Quote:
Originally Posted by KellyB
I'd never want to pay for the whole thing, I think it is better if kids have at least some financial responsibility for their college education. But I don't want him to start off with such a huge debt either.
|
This is pretty similar to my philosophy. My father paid for almost my entire college education, and I didn't appreciate it until much later. I want my son to pay for some of his schooling.
That said, I want him to feel that he can accomplish anything he wants. If he has the aptitude and desire to pursue a certain career path, I want to be right behind him. I've made sure all the accounts we've opened up can also be used to pay for a technical school if it turns out that he'll make a great electrician or something.
We started a pre-paid plan and a 529 investment account and a Upromise account for him, all when he was about a year old. We contribute a small amount monthly to his accounts. We've been very fortunate because his grandparents have also been contributing.
At the moment (he's 3.5) it looks like we're on track to pay for most of a public four-year education. If he wants to go to a more expensive school, I'll sit him down and explain exactly what it will mean to graduate with loans, and I'll try to make sure he pursues a major that will give him decent earning potential.
Either way, I intend to start him saving a percentage of all his earnings as soon as he's old enough to mow lawns, shovel snow, babysit, etc. When he's in high school I'd like him to get a more formal job during the summer, at the ice cream parlor or as a camp counselor or something.
We'll see. He's so little, I am not too worried about it, and I intend to have only the one kid.
Interesting thread. I like hearing from those who don't intend to save for it. You all have some good arguments.