How much should teen pay for college?

Question

My daughter, a good kid, will be in college next year.  She is going to start at a State University near our home, a very small campus, she will be living at home for the first year (we are 15 minutes away from campus). 

So, being that she is my first (I have a 15 year old son also) I am wondering what other people do about paying for college and all of the expenses involved.

She is a good student, works < 20 hours a week, has the use of a car that we bought and pay insurance on.  She buys her own gas.

Soooo, what do others do, both in a situation were the student lives at home, and when a student lives on campus (she will most likely transfer after the first year)



Here's a bit of info about our household income.  My husband works full time and I work part time, the economy stinks, unemployment is high and our annual gross income is about $80,000.00 year.

The tuition is about 7,500 per year (luckily) not including any fees or books.

I don't want to have her come out of college with an enormous debt (she is applying for loans and scholarships too) but I don't want to (and won't) take on all of this.  But what is fair and reasonable?  I know there is no PERFECT formula, but all ideas will be welcome and I'm sure very helpful.

Mary · Accepted Answer

It is your decision.  My parents paid for 4 years of college but not the dorms.  I luckily got a lot of scholarship money.  I paid for my expenses, clothes, food, books etc.  That was generous of my family.  My sisters and I all went to graduate school and we finance our gradate education.  My mother also would not pay if we did not do well or took longer than 4 years.

I am glad some one is looking into this.  Many people on YA are talking about IVY leagues and best schools.  Coming out with 200K in debt is crazy in this uncertain economic times.

? · Answer

Ehhhh...good question. For the past couple years, my family has been doing very badly financially. The recession really hit us hard and both of my parents lost their jobs and my dads whole industry went under. So, obviously I don't think my parents will be able to afford to pay for any of it unless a miracle occurs and the industry starts running again. I have a job, but it is not a real job with a contract or anything, and gigs are either really often or never happen. Like, this week I made hundreds, but last week I made 0. This week I will probably make 0. But I do have a fair bit of money, but still not enough. I have a college fund my aunt started, but I have no clue how much money is in there. I definitely think she'd help out with the college money, since she is the one who has been wanting me to go to college the most. My average isnt the *best* but this is my junior year so I am going to try and pull it up to atleast an A (I have an -A average.) Hopefully i'll be able to get some sort of scholarship.

just not that · Answer

I have some thoughts on this... which you choose depends on your values and your daughter.

Option 1:  My step mom did this for me.
"I will pay for your first two years of college"
She paid the money directly to the school for tuition, books, fees, dorm and meals and help of parent loans.  She never gave a dime directly to me, (she never did this before college so I didn't expect anything) so I had a part time job which paid for gasoline and personal stuff, clothes, etc. She also paid for my clunker car insurance for the 600 dollar car I owned at the time.


Personally, for MY son I am going to offer him this:
Option 2:
"I will pay for your LAST two years of college"

He will get a much better deal, because it has the potential to be a greater payoff for him.  Should he decide on a Master's degree, I'll pay those two years... or the last two years of med school!!!  Wouldn't that be awesome?  If he chooses to only go for his Bachelor's degree, then I'd pay his Jr and Senior years.  If he just wants an associate, then he's set!!

The reason I want to do this for my son is I just see too many unmotivated kids going to college because they've nothing better to do and its whats expected.  They flunk out as a freshman or a sophomore  or don't have much drive to finish and simply quit. They waste money, esp when it's not theirs.  (Even the most motivated and responsible kids go a little crazy at college).   

It seems to me if a kid is PAYING for his own college (even at only 18-19 years old) they are more likely going to be motivated to graduate.

Hope it helps!!!

scholarshipnavigator · Answer

Hi there!

The thing is, parents don't have to pay for students college education.  Can you imagine how much free money is out there?

It is amazing that you are searching around, hoping to find ways for your daughter to go to college -- there are ways.  But they depend on your daughter's determination and ambition to get to college.  It also depends on the love she has for you and your husband.

Most children don't want to place such a burden on their parents.  After all, you have been providing for the kid since birth, right?  

I want you to go to this website and read this article -- http://seattlepi.nwsource.com/local/362369_scholarshipman09.html -- Also, I want you to visit this website -- scholarshipjunkies.com.  Search around, looking for the website founder's information, learning his story.  

Hope this helps, 

Liz

SARAH R · Answer

The answer could vary by person.It is alway a good idea to hear the suggestion from different sides and try to choose the best one.Here http://www.CarInsuranceFree.info/free-car-insurance.htm is a good one i recommend.

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How much should teen pay for college?

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