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So Monday was about reasons parents choose to pay for their kids' college.
For some parents, they have been planning on this as soon as their kids were born and they have worked hard to give this gift.
Why Parents Shouldn't Pay For College
Now on the other side is the debate, there are just as caring and sincere parents who argue that having their kids pay for their own college tuition is a great opportunity that they want them to have.
Some reasons I've heard boil down to:
- Self-Sufficiency: I've heard parents say that part of the college experience is to learn how to stand on one's own two feet. They feel that having their kids take care of their own college education is a valuable learning experience.
- Family finances: Parents have to look at the big picture when it comes to college expenses. If paying for college means there's no money for retirement than that can be a huge problem.
- Smarter Consumers: As college tuition becomes expensive, some parents are trying to encourage their kids to be more conscientious shoppers when it comes to getting a degree. They want their kids to have some skin in the game so they hopefully will look for schools that offer a solid education while keeping costs reasonable.
I have to admit that I feel like these are all very valid reasons not to pay for college. I think that every couple has to look at both the numbers and the family when deciding what to do.
I truly believe that before you can help you children financially with an expense like college, you have to have your finances in order.
After all, you’re trying to help them avoid having a huge debt, so you have to lead by example.
As a result, children should look for other ways to pay for college. Even if you are able to help your children out with some of the expenses, it can ease some of your burdens if they are able to pay for part of it on their own.
One such method is through applying for scholarships. Every school has scholarship information readily available on its website, so your children simply have to read the information and begin applying.
The school's website will also have information on grants and federal loans, giving your children plenty of different funding options.
Many grown children are struggling with supporting their parents during retirement while raising their own families.
Many parents want to do their best to avoid this emotionally and financially draining situation. Having a retirement plan ready now can help you and your children down the road.
Are You Paying for College?
I would love to get your feedback on this huge concern for many families. If you aren't paying for your kids' college expenses, what are your reasons?