What cost do you cover for your undergrad college student?

[Andtototoo]

We've always been crystal clear about our intentions, hopes, and plans for paying for college. We told her that we would pay for college, plus car insurance, health insurance, and cell phone bill while she worked toward an associate and/or bachelor's degree. She is responsible for any extra food, clothes, etc. We also made it clear that if she screwed around, the gravy train stopped. Luckily, she's super responsible and it's never been an issue -- dean's list every semester. (Disproving that idea that if you pay for college, the kid will have no respect for your money and automatically will screw around.)

In terms of college, we started saving while I was pregnant because we knew that the way things were going, we weren't going to get FA and we knew enough not to count on merit scholarships. Sadly, we were right -- no FA at all and the only merit scholarships here at public universities are for sports and marching band. The private universities did not offer enough merit scholarships because she was a transfer student. We told her that she had X amount of money and if she did not spend it all for college costs, she could have the leftover as her graduation present. She was savvy enough to realize -- after some gnashing of teeth over not going to that private college she wanted -- that starting out adult life with no debt AND a nest egg was a tremendous advantage. She then realized that she could increase that nest egg by becoming a RA, which pays for room and board, plus a small stipend.

She knows that the day she graduates, all of those bills will come to her now. Just last week, we sat down to look at what her costs will be so she has a clear understanding of her financial picture.

The kids she know have a variety of experiences from all expenses paid to having to take out massive loans because they get no help from their parents.

 

[richmo]

We cover most things (tuition outside scholarships, room, board, insurance, cell phone, books). Luckily neither of our kids are big spenders, so we'll give them a small amount (maybe $150 or so) for other expenses for the semester. They also have a credit card, which we encouraged them to get and use (sparingly) so they can start building up credit. We get the bills for those and they're usually quite small.

 

[PenguinWaiters]

Our kids are still young but we are saving for their college expenses. We hope to pay tuition, room, board, and books and will expect them to provide their own spending money. That is what my parents did for me for undergrad. I paid for graduate school myself through loans, my own money, and some tuition reimbursement from my job.

I have worked with college students for 15 years. I have seen many who have parents paying tuition but expect their kids to pay for books out of their spending money. More often than you might expect, these students go to buy books, realize the cost of books will eat up a big chunk of their spending money, and then decide they can do without books. They tank their classes because they don't have the books and then their parents are out the tuition money they spent. So, if I'm paying tuition then I'm going to also going to pay for the books - I think of it as providing some insurance for my tuition money. Just a PSA for those of you trying to figure out who is going to pay for what.

-Terri

 

[Goofy_Disney_Dad]

We were lucky that our boys are able to cover their college costs through an inheritance and trust. We've contributed here and there for things but only because we wanted to, not because we had to. I'm really glad it's something we didn't have to worry about and they will be able to start their adult lives, post college, with zero debt.

 

[powellrj]

I feel sorry for DD because we aren't covering as much as we had hoped for her. I had to take an early retirement and DH will retire early too, so the money isn't as available as it was for her brother. On the plus side, she has gotten great scholarships so that has helped. She also goes to a small private college and her brother went to a state school which was about half the cost of her school.

We paid for the first room set-up last year. This year we will pay for a partial room set-up because she is moving into a suite and will need new things like bath rugs and shower curtains. I also bought her a new jell mattress topper which was expensive. Everything else she can use from last year.

During the school year we will pay for all insurance and medical bills, anything she buys when she is home to take back like groceries and personal products. I bought her lots of new clothes that I paid for. She has a professional job so I paid for all of those clothes.

I don't pay for fun travel ( she took 2 trips to Florida and bought a Universal season pass that I didn't pay for), cell phone, all the gifts she buys and all the extra clothes she buys. She has worked all summer and has a job lined up for fall.

I would send little surprise packages during the school year. A piece of advice if you are sending anything. Dont't send Victoria Secret panties as a surprise. They may open the package in the dining hall and everyone gets a surprise!

 

[gwynne]

We wanted college to be their jobs. One of them had a low hour work study job. Otherwise, they both had very good scholarships. We covered the costs that weren't included in their scholarship.
We didn't mind giving them a small allowance every month. Our kids knew we expected them to work toward graduation quickly, and they did.

Just our experience, the parents I knew that were big sticklers for "skin in the game" seemed to have the kids that graduated later (5 years to complete an undergrad degree). I didn't see the cost benefit of that.

 

[lovin'fl]

My DS will be a freshman in college going to community college and staying at a condo we own. We paid tuition and for books and all expenses related to the condo. He bought a new laptop and has a car that he pays the car payment for and we pay insurance. He pays for his gas. We will pay for groceries but he will pay when he grabs stuff out like Chipotle. He's still on our medical coverage and we will pay deductible and all that but he never uses it... knock on wood. I will buy him a few items of clothes here and there but he's done growing so he doesn't NEED much though he likes clothes/shoes (not sure who's child he is since both DH and I are not snazzy dressers)... so he will buy some stuff himself as I refuse. We pay for his cellphone too.

He was working at Dunkin by our house in MD but is going to CC by our condo in NC and will need to find a new job there to work a couple days a week to cover gas and spending money for eating out or clothes.

 

[minnie mum]

Both of our girls graduated from university several years ago, but we covered all of their expenses except for their personal spending money. Both had scholarships that covered their tuition and fees. Both had summer jobs that covered their spending money. We encouraged both of them to get a credit card in their freshman year to learn how to use them responsibly.

Like some of the PPs, we started saving for their post secondary schooling when they were born. We were glad that they could concentrate on their studies instead of working during the school year, and they know how lucky they were to graduate without the burden of student loans to pay off.

 

[sk!mom]

DD was a freshman last year. She has a scholarship that covers half of her tuition. She worked last Summer and is working this summer to beef up her spending money. During the school year, she works about 12 hours a week for additional spending money. She pays for social expenses and her own gas.

We cover everything else- remaining tuition, housing, car expenses, insurances, phone, books, dorm set up last year and apartment set up this year, etc... She has an emergency cc that we pay to cover unexpected necessities. That worked great last year. She was responsible with it and only used it with our approval. DH also bought her AAA which was beneficial. Last year we paid the full room and board. This year she's going into an apartment. We gave her the room and board money as an apartment budget. We will transfer into her account every month so that she can pay her rent and she can use the small amount left over for groceries. She may spend more of her spending money on food without a meal plan but by last spring she was buying most of her own food because she disliked the dining hall so much.

I love to send care packages so I send them once or twice a month.

Our priority is for her to graduate with zero debt. One year down- three to go. We are choosing to forgo our usual vacations for 3 years to further eliminate a need for loans. No doubt this is a big deal to us since we spent our first 10 years post grad paying off student loans as our parents didn't help with college at all. They didn't go to college and it wasn't a priority for them.

 

[Bluestars]

My son has a scholarship that pays for his tuition and another scholarship that helps with his room and board. We pay for everything else. He has a lot of obligations to keep these scholarships and they are very time consuming, so he doesn't have a job. The money he has saved getting these scholarships was much more than he could have ever made with a part-time job, so we are fine with paying for everything while he is in school. He rarely spends money and shops at Walmart for his essentials. He almost always eats on campus and rarely goes out to eat. He is very good with money. I would have put a stop to it if I saw him spend money on foolish things.

 

[Hrhpd]

I am not looking for advice, we know what we plan to do. Nor am I looking for debate, as I think every family and every student is different and what is right for one might not be for another (though, I know it is the DIS CB so a debate might well ensue anyway). I am just curious about what various "norms" are and what people do and why after having read some of the comments on other college threads lately.

So, what do you, or do you plan, to cover (and not cover) for you kids while they are in school?

We cover everything. Our children were/are in pretty rigorous engineering programs that recommend no more than 10 hours a week employment and then only when absolutely necessary. In my older child's experience, anybody that worked the 10 hours had to drop out of the major because they could not keep up.

It is our philosophy that their classwork is their job for the next 4 years.

However, our incentive to keep them in school and moving forward on the degree is that we have them take out loans for tuition and housing. The day they graduate, we pay them all off. If they decide to quit, the loans are on them. Luckily for us they are dedicated students. So, we too prove that children that have their school paid do not take it for granted.

All living expenses such as cell, car, insurance both health and car, are covered by us.

Edited to add: The children do have jobs in the summer to build up a savings account so that they don't have to ask us for spending money every minute while in college.

 

[FlightlessDuck]

Tuition (whatever is left after scholarships plus money from being in marching band/pep band), housing, and meals. Plus other obvious stuff: cellphone, health insurance, etc. They pay for books, supplies, and anything else they want.

Our daughter took a summer job, but we don't want her to work during the school year. Besides band.

 

[jen73]

DD received a pretty big scholarship from her university, so we've covered the remaining and I usually throw in an extra $200 a month for any expenses that come up. She also has a teaching job during the school year so that helps her to also save.

 

[disykat]

Everything except spending money. That said, we gave them a lowest cost accommodation available and $200 a month for food etc. so it wasn't an unlimited fund, but it was enough to live on if they were frugal. They covered extras and also saved for "start up money." They both worked during summers and off and on during the year depending on that term's schedule.

They also applied and received as much scholarship money as they could. Another thing is that we've kept them very involved in the process as far as paying bills and knowing what everything costs so it's not like they're in the dark - they're very appreciative. Like another poster, it's basically the same as my parents did for me.

My oldest just graduated debt free and is in the process of moving for his new job. He has money saved for everything and doesn't need financial help. We are giving him our 2002 car that he and/or his brother have been driving, so he'll be driving that for a while but taking over the title and insurance etc. In two years he'll probably buy a new one and pass it to his brother if he needs it.

Both our kids are naturally pretty good with money so that hasn't been a worry.

 

[design_mom]

I hope to be able to do what my parents did for me which included.

-- Tuition not covered by scholarships
-- Required books and supplies for classes (which would probably include a laptop these days)
-- Health insurance
-- Cell phone (there weren't cell phones when I was a student, but I think they would have covered it if there was.)

As far as room and board, I had two options:
1) I could live/eat at home rent free while I was a full time student getting good grades if, of course, it was feasible to commute to school. If I chose that option, I would need to provide my own transportation to school (car, gas/maintenance, insurance.)
2) I could live on campus (no transportation needed), but I would have to pay for my room and board, laundry, etc. My parents still let me stock up on things when I got home and bought my necessities (winter coat, jeans, etc.) but my day-to-day expenses were my own.

I ended up going to a school that was within commuting distance. I lived on campus for the first two years. I wanted the away-from-home experience. Then moved home and used my money for a car which I knew I would need after graduation anyway.

 

[4under4]

My kids are still little, but my mother covered...well, nothing. She was not in a financial position to assist me at all, and her lone contribution to my studies was signing the FAFSA. I had to make do with loans and a couple of jobs. It was difficult, to say the least.

This was me, and to a slightly lesser extent DH, but it won't be our kids. We will be working with our kids to get scholarships, but in the end they will only be expected to pay for their own social expenses (as long as they maintain their grades). I think having a work study job is good, but I don't want them to stress over that vs. actual study, so if they pick a difficult major, we'll even help with an allowance. Spoiled? Perhaps, but DH and I both worked too hard for our degrees, and made [necessary] bad choices as a result. My kids aren't going to live on ramen noodles, or choose not to take a class because of a lab fee.

 

[traviesojmt]

We are fortunate that our DS received scholarships that cover right at 1/2 of everything (tuition, room and board). We are paying the rest. He definitely understands what a huge gift this is to him. He is our saver and has never met a coupon he won't use. Lol. We appreciate that about him. He also knows that if he loses his scholarship (he has to maintain a 3.0), we will not cover the loss. He will likely be forced to move home and attend a local college.

He remains on our insurance while he is in school so that does not change. We will also cover his cell phone, car insurance ( car is a hand me down, so no payment) and anything deemed essential. He is going to apply for a job on campus for spending money. He has also saved every penny he received from graduation gifts for spending money at school.

Just an FYI for those who may not know: Amazon has an awesome book rental service that is WAY cheaper than buying books through the bookstore or other services. It will not always work (books that require online access codes or such) but it can definitely help for many books. This is another reason Amazon Prime is a big plus.

 

[goofy4tink]

Dd is going into her senior year at a private university. We agreed to pay for her tuition/room/board. We bought her a MacBook, pay for her cellphone. She has gotten a very small scholarship each year as well as a small grant. She does have subsidized and unsubsidized loans.
We agreed that asking as she did her work study and got passing grades that was the deal. She was supposed to take care of books and spending money. Well, she has done one semester of work study, as well as failed one class...a class she has to have to graduate no less! So, she had to take out a loan to pay for one semester!! She is heading to London for a semester in her major. She was 'supposed' to make her own spending money as well as half her airfare. That hasn't happened....she is working a lot this summer so she'll have some spending money. Good thing the kids have a weekly food allowance. At least she won't starve!!

 

[scrapquitler]

I am not looking for advice, we know what we plan to do. Nor am I looking for debate, as I think every family and every student is different and what is right for one might not be for another (though, I know it is the DIS CB so a debate might well ensue anyway). I am just curious about what various "norms" are and what people do and why after having read some of the comments on other college threads lately.

So, what do you, or do you plan, to cover (and not cover) for you kids while they are in school?

Last year she was a freshman and didn't have a job (our choice) so we covered EVERYTHING. She's a tightwad, so we weren't concerned about it. She is on a full tuition scholarship and one of the requirements is to maintain a specific minimum GPA (over 3.0 for freshman, over 3.2 for sophmmores, over 3.4 for juniors and seniors) and to not work more than 12 hours/week during the semester, so we wanted her to concentrate on studying.

This year she got an on-campus job that's directly related to her major, so she will be working during the semester for experience plus a small amount of money. She also worked full time this summer. So this year, things will be a tiny bit different. We are paying for: room and board, health insurance and all doctor visits/prescriptions, etc, cell phone, books, clothes (which for her is really minimal. it something she's not that interested in) and pretty much everything beyond her personal spending money. She did just buy her new cellphone, but we pay the monthly bill. She's looking at new laptops, which she will pay for. She's going to pay for her gym membership at school, we'll still pay for the regular dance class that she takes at home.

 

[tvguy]

I covered all expenses for both my kids. (2005-2014)
My parents covered all my expenses. (1975 to 1979)
My Grandparents covered all my parents expenses. (1928 to 1944)

I just grew up in an environment where paying for College is just something parents do. And it was something you considered before you had kids.

Funny thing is, a lot of young parents I work with today, pay more for child care for their under 5 year olds than College will cost them.