College funding

[olderthandirt]

Do you have college funds for your kids? That's one thing I've regretted more and more lately. As a single dad, with no extra support, I've never been able to create any college savings for my three girls. Two of them don't intend on going to college, really, but one plans on it. I wish I'd had the ability to give them more help with furthering their education.

 

[Victor]

We don't have one yet. Our priorities are 1) pay off our own school debts, 2) save additional money for investment/retirement, and 3) help our kids with college costs. We think they will probably have to get scholarships and loans and then when they finish, we will be able to help them pay off loans.

 

[olderthandirt]

I think it's good for them to help pay for college themselves. Even if I'd been able to afford it, I don't think I would have covered the entire costs for them. I just wish I could have set aside something to help them out.

 

[Andersson]

We did but we also set both of the kids up with their own savings (only) bank accounts when they were younger too. Half of whatever they earned, however they earned it went into the account. We matched what they and grants did and before you know it you have grand-kids so the education was there but quickly matched with the then "kids" becoming parents of their own.

 

[polamalu43]

Yes! I started them when they were born. Don't worry though, your daughter can take out a student loan. She will probably also qualify for financial aid. There is always a way for kids to go to college.

 

[John]

We had a friend tell us once that he put his kid through college on a dollar a day. We didn't believe it at first. Then he explained that he religiously put a dollar every day into a college jar he kept beside his morning coffee cup. Over time, he added bits of money to the fund, but it's the constant reminder that helped him. We started out doing this with the first child, and then had automatic deductions coming out of our pay checks. The college funds, over time, do grow nicely.

 

[polamalu43]

I love the dollar a day idea. I bet it works! College is so expensive these days. Kids almost always have to get loans. Tell your daughter to try for scholarships.

 

[RichA]

We do have some money set aside for each child. It is not a lot but it is a start. Kids will have to apply for scholarship funds and take out student loans. As much as student loans stink they will have to do it.

 

[Timeless]

The scholarship funds are great for children who want to go to college and university. They can search out different scholarships through their school and apply to all of them. They may come out with one or two to help along the way. See if your college has a first-in-family scholarship. These are usually awarded to the first child to go to college.