American Parents: Are you saving up for your children's college education?
retired old sarge
We don't have dedicated funds for education, the plan is to set X amount of money aside that our children will get a portion of it a yearly basis starting when they graduate high school and leave home, and what they do with that money will be their choice. Once they accept the money they are 100% on their own, no moving back home, so if they blow it on something stupid then they'll have to deal with the consequences.
Sure. There are government savings programs that allow us to do exactly that without having to pay income taxes on that money. Student loans and grants may still be required, but we don't expect it to be nearly as bad as ignoring the big money costs eventually coming … and its coming soon, tg he is likely going to get scholarship money too. Besides, there is nothing wrong with having to work part time in school too.
No. We pay for a portion of it and they pay for a portion of it. We don't need to save up, we pay for it directly. College is expensive. If parents can contribute, great. If not, they are not required to do so, paying for your own college isn't the end of the world.
Hell no. by the time the kid is old enough, the Government should be paying for it.
I don’t know how much college costs in the US but in Canada it’s like $5k a year which isn’t really that much money. Am i saving for my son and his future? Not really, anymore. I have a set amount put aside for him and my parents gave him a trust fund, he doesn’t need to worry about being a starving college student at least