Do you OWE your kids a college education?

We've always tried tp teach our son to fully appreciate all the things we have and not take anything for granted and by making him work and save to buy some things he wanted. You want an Iphone or the latest video game,"save your money son". In doing so, this kid would fight off Genghis Kahn and the wolfman himself to protect that phone. I see other kids who's parents get them the "latest" phones just because I suppose, I don't understand that at all, but to each his own how they raise there kids.
When it came time for college we made an arrangement; We had X amount of money set aside in a college fund that was for tuition and he was responsible for books. We are very fortunate to live close to one of the best Community colleges in the country so he can do his first two years here cheap and then finish at another school(All credits earned at present school transfer to any school here in VA uncontested,for lack of a better word). Of course we help if necessary but he really does work hard and oes his best.

I know crunch time is going to come when he starts at another school, tuition is cheap now, I know and so does he that it's going to be time for loans and whatever other means are available to finish up. He understands that things have tightened up around here obviously, but we'll get through it somehow, thank God my wife has a really good job.

J

It's interesting this question came up, one of my best friends (W) and I just had this conversation recently. His long time girlfriend/sig. other's son came home for break one time and this somehow came up indirectly. Preface it to say the kid isn't wild about W and is always a brat towards him. Apparently there was a discussion going on between the three of them and it started getting heated between the kid and his mom, something about finances. I guess one thing led to another and kid starts talking about how he's owed it , it's an automatic obligation of the parents to provide any education the kid wants blah blah blah. Some kids think they're automatically owed something for being born some don't.

DonDiego attended college a very long time ago. Thinking back on it, it seems that his parents and he handled things about right for the late 1960s.

DonDiego attended a top engineering college. The tuition was high for the times, but cheap compared to today's rates.

[An aside: If DonDiego remembers correctly toward the end of his college sophomore year rumors arose on campus about a proposed increase in tuition for the following year.
Within hours a mob of 300 or 400 students, DonDiego among them marched on the College President's house. Upon arrival after a few minutes delay, the College President emerges onto his front porch and addressed the student body. He explained that he was sorry about the tuition increase, but that it was necessary because of rising cots generally, etc., etc., etc.. The student took the explanation well, . . . and responded with a chorus of cheers for the President.
OK, . . . . so now there's a mob with nothing to do, . . . and someone proposes a raid on the women's dormitory. So the mob turns about as a unit and commences o march on the dorm. Being an engineering school the co-eds generally did not possess the attractive physical/social attributes found in young women at the surrounding liberal arts colleges. So, . . . and very quickly in DonDiego's opinion, . . . the march turned into a panty raid. And many of the targeted population began to throw their undergarments from the upper stories of the building, . . . as an attractant for the male rabble below.
But DonDiego digresses, . . .
Anyway, a good time was had by all.]

At the age of 15 poor little DonDiego got an after school part time job at a local Mom and Pop pharmacy. As his parents still provided home, food, clothing, etc., DonDiego saved most of his earnings for college, . . . spending just a bit on minor entertainments and frivolity.

And during the three Summers between his college years DonDiego worked as a laborer in the Blast Furnace Division of the Bethlehem Steel Plant. On occasion, especially as the senior employees took Summer vacations, young DonDiego would volunteer to do the higher-paying presumedly more skilled jobs, . . . or sometimes just more dangerous. DonDiego lived with his parents over these Summers, so he saved most of this money for tuition too.

And DonDiego did win some scholarship money in High School from the National Merit Scholar Program.
And he received a few hundred dollars at High School Graduation from a scholarship fund established by a local businessman, . . . in fact the owner of the single pharmacy competing with his employer in town.
And DonDiego took advantage of the Federal College Loan Program, . . . something like 2% loans to be paid off over seven years. DonDiego paid them on schedule.

So, all-in-all it worked out something like 1/3 of college expenses were paid by young DonDiego, 1/3 by loans and scholarships, and 1/3 by DonDiego's loving parents.

In the second decade of the 21st century DonDiego's course of action is less doable.
The tuition at his institution of higher learning has risen way, way faster than costs generally, especially wages. His Dad's income wouldn't be able to cover 1/3.
Likewise, young DonDiego's income from his two teenager jobs would be smaller compared to college costs, . . . and that's if he could even get such jobs nowadays.
And those 2% loans are unavailable too.

DonDiego says "Good Luck !" to the scholars of tomorrow and to their parental units.

Tuition costs over the last 30 years have risen 300%; slightly higher than the inflation rate.

There is no incentive for colleges to control costs as way to much money is brought in via loans, outside grants, govt subsidies & endowments.

Instead money is spent on on upgraded dorms, athletic facilities, student centers & faculty members who don't do a lot of classroom teaching.

My college has gone from a 75% commuter school ( I rode the bus) to 75% residents even though where the school draws it's students hasn't changed much. Student have come to see living at school as a right rather than a need

Campion,

Today President Obama unveiled his plan to help students and parents assess colleges and universities with a focus on affordability, among other factors. Here's how the NY Times described it today:

"(The President plans) to rate colleges before the 2015 school year based on measures like tuition, graduation rates, debt and earnings of graduates, and the percentage of lower-income students who attend. The ratings would compare colleges against their peer institutions. If the plan can win Congressional approval, the idea is to base federal financial aid to students attending the colleges partly on those rankings."

It may not become law before you and your daughter select a school, but maybe, who knows.

"percentage of lower-income students who attend"

Why is that important?

From Chilcoot's NYTimes link:
"Mr. Obama hopes that starting in 2018, the ratings would be tied to financial aid, so that students at highly rated colleges might get larger federal grants and more affordable loans. But that would require new legislation."

Well isn't that special. Now Federal Financial Aid will go to the schools which the Government thinks are better, . . . not what the student or his parents think.

DonDiego wonders if politics will enter into the thinking of those rating the colleges. Nah! Silly thinking. The reader should forget DonDiego mentioned it. Government officials have only the best interests of the subjects, . . . um, . . . er, . . . citizens at heart.

For demonstrating the institution's capacity to accommodate lower-income students. Think a little.

Maybe their financial aid office is dysfunctional. Maybe the school's in a location with few student job opportunities. Maybe area housing's really expensive.

A school with a poor track record in accommodating lower-income students in the past may not be a good choice for a lower-income student.

I've also heard it done where the child will be responsible for the first 2 years, and then the parents jump in for the last 2. I would bet that after the first couple years the kid has gotten some of the partying out of his/her system and understands the cost and value of the education, since they are paying for it.

We have no money saved for her education. We did have an education savings account set up for her when she was a child, but we used that all up paying for high school. We figured that sending her to a top high school was a good investment that would pay off in better college opportnities and more scholarships.

Many of the kids she goes to school with are spoiled. Their parents give them a car for their birthday, and they complain about all the little things they hate about it, like the color. Girl your parents just GAVE you a car!!! It's pretty sad. I swear some of these kids will be in their mid-20's before they are forced to realize that shit is not just going to be given to them their whole life. Or maybe they'll never figure it out.

It's entirely appropriate for the federal government to direct federal financial assistance towards schools that do a better job of educating tomorrow's workforce.

We should much more excited about helping educate engineers at University of Michigan than educating VCR repairmen at DeVry.

I earned a 4 year degree in a little less than 4 years while working a full time job in a glass manufactoring plant,(Corning Glass works), with help from the G.I. Bill, (benefits for spending 18 months in Viet Nam).

Fast forward to today. My youngest daughter went to Columbia College of Creative Arts in Chicago for two semesters at a cost of $36,000 paid for by me. No completed hours of credit. We mutually agreed to stop this great experience.

My youngest son went to a Community College, living on Campus. He majored in nicotine and tattoos. This also lasted two semesters. No earned college credit. I stopped the funding of this party also.

My plan is to retire next April at the age of 65 and flee to Las Vegas or Laughlin, ( by myself), and let the family find themselves and experience the harsh realities of life.