Admittedly, we didn’t set out to do this consciously, but having three kids within 15 months (twins and a singleton soon after) makes you start to think (and worry) early on. In the end, we were very, very fortunate. We’ve had several friends describing the hundreds of thousands of dollars they’ve invested in their childrens’ education and we luckily avoided that.
The first thing we did was set up 529 plans and began contributing a little bit each month. Anytime they received monetary gifts (especially when they were little and didn’t want to use the money for things) we also made additional deposits. In addition, as soon as they were old enough to understand, we explained we were willing to pay half of any in-state public tuition. We felt it was important to set the stage early that they needed to have some skin in the game. We also lucked out in the “smart” department as they were all good students who took their studies seriously and got very good grades throughout high school.
Our oldest daughter was an exceptional student and very hard worker. She took several AP courses and worked diligently to set herself up for success. A good friend described that the University of Alabama had a deal for out of state students related to a threshold GPA and ACT score. Our daughter easily met the GPA and ended up taking the ACT three times to meet the ACT requirement. When she graduated, she earned the Wisconsin Academic Excellence Scholarship but passed on it to accept the Presidential Scholarship at the University of Alabama. This meant that we were only responsible for her room and board. She continued working hard in college and – along with her AP credits – was able to graduate summa cum laude with a double major in Finance and Economics in just three years, which saved an entire year of room and board too!
Our son was committed to joining the Marines from about age nine. No alternatives we suggested could deter him from this goal. We could not be more proud of his military service and his commitment. Boot camp was terrifying for me and I worried about him every single day, but he made it through. I’m convinced his high school cross country participation was key in getting him physically prepared. Throughout his military career he had both good and bad experiences, and, after five years of active duty decided to go to college on the GI Bill. The GI Bill provides benefits including tuition, fees, a monthly housing allowance and a stipend for books and supplies. He’s excelling in college and will be graduating soon. We can’t wait for his next adventures.
Our youngest daughter was a gifted athlete in addition to being a good student. She spent every summer playing AAU basketball and despite not being six feet tall (5’8″ to be exact) she earned a nearly full scholarship to play basketball for a college in Chicago. She played all four years and also excelled in school and is now working in downtown Chicago.
In the end, any money our kids paid toward their education, we kept tabs on and returned to them at graduation. This was a great little nest egg to help them get started on adulting.
When people complain about the costs of college, we like to share the three different paths our children took. If your child is a good student, there is almost always a way to get through college with minimal funds and – hopefully – no debt on the other side. I’ll admit we were extremely lucky on several accounts. All three kids were (and still are) amazing individuals who early on understood the importance of good grades and how hard work pays off.
In summary:
- Have honest conversations with your kids early on about being happy in their careers, the importance of saving and the overall costs of living.
- Regularly discuss their interests and passions and help guide them toward achieving their goals.
- Explore all of the opportunities available (e.g., educational and athletic scholarships).
- Cross your fingers and hope for the best because, no matter what you do or want, your kids will be their own people and set their own paths. You can only try to be there for them, if they need (or want) help.
Best,
Lisa
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