Quote:
Originally Posted by Scanner
Do you vacation or earmark it for college?
I say go for college. . .To think that a student is going to be able to fully fund a $125,000 education on part-time work, scholarships and loans I think is burying your head in the sand.
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Like most others, I would divide it. If we had one kid it would probably be half and half between vacation and college, and more like 75/25 if we had 2 kids.
I believe in helping kids with college costs whenever possible, but I don't think it's an entitlement. I don't think all luxuries should be foregone in lieu of college savings.
Also, I'm not promising anyone a $125,000 college education. If we had a college aged kid now, they could get a 4 year degree for less than $30,000 (2 years of community college, 2 years of state school while living at home). It might not be a "luxury" college experience, but it's more than adequate and more than many kids get.
Assuming our finances progress about how we expect, with no major windfalls or pitfalls, we're willing to provide the equivalent of 8 semesters of tuition/room & board at Universtiy of Illinois, which is a great school. If they want to go to a different school, we'll happily provide the money, but they'll need to make up any shortfall. There are plenty of ways to do this if a student is driven.
If we wind up having money to burn, sure, I'll pop for Northwestern. But I'm not going to live on Top Ramen and never see the light of day to provide a lavish college experience for my kids. There needs to be a responsible balance.