I am a single mom and I currently taking university and my loans are ALOT as I need over $2 000 a month for living expenses for my kids on top of tution. WHen I am done university and working, I will have 4-6 years of loans to pay back and I will still be taking in more money after paying loans than I am used too. So if people can still live comfortabely and pay off loans, why the pressure to save for the kids college fund?
2007-11-21 10:39:04 · 8 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
they already know when they are older that they ARE going to university
2007-11-21 10:53:05 · update #1
Why the pressure? Probably because by the time your new baby gets to college age, the annual tuition bill will be 10 times what it is today. Take that times 4 years... and it is more than what I paid for my first house.
The only way most families will be able to deal with that big of an expense is to plan..... VERY far in advance. When baby is born. Plus, I don't want my child to have the loans we had to take, just because my parents didn't plan ahead doesn't mean I have to.
I am lucky, I have a 529 for my young child AND the local college just started a free tuition and books program for all residents of my county. Good for us and him.
2007-11-21 11:28:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No pressure, unless you don't want your children to go through college. I don't think my parents saved for my college fund, it wasn't necessary but that if I wanted to go to college I'd have to work for it.
I'm 26 now and I'm glad I finished all 4 years of college, I still owe probably about $12,000 in school loans still. But that's expected. I don't even consider it debt, now that I'm paying a pretty reasonable amount a month.
I did get help for college, military grants from when my father was serving in the air force. I received other grants as well, that's the money you don't have to pay back. I did take out one loan and I got a little help from the school and some scholarship money to help with books.
I do however, plan to save a little on the side to put towards my children's college fund, when that time comes. I don't have children right now.
2007-11-21 10:44:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Have you tried the Department of Education. They are buying up all the loans, so I would think they should have some figures regarding the not having $10. I am in college, and I find that many people I talk to do not get student loans. Most have texas tomorrow fund or scholarships or some kind of aid they are getting, pell grant etc.
2016-05-24 22:50:57 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Why pay ridiculous interest on a loan of $50,000 if you can pay half that much, or not at all? Do the interest and see what the cost difference is. I have three kids. When you are done you will still have kids and life and credit cards to pay off as well as the money-sucking loans.
Suppose you get hurt, sick, or get into a bad work situation and get fired or laid off? I have been laid off three times this year not because of my work habits, and I can't even afford to start working on my Bachelor's (got the AA in 2005) yet. Believe me, the more you can pay off now the better. Better to not crave expensive cr@p than put yourself deeper in the hole until the degree starts to pay off.
2007-11-21 10:49:10 · answer #4 · answered by Your Uncle Dodge! 7 · 0⤊ 1⤋
Depending upon the generation in which you were reared, education was and is an important if not vital necessity to succeed in life. The university experience can prepare one for a career,teach one to be self sufficient,, create the ability to analyze problems and findsolutions. The primary learning is the ability to think..For that reason student loans are needed to further one's education. Many parents saved to give their children that opportunity which many did not have,
2007-11-21 12:45:14 · answer #5 · answered by googie 7 · 0⤊ 0⤋
Because some people cannot get finicial aid and have bigger families. Also, think of all the money you would be bringing in if you did not have those loans to pay off. I am sure you are also getting help from someone else, whether it is child support, family, or something else. Even if someone is watching your kids for free, that is something that not everyone gets. If something (God forbid) happens to you or one of your kids (or your car), life will not be that comfortable anymore. Hopefully this gives you some insight into why we save.
2007-11-21 10:46:23 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Parents save for their childrens college education fund because they want them to have a better life with a good job.
2007-11-21 10:42:16 · answer #7 · answered by Neji 1 · 0⤊ 0⤋
It can be hard to get financial aid - and you want to give your child as many opportunities as you can. People save so that their children will have the option to go to more expensive schools if they want to. Education is really important; you don't have to save for your children's college tuition, but you may want to - you don't have to start now anyway.
2007-11-21 10:42:55 · answer #8 · answered by Olivia J 7 · 0⤊ 0⤋