Does anyone NOT have a college savings account for their kids?

With the rising cost of health insurance, business costs/taxes, and trying to continue contributing to a 401K, it's getting more and more difficult for us to pay the bills, much less put anything away in savings. At this point I'm not sure what to cut so it's either going to be our 401K contribution, or college savings account (not a 529 plan, just a bank account). I'm thinking that as much as I don't want my kids taking out loans, at least we would be able to help them at the time they are ready for college, but if we stop the 401K, it's not like we will be able to get retirement loans. I'm just feeling like a horrible parent for not already having a bunch of money stocked away for them (they are in elementary school). Just curious if anyone is in the same boat.

Re: Does anyone NOT have a college savings account for their kids?

I have a small contribution for my kids. To avoid loans Options are to

go to a community college and transfer credits,

take longer for a bachelors (6 years) while you work to pay for college

get a job with an employer who pays for education,

do well and get scholarships

Does anyone NOT have a college savings account for their kids?

We don't.

We focus on saving for ourselves first-401k, paying off our mortgage, putting money in our own savings account. At this point, the latest our house will be paid off is when dd1 is a sophomore in college. Our thought is that by creating a large financial safety net for ourselves, we will be in a better place to help them if they need it.

That being said, we also don't plan on paying for our kids college tuition. Helping them in some way, yes. Paying for it? Absolutely not. They can earn scholarships and take out loans just like dh and I did.

Re: Does anyone NOT have a college savings account for their kids?

Does anyone NOT have a college savings account for their kids?

Nope--DH and I both paid our way, they can too

Does anyone NOT have a college savings account for their kids?

We do have a 529 account, but it's been funded with money that they've been given from family & friends for birthdays and Christmas. We will contribute when we can, hopefully in the next few years.

Re: Does anyone NOT have a college savings account for their kids?

Can't , agree with all above

Does anyone NOT have a college savings account for their kids?

Pay yourself first!!! There are no loans for retirement.

ETA: We contribute to DS' 529 monthly. If necessary though, we would reduce our contribution.

Message edited 10/15/2016 8:38:32 PM.

Re: Does anyone NOT have a college savings account for their kids?

We don't. Who knows if my kids will even go to college. And if they do, they're certainly not going to some super expensive private university unless they get substantial scholarships. They can go to a cuny or suny, because we could afford that, but if they want to go somewhere else, they'll have to do well enough for scholarships.

Does anyone NOT have a college savings account for their kids?

We keep saying we're going to open an account but haven't yet. DH and I both went to state schools- hopefully DD will, too.

We'll likely put some money aside to lessen the burden on ourselves, but we're not planning on a second child and I hope to be able to afford to pay all or most of her tuition when the time comes. I mean, we're already paying about half for daycare!

Re: Does anyone NOT have a college savings account for their kids?

Message edited 10/15/2016 9:13:46 PM.

Re: Does anyone NOT have a college savings account for their kids?

Does anyone NOT have a college savings account for their kids?

my dh and i dont even have kids yet but he still has a ton of his own loans, which will greatly impact our ability to save for their college, let alone all of the other expenses that will come in the 18 years prior. I was grateful for what my parents were able to do for me, but its not all on the parents. I will be interested to see what happens in the next 10 years with college the cost, if attendance will decrease, trade schools increase etc. Otherwise I'm sure it'll be 100k per year by the time my kids start and they'll be on their own.

Does anyone NOT have a college savings account for their kids?

We don't, but we plan to. We were lucky enough to have our parents pay for our undergraduate degrees, and we are grateful for that. We hope to be in a position to do the same for DS.

Re: Does anyone NOT have a college savings account for their kids?

I recently saw a financial expert on Rachel ray and the couple she was helping had a similar experience. The financial adviser told them always save for your retirement first. You cannot borrow to retire. Student loans do stink but they are available and there is always the possibility for financial aide, and scholarships.

Re: Does anyone NOT have a college savings account for their kids?

I don't have kids, but my parents did not have a college savings account for me (or a very small one if they did). I had to take out loans, and I certainly don't resent my parents for it. My parents paid for me to attend Catholic elementary and high school, experiences that were abundantly meaningful in my life.

If DH and I have kids, that is our current plan too: pay for Catholic education until 12th, encourage our children to pursue scholarships, help them how we can, and work with them on the loan application process for the rest.

Message edited 10/16/2016 10:11:43 AM.

Re: Does anyone NOT have a college savings account for their kids?

Thanks for all the replies.

Does anyone NOT have a college savings account for their kids?

i didn't have one. there were times i was too poor to pay the rent. he'll be using the GI bill.

ps. i agree with the pps who mentioned that they should pay their own way. but that's a very personal opinion.

Message edited 10/16/2016 11:35:37 AM.

Re: Does anyone NOT have a college savings account for their kids?

doesn't it make sense to send your kid to public school since it's FREE and then pay for their college education? Why would anyone pay 8-10+k every year for private grammar school and high school then have their kids take out loans for college?

Re: Does anyone NOT have a college savings account for their kids?

Re: Does anyone NOT have a college savings account for their kids?

I have a 529 that we contribute a small amount to every month..like $40 a month. Xtra gifts etc either go in there or get used for stuff he needs.

I went to a CUNY school on a full presidential scholarship. all I paid for was books and student fees.

DH had scholarships and grants b/c his mom was widowed.

I do believe in putting money aside for education, but I cannot foot the whole bill. if I were in the situation where I could, Im not sure if I would foot the whole bill anyway. My kid has to work and pay their way.

Re: Does anyone NOT have a college savings account for their kids?

We have been putting just $50 a month into a 529 starting when DD was born. There is a good amount in it now. It won't go far but it's something.

There is a chance that we may not have to shell out a lot because DH is a professor and there are about 200 schools where she can go tuition free. We'd still have to pay the other expenses though. I don't want her to be saddled with debt if she doesn't have to be.

Re: Does anyone NOT have a college savings account for their kids?

Does anyone NOT have a college savings account for their kids?

My son is a senior and has no plans to attend college, so no college fund. But, he also has special needs, so college isn't a good fit for his specific needs. He will likely attend a vocational program through Boces next year, that we will just have to pay for (plus some help through the state's ACCESS-VR program for those with disabilities). Our goal is to open a business that will employ him AND others with disabilities. He currently goes to Boces for computer graphic arts, so thinking maybe a t-shirt printing type business would be a good fit. Not sure yet though!

Re: Does anyone NOT have a college savings account for their kids?

You shouldn't feel guilty about saving for your retirement first, it's the smart thing to do. Otherwise your kids are going to be taking care of you financial when they are in their 30's and 40's.
I'm saving for college for mine, but only after maxing out my 401k. And if i couldn't afford to do it, that would be ok too. We all do what we can, it's nothing to feel guilty about.