Comments on: Paying for College – Who should pay? http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/ Personal Finance, career, investing, retirement, saving and debt blog Wed, 08 Feb 2012 14:48:13 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Joshua Raines http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-1031 Joshua Raines Thu, 24 Apr 2008 20:35:09 +0000 http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-1031 The way my school loan was handled was that I took out a $10,000 loan to cover some of the expenses and my parents took out the remaining. That way I still understood how to pay a loan and got better with money as well as not being totally dependent on me alone. Plus once I graduated and started working full time with my degree I am paying my parents some money to help pay for mine as well. I must say it worked rather well. The way my school loan was handled was that I took out a $10,000 loan to cover some of the expenses and my parents took out the remaining. That way I still understood how to pay a loan and got better with money as well as not being totally dependent on me alone. Plus once I graduated and started working full time with my degree I am paying my parents some money to help pay for mine as well. I must say it worked rather well.

]]> By: Jesse http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-964 Jesse Mon, 14 Apr 2008 21:48:40 +0000 http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-964 Both great ideas...and Romey has a good point about scholarships. There are a TON of scholarships out there its just a matter of applying for them. I seem to remember Ramit (iwillteachyoutoberich) was having trouble finding applicants for his scholarship...and Ive heard this is fairly common. Both great ideas…and Romey has a good point about scholarships. There are a TON of scholarships out there its just a matter of applying for them. I seem to remember Ramit (iwillteachyoutoberich) was having trouble finding applicants for his scholarship…and Ive heard this is fairly common.

]]> By: Romey http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-963 Romey Mon, 14 Apr 2008 20:59:29 +0000 http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-963 Here's another scenario: I will pay for 2 years of your school: your last two years when you're focusing on your major. The hope here is that they can get some scholarships to take care of that first year, and maybe learn some responsibility that 2nd year. The third year they still could choose to get a job if they want to live off-campus or have better housing/living. Here’s another scenario: I will pay for 2 years of your school: your last two years when you’re focusing on your major. The hope here is that they can get some scholarships to take care of that first year, and maybe learn some responsibility that 2nd year. The third year they still could choose to get a job if they want to live off-campus or have better housing/living.

]]> By: the weakonomist http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-958 the weakonomist Mon, 14 Apr 2008 15:46:20 +0000 http://thepennysaved.com/2008/04/14/paying-for-college-who-should-pay/#comment-958 I was lucky. My dad is a professor at a private university with a reputation. They provide tuition help for 4 years. The school I went to was cheap enough that my tuition was covered by my dad's school. Great perk! My parents made enough to cover room and board, but they never had a college fund for me and big brother. That being said, I learned everything I needed to know about money without paying for school. The key is to get them used to an income at a young age, whether it be allowance or a part-time job. This teaches the fundamentals of personal finance, a budget. I'll set up a college fund for my kids (whenever that happens) so they don't have to worry about paying for school. But I will provide incentives for them to arrange their own funding via grants and scholarships. I was lucky. My dad is a professor at a private university with a reputation. They provide tuition help for 4 years. The school I went to was cheap enough that my tuition was covered by my dad’s school. Great perk!

My parents made enough to cover room and board, but they never had a college fund for me and big brother. That being said, I learned everything I needed to know about money without paying for school.

The key is to get them used to an income at a young age, whether it be allowance or a part-time job. This teaches the fundamentals of personal finance, a budget.

I’ll set up a college fund for my kids (whenever that happens) so they don’t have to worry about paying for school. But I will provide incentives for them to arrange their own funding via grants and scholarships.

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