Have you started a college fund for your child/children

[flavor]

We have every intention in helping our children financially through college, even if it requires us to obtain second jobs. We strongly believe in hepling our children start out their adult life debt free, and we'd rather have a second job, than having our children work through college. Concentrating to do well in their studies would be good enough. We also do not believe in "once you're eighteen you're out the door". Our home would be their home for as long as they want it. If we help our children they'll be able to help theirs. What we give, is what we'll get. Therefore, the mutual respect and closeness will always be there.

[lillyb]

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.

[Ralph]

We have our first in college with almost no available savings accumulated. Unfortunately financial aid is almost completely dependent on income, so we received very little, about 10% of the total cost. I really pushed for the much more affordable state university, but my child and wife felt strongly that a better college was worth the added loans. In hindsight, I should have asserted myself more. Now we are looking at a financial nightmare. But I feel if we had managed to save, it would have mainly just reduced what little aid we did get. But the advice I read said to fund your retirement first, which I did. The bottom line is for people with decent incomes, you are on your own!