Our first of 3 heading off to college this fall and my husband and I are having discussions on if and how much money we should ask from our son.
A little history … my husband and I both put ourselves through college (private universities lots of loans) , we worked summers sometimes 2 jobs and while in school pt jobs, paid for our first cars and expenses not many hand outs to put it nicely. Granted we were given a lot of fin aid back in the 90s. Our parents helped where they could but I was from a single parent household and my husband was one of 7 lots in college at the same time and many private colleges to boot…
We are fortunate enough to be able to offer a set amount of $ to our son per year towards his education and we will have him take the federal student loan, we will not take private loans and do not want him to either. This is where we get hung up on what to do and how much more to ask of him.
We want him to have some “skin in the game” per se and he will have the federal loans but we do not want him crippled in debt as we were. That loan may be enough quite honestly…
All of the colleges he is applying to are private and expensive but he has good grades, is a good student he has scholarships offers from these schools on the table, the OOP costs are lining up for the most part with what we have anticipated.
For anyone willing to share I’d love to hear what you have done with your college students in the past or currently or plan to do.
Some of our thoughts have been for him to pay us a set amount say $2000 (just an example) or maybe a percentage that then needs to be paid over the summer before he starts school in fall each year, needs to pay for his own books/supplies and spending money…
or the other option
if there is a gap in the school he has chosen that exceeds our set amount then he needs to come up with that or some of that (most gaps are 1K-3K so far give or take)
We will be encouraging him to work on campus a PT little job but that would be spending money for him and nothing too stressful.
Thanks for any imput it is very appreciated!!!