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Post by stingfan on Apr 26, 2017 21:14:55 GMT
Did you put re-payment conditions in place if your child dropped out, quit, got kicked out, or otherwise did not finish the degree?
Dh and I would both like to help our children with college expenses. However, he has several siblings who did not finish college, so he's concerned about us wasting our money. And I agree that the child should feel like s/he 'has some skin in the game' as motivation. My parents helped me pay for college, but the only restriction they gave me was that they'd only pay for 8 semesters.
Anyway, I'm not sure how to go about this. Any ideas or experiences?
TIA!
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Post by busy on Apr 26, 2017 21:20:36 GMT
My parents paid for my college education and my "skin in the game" was my future. I wasn't interested in entering the working world without an education and my parents knew it. There were no repayment conditions for me or my brothers, but we were always good students and responsible people. It was unlikely we were going to become entirely different people just because we started college - especially because we had all worked very hard for years to be sure we would get into the schools of our choice. Our parents always had high expectations for us and we had always delivered. We did so because we were capable, wanted to make them proud, and we saw the long-term benefit for ourselves. Threats weren't required.
DH and I will do the same with our son.
Unless your kids have history that suggests sticking with college will be an issue, I wouldn't put conditions on it, personally.
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teddyw
Drama Llama
Posts: 6,813
Jun 29, 2014 1:56:04 GMT
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Post by teddyw on Apr 26, 2017 21:25:25 GMT
We pay tuition only. Not room & board So that's their contribution
Coincidentally I caught a portion of a discussion on NPR about parent plus loans. The guy who called in had a 67 yo mother who couldn't retire because she was still paying his loans. He advised her to not worry about it because the debt does not get passed to her heirs if she dies. Why couldn't he pay them back? It kind of pissed me off.
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Post by ntsf on Apr 26, 2017 21:32:47 GMT
no.. both dropped out . life happens. we aren't paying more.. but we paid at least 4 yrs of college for 2 out of 3 kids.
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Post by Zee on Apr 26, 2017 21:37:16 GMT
DD wasted our money with two community college classes this way. I was NOT PLEASED. We did end up paying for cosmetology school (actually, still paying) with the caveat that if she dropped out, she'd never see another dime and would be moving out on her own to make her own way in the world. She stuck with it. And she's still here and probably will be for a good while longer. le sigh!
DS I knew would waste our money by dropping out if we tried to force him to go, so I simply told him if he's not going to school he'd either get a job after graduation or move out on his own. He got a job. He'll also probably be here forever.
Where is this "empty nest" other women bemoan? I would embrace it freely.
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Post by birukitty on Apr 26, 2017 21:40:31 GMT
My parents paid for my college education and my "skin in the game" was my future. I wasn't interested in entering the working world without an education and my parents knew it. There were no repayment conditions for me or my brothers, but we were always good students and responsible people. It was unlikely we were going to become entirely different people just because we started college - especially because we had all worked very hard for years to be sure we would get into the schools of our choice. Our parents had always had high expectations for us and we had always delivered. We did so because we were capable, wanted to make them proud, and we saw the long-term benefit for ourselves. Threats weren't required. DH and I will do the same with our son. Unless your kids have history that suggests sticking with college will be an issue, I wouldn't put conditions on it, personally. I agree with the above and this is how it was for me and my siblings with my parents. This is also how DH and I did it with our son. As a college student back then it was my father's trust and belief in me that urged me to succeed in addition to my own drive for my future. The last thing I've ever wanted to do is disappoint him. That kind of positive support really helped me and I think is much better than any kind of negative threats-repayment conditions if your kid drops out, quits, gets kicked out of doesn't finish a degree before he/she even starts college. Those things haven't even happened yet. I only had one child-a son. When it was DS's turn for college (he has severe ADHD) my ex and I decided to pay for his college tuition in full. He went to community college for the first two years, and then finished his degree at a state university. We didn't put any conditions on it-but positively supported him every step of the way. Firstly for kids like DS this is very important. Secondly I wanted to follow the path my father had set because I remembered how much it helped me. Out of 4 children my parents had 3 finished college or the equivalent of. I got 3 years in (2 AA degrees) and would have gotten a degree but back then there was no such then as a photography degree, at least not the kind I wanted which was a practical working degree in studio/wedding/photography-not fine arts. I did what my professors told me to do-I quit college, found a mom and pop studio and worked there for 4 years learning the business inside and out before starting my own business. This was back in the late 1980's, early 1990's. So while I didn't "officially" finish my degree, to me it's as if I did. I could go back now and get that photography degree but I don't see the point. You have to do what is right between your children and you. But personally I didn't think of my relationship with my son as being a bank. I didn't need any back up guarantees. I made the decision to pay for his college expenses. It was his job to do as well as he possible could. And that was his only job. I trusted him to do so. With our support (emotionally) he finished much better than we ever thought possible.
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Post by arielsmom on Apr 26, 2017 21:42:37 GMT
We helped our DD. We paid 1/3. she paid 1/3, then took out a loan for the rest.
Our son in law paid for his semester up front, and then depending on how his grades were, his grandfather paid. 100% for an A, 80% for a B, etc. Nothing for a failing grade. Great motivator for that family.
Even if a child does drop out of college, they have still explored that option, unless they are only moving away to party and not learn.
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Post by librarylady on Apr 26, 2017 21:43:46 GMT
We told our son that he should pay for the first semester. We would reimburse him for all the classes in which he made at least a C. This would give him the money for the next semester, and we'd repeat the process. Therefore, we'd pay for college, but he would have some investment in the process. He decided he didn't want to go to college. I might not have taken that approach if he had shown interest in higher education, but HS had been a battle and I didn't want to plop down $$$$ so he could mess around for 4 months (one semester).
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Post by terri on Apr 26, 2017 21:43:58 GMT
We paid all of my daughter's expenses in college including tuition and it never occurred to us to put conditions on it. Luckily my daughter is graduating next week so not something I have to worry about at this point. I don't think there is anything wrong with setting ground rules as long as it doesn't come off like a lack of confidence in your kids.
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Post by Basket1lady on Apr 26, 2017 21:46:10 GMT
We had DS sign a contract with us. We stipulated a GPA minimum, class attendance, and what expenses he would pay for and what expenses we would pay for (like health insurance and room and board). DS has a HUGE merit scholarship and needs to maintain it to stay at his private university. He did well his first semester, wobbled his second semester and almost got put on academic probation. That shook him up, as he had always been a straight A student and really loves it at his school. So he really buckled down and has done well for the past year. He has Asperger's, so he deals well with black and white criteria.
We didn't cap how many semesters we would pay for, but did say that when his college fund is gone, it's gone. So even if he meets our contract criteria, there is still only so much money in the vault. We were older parents when we had him and can't fund school indefinitely.
We will have DD sign the same contract next year when she goes off to school. Same situation with a private school and a merit scholarship, so the stakes to do well are high. But both will have enough money for grad school if they stay smart.
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Post by MichyM on Apr 26, 2017 21:48:01 GMT
We paid for everything not covered by scholarships, no strings attached. However, we had an extremely self motivated kid who (without our help) got himself into a highly selective and specialized program on his own. He never would have screwed that up.
That said, I have known several parents who have required their kids get loans for school, with the knowledge that mom and dad will pay them off upon graduation. So, they know if they don't graduate, the debt is theirs. I have not known anyone to put conditions on paying for tuition in a scenario like the one you're considering.
ETA: DS also had a job (first at Starbucks, then waiting tables) throughout college to pay for his "wants." Things like going out, clothing, weekends away, that sort of thing.
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Post by myboysnme on Apr 26, 2017 21:49:26 GMT
I was told years ago when I was paying for DH's tuition, that money invested in education is never wasted. I know I tend to have off the grid views. But I feel that a person cannot attend college without learning even if they don't stay, finish, whatever.
I had saved enough for each boy to go to community college and get an associates degree. Neither did get the associates but DS2 transfered to 4 year university and it took him an extra year because he went half time one year to afford to live off campus, but he graduated in Dec. with a BS degree.
DS1 will hopefully graduate next year from university. He has stopped and started. Changed paths. But I have supported him and he now has completed with great difficulty 3 years of college.
Not everyone goes a traditional path in college or even life I guess. Some people have kids who do well in school, go for 3 or 4 years and graduate from college. Some don't. As long as I have the ability to help my children with education expenses I will, even if he is 75 and I'm 103 when he graduates.
They had to take loans at university. I did not cosign any loans but I will try to help pay if I can. If I had done a better job of savings the debt would not be as much. I helped as much as I could and I will continue to help as I can when needed.
Life is hard. If I can make the road easier, I will.
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Post by kenziekeeper on Apr 26, 2017 21:51:21 GMT
Similar to a poster above, I was motivated by wanting to be as prepared as possible for my future! My parents didn't ever really lay down "rules", but it was understood that I should be finished in 4 years (I had no hesitation on my major, so I don't know if this would have been different in a different circumstance). We all had high expectations for my grades and it was understood that taking classes my "job" (I worked during the summer and winter breaks for spending money and sorority dues) - not the other aspects of college ;-). I did end up finishing a master's just two years after graduating while teaching full time, and they helped pay that tuition as well.
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Post by hop2 on Apr 26, 2017 21:55:49 GMT
My father paid my tuition but it was very inexpensive back then.
DD got a full scholarship to a university we pay only room & board. Her skin in the game is that she doesn't like the 'only' university we could afford if she looses her scholarship so she works hard to maintain the required GPA
My DS also got a full scholarship at a different university the one DD goes to only offers him 2/3 so he weighed his options. DH made it like he'd have to borrow the difference, I'm not sure if he meant it or not. But it doesn't matter DS choose the full scholarship.
My sister helped her keep DS with undergraduate costs but she made them front the money each semester and she paid them back. My niece has her masters my nephew cut his losses at community college and paid his own way thru welding school.
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Post by Clair on Apr 26, 2017 22:02:56 GMT
My parents paid for my college education and my "skin in the game" was my future. I wasn't interested in entering the working world without an education and my parents knew it. There were no repayment conditions for me or my brothers, but we were always good students and responsible people. It was unlikely we were going to become entirely different people just because we started college - especially because we had all worked very hard for years to be sure we would get into the schools of our choice. Our parents always had high expectations for us and we had always delivered. We did so because we were capable, wanted to make them proud, and we saw the long-term benefit for ourselves. Threats weren't required. DH and I will do the same with our son. Unless your kids have history that suggests sticking with college will be an issue, I wouldn't put conditions on it, personally. I agree with this and this is how we handled it with our kids and it worked. But, be forewarned this isn't always the case. My oldest's best high school friend decided to spend half of college on academic probation - this was a elite university and major where the average incoming gpa for the major was over 4.3 and top sat scores. We had another friends who's child basically moved across country and dropped out after 2 years and over $100,000 of expenses because she decided she didn't want a degree from that school - again another stellar student in high school. Both sets of parents were blindsided by their kids behavior.
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ellen
Pearl Clutcher
Posts: 4,496
Jun 30, 2014 12:52:45 GMT
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Post by ellen on Apr 26, 2017 22:04:51 GMT
My daughter is responsible for all of her own expenses at college - spending money, gas, car insurance, etc. We pay for tuition, food, and housing. My husband's parents died when she was young and we are using his inheritance to pay for our daughters to go to college. His parents would be glad that we're doing that. Our oldest daughter is finishing her second year and has done really well. Her grades are great. She has worked a part-time job during the school year and works during the summers. She likes money.
We were very upfront with her about the cost of attending college. At the very beginning of her college search we told her we had X amount of money to work with and that we'd help her find the best school that fell under that amount. She had a certain type of college in mind and she knew she'd need to get a good merit award. She worked hard, got an excellent ACT score which led to a great merit award. She also got a generous renewable scholarship that pays for $5000 of her schooling each year. She needs to maintain a certain GPA to keep it. We feel like that is having some skin in the game. She knows it's expensive and that she gets four years on us - that's it. We made sure she was aware of how much it would cost her out of pocket to attend an additional semester. We also made a point to send her to a school with a really good four year grad rate. We've been lucky. She has always been an excellent student and likes to learn things. It's gone really well.
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Post by **GypsyGirl** on Apr 26, 2017 22:05:30 GMT
We paid for all of DD's college tuition and expenses, and were fortunate to be in a position to do so. The only repayment we wanted was for her to finish and have a good career. She has done both. She did mess around a couple of years and took longer to finish, but in the end she did graduate. I was told years ago when I was paying for DH's tuition, that money invested in education is never wasted. I know I tend to have off the grid views. But I feel that a person cannot attend college without learning even if they don't stay, finish, whatever.
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Post by monklady123 on Apr 26, 2017 22:35:44 GMT
We have been saving for college since before dd was born (ds was about 15 months when we had our first meeting with a financial planner). We told both kids that we were prepared to pay the equivalent to a Virginia state school -- so if they went in-state we'd pay it all, if they went out of state they'd have to take out loans to make up the difference. Dd (and all her friends... smart kids) chose to stay in-state. We're very lucky here in Virginia to have such an excellent state university system. We pay her tuition, room, board, food, car, etc. She really asks for very little extra money because she has a work-study type of job, plus money from summer. She's only had the car for her senior year because of needing it to get to her internship. We had no conditions, but if she had been messing around, failing, etc. we would have told her that she needed to rethink. However she has taken all opportunities that have come her way, and really embraced the whole college experience. It was an excellent investment in her future.
Ds on the other hand always hated school and told us right up front that he did not want to go to college after high school. He spent several years at home, taking a few classes at our community college, doing an internship at the Smithsonian, playing computer games, mowing lawns, etc. Then he decided to move to Georgia to live with some friends and go to school there. A few years of maturity totally changed him. He worked for a year before starting school, totally paying for everything. Once he started school we started paying everything just like we do for dd. He has a sporadic part-time job but had to quit his full-time job that had paid all the bills the previous year. His tuition is lower than Virginia's (he's considered a Georgia resident now) so we're getting the better end of that deal. We also had no conditions on him but again if he'd been wasting our money we would have had a chat. Fortunately he's taking it all VERY seriously. I am shocked actually. lol. My kid who HATED school now texts me things like "Mom! I'm really mad, I missed two questions on the exam and I should have known the answers! I ended up with a 94%." lolololol... omg, I'll take a 94% any day. -- Again, it's an investment for his future and this is what we've been saving for all these years.
In fact, because of good returns on the money we will probably be able to help with graduate school also which neither one is expecting (we haven't mentioned it yet). Ds's program is actually one of those five-year ones where you end up with a master's degree at the end of it.
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momto4kiddos
Drama Llama
Posts: 5,151
Jun 26, 2014 11:45:15 GMT
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Post by momto4kiddos on Apr 26, 2017 22:48:10 GMT
We'll pay state school tuition, anything above that is on them (get scholarships, loans, etc.) I have one who has graduated, he's debt free and his last boss was in his 30's still paying student loans. ds seemed to appreciate the route he'd taken and the fact that he had no debt.
My rule though is classes must be passed or they reimburse me. I have an older dd who probably has enough credits for 1 year, although she went several - not passing some, quitting midway, etc. My rule stayed the same, if you pass, I pay. Sure a degree would be a great end result, but I don't feel it's a waste as long as you learn something and pass the class.
A friend had a good system in place for her kids since she wasn't sure one would follow through with the 4 years. Her deal was they'd split the cost of the education, but kid paid first 2 years, she paid 2nd two when they got there.
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Deleted
Posts: 0
Apr 28, 2024 14:18:46 GMT
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Post by Deleted on Apr 26, 2017 23:13:21 GMT
Did you put re-payment conditions in place if your child dropped out, quit, got kicked out, or otherwise did not finish the degree? Dh and I would both like to help our children with college expenses. However, he has several siblings who did not finish college, so he's concerned about us wasting our money. And I agree that the child should feel like s/he 'has some skin in the game' as motivation. My parents helped me pay for college, but the only restriction they gave me was that they'd only pay for 8 semesters. Anyway, I'm not sure how to go about this. Any ideas or experiences? TIA! Yes we did. We said we would pay the balance after his scholarships. Got almost zero credits for freshmen year. Made to come home go to community college ( not a bad thing). But had to pay those loans himself
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Post by crazy4scraps on Apr 26, 2017 23:44:56 GMT
We have neighbors that have two boys. When the first one graduated HS, they paid for his tuition, dorm, meals, books, etc. an out of state school for the first year up front. He would call to check in with them and all was well. Or so they thought! The reality was he went to Colorado over winter break to ski and never went back. Needless to say, mom and dad were NOT pleased in the least and they were out all that money. So when kid #2 graduated HS, they had him take out loans for everything. When he produced his transcript at the end of each semester showing he went to class and passed with a C or better, they paid off the loans for that year. If he didn't pass, the loans were his to repay. They kept up that system until he graduated college, and that kid graduated on time and with good grades. The older kid eventually went back, but at that point his parents were done and he had to do it on his own. DH and I have talked about it and we think this is the way we'll go with DD. She can take out loans and if she passes we'll pay them off after the fact. The reality is that even if she doesn't finish, if she applies herself with what she does do, we'll pay for it. I'd like to add that sometimes life throws a wrench into the best laid plans even if you are working hard and doing well. In my case, I never graduated because the school I attended discontinued my major halfway through the program. I worked very hard and consistently got excellent grades but the school didn't allow those of us who had declared that major the chance to finish our last two years, I didn't want to change majors, and my only option was to go out of state to another school. Since I was married, had a house and basically a full time job, that really wasn't an option at all and I ended up dropping out. If my kid faced similar circumstances, I wouldn't hold something she had no control over against her.
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Post by scrapmaven on Apr 26, 2017 23:47:15 GMT
As of fall 2017 I will have 2 kids in college and will be paying for it w/o strings. My only caveat is that if you drop out then you don't get anymore money unless you go back at a later date. I've always felt strongly that if my children wanted to be successful that I would go to the ends of the earth to help them as long as they did the legwork first.
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Post by Linda on Apr 26, 2017 23:49:17 GMT
I paid my own way through college with a combination of work, grants/scholarships, and loans. We're still paying on my loans, sigh.
DS did 2 years of community college (AA) on scholarships/grants. He's now in the Navy and finishing up his degree - combination of tuition assistance and self-pay - he's hoping to avoid loans but may end up with a small amount.
DD16 isn't planning to go straight to college. She's planning a gap year - she plans to work and to take a photography certificate program. After that, she's undecided about a community college or a 4yr college. We'll pay what we can
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Post by beachbum on Apr 27, 2017 0:28:42 GMT
We paid for our 3. Luckily they all got scholarships, youngest got enough scholarship money that the school gave her a check every semester - it helped pay for books. Grad school was on them. DD1 got a loan for hers, DD2 worked and went part time for her Masters, DS is almost done with his PhD, he was a GTA, got his tuition paid for and a stipend that was enough to cover living expenses for the duration. It was great when all 3 were finally off our payroll!
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Deleted
Posts: 0
Apr 28, 2024 14:18:46 GMT
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Post by Deleted on Apr 27, 2017 0:40:40 GMT
We paid the first for son and we got that back. He goes to the local community college that is now trying to turn into a 4 year school...they keep adding more requirements on to his degrees..he is never going to graduate! Sometimes he forgets tuition payment is due and he hasn't gotten pAid do he will ask for money for that. I don't expect it back.
Daughter has a scholarship and took out loans for the rest. We pay her living expenses, I get her tuition assistance refund. We will help her pay those loans. Actually she will inherit money that will cover her loans.
You do what is best for your family.
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Post by gmcwife1 on Apr 27, 2017 0:48:01 GMT
My parents paid for my college education and my "skin in the game" was my future. I wasn't interested in entering the working world without an education and my parents knew it. There were no repayment conditions for me or my brothers, but we were always good students and responsible people. It was unlikely we were going to become entirely different people just because we started college - especially because we had all worked very hard for years to be sure we would get into the schools of our choice. Our parents always had high expectations for us and we had always delivered. We did so because we were capable, wanted to make them proud, and we saw the long-term benefit for ourselves. Threats weren't required. DH and I will do the same with our son. Unless your kids have history that suggests sticking with college will be an issue, I wouldn't put conditions on it, personally. This is how it is/will be with our youngest. She has goals and going to college is one of them. Based on her past behavior we won't set any conditions.
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Post by txdancermom on Apr 27, 2017 1:27:54 GMT
We paid the tuition that wasn't covered by their scholarship - never thought about them not finishing, so we didn't make any kind of deal with them. We did not pay for their summer school programs, or graduate school, they did all of those on their own.
If they had quit, why they quit would have made a difference as to what we would have done about what had been paid out.
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Post by happymom on Apr 27, 2017 2:23:52 GMT
We pay tuition, room. and board. If he was to lose his scholarship because of bad grades, he would have to make up the cost. If he stays longer than 4 years, he may have to take out a loan. He will also pay for his own parking pass next year because that is his choice. We pay for books, he takes care of the spending money.
I would also halve a problem paying for a fraternity since it is discretionary spending
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Post by happymom on Apr 27, 2017 2:28:14 GMT
We have neighbors that have two boys. When the first one graduated HS, they paid for his tuition, dorm, meals, books, etc. an out of state school for the first year up front. He would call to check in with them and all was well. Or so they thought! The reality was he went to Colorado over winter break to ski and never went back. Needless to say, mom and dad were NOT pleased in the least and they were out all that money. So when kid #2 graduated HS, they had him take out loans for everything. When he produced his transcript at the end of each semester showing he went to class and passed with a C or better, they paid off the loans for that year. If he didn't pass, the loans were his to repay. They kept up that system until he graduated college, and that kid graduated on time and with good grades. The older kid eventually went back, but at that point his parents were done and he had to do it on his own. DH and I have talked about it and we think this is the way we'll go with DD. She can take out loans and if she passes we'll pay them off after the fact. The reality is that even if she doesn't finish, if she applies herself with what she does do, we'll pay for it. My kid doesn't have a very good work ethic so we thought about doing this but there is a loan origination fee and it seemed like a waste of money. We are the kind that won't pay to use an ATM.
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Post by crazy4scraps on Apr 27, 2017 2:42:14 GMT
We have neighbors that have two boys. When the first one graduated HS, they paid for his tuition, dorm, meals, books, etc. an out of state school for the first year up front. He would call to check in with them and all was well. Or so they thought! The reality was he went to Colorado over winter break to ski and never went back. Needless to say, mom and dad were NOT pleased in the least and they were out all that money. So when kid #2 graduated HS, they had him take out loans for everything. When he produced his transcript at the end of each semester showing he went to class and passed with a C or better, they paid off the loans for that year. If he didn't pass, the loans were his to repay. They kept up that system until he graduated college, and that kid graduated on time and with good grades. The older kid eventually went back, but at that point his parents were done and he had to do it on his own. DH and I have talked about it and we think this is the way we'll go with DD. She can take out loans and if she passes we'll pay them off after the fact. The reality is that even if she doesn't finish, if she applies herself with what she does do, we'll pay for it. My kid doesn't have a very good work ethic so we thought about doing this but there is a loan origination fee and it seemed like a waste of money. We are the kind that won't pay to use an ATM. I would think of it as an insurance policy then instead of an origination fee. When you consider what a year of college costs, I would rather pay the origination fee than pay for a year of tuition and expenses for a kid that flakes. And I won't pay to use an ATM either.
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