in itself. It's the first instance of being able to govern yourself and manage responsibility and free-time and that's real life experience like a mother. I do understand how you feel though because I've had similar thoughts before I became a parent and obtained my Bachelors degree.

 

[KnowledgeIsQueen]

I appreciate the conversation.


I feel that as a mother it's my job to work hard so that my child won't have to. That doesn't mean I will take away the opportunity for her to learn how to be responsible with money or the concept of working for what you want. There is definitely a way to teach your children to be hard working and responsible without them having to start from scratch.


I think college when presented as something that MUST be done, is a great deal of responsibility in itself. It's the first instance of being able to govern yourself and manage responsibility and free-time and that's real life experience like a mother. I do understand how you feel though because I've had similar thoughts before I became a parent and obtained my Bachelors degree.

Much obliged

I've already drilled into my son's head he's going to college immediately after high school. I constantly stress the importance of education, which isn't always found in an institution. My daughter is still brand new, so I haven't had the opportunity to do so with her as of yet.

Once you have children, your life is no longer about you. It becomes a "we" and "us" and what's best the family collectively. It's knowing your child's strengths and weaknesses. Understanding when they need help and when to let them fall; is something a parent learns as they're raising their child(ren) and long after they move out/away from home.

I've seen countless individuals crippled by their parents who simply wanted to do right by them. On the flip side I've seen parents give their children nothing who turned out to be the most positive, productive and successful people I've had the pleasure to encounter.

Being a parent/mother is my life's biggest responsibility in which I take very seriously, I understand your concerns. It's wonderful to see fathers and mothers in this thread who have their children best interest at heart.

Although I only know many of you through writing, you're appreciated for your efforts. Our children are tomorrows future (the aforementioned may appear extra corny, but it's the truth many don't take seriously).

 

[↓R↑LYB]

Don't have kids so never really thought about it

But $50 a week x 52weeks x 18 = 46800 per kid
Which seems pretty reasonable

that probably won't cover one year of college 2 decades from now.

 

[HookersandIceCream]

that probably won't cover one year of college 2 decades from now.

Plenty of good city and state colleges where I live, that the 4 year total isnt anywhere that now

 

[954UAlreadyknow]

I ain't paying for no college. They better get a scholarship or some grants. fukk I look like paying for school

real shyt

 

[ProfessionallyTrill]

My lil one will be born in May. What steps should be taken for her educational future as far as saving up? I see 529 and others.

 

[↓R↑LYB]

Plenty of good city and state colleges where I live, that the 4 year total isnt anywhere that now

Breh, the cost of college is raising exponentially. In the 80s a 4 year public university was 6 grand.

Here's an article on the subject.

What college will cost in 18 years - education costs

Campus Consultants Founder and President Kal Chany figured out what college will likely cost by 2030 based on inflation rates. He wrote the book, "Paying for College Without Going Broke."

The findings? In 18 years, the average sticker price for a private university could be as much as $130,428 a year (see chart below). The situation isn't much better if you go the public route. Sending your child to a state university could set you back at least $41,228 a year.

College education/student loans is the next bubble. shyt's going to pop like a mothefukka b

EDIT: shyt when I was IN school, tuition rose like 7% every damn year

 

[HookersandIceCream]

Breh, the cost of college is raising exponentially. In the 80s a 4 year public university was 6 grand.

Here's an article on the subject.

What college will cost in 18 years - education costs

So what I'm saving will be enough for a public school

 

[Dirk Diggler]

Im not sure how I feel about the 529 plan because it is setup in a way if she doenst want to go to school(which shouldnt be an option) we wont get that money back and they make you jump through many hoops to gift it to someone else. We are doing the Gerber life joint which by 18 when it matures she is guaranteed 100k with no string attached. And we also put money aside in a liquid account for her as well

 

[↓R↑LYB]

So what I'm saving will be enough for a public school

That's 40k per year breh. 160k for 4 years

 

[Rawtid]

My lil one will be born in May. What steps should be taken for her educational future as far as saving up? I see 529 and others.

I'll be using a coverdell ESA, which covers college as well as private elementary, middle and high schools and that only has a $2000 per year max contribution limit. The 529 can be used for any post high school education like trade school so that's a good thing as well. The first thing to do is estimate how much you'd like to have available for your child's education. Then divide that by 18(years) and that's roughly the amount you'd need to spend per year to fund the account.

Im not sure how I feel about the 529 plan because it is setup in a way if she doenst want to go to school(which shouldnt be an option) we wont get that money back and they make you jump through many hoops to gift it to someone else. We are doing the Gerber life joint which by 18 when it matures she is guaranteed 100k with no string attached. And we also put money aside in a liquid account for her as well

I've read that transferring to someone else is rather "easy" but I'm just going by articles and hearsay, which is why I'd invest in one. Then you could always withdraw the money but you'd take a hit on taxes and penalties but depending on how much it is, it could be worth it.

 

[Dirk Diggler]

I'll be using a coverdell ESA, which covers college as well as private elementary, middle and high schools and that only has a $2000 per year max contribution limit. The 529 can be used for any post high school education like trade school so that's a good thing as well. The first thing to do is estimate how much you'd like to have available for your child's education. Then divide that by 18(years) and that's roughly the amount you'd need to spend per year to fund the account.



I've read that transferring to someone else is rather "easy" but I'm just going by articles and hearsay, which is why I'd invest in one. Then you could always withdraw the money but you'd take a hit on taxes and penalties but depending on how much it is, it could be worth it.

I think the hit is like 40%+ I am not sure though since Ive looked at this like two years ago

 

[Rawtid]

I think the hit is like 40%+ I am not sure though since Ive looked at this like two years ago

Probably, but if you're not going to use it or have someone to transfer it to, it's best just to take the cash, imo.