I'm doing a little of both. Have one child in college right now.
As we didn't pull our heads out of our rears in time, we had nothing saved. So we're cash flowing what we can to help. For a state school including room and board, we're saving and paying about about 40% cash (any more and it would jeapordize our retirement savings), she got awarded about 30% in grants, and she took out the remaining 30% in loan. She's also doing the work study program which will pay for her incindentals, it's a small amount of work hours, like 12 hours a week.
I don't agree with the entitlement theory. And although I would have loved for her to not have to take a small loan, it sort of makes me feel like she's taking some responsibility in college, as well. The deal is we'll keep cash flowing the same amount if she goes to class and passes. If she skips, goof off and flunks our amount of help will end.
But that's just us.
|