Although I’m not a parent, I definitely intend on having kids in the future. One big question I have is how do parents earning a NTD salary afford to send their kids to college in the States, or even the American/International/European schools here? I talked with my cousin recently and she was really happy that her salary was NTD45,000. While this is above average in Taipei, it’s hardly enough to send someone to the States for, even if I end up saving for years and years. 
Good question. But you’re in Virginia. Didn’t your parents send you to the States to study? If so, how did they do it?
btw - not being funny or sarcastic. Just think that if that’s the case your parents may have the best answer…
Have your child attend college in the state where he/she is a resident. Much cheaper tuition that way (no private colleges though). And first two years attend a junior college and then transfer to a better college. This way its easier to get into a good school and over-all you save a bundle.
IF i recall correctly my friend has her daughter in Berkeley (good school) and it costs around 10,000 a year in tuition (versus bout 35,000 for out of state or foreign students) and she lives at home to save money . And she attended junior college first two years and that was even less.
bismarck - No prob, and very valid point. Unfortunately, my dad had the benefit of a cushy expat package for 20 years, I sincerely doubt being able to find that. If only they grew on trees.
Tommy - that’s actually what I’m doing, actually. Attending the state college. How do those handle it when their kids fall in love with a private university though?
[quote=“melodiousli”]bismarck - No prob, and very valid point. Unfortunately, my dad had the benefit of a cushy expat package for 20 years, I sincerely doubt being able to find that. If only they grew on trees.
Tommy - that’s actually what I’m doing, actually. Attending the state college. How do those handle it when their kids fall in love with a private university though?[/quote]
Do what you can do and don’t fret about what you can’t.
My parents offered me what I think was a reasonable solution. They would pay for my tuition to go to the state university in my home town. Anything beyond that was up to me. Ultimately, I did go to the local university because it was a good school and the best overall option, all things considered. I had part-time jobs, though, all through high school and college. I had to use my own money to pay for the 2 overseas study programs I went on, plus any incidentals.
So if your future kids can’t accept what you can afford to offer, let them cover the difference. Nothing wrong with learning a little fiscal responsibility.
Yeah, I paid for the whole caboodle myself. Two-thirds athletics scholarship and a third working part-time.
At least I didn’t have any student debts after I finished. Quite a few of my mates had to take out student loans and pay that back after they finished. Glad I didn’t have those worries.
I actually think that if you had to work hard for it you realise what a privilege it is to go to university.
But it would’ve been nice to have had rich parents that paid for everything, plus pocket money plus a nice new car…
Obviously when its someone else’s kid you can be tough in your suggestions but when its your kid. Well you will let him/her go to private school if you can afford it. And if you cant? Well you cant. Little jonny or janie will have to realize that and take what is given or work to pay off their own schooling.
My kids will have to go to state and thats that. If i have any that is. My cat doesnt need formal schooling (thank Goodness).
Business people, govt officials…these are the people who send their kids to the states to study. Ping Fu Cha Ju…income gap. All the other little people work for meagre salaries but still pay tax.
Yep, I noticed the gap when we interviewed the new “assistants”. There was such a huge difference in language abilities first between the kids who had been abroad the longest time ($$$) and those who didn’t, then in third place the Overseas Taiwanese -whose Chinese was mostly inexistent written and faulty in spoken just as their Spanish- children of small and medium business poeple. That’s the way the cookie crumbles…
Many people think the kids of government employees abroad can study for free so that’s why they rarely come back. The truth is that they have no choice: once they have fallen off the mad rat race of Taiwanese education, they can’t go back, it’s just too difficult. So even after their parents’ period abroad expires, the children must stay and finish their education elsewhere. It is OK when the parenbts are still on expat salaries, but when they come back, they’d better have some savings or else… as they are not supposed to take another post abroad right afterwards. They have a rotation.
I used to teach a woman whose kids were studying and living at a school in New England, member of an association of parents with kids in that State alone. I was and still am amazed at how many kids are sent so young to live far from their parents “so they will have good English”. Sigh
Other people work and save -young execs still living at home- just like we do, but those are the monority, AFAIK.
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My kids will have to be getting full scholarships. That’s my plan, anyway. 
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You can look at the community colleges, some are pretty good and not expensive. My brother’s kids were home schooled, then attended public high school and my brother saved 12 years of school funds to pay for community colleges, and the kids did some little jobs here and there to cover some expenses plus, they live at home.
Set up a scholarship/trust fund.
I tell my kids not to expect any help from us, and then secretly save money in college funds for them. I want them to take responsibility for themselves through earning scholarships or working and saving money, like I did, but I’m not going to see them turn down opportunities for a solid education because they don’t have the cash for it.
Thanks for the replies everyone, I guess some type of college fund is the way to go. My current plan is to work in the States for a couple years, but then return to Taiwan in around five years (I miss that rock!). The biggest drawback is that I fear I won’t be able to give my kids the life my parents gave me (sent me to college without having to worry about student loans or the like). I’d definitely push the state school option as well, Virginia has some excellent ones. If my kids has the luck to get into a top 20 private though… hoo boy.
Craig - wise words. I definitely like to think and fret too much. 
If you rear children in Taiwan, or anywhere overseas for that matter, you will need to disabuse yourself of this idea, and not just in regards to education financing. Quite a lot about the way my son is growing up is different from how I grew up. Some of these differences are for the better, and some are not. There are plenty of things from my childhood that he will not have, and that sometimes bothers me, but there is a lot that he has that I never had.
Like anything else, avoid falling into the trap of confirmation bias. Just because your parents picked up the tab for your education and you turned out alright does not mean that that is the way to go in all circumstances. My personal opinion is that it is now so easy to get into a degree program in the industrialized world that if one is not good enough to get paid to study somewhere, then he/she probably is not university material in the traditional sense. I put a couple of grand (US$) a year in an ESA for my son. When he is old enough to understand, I will tell him that the ESA money is all he’ll get from me, and the rest he either needs to cover with scholarships or loans. He’ll need to have his own skin in the game.
Also remember that your child can take a loan for education, but you can’t take out a loan for retirement. Don’t put money in an education savings account if you haven’t first met your goals each year for retirement saving.
Yes, tell your kids they need to cover the difference. If they are an American citizen they can get loans and other financial aid if you don’t have enough to pay. Actually you did not state what passport you hold.
A couple of thousand US$ a year should be doable for most folks even in Taiwan - done consistently for 18 years with a 7% return this would give your youngster about US$72K towards their costs. Stretching that to US$500 a month would boost this to US$218K over the same time frame. I’ve assumed a 7% return which should be achievable.
Personally I’m also a believer in funding your retirement and paying off your mortgage before school fees but a lot depends on personal circumstances, age, finances etc. You may well be able to do both if you plan ahead.
My wife and I both paid for our own education - her masters in Chicago was expensive, my state funded education in the UK still left me with modest debts despite working the full 3 years. I don’t see anything wrong with this but of course will be putting money away to help my youngster when his time comes, and my father is doing the same.
Very true. And I think many of us here tend to forget about the retirement thing…
[quote]Very true. And I think many of us here tend to forget about the retirement thing…
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So most people here don’t have pensionable jobs??? Or pension accounts that deduct money directly from your pay?? wondering aloud is all…
[quote=“divea”][quote]Very true. And I think many of us here tend to forget about the retirement thing…
[/quote]
So most people here don’t have pensionable jobs??? Or pension accounts that deduct money directly from your pay?? wondering aloud is all…[/quote]
That’s one of the reasons I left Taiwan; impending poverty in old age.
Edit Um, not that I’ve signed up for my company pension yet, back in the Yook. 
(Just realised that this is ‘Parents’ forum; thankfully kids will not be an issue!)