Pro's / Con's

We told our son that the college fund stays put until he signs the commitment this fall....then it will be used as we see fit. Maybe we will let him go somewhere for spring break next year.

Stealth_81
 
We told our son that the college fund stays put until he signs the commitment this fall....then it will be used as we see fit. Maybe we will let him go somewhere for spring break next year.

Stealth_81


Good idea!!
 
I've had the academy pay for a spring trip already to Japan and a summer trip to Israel! Can't beat those deals! :)
 
my parents for whatever reason never made a college fund for me...and they never planned on me going to USAFA. in my dad's words, "i prayed that things work out" and they did. hallelujah:thumb:
 
College "Funds" aren't all that much needed depending on if you know how to make it through college. And what you resources are. WORST case scenario if my son hadn't gotten into the academy or had full ride scholarships offered; and my daughter having scholarships. It would have cost us $12,000 a year for them to go to state university. That's worst case scenario. For me, I can afford that. For others, they might not be able to. But for those who couldn't afford it, it usually means they probably could have gotten other assistance. (I'm talking about my state and college costs for in state residents). Each state is different. Personally; unless someone has some uncontrollable desire for their children to go to Harvard at FULL PRICE; starting a college fund when they are children isn't all that needed. However; if it's done right and the money can be taken back out if not used, it definitely didn't hurt anything. The important thing to realize is that NONE of the money that might have been set aside for your college education is really yours. It's your parent's money. And the fact that you were able to get an academy appointment is a nice way of THANKING your parents for all the years that they provided for you. They now might have some money to get a new kitchen set, new car, take a trip, come see you on parent's weekend, etc... I have a little running humor with my son. Every time we buy something now, I tell him "THANK YOU" for us being able to get it. Of course he knows it's a joke. And it definitely helped with him have scholarships; some full ride; to 4 colleges/universities. later.... mike....
 
We try to pick up the few things our cadets need, or items they'd like to have which would normally be on their own dime. We've paid for their books, a new winter jacket for each, used skis for one (the other still deciding), plane tickets, etc. We also paid for their fencing gear to be shipped out after A-day - that was over $100! Shockingly, because those airfares were so high, we have spent about $3000 each. Had they gone to a fancy private school, our EFC was high enough that that $6000 was significant but not anywhere close to the EFC.
 
Exactly. We do similar things. With both kids having basically "full rides" and saving us a lot of expense; we give them both a certain amount of money each semester. We put it in their account at the beginning of the semester. We allow the 2 of them to use it for anything they want/need. School related or personal. This way they become responsible for making sure they have what they need and that they pay for it.
 
After a combo of refinancing, multiple unsubsidized loans and dipping into our retirement just to put two kids so far through public U's--$120,000 worth- (one in-state one out)--they are in debt, we are in debt, no Ivy leagues in site and 3 more kids to go--and my spouse manages other people' money :rolleyes:
Our responsibility though and no better investment. One is in DC getting his grad degree and working for the state dept-- the other an educator. Won't tell a fib--our son's appointment does lift a huge financial burden, and while there is no "fund" per say, given the fact we are doing what we can for our other kids--he can expect us to help him out in whatever way HE sees fit for the next four years.....unless of course he asks for a Porsche!
 
haha... my parents' reasoning is this: you have a job, you dont need us to give you money anymore. lol
 
I would like to meet your parents...that is an outstanding, and very creative may I add, way to look at things--I think we may try that!
 
haha thats how my parents are! they put all 4 of us through catholic private school 1-12 grades. But once we hit college, its all up to us! no money coming from them and we all knew that from the start so we had to get jobs by junior year in high school and start saving. If we had to we had to take out student loans, but nothing was coming from there pocket! lol.

and ya that would be nice lol! i cant believe you made such a sacrifice! 120,000! dang! lol. But the way i see it, you need to be consistent/fair with all your children, so if you did it with the first two, better do it with the next 3 lol!!!
 
Yea i just found out my mom wants a new car... lol
Oh well, I'd have everything I want just by going so I don't care.:thumb:
 
definitely makes you be smart with your money, if your parents aren't helping out. haha... it's fine. it's a great way to learn money management, and i'm not complaining. besides, almost $600 in tax returns, so i'm even happier :)
 
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