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WOW

MH and I were visiting the IL's for Thanksgiving and MIL and FIL told us that they are planning on paying for our children's education. We currently do not have children (and aren't planning on it for at least five more years) but they said they wanted to let us know that when the time comes they will cover college and even private high school to anywhere our children get accepted. I am so blown away by this. I mean my college cost a little over 30,000 a year so that was over 120,000 for my undergrad. I am astounded at how generous they are being! Has anyone else's IL's offered something so huge?

Re: WOW

  • That's awesome!  How nice of them to be so giving with their money!

    I don't want to rain on your parade, but one of my friend's parents offered to do the same thing and then were under the impression that they would get to choose the school and have some control over where they go.  I would definitely make sure that they know that you are thankful they are being so generous, but it is you and your dh who will make those decisions.

  • My step-grandparents did this for my step-siblings for private school but not for college.  They both got almost full rides.  That is very nice of them though!
  • That is a very generous offer and I would be very appreciative.  My only thought is that I would still be mindful about saving for your child(rens) future, since sometimes people's financial situations change over time - and with today's economic status and the unpredictable stock market, etc., I would just be careful not to put all your eggs in one basket and rely to heavily on them.  If they end up coming through and it all works out then that is really fantastic...  but just make sure you have a plan B, just in case.
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  • My grandparents contributed greatly to my and my siblings' college educations.  I wasn't really aware of it when we were young.  I just remember them handing my parents checks for Christmas/birthdays and my parents telling us it was for college(which doesn't mean anything when you're little).

    My mom already told me that she and my dad will be contributing to our future child's education and I plan to do the same for my children/grandchildren.  It is incredibly generous.....it meant a lot to me to come out of college with no student loan debt. 

  • my parents will set up a college fund for each grandchild for the college of their choice
  • imagecswatch:
    That is a very generous offer and I would be very appreciative.  My only thought is that I would still be mindful about saving for your child(rens) future, since sometimes people's financial situations change over time - and with today's economic status and the unpredictable stock market, etc., I would just be careful not to put all your eggs in one basket and rely to heavily on them.  If they end up coming through and it all works out then that is really fantastic...  but just make sure you have a plan B, just in case.
    Ditto. I would carry on as though they weren't paying and then enjoy the gift if it ends up working out.
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  • Agree with above...I truly hope that works out for you when the time comes, but DH and I have families who have both promised to help out with education and never delivered...it made us better people to do it ourselves, but please take your own precautions as well!
  • That's very generous.  My grandma set aside money when I was young to start a college fund.  However, she started the fund when I was born, and handed control over to my dad - so that my parents had control over the $, not grandma.  It paid for over a year of college.

    I would think of setting up a 529 plan for your children (when they are born) and let your ILS know that they can contribute to that. 

    Ditto everybody else - it is incredibly generous of your ILS, but remember that financial situations change over time (I know people who retired and then had to go back to work due to health care / nursing home costs) and I would not put all of your eggs into one basket when it comes to your children's education.

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