Quote:
Originally Posted by Scanner
I think a moderate compromise here is possible and one I adhere to.
I have told my 10 year old that we will pay 2/3rds of his education. That will essentially be tuition, fees (which appear to go up every year so they don't raise tuition) and car insurance for a clunker/bomb. He will be responsible for the other 1/3rd, which is books, room and board, and spending money.
That shouldn't stress him too much and I figure will amount to a 10-15 hour/week part-time job during the school year and 40-60 hours/week during the summer, which is doable for an able bodied, male 19 year old.
Besides, unless he plans to go to professional school, I'd rather see him work part time and get a 3.0 or even a 2.7 than not work and get a 4.0. Nobody looks at your GPA (besides medical and law schools). . .but every employer considers your work ethic.
Essentially, a degree is a degree is a degree.
And fiscal responsibility is a skill that everyone needs to have - and it starts with an awareness of how much something costs.
We have about $18,000 in a 529 and Education IRA's for our 10 year old and 4 year old
Yes, we are behind. At least I feel so.
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I must agree with Scanner wholeheartedly here. I do think there is a middle ground between "I'm not saving one penny" and "I owe them a 4-year ride". My plan is to pay 50% of my daughter's costs, with her paying 25% of it as she goes, probably through part-time jobs and the such and maybe getting loans for the remaining 25%. I hate for her to start her adulthood in debt but I also feel that she should have a financial stake in her future. I also plan for her to apply for every scholarship possible and hopefully, she will get the HOPE scholarship offered here in GA but I am not counting on those things as they keep moving the target for that one. Unfortunately, I am waaaay behind; I have a small 529 but I was doing my budget just today and I have a plan to catch-up.