paying for college

[mommygrove]

For those at BYU or BYU Idaho, are your parents helping your kids pay for college? Why or why not? What do you see as the advantages/disadvantages?

If yes, how much do you think is reasonable?

Just as some background, I have 7 children. My kids are adopted and many have learning disabilities that I do not believe will keep them from college but may keep them from getting scholarships. Also, we make too much $ for our kids to qualify for federal financial aid. My oldest is 9 so I have some time to think about this but I have been thinking that maybe I should start saving as there is only a 6 year spread from my oldest to my youngest so I will have several in college at once.

But I am unsure how much to save, how much to help, etc. I got financial aid and scholarships for college. I graduated with only $5K in student loans. But my circumstances were dramatically different from what my children's will be so I feel like I am walking in unfamiliar territory and I am curious as to what other parents are doing.

Thanks!

Kelly

[lizzy12]

There are scholarships for mental disabilities- theres one for tall, fat, short and skinny people

[Lbybug]

my mom paid for schooling for my brother and myself. I went to BYU-I and NAIT, and my brother went to U of U. She didn't do it because she felt she had to, she did it because she wanted to. Even being a single mother most her life, and after getting married and being told her spouse (who adopted my brother and i) wouldn't help pay for school, she still did it.

It's definately a choice for you to make. I don't think one decision is better than the other, just make sure if you're helping, you do it because you want to, and not because you feel you have to.

[Dravin]

There are scholarships for mental disabilities- theres one for tall, fat, short and skinny people

I imagine they don't pay out on that one much .

My parents are helping me out immensely, they're letting me live at home while I attend. That amounts of a hefty chunk of change when you add it up, I am extremely grateful to them for that.

Edited February 22, 2010 by Dravin

[Guest]

Utah has the best Educational Savings Plan in the country - in my opinion (validated by some financial gurus, one of which is Clark Howard).

I'm in Florida - we don't have state tax, so it doesn't "save" me anything to avail of Florida's Educational Savings Plan. So, I went ahead and opened up an Utah Educational Savings Plan for my 2 kids. They were aged 3 and 1 when I opened them. It is in a really good spot now. I went for the age-based Diversified B option.

More info here:

Utah Educational Savings Plan - Summary of Investment Options

The cool thing about this savings plan for you is that if one of the kids does not make it to college, you don't lose the money - you can use it for another kid.

And another cool thing about it is - if you have birthdays, christmas, etc. you can ask that instead of giving them a toy, they can just deposit into the fund. It is really cool.

[jlmcbride]

Okay, it's not that easy to get a scholarship. I spent all my high school years trying to get one and I now have to pay for college.

[Still_Small_Voice]

I would advise anyone getting a college education to not go into excessive debt to get it. Get all the courses you can from your local community college. Don't go into a lot of debt. It will haunt you until it is paid in full.

[Tarnished]

My parents told me right out when I turned 16 that they would not be able to pay for college for me, so I should probably start saving once I got a job. So I did, I saved almost all of the money I made from my jobs that I had from age 16 till I graduated and went to BYU -I. Then when I arrived at college I went and got a job and worked while at college.

When all was said and done my parents paid for my food the first year, and helped me a little with my rent. I was able to get a scholorship that paid for part of my tuition for the first year, but the remaining years I had to pay for myself. I did end up getting into student debt to help pay for tuition.

I am actually rather glad that my parents did it that way with me. It meant that I picked a major and stuck with it because it was my money that was going towards my education. It also meant that I tried harder to get good grades because if I failed it was my money I was loosing.

My husband's parents paid for him to go to college and I don't think he appreciated the money that they gave him as much as I appreciated the money my parents gave me. When you know the work that goes into saving the money I think you appreciate it more.

[Still_Small_Voice]

What did you get a major in Tarnished? Has the education you got helped in your present career path?

[Tarnished]

I majored in English. Has it helped me in my current career field? Yes and no, yes because I tend to have a more professional written style than many of my co-workers, no because what I am doing really has nothing to do with English. However, my education did help me to get into my job, and helped to get me the wage I earn (sorry I am not sharing that).

[Guest denial]

Hello,

I think you have to try for the scholarships for your children. if you try hard then you will get some scholarship for your children.and if i will find any other way then i will tell you.

good luck!!

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Duvet Sets