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Thread: S/O Childrens college fund

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    #1

    S/O Childrens college fund

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    What will you do with the money if yoru child decides not to go? This includes not going to technical/vocational school? Just deciding to work instead.







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    #2
    It's his money so it'll be given to him. What he does with it is his decision.

    ETA: Technically, it's a savings account but it's there for college use. But like I said, it's in his name so it is his money. Not mine to take away.

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    #3
    #1- I would be highly disappointed if my kid did not go to college. Its basically the next step after high school in my family, so we will raise them to feel like it is just the next step, and not an option

    #2- IF they decided not to go, it would depend on their life choices. I may give them some of the money to help pay for a home/start their career/move etc..., but if they are being 18 and stupid and fucking around, they get none of it. That money would be a gift for good life choices, not to fuck around with. ETA- and my definition of 'poor life choices' would probably shock some people on here, but hey, my money my choice.
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    #4
    If our children decide not to go, it will become theirs to have at 25 unless we decide to give it to them earlier. This is what my parents did with us. I chose to use it for one semester and then it sat and my parents let me know that since I was married with a kid that I was able to get it whenever (mine, total, was only $6k - hate to say only). We ended up taking the bit that was left (a little over $3k) and paid off some bills and we used if for me to visit DH in Japan while my parents were here watching Wyatt. I think my grandmother and grandfather would have appreciated that they enabled me to travel.
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    #5
    my child doesn't have a college fund. she has a trust fund. it's her money any way she wants to use it.

    it has already been given to her. and i'm not a taker backer. she can use to for her first apartment or even to buy herself a new car. whatever she wants to do with it.

    eta: i should say that i'm not the one who gave it to her. my husbands grandfather set up the fund for her. so really it's his choice.

    but we will save for her as well and she can use that anyway she chooses.


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    #6
    Quote Originally Posted by Dr.VinoVet View Post
    #1- I would be highly disappointed if my kid did not go to college. Its basically the next step after high school in my family, so we will raise them to feel like it is just the next step, and not an option

    #2- IF they decided not to go, it would depend on their life choices. I may give them some of the money to help pay for a home/start their career/move etc..., but if they are being 18 and stupid and fucking around, they get none of it. That money would be a gift for good life choices, not to fuck around with. ETA- and my definition of 'poor life choices' would probably shock some people on here, but hey, my money my choice.
    Us too. If they got a scholarship of some kind though or something I would save the money and give it to them later for a downpayment on a house or graduation gift or something.
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    #7
    My daughter has a trust fund, not a collage fund, and it's her money either way.

    Now that being said I'll be rather disappointed in DD if she chooses not to go. She's already very smart for her age, and it'd be wasted talent to me. If she chooses to just settle for something simple. I want her to to better for herself than I have done for myself, and the only way that is going to happen is if she really applies herself and tries to work AND do collage.

    Oh and also DD WILL be expected to work at LEAST part time while attending collage full time. She will also have to be really trying to get by, and not wasting her money on dumb shit. If she ends up ever expecting my help with her finances(which includes her wanting me to help withanything anything, even food, outside of collage tuition. Which I will expect her to save and help pay for at least some of her collage stuff, like her books, as well.. )
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    #8
    Quote Originally Posted by Dr.VinoVet View Post
    #1- I would be highly disappointed if my kid did not go to college. Its basically the next step after high school in my family, so we will raise them to feel like it is just the next step, and not an option

    #2- IF they decided not to go, it would depend on their life choices. I may give them some of the money to help pay for a home/start their career/move etc..., but if they are being 18 and stupid and fucking around, they get none of it. That money would be a gift for good life choices, not to fuck around with. ETA- and my definition of 'poor life choices' would probably shock some people on here, but hey, my money my choice.
    Basically this, all this. IMO, if I start a college fund, it is for BOTH me and my child to save money for school (hence why they're called "mutual funds" most of the time). If they don't use it FOR school, then there's no way all the money I saved up is just going to straight to them. The intent was school, not a cushion.

    In regards to what I'd do with it... I suppose have it sit there until I absolutely had to take it out (due to me wishfully hoping they'd reconsider school). Then IDK, use it as an emergency fund?
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    #9
    Quote Originally Posted by *Stephanie* View Post
    Us too. If they got a scholarship of some kind though or something I would save the money and give it to them later for a downpayment on a house or graduation gift or something.
    That's how mine worked out We won't be having a traditional trust fund or college fund for him, though, because of issues with scholarships and financial aid. I was denied on several scholarships on the sole basis that my parents had a traditional fund even though they weren't the ones to set it up, it was inherited. They said over and over that they wished that they just had a savings account set up for us in our name so we'll be doing something like that for Wyatt. For now, what we save goes into our main savings account since we're OCONUS and I don't want too many accounts to keep switching info on and moving with.
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    #10
    I would probably save it for his/her wedding then. Definitely wouldn't just hand him/her a bunch of money for no reason.
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